Are you looking for a career that offers financial rewards and intellectual stimulation? Consulting is one of the most lucrative and sought-after professions in the world. It offers a wide range of opportunities for those who have the right skills and experience. But what type of consultants make the most money? In this article, we'll explore the top 15 best paying consulting jobs and what you need to master to be chosen for them. Business school graduates can earn 140% more in their jobs than their peers, according to studies. But this isn't necessarily the norm.
You could receive as much money as an MBA graduate if you have the skills to guarantee it. An MBA has certain advantages. If you're in a consulting niche and want to move to another, an MBA can help you start from scratch without losing momentum or value. An MBA also comes with additional confidence, additional training, and other similar benefits. Today, there are at least 20 types of consulting jobs that are in the highest demand.
Some of these positions require particular work experience, while others require specific skills to succeed. Below, we delve into each of them so you can choose the most profitable type for your consulting business. If you have a college degree, specialized in finance, marketing, or operations, and have five years of experience delivering specific services, you're likely to land an impressive job with a Fortune 500 company. You can also successfully work for yourself. On the other hand, some people believe that only MBA holders can get a well-paying consulting job. MBA holders get to their first job with additional training and usually self-confidence.
MBA holders who gain experience in one area of consulting can more easily switch to another area later on without losing ground financially than non-MBA holders. Although some studies indicate that MBA holders can earn up to 140% more than non-MBA holders, non-MBA holders with the right skill set could earn quite well financially. One of the highest paying consulting jobs is IT consulting. An IT consultant helps customers leverage information technology to optimize processes, improve performance and achieve objectives. They can provide advice on computer programming, data and analysis, and help companies adapt to new technologies. Within IT consulting, there are a variety of subspecialties, including software developers, network architecture, computer systems analysis, and more. Marketing consultants are also highly sought after.
A marketing consultant is hired to improve brand strategy and acquisition. In most cases, the consultant will help define or execute marketing messages to appeal to a particular demographic. This role may include developing a brand voice, customer relationship management (CRM) strategies, marketing events, and other strategic marketing tactics. Financial consultants provide advice to individuals and companies to help them meet a variety of financial objectives. A financial consultant can specialize in several areas, such as investing, retirement planning, education costs, or managing corporate finances.Human resources consultants advise management on hiring decisions, human resource planning and processes.
In addition, the role may be involved in analyzing current programs, suggesting solutions and creating new policies. Tax advisors are different from financial consultants. A certified public accountant (CPA) or accountant works with individuals or companies to manage tax returns and IRS requirements for employees. A tax advisor is usually an expert in tax law and works with larger portfolios to help clients reduce their tax burden. Healthcare consultants work in private companies where everyone is a health consultant or in the healthcare consulting division of a more general company. Business process consultants collect information, perform complex data analysis, and present their results and recommendations to the company's senior management. Business management consultants offer consulting services as a member of a management consulting firm or as an independent contractor. Here are some of the top MBA programs that consulting firms hire from: Harvard Business School (HBS), Stanford Graduate School of Business (GSB), Wharton School at University of Pennsylvania (Wharton), Booth School at University of Chicago (Booth), Kellogg School at Northwestern University (Kellogg), Columbia Business School (CBS), Tuck School at Dartmouth College (Tuck), Haas School at University of California Berkeley (Haas), Sloan School at Massachusetts Institute of Technology (MIT Sloan).Companies hire management consultants to help identify ways to increase profits, reduce waste and streamline operations. As a corporate consultant, your job duties are to meet with your client, evaluate their objectives and strategies, and then do a detailed analysis of your findings. Principal Consulting Engineers are also highly sought after by companies looking for ways to reduce costs while maintaining quality standards.
This measure is expected to reduce the amount spent on consultations on the subject but that is certainly not the case yet.