Business school graduates can earn 140% more in their jobs than their peers, according to studies. But this doesn't necessarily mean that everyone will receive the same amount of money. You could still get a good salary without an MBA if you have the right skills and knowledge. However, having 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. It also comes with additional confidence, training, and other benefits. Strategy consultants analyze a company's long-term vision and trajectory with the participation of high-level executives and managers. They look at how resources have been allocated by identifying new markets and comparing their value to that of their existing target markets.
A key part of a company's survival and success depends on how well its finances are managed. Financial advisory consultants are those who explore how a company can reduce costs, increase cash flow, and reduce risks in a legal and ethical manner. To serve as a financial advisory consultant, they must pass an examination such as the Financial Industry Regulatory Authority (FINRA) in the US. Business insurance is divided into different policies.
Financial risk management consultants belong to the Finance & Risks family of consultants, which represents almost 20% of the management consulting industry. It is often difficult to determine their size due to the overlap of activity with law firms, auditors, and M&A boutiques. Economic strategy consultants are a relatively new and rapidly developing area of economic consulting. They are practically a subcategory and are part of the strategic consulting family.
Strategy consultants are responsible for decision-making regarding the present and future of a company. This is why business leaders and owners consistently rank them highly. Financial advisory consultants implement policies to ensure that cash inflows replace expenses, reducing costs while ethically trying to avoid legal problems. The rapid absorption of technology has driven the high demand for IT consultants in all facets of life; including businesses. IT consultants provide professional advice in the administration, creation, and implementation of systems such as data analysis, enterprise architecture, systems integration, and software administration. Take note of this list when applying for consulting jobs to earn the highest possible salary: financial risk management consultants, strategy consultants, economic strategy consultants, IT consultants, sustainability consultants, sales & marketing consultants, procurement strategy consultants, and HR consultants.
A newer type of consulting that falls under the marketing umbrella is growth marketing consulting. Economic consultants assist with research, market research, policy analysis, and provision of expert evidence. On the downside, an entry-level career in consulting may not pay as much as you would if you completed your MBA. Therefore, it's important to take a closer look at their salaries and see the differences between them when applying for consulting jobs. The numerous types of Business Consultants available make it difficult to decide which one is most lucrative.