A strategy consultant position may be the ideal career choice for someone with a business background and a passion for complicated business and management strategies. Companies and organizations use these consultants to develop strategic plans that are aimed at achieving specific objectives.
In order to assist a company’s CEO, board of directors, and senior managers, a strategy consultant provides strategic, unbiased advice on a variety of business issues and goals. A strategic consultant’s role is similar to that of a health care professional in that they diagnose a company’s problems and prescribe solutions. As a strategy consultant, you may work in both the public and private sectors in any industry.
Obtaining a position as a strategy consultant requires a combination of education, experience, and industry knowledge.
A bachelor’s degree is usually the minimum requirement for entry-level strategy consulting positions. However, your major is not as important as the skills you possess. “Consulting firms hire from a wide range of majors,” explains McKee, “but what they tend to look for is an intellectual ability, drive, leadership, and people skills.” Consulting firms may call these qualities by different names, but this is what they are essentially seeking.”
In order to further their education, many prospective strategy consultants decide to pursue an MBA. It does not matter what level of education a consultant has; companies rely on their expertise and industry experience to provide solutions to various business issues – which is why work experience can make all the difference in securing employment.
Despite the fact that salaries for strategy consultants vary based on a number of factors, an average salary is approximately $93,000 per year, according to a recent survey. There is a wide range of average pay – including bonuses, profit sharing, commissions, and other earnings – ranging from approximately $64,000 to $165,000 per year.
The level of experience a consultant has a significant impact on his or her salary. Based on the career level and years of experience, the following is the average annual base pay:
- Entry-level (0-1 year): $73,000
- Early-career (1-4 years): $86,000
- Mid-career (5-9 years): $101,000
- Experienced (10-19 years): $117,039
- Late-career (20+ years): $132,000
In the early stages of their careers, strategy consultants may earn approximately $105,000 in total compensation per year, while in their later years, they may earn upwards of $310,000.
What is the Expected Amount of Travel for a Consultant? Can you Still Enter Consulting if you Don’t Want to Travel Every Week?
The level of travel you will experience at consulting firms will vary depending on the firm and the project, but you should expect to travel at most firms. An organization’s staffing model tends to determine the amount of travel required. The nature of some firms’ staffing models tends to be local or home-based, which results in less travel, while the nature of some firms’ staffing models tends to be regional or global, which results in more travel.
At most major firms, travelers travel Monday through Thursday, returning home on Friday. Despite this, some firms travel five days a week as a norm, while most travel three to four days when working on non-local projects.
For a large company with a global model, you are likely to spend at least 80% of your time traveling, with the remaining 20% spent in your office, either “on the beach” or “on the bench”, where you are developing knowledge or contributing to business development. In the case of a company with a more local model, the amount of travel could vary, but on average would be closer to 50%.
Once you have established that you are a good performer, once you no longer want to travel every week for personal reasons or if there are times in your life when you need to be local, you can request cases that do not require travel (or as little travel) that are closer to your home office, and they will certainly try to accommodate your preferences.