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.
The purpose of strategy consulting is to provide business leaders with an outside, expert perspective on their challenges. A strategy consultant is commonly expected to have the considerable industry knowledge and to analyze high-level business issues objectively. By taking a holistic approach, they assess specific problems companies are facing and provide advice on how to resolve them.
As a general rule, strategy consultants provide their clients with assistance for a specific period of time. During this time period, they are required to devote all their attention, effort, and time to a specific problem.
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.
In the United States, strategy consultants earn an average of $115,244 per year, or $55.41 per hour. A strategy consultant in the bottom 10% of that spectrum, to be precise, makes approximately $87,000 per year, while those in the top 10% make approximately $151,000 per year.
It is important to consider the location when estimating the salary of a strategy consultant. There is a high demand for strategy consultants in Alaska, California, Washington, Massachusetts, and New Hampshire.
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.
Consulting firms provide advice regarding ways in which businesses can adapt their general strategies in order to achieve growth. Businesses may seek their advice on how to penetrate a new market or plan for relocations. As well as offering advice regarding the launch of new products, pricing, and market differentiation, they may also provide consultancy services. The average salary of a strategy consultant at the entry-level ranges from $70,000 to $100,000. In the strategy consulting industry, project leaders earn $175,000 compared to MBA graduates who earn $150,000.