Business Strategy Consultant
Business strategy consultants, sometimes called management consultants and analysts, evaluate and transform business models for public and private organizations in order to improve organizational effectiveness, expand the business, or increase profits.
Strategy Consultant Job Description
Management analysts usually work for themselves or a consulting service; very few are employed full-time by an individual corporation. Those that are self-employed will have more flexibility with their schedule but will also be responsible for building and maintaining a strong client base. A business strategy consultant works in office settings and splits their time between their home-base office and clients' locations.
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Strategy Consulting Career Requirements
Like all careers, there are certain requirements for business strategy consultants. If you want to know how to be a strategy consultant, you might want to consider the education, experience and key skills employers look for.
| Degree Level | Bachelor's degree; Master of Business Administration may be preferred |
| Degree Field | Business, management, or a related discipline |
| Certification | Certification is not required, but related certifications are available from business and management organizations, such as the Institute of Management Consultants |
| Experience | Minimum of 3 years of experience in consulting and business strategy |
| Key Skills | Analytical, communication, problem-solving, time-management, organization |
| Median Salary (2020)* | $73,627 (for business consultants) |
Sources: Job postings (February 2020), U.S. Bureau of Labor Statistics, *PayScale.com
Career Steps
There are a few steps to take in order to obtain employment as a business strategy consultant. Taking each step at a time will help to gain the necessary requirements as each step relies on the previous one to be successful.
Step 1: Earn a Degree
Educational requirements vary by employer. While a bachelor's degree is required, most employers state that they prefer applicants to have a graduate degree and field experience. Typically, employers look to hire applicants with a business strategy degree such as a Master of Business Administration (MBA).
In a bachelor's degree program in business administration, students learn to communicate effectively using business terminology and use technology to analyze complex systems. In addition to the required liberal arts courses, students take courses in computer analysis, statistics for strategy problems, operations management, and business communication.
For those who wish to purse a graduate degree, an MBA is highly desirable. MBA programs can be found with business strategy specializations. Students acquire analytical expertise and learn the elements of business management, problem solving, and planning for long-term growth.
You may want to complete an internship. Many educational institutions allow or require students to complete an internship during their degree program. An internship at a consulting firm is an excellent way for students to get their foot in the door and apply classroom knowledge to real-life situations.
Step 2: Gain Experience in the Field
Strategy consultants typically have many years of experience in business and consulting. Experience working in a particular business sector, such as health care or information technology, is typically required before becoming a strategy consultant in that sector. With experience, business strategy consultants may be able to increase their promotion potential.
It's helpful to consider a certificate. In addition to degree programs, some universities offer professional certificate programs in business for those with experience. While gaining work experience, future business strategy consultants can enroll in a business strategy certificate program. These programs may be especially helpful to those who have not achieved an MBA or for those who want to prepare for certification exams.
Step 3: Become Certified
While certification is not required to work within this industry, it may be preferred by some employers. Related certifications are available from organizations such as the Institute of Management Consultants USA (IMC USA). IMC USA offers the designation of Certified Management Consultant. To be considered, consultants are interviewed and must pass an exam based on IMC USA's code of ethics.
The International Institute of Business Analysis also offers the Certification of Competency in Business Analysis and the Certified Business Analysis Professional credentials. These certifications require extensive business analysis experience, and each certification requires passing an exam.
Step 4: Become a Business Strategy Consultant
Once education and experience qualifications are met, future business strategy consultants can decide whether they will look for employment in a business as an internal consultant, join a consulting firm, or open an independent consulting firm. Those who work for large business strategy consulting firms may have opportunities to become a partner or move on to other high-level management positions.
Strategy Consulting Career FAQ
What is strategy consulting?
Strategy consulting takes place when an organization hires a third party expert to consult on certain business strategies or processes. The consultant completes research and looks into the organization's current practices to see how goals are being met. For example, a company might hire a marketing consultant when they launch a new product in order to gain perspective on how to successfully promote the product.
What strategy consulting training is needed to work in this career field?
Training tor a career in strategy consulting starts in college. Students in a business program learn many of the business concepts and knowledge needed for this career path. In order to further advance their career, students can opt to receive a bachelor's degree and look for entry-level jobs to gain experience, or they can work towards a master's degree. They also have certification options available.
What skills are needed to be a strategy consultant?
Strategy consultants should have various skills within communication, customer service, analytical skills and organizational skills. Since they wit work directly with their clients, communication is important to get their message across as to the goals and success of their organization. Customer service skills are also crucial for this part of the job. Analytical skills and organizational skills are needed to stay on top of all the details that go into the work. They must be able to identify key metrics and goals effectively.
To recap, with a bachelor's degree, experience, and possibly certification, a business strategy consultant salary can be about $73,627 a year, the median annual salary for 2020. Some organizations may prefer a master's degree for these roles.
Business strategy consultants evaluate and transform business models for public and private organizations in order to improve organizational effectiveness, expand the business, or increase profits. They are usually self-employed or work for a consulting firm. They must make sure to maintain their consultant base. Key skills for this career field include analytical skills, communication skills, organizational skills and problem-solving skills.
