The role of a business consultant can be declared a booming career option in the US. The responsibilities include accounting, finance, client management, and legal services. It also depends on client-to-client interaction plus business decision advice. This is why it can be inferred that the business consultant salary is comparatively more generous than other salaries in this country. There are certain features as to why the salaries are so high, which are as follows:
- Various duties are necessary to be fulfilled as a business consultant. The most important duties of such analysts include the evaluation of business operations and the utilization of resources in the right way. This is why a business consultant salary is a handsome amount if compared to others.
- A senior consultant is supposed to receive a greater salary because the job role demands drafting the client’s documents and having a consultation with the legal team.
With more experience in the field, a higher package is rewarded to a business consultant.
Business Consultancy Salaries Based on Fields
Besides fundamental factors like job location, experience, and skill set, a business consultant salary heavily depends upon a myriad of fields under the business consultancy’s wing. Here are a few such wings and their estimated salaries to offer you a glance at the industry standard across the US.
The average base pay of a business consultant is around $75,234. However, depending on the job location and the company, this figure could range between $62,844 – $93,364. The salary package includes a base salary, bonuses, and a relocation payment.
Given the base salary levels and the state you are employed in, the growth in salary could grow at 15%. An entry-level business consultant salary is around $82,650. A mid-level and experienced-level career range from around $125,000 to $145,000.
The average salary for consultants with business analysis skills is around $106,290, including bonuses and variables.
The base salary of a business strategist is around $98,528.
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The average salary of a business consultant in sales is around $68,166. A lucrative element of this vertical is the commission pay which would be a variable depending on the nature of the job and can run up to $20,000.
The experienced level receives greater salary raises compared to other career options. The base salary is around $77,611.
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How can a consultant increase their salary?
Generally, management consulted salaries are the ones that are distributed altogether. However, there are several ways how a business consultant can increase their salary level:
Relocating to cities with a higher pay
The business consultant salary depends highly on the cities where they choose to work. The sole reason depends on the living standard differences between specific areas. For example, the business consultant salary in Chicago falls around $81,273, while the average salary in cities such as Rockford is around $70,327. With your potential demand, you can shift to another high-paying city for greater economic opportunities.
Shifting to the greater-paying industry
Every industry has different pay, which primarily depends on the job roles and requirements. If you are not satisfied with the pay, a change in the workplace or industry can turn out as a solution. For instance, a business development consultant salary must be higher than the salary of an education consultant.
You can receive more significant opportunities once you increase your experiences, especially if it’s related to your work. It can help to find out solutions related to business problems. One way to gain experience is by participating in internships. It can easily help you increase your salary understanding and other factors related to the work environment.
Demand for raise
A business consultant salary can also be increased just by asking for a raise from your employer. However, the salary hike will only be granted when you perform better and remain loyal to the organization. Plus, your negotiation skills and performance reviews should also matter while you are demanding a raise.
Completing specific certifications can not only boost your technical skills but enhance your cognitive skills to reach out for solutions. Courses such as the Upgrad’s Global MBA course from Deakins Business School can provide you with the right set of skills along with a certification that will strengthen your resume.
How to become a business consultant
One can become a business consultant by using the following steps:
Completion of a degree
A relevant degree can be understood as the first step toward becoming a business consultant. There is no compulsion related to pursuing a particular degree, so various opportunities related to business consultancy can be received after completing any discipline.
Boosting your skillset
It is crucial to improve your underlying skills and develop new potential for being a business consultant. There are various skills, such as leadership, communication, teamwork, and management techniques. Certifications and internships can turn out to be of great help to enhance such values and techniques.
Having a Master’s Degree
Although beginner and mid-level jobs do not demand a master’s degree, having one can allow you to have an experienced job which is equal to having a high business consultant salary. A Master’s in consultancy or a Master’s in Business Administration can be the best options if one wants an experienced career.
It is important to have the desire to gain knowledge even if you have a job. Understanding values and techniques can not only boost your skills but open up opportunities for a rewarding career. Being a part of presentations or attending seminars can allow you to attain knowledge and increase your networking opportunities.
The factors affecting the business consultant salary in the US do not remain stagnant during a specific period. This is why it is necessary to seek professional guidance to outshine your career as a business consultant. UpGrad’s Global MBA course from Deakins Business School can be the most viable option you can go forward with. This course will provide you with varied opportunities, which are as follows:
- Getting an MBA Global degree from the Top 1% B-Schools Worldwide
- Learning of relevant concepts by industry specialists
- 24/7 availability for queries
- An Advanced Management Program from IMT Ghaziabad
- Dual Alumni from both Deakins School and IMT Ghaziabad
- 1-week on-campus immersion program
- Live sessions from global leaders
Enrolling in this course will provide you with the required training plus specific implementations in your resume to bring about optimal results.