Experience pays: Is consulting right for you? | The Ladders

If a good education is priceless, real world experience is worth its weight in gold. Higher education can provide professionals preparing to enter the workforce with a plethora of key skills and essential information, but lecture halls, professors, and libraries will never be a suitable substitute for actual on-the-job experience.

When framed in this way, it’s understandable why consultants are so highly sought after across numerous industries – and well paid to boot. Recent statistics tell us that the average U.S. full-time consultant makes around $7,000 per month, with some even earning as much as $16,000 every four weeks. Other consultants who offer their expertise on a more part-time basis should expect to make a bit less ($2-4K monthly).

What is a consultant?

So what exactly is consulting anyway? While there are seemingly countless definitions out there to choose from, in its purest form a consultant is an expert brought in by a company to help one (or all) aspects of its business. In other words, working as a consultant isn’t for everyone. In order to succeed as a consultant you’ll need expertise in your industry of choice. 

Of course, thriving as a consultant requires much more than handing out helpful advice and recommendations. Successful consultants are problem solvers and swift decision makers. In fact, the best consultants are able to identify and rectify problems that organizations aren’t even aware of yet. 

Different types of consultants

There are a number of ways a consultant can assess a business and find ways to improve, but the specifics depend on the type of consultant. Some consultants specialize in management or HR matters, while others may be called in to assist with a new PR campaign or IT department overhaul. 

From social media or sustainability efforts to legal or financial assistance, there is a consulting gig out there for virtually every speciality, but generally speaking, consultants can be grouped into two main categories: Strategy consultants and managerial consultants.

While strategy consultants focus on helping a business or brand thrive over competitors, managerial consultants place their attention on in-house matters that can be improved upon. So, for example, while a strategy consultant may help a car brand identify a way to appeal to consumers in a way their competitors cannot, a managerial consultant would focus more on streamlining the car company’s internal processes like production, sales, or distribution. 

Finding the right consulting role for you

Again, you should only seriously consider becoming a consultant if you have at least a few years of experience in your chosen field or speciality. 

Ask yourself, what are the biggest problems and toughest questions facing your industry? If your prior professional experiences have helped you formulate your own answers to those questions, then consulting will likely be a worthwhile endeavor for you. Successful consultants offer their clients actionable solutions to specific problems that simply can’t be found in a textbook.

While experience is prerequisite number one when it comes to consulting, you should also look into any relevant certifications that can help you stand out from the pack. For instance, while the CMA (Certified Management Accountant) program is ideal for those looking to become financial consultants, the CMC (Certified Management Consultant) program is better suited for professionals hoping to enter the broader field of management consulting. 

Once you’ve figured out which type of consulting is best for you, decide if you’re looking for a full-time position or side hustle. While full-time consulting work can potentially earn a healthy yearly salary, many successful consultants start out offering their services on the side as a means of supplemental income. Such an approach is a great way to “dip one’s toes” in consulting waters, so to speak, and see if it’s something worth taking on full-time.

Whether you opt for full-time consulting work through an existing consulting agency, or decide to DIY as a side hustle to start, always remember to highlight your prior relevant accomplishments when offering or advertising your services. When bringing in a new consultant, companies want to see verifiable evidence of past results and similar problems solved. Don’t just tell companies what you can do for them today, show them what you’ve already done for your clients in the past.

Ready to begin the next phase of your professional journey and begin consulting? Take a look at Ladders’ job filter. We have tens of thousands of consulting positions to choose from!