Explore the skills and training you need to become a highly-paid, in-demand consultant with employers knocking at your door.
What is a consultant?
A consultant is a skilled professional who provides expert advice and guidance to businesses or individuals within their field of knowledge. Consultants are often independent contractors hired to provide insights, solve complex problems and help people and organisations achieve their goals.
What is a business consultant?
While most consultants are adept at providing generalised advice, business consultants focus on understanding organisations’ unique opportunities and challenges.
Business consultants work closely with clients to identify key areas of improvement and development across marketing, finance, operations and strategy, which are all vital elements of business success.
The diversity of work, potential financial rewards and career advancement opportunities are common drawcards that attract working professionals to pursue further studies in business consulting.
What does a business consultant do?
Business consultants play a crucial role in driving positive change for organisations in the public and private sectors including defence, finance, healthcare and more.
The role of business consultants can vary depending on the size and needs of the company but typically include:
- improving operational efficiency and processes
- conducting financial analysis and planning
- examining and developing new business models
- developing and implementing marketing strategies
- integrating efficient technology solutions
- assisting with human resourcing
- identifying and managing financial and reputational risks
- managing change during mergers and acquisitions
- advising on industry trends and forecasts
A quick look at the different types of consultants
In the world of business, many different types of consultants offer specialised services to help organisations define and achieve their goals.
- Business consultants concentrate on enhancing business processes and efficiency, often within smaller companies.
- Management consultants focus on broader, long-term strategic plans and tend to work with larger organisations.
- Marketing consultants develop and implement marketing strategies to drive more sales, leads and brand awareness.
- Financial consultants provide analysis and advice around budgeting, investments and risk management.
- IT consultants optimise technology systems and infrastructure and help companies manage data privacy and cybersecurity risks.
- Legal consultants guide legal matters relating to contracts, intellectual property, regulatory compliance and dispute resolution.
- Human resources consultants help organisations manage their workforce by assisting with recruitment, training, performance management and more.
- Environmental consultants support companies with assessments, compliance and program implementation relating to environmental and sustainability goals.
- Healthcare consultants guide healthcare policies and systems to improve efficiencies, finances and patient outcomes.
- Education consultants support curriculum development, teacher training and technology implementation to enhance learning outcomes.
How much do business consultants get paid?
Pursuing a career as a business consultant can be financially and personally rewarding.
According to the latest data from SEEK, the average business consultant salary in Australia ranges from $125,000 to $145,000 per year.
Below is an outline of what you can earn annually as you progress through your business consulting career, based on roles advertised on SEEK:
- Junior-level: $80,000 to $100,000
- Mid-level: $100,000 to $125,000
- Experienced: $125,000 to $187,500
According to the Australian Bureau of Statistics, the average weekly salary of an Australian worker is $1,975.80 in November 2024, which equates to approximately $102,000 per year. Earning a salary as a business consultant can make you an above-average earner in the country. This is achievable with the right combination of experience, expertise, education and location.
Business consultants with advanced qualifications like an MBA can unlock increased earning capacity and open doors to broader employment opportunities.
How to become a business consultant
Read the guide below to have a better understanding of what your path may look like to become a business consultant:
1. Earn an undergraduate degree
Candidates with a bachelor's degree in business, business administration, management or a related field may have the upper hand in the job market. You can gain a core understanding of various business principles that are vital for a career in consultancy. Alternatively, you can pursue a bachelor's degree in a field that's relevant to the industry you want to work in.
2. Gain industry experience
Having a solid track record and relevant experience are crucial to becoming a business consultant. You must be an expert in your field to be able to give professional advice to your clients. It's not uncommon for business consultants to have prior experience working in various roles within their industry. This allows them to be familiar with the best industry practices while honing their expertise. A fresh graduate may also start their career by working at a consulting firm as an analyst before becoming a full-fledged business consultant.
3. Pursue a postgraduate degree
You can enhance your professional credibility with existing and prospective clients by acquiring a postgraduate qualification like an MBA. MBA programs dig deeper than most undergraduate degrees to help you become fluent and highly skilled across key areas of business tailored to your career goals and objectives. You can look for an MBA with built-in speciality units to deepen your understanding of core business consulting areas, including strategic management, finance, technology, marketing and human resources.
Completing an MBA course can equip you with the skills you need to excel in your career and set yourself apart from other applicants in job applications and pitches.
Does an MBA require a bachelor’s degree?
If you meet the relevant work experience requirements, it's possible to apply for an MBA program without a bachelor's degree. Generally, you’ll need at least four years of experience in a managerial role or possess other qualifications and practical experience that are recognised by the Dean.
Further accreditation
You can explore several certifications, accreditations and memberships to enhance your knowledge and put your best foot forward with every project, such as a Certified Management Consultant (CMC) from the Institute of Management Consultants (IMC). This certification is recognised in 58 countries.
How to be a good business consultant
To excel as a business consultant, you must possess a blend of skills across strategy, technical expertise and communication. A firm grasp on the following areas will help you drive better business results and make your mark in your area of expertise.
- Communication skills. Solid communication skills are essential for business managers as they must be able to listen to concerns and effectively convey complex solutions.
- Strategic thinking. A strategic mindset and the capacity to think critically will help you analyse, plan and implement business solutions that align with an organisation’s objectives.
- Design thinking. The ability to take a human-centred approach to problem-solving and product development is desirable for business consultants. Some MBA qualifications offer a specific design-thinking unit.
- Project management. Any business consultant will agree that project management skills are essential. You’ll need them to oversee complex projects, ensure timely delivery and reach a successful outcome.
- Interpersonal skills. Establishing trust and building relationships with people at all levels of a business is crucial to understanding client needs and developing successful solutions. Consider studying organisational behaviour to hone your knowledge and skills.
- Marketing principles. Marketing know-how is essential for business consultants tasked with helping companies reach their target audiences, grow sales and increase brand visibility.
- Numbers knowledge. A solid understanding of accounting principles and practices can help you conduct financial analysis and manage budgets at each stage of the consulting process.
- Tech awareness. Understanding the tech systems and challenges faced by companies in your industry will enable you to provide relevant advice and solutions.
Once you have honed these skills, you’ll be on your way to building a successful and rewarding career as a business consultant.
Boost your qualifications with an MBA
Becoming a business consultant can pave the way to a diverse and exciting career, made even more rewarding by studying a specialised MBA. Explore a wide range of MBA courses available in Australia and choose the right program that can help you develop your expertise further.