Strategy Consultant Salary
Job Description for Strategy Consultant
Strategy consultants provide research, statistics, and logistics that may be applied to their business' strategy and issues. There are many areas in which strategy consultants must develop strategies to sustain long-term growth. Additionally, some strategy consultants work with shorter-term problems such as developing effective management strategies in addition to (or instead of) long-term growth. The majority of strategy consultants also perform executive tasks such as coordinating and managing the implementation of the developed strategy as well.Read More...
Strategy consultants may work alone, but they often work as part of consulting teams for companies that are hired by businesses in need of consultation. Some companies, however, have in-house strategy departments staffed with a supervisor and consultants. Strategy consultants generally work during regular business hours, usually in an consulting company's office or temporarily at the offices of their hiring company. Strategy consultants are employed by corporations, small businesses, organizations, non-profits, and government agencies, among others.
At least a bachelor's degree in a relevant discipline such as business, economics, engineering, or marketing is generally required for this position. Many strategy consultant positions require a master of business administration (MBA) as well, especially for management-level consultants or managerial-related consulting. Because many strategy consultant jobs are in the financial and banking sectors, positions may require experience in finance and investment as well. Strategy consultants must have excellent analytical, research, communication, and problem-solving skills. They also frequently need to have expertise in a specific industry and a good understanding of marketing and advertising. Proficiency with basic computer software is generally needed as well.
Strategy Consultant Tasks
- Work with clients to identify and define business issues and concerns.
- Analyze business decisions for fit to strategy and feasibility, and communicate priorities clearly through data.
- Identify, define, and set up processes to collect metrics to keep organizations on track.
- Recommend solutions to align operations with desired strategy and available technology.
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Popular Employer Salaries for Strategy Consultant
Accenture, International Business Machines (IBM) Corp., Deloitte, Booz, Allen, and Hamilton, and Deloitte Consulting LLP are some prominent firms with considerable interest in employing a large team of Strategy Consultants. The biggest paychecks can be found at Booz, Allen, and Hamilton — the median salary there is $132K.
Popular Skills for Strategy Consultant
Survey results imply that Strategy Consultants deploy a substantial tool kit of skills at work. Most notably, facility with Financial Analysis, Strategy Development, and Client Interaction are correlated to pay that is significantly above average, leading to increases of 24 percent, 14 percent, and 11 percent, respectively. Those listing Research Analysis as a skill should be prepared for drastically lower pay. Business Analysis and Data Analysis also typically command lower compensation. Those familiar with Business Strategy also tend to know Data Analysis and Project Management. Those proficient in Strategic Planning are, more often than not, also skilled in Project Management and Data Analysis.
Pay by Experience Level for Strategy Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of Strategy Consultants. Whereas the median salary for inexperienced employees is approximately $87K, incomes in the five-to-10 year group are significantly higher, averaging to the comfortable six-figure sum of $105K. People with 10 to 20 years of experience make an average of about $136K in this role. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $146K.
Pay Difference by Location
Home to some of the best pay for Strategy Consultants, Austin offers exceptional salaries, 45 percent above the national average. Strategy Consultants will also find cushy salaries in Minneapolis (+30 percent), Raleigh (+23 percent), San Francisco (+21 percent), and Louisville (+10 percent). Washington ranks last in the field for pay, reporting salaries 10 percent below the national average. Not at the bottom but still paying below the median are employers in Boston and Chicago (8 percent lower and 6 percent lower, respectively).
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