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
Strategy Consultants fill the offices of leading firms Accenture, International Business Machines (IBM) Corp., Deloitte, Booz, Allen, and Hamilton, and Deloitte Consulting LLP. Accenture pays the most with a median salary of $102K, though with a large amount of variation, going from a low of $87K to a high of $171K.
Popular Skills for Strategy Consultant
Survey takers working as Strategy Consultants report using a large range of professional skills. Most notably, skills in Strategy Development, Client Interaction, Financial Analysis, and Strategy are correlated to pay that is above average, with boosts between 9 percent and 14 percent. Those listing Research Analysis as a skill should be prepared for drastically lower pay. Business Analysis and Project Management also typically command lower compensation. The majority of those who know Strategic Planning also know Project Management and Data Analysis. Most people skilled in Business Strategy are similarly competent in Data Analysis and Project Management.
Pay by Experience Level for Strategy Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Strategy Consultants with a lot of experience tend to enjoy higher earnings. Inexperienced workers earn around $87K, but people who have been around for five to 10 years pull down a much higher average of $103K. The average pay reported by folks with 10 to 20 years of experience is around $133K. More than 20 years of experience mean a somewhat bigger median paycheck of $146K, but it's not much more than what less experienced people make.
Pay Difference by Location
With a pay rate for Strategy Consultants that is 45 percent greater than the national average, Austin offers a comfortable salary for those in this profession. Strategy Consultants can also look forward to large paychecks in cities like Minneapolis (+27 percent), San Francisco (+21 percent), Raleigh (+18 percent), and Los Angeles (+7 percent). With compensation 12 percent below the national average, Washington is not known for hefty paychecks and actually represents the lowest-paying market. Employers pay around 12 percent less in Boston and 5 percent less in Dallas, below-median salaries for those in this field.
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