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Strategy Consultant Duties and Responsibilities
Strategy Consultants complete various types of tasks throughout a daily workday. We examined several job listings for Strategy Consultants and found the following to be among those that are commonly listed under the job responsibilities for this position.
Analyze Business Goals and Objectives One of the main roles of Strategy Consultants is to analyze a current business's goals and direction and ensure that practices align with company objectives. They will make suggestions to improve practices and adjust a company's goals and mission to increase performance and market share.
Study Market Trends Strategy Consultants are responsible for monitoring market trends to help a company adjust to changing conditions that affect goals and production. They will identify key markets in which a company should be involved and help companies adjust to be successful in market changes.
Evaluate Competition It is helpful for companies to understand competitor practice and market behavior and it is up to Strategy Consultants to supply this information. They will analyze what works and what does not work for competitors to help their companies employ successful tactics and avoid pitfalls.
Assist in Decision-Making Processes Strategy Consultants work closely with upper management and executives to help make key budgeting and production decisions. They evaluate current practices and make suggestions to cut costs and increase revenue by developing solutions for problems in these areas.
Strategy Consultant SkillsThose who are successful in this position often display strong analytical, time management, collaboration and communication skills. They are detail-oriented forward thinkers who are familiar with all stages of project management and are adept at working with teams of diverse professionals, such as managers, business owners and other consultants. Strong presentation and creative skills are also crucial for Strategy Consultants. In addition to these skills, Strategy Consultants should display the following capabilities:
- Analyze business operations and projects.
- Understand corporate goals and objectives.
- Conduct extensive market research.
- Implement strategic solutions programs and practices.
Strategy Consultant Education and TrainingIn most cases, employers seek Strategy Consultants who possess at least a bachelor's degree in business administration, business analytics, management or a similar area. Some might prefer candidates who hold a master's degree in any of these areas. Though not required for employment, one who wishes to become a Strategy Consultant might obtain a Certified Management Consultant (CMC) credential to gain an edge over competitors for an open position.
Strategy Consultant SalaryThe BLS reports that Strategy Consultants earn a median annual salary of $81,330; top earners can realize a median annual wage of nearly $150,000. Those employed by consulting firms tend to earn higher than the median salary. Strategy Consultants in Wyoming ($111,180), New York ($107,620) and Massachusetts ($105,950) see the highest mean annual wages in the U.S.
Strategy Consultant Resources
Below you will find some additional resources we have researched regarding Strategy Consultant duties and day-to-day activities. The information provided in these links can prove helpful when you are deciding whether a career as a Strategy Consultant is for you.
Association for Strategic Planning (ASP) - Strategy Consultants and other planning professionals can benefit from conferences, webinars, certification information and networking opportunities provided by ASP.
Association of Internal Management Consultants (AIMC) - This organization offers Strategy Consultants and other management consultants the opportunity to network, gain certification, attend conferences and access training materials.
SME Strategy Management Consulting Blog - From developing a strategic plan to defining the role of a strategy leader, this blog explores relevant topics for Strategy Consultants--written by professional consultants working in the field.
The Boston Consulting Group on Strategy: Classic Concepts and New Perspectives by Carl W. Stern and Michael S. Deimler - This extensive book covers best practices and practical lessons for Strategy Consultants.
Competitive Strategy: Techniques for Analyzing Industries and Competitors by Michael E. Porter - Written by an authority on competitive strategy, this book explores practices for assessing competitors, analyzing industries and achieving profitability.
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