As a marketing, management, or human resources consultant, you have an eye for the bigger picture. You know how to get your clients' attention by capitalizing on market trends. You know how to structure a business so it runs more efficiently. Or maybe you know a thing or two about how the right employees can make all the difference in a workforce.
But how much do you know about the state of your industry? Take a look at some helpful facts and figures about consulting work to get an idea of how you fit into the bigger picture of consulting professionals.
Big Spending, Big Growth
Operations management consulting (which focuses on process, physical distribution, and logistics) pulls in an estimated 36.9 percent of industry revenue . Kennedy Information, an industry monitor, states that operations management consulting should grow by 5.1 percent a year. By contrast, the demand for business strategy consultants is only expected to grow by 1.1 percent, but this sector still accounts for 12 percent of all consulting spending.
The BLS reports that 21 percent of management analysts and business consultants were self-employed in 2012. In contrast, 20 percent of consultants were employed by management, scientific, and technical consulting firms. The federal government hired nine percent of management analysts and state and local governments employed seven percent. Insurance carriers employed another five percent, according to the Bureau of Labor Statistics.
A Bright Future
Businesses depend more and more on marketing consultants to help them sell products and services, which is why the industry is projected to grow by 41.2 percent over the next decade. The median pay for marketing consultants is $92,100, with top pay at $208,000 (compare that to the national median , which is just $35,461). However, with high pay comes high stakes: when businesses pay handsomely to make their ideas and products take off, they expect results. Failing to meet those expectations could land your firm front and center in a professional liability lawsuit. Good thing there's E&O Insurance for that.