Consultant

Consultants are professionals who have extensive training or expertise in a particular industry. Their role involves meeting with clients (often businesses), identifying problems, developing and implementing solutions, and tracking performance.

Most consultants either work at a consulting firm or operate their own independent consultancy business. Companies usually hire consultants to help solve problems or develop strategies to optimize business performance or achieve target outcomes.

Consultants are most often hired in the following industries:

• Business management
• Human resources
• Information technology
• Engineering
• Finance
• Marketing
• Law
• Education
• Healthcare and fitness

But your options don’t end there. Consultancy is an incredibly diverse field, and it’s a feasible career option for anybody with advanced knowledge or expertise in their industry. Requirements for consultants vary depending on the niche and industry, but it’s generally most difficult for new graduates and people with limited work experience to break into consulting.

While consultants play a very important and influential role, there are no federal laws requiring them to hold certain certifications or licenses.

Despite the lack of legal requirements for consultants, certifications are an important qualification for many consultants. This is because the value of a consultant’s work is in their expertise.

There are many certifications and credentials that are often used to assess a consultant’s qualifications. The table below shows a few general consulting certifications you can get.

Optional Consulting Certifications

In addition to these general consulting certifications, many consultants pursue certifications in their field or specialty. Certifications vary widely depending on the type of consultant, and there are countless options. Some are quick and easy to get, whereas others can take years if you’re starting from scratch.

For example, an IT consultant may be a Certified Cloud Security Professional (CCSP) or have a CompTIA Cybersecurity Analyst (CySA+) certification. An education consultant, on the other hand, may be a Certified Educational Planner (CEP) or Certified Instructional Trainer (CIT).

There are no formal requirements or legal regulations determining who can be a consultant. Nevertheless, consultancy is an incredibly competitive field, and only those who have what it takes can establish a lucrative consulting career.

Several years of work experience

It’s difficult to get into consulting if you don’t have industry experience. After all, companies and professionals are paying you for your wisdom and know-how. Even if you have an advanced degree or qualification in consulting, it’s practical experience that shows potential clients that you really know what you’re doing.

Relevant degree

Most consultants have at least a bachelor’s degree, and this is a common requirement among consultancy firms. Becoming a consultant without a degree is technically possible, but it’s much more difficult. Ideally, your degree should be in a subject related to your niche.

Strong portfolio

A portfolio showcasing your past projects and achievements is essential if you plan on starting your own consultancy business. Many consultants create a portfolio website. Portfolios can showcase written descriptions of your work, testimonials, awards, case studies, images, or videos.

Becoming a consultant isn’t exactly an easy feat. Here are some of the challenges you should be prepared to face:

• High competition: Consulting is a hugely competitive field, which makes it pretty difficult to get clients.
• Qualifications required: Not just anyone can start a career as a consultant. You need expertise, proper training, and often a degree.
• Slow startup time: If you’re starting from scratch, it’ll take you years to get trained and qualified to be a consultant. After that, it can take months to land your first client or get your first job at a consulting firm.
• Evolving trends: Regardless of your niche, you’ll need to continually study to stay abreast of trends in your industry.
• Unpredictable earnings: Like the case with many side businesses, a consultancy business can fall victim to dry spells where there’s a drop in demand. Financial planning is necessary to stay afloat.

There are several reasons why consulting is one of the best side hustles you can try:

• Very high earning potential: Consulting is one of the highest-paid gigs out there, regardless of your specialty. This is perhaps the biggest perk of the job.
• Flexibility: Many consultants work independently. As an independent or freelance consultant, you get to set your own schedule, choose your clients, and charge as much as you want.
• Low startup costs: If you already have a degree and industry experience, the costs involved in starting a consulting side hustle will be pretty minimal. You’ll really just need to pay basic business fees, and that’s only if you’re starting your own business.
• Applicable to many industries: Consulting is a versatile profession. It’s a job you can do regardless of the line of work you do, as long as you’re highly skilled and experienced in your field.

Here are some facts you should know if you’re considering a career in consulting:

• Our 2024 survey of independent workers in the US found that coaching/consulting is the highest-paid category of independent work.
• Consulting is a booming industry, and its market size is expected to grow by approximately 25.6% between 2023 and 2031.
• The leading consulting firm in the US in 2023 in terms of prestige rating was McKinsey & Company, followed by Boston Consulting Group Inc., Bain & Company, and Deloitte Consulting LLP.

These statistics and trends show that consulting is a growing industry with plenty of opportunities for new players. It’s also today’s most lucrative side hustle.