Both businesses and individuals may need sound financial advice to make short-term and long-term financial decisions, such as investments and strategies. To this end, both may hire financial consultants, whose primary role is to provide the corporation with personalized financial advice.
But what does a financial consultant do on a day-to-day basis, and how do their actions contribute to the broader goals of their clients? One way to explore this career opportunity is to pursue an online Master of Business Administration (MBA) degree.
What Is Financial Consulting?
It may be helpful to understand what financial consulting is within the context of a business or corporation. The field of financial consulting is all about providing clients with judicious financial guidance. This may mean helping individuals plan their retirement or helping businesses increase shareholder value and improve capital efficiency.
What Does a Financial Consultant Do?
Financial advisers can also be referred to as financial advisors. They provide internal financial guidance to a business or personal financial guidance to individuals. They may work inside corporate divisions or on an independent contract basis.
Financial consultants who work at a corporate level are also different from other related financial roles, such as financial analysts. For example, financial analysts typically work for investment banks or asset managers and focus on performing external evaluations of a company’s finances. The role of the financial consultant, on the other hand, is to provide analysis from inside the company.
The specific tasks and duties of a financial consultant may change depending on the client. They can include:
- Assembling merger and acquisition (M&A) packages
- Designing a compensation strategy for the company’s executive team
- Working with third-party auditors or consulting firms to assess the company’s financial standing
- Assessing client assets and helping create long-term financial goals
- Managing client investments
Financial Consultant Salary and Job Growth
Because of what financial consultants do, their services are in high demand from both businesses and individuals that need financial advice and direction. Compensation and benefits packages can be competitive. According to Payscale, the annual median salary of financial consultants was around $70,900 as of May 2022.
The U.S. Bureau of Labor Statistics (BLS) also reports that personal financial advisors, including those who work with investments and businesses, earned a median annual salary of $94,170 as of May 2021. There are 12,600 new positions projected between 2020 and 2030. Obtaining a master’s degree or additional certification can also increase earning potential and advancement opportunities, according to the BLS.
Note that financial consultant salaries can be affected by a number of additional factors, including:
- Years of experience
- Geographic location
- Client type
Setting Yourself Apart with Spring Arbor University
In today’s competitive market, a solid, well-rounded education becomes increasingly important. Spring Arbor University’s innovative curriculum provides a combination of expert education and on-the-job experience.
Spring Arbor University offers a flexible, completely online MBA program that allows students to continue working while enrolled, so they can immediately apply their education to their professional roles. This powerful combination of both MBA and professional experience can make graduates from Spring Arbor University can stand out from the pack.
For those seeking a career as a financial consultant, Spring Arbor University SAU’s online MBA offers an even greater benefit, with fundamental courses in finance and accounting alongside five specialized concentrations, including Organization Consulting. These tracks aim to cultivate the key principles of business management while also fostering skill sets that propel professionals — like financial consultants — to success.
Capitalize on Spring Arbor University’s exceptional online MBA program and tap into an ideal track toward a career in financial consulting.