financial consulting

A Job in Consultancy

By Andrea Ell 29 May, 2023 3 mins read

Consulting involves working closely with clients to identify the problems and create solutions. The role requires you understand the causes of problems as well as build trusting relationships. This job demands flexibility, long hours, stress, and flexibility. If you have the required qualifications, you can pursue a career in consulting.

Qualifications required for a job in consultancy

There are many qualifications needed to be a consultant depending on the company. Some require a postgraduate degree in business or a related subject, while others do not. However, some firms are very interested in PhD and MBA graduates. Some firms will accept applicants who have relevant industry experience. Consider applying to large companies for training programs.

Consultants should have great interpersonal and communication skills. They should also be flexible, willing to accept new challenges and be open to learning. They must also be able to work collaboratively with clients and other stakeholders. Their primary task is to keep the conversation moving and productive. They need to be able to apply a structured thought process and be able to identify and understand a client's concerns and needs.

Flexibility

Consulting jobs that are flexible are becoming more common. This trend is driven in part by clients who accept flexible working arrangements within their own companies. Jon Williams, cofounder and former senior PwC Partner, said that flexibility is becoming a common practice for clients. This is not an overnight phenomenon, but it is becoming increasingly common. Flexible jobs have been more popular in the past few years as a viable business model.

Consultants have the flexibility to work when they please. Although you might not be required to work the traditional hours, deadlines must be met for clients. You can work remotely but still must adhere to deadlines.

Long hours

The long hours of a consultant job can prove exhausting. Consultants may be expected to work long hours and on weekends. Sometimes, they don't have time to take a break. Even their evenings can be short, with only an hour available to travel or to eat dinner. Studies have shown that consultants are often required to work beyond their contracted hours.

The workweek lengths for consultants vary by region. For example, consultants working in Singapore, Dubai, or Southern Europe have longer work hours than their American counterparts. Italian consultants work between 9am and 11pm on weekdays. On Fridays, they are expected to be at their desk from 9am until 8pm. This means that between 70 and 80 percent of weekends can be spent working. The type of project can also impact the amount of time spent. Shorter projects and last-minute requests typically take longer hours.

Stress

It is not difficult to work in consulting. Consultants often get very high salaries, but it may seem like they are not getting the right compensation. The fear of changing jobs or companies, as well as the uncertainty of the future, all contribute to this. The industry is experiencing a decline, despite being once highly respected. Many consultants complain of the same problems their clients are experiencing. The changing business environment has had a significant impact on how consultants do their work. Digitalisation has made information easier to find and companies are more organized.

Some consultants become so involved in their work they cannot switch off. This can lead depression or anxiety that can cause low motivation and productivity. Many consultants work all day and don't have much time to spend with their families or friends. They can become so focused on work that they have to be available 24 hours a day.

FAQ

Is it possible that a consultant business can be started from home?

Absolutely! Many consultants do this already.

Freelancers often work remotely through tools like Skype and Trello, Basecamp, Basecamp, Dropbox, and Slack. They often create their own office space so they don't miss out on company perks.

Some freelancers prefer to work in cafes or libraries instead of in a traditional office environment.

Others choose to work at home because they love being with their children.

Although working from home is a great option, there are some downsides. But if you love your job, it's definitely worth considering.

How can I start an LLC consulting company?

It is important to first decide what you want as a service provider. The next step is to ensure that you're qualified for the services you offer. It might also help to find someone who already does what you want to offer and see how they operate.

Once you have an idea of the content you want, you can then determine where your target audience is. If you don't have enough, you might need to create them.

You then have to decide whether or not you want to open your own company, or hire other people to do it.

It is possible to also start your own consulting firm by obtaining a license from the State. But this will require a lot more paperwork and legal costs.

Do I need legal advice?

Yes! Yes. Many consultants sign contracts without seeking legal advice. This can create problems down the line. What happens if the client cancels the agreement prior to the consultant's completion? What happens if the contract stipulates that the consultant must meet certain deadlines?

It's best to consult with a lawyer to avoid potential problems.

What are some of the advantages to being a Consultant?

Consultants have the ability to choose when and on what they work.

This allows you to work wherever and whenever you want.

It also means you can easily change your mind without worrying about losing money.

Finally, you have the ability to control your income levels and establish your own schedule.

How much do consultants make?

Some consultants make over $100k per year. However, most consultants only make $25-$50k. An average consultant salary is $39,000 This includes hourly as well as salaried consultants.

Salary depends upon experience, location, industry and type of contract (contractor/employee). It can also depend on whether the consultant has their own office or works remotely.

Do I need to pay tax on consulting income?

Yes. You will have to pay taxes on your consulting profits. The amount depends on how much you earn per year.

You can also claim expenses if you are self-employed. This includes rent, childcare, food, and transportation.

However, you can't deduct interest payments for loans, vehicle depreciation or the cost to purchase equipment.

Only 25% of your expenses can be claimed back if you make less than PS10,000 annually.

But even if you're earning more than this threshold, you might still be taxed depending on whether you're classed as a contractor or employee.

The PAYE tax for employees and the VAT tax for contractors is generally paid as you earn.

Statistics

Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)