As a business advisor, it's your responsibility to provide guidance to small and mid-sized businesses. You'll need bachelor's degree in business or an MBA with a special focus in marketing for certain positions.
Business advisors provide financial and strategic advice to small and mid-sized companies. At minimum, a bachelor's degree is generally required for this job, but advisors must also have an excellent business sense and keen communication skills.
|Required Education||A bachelor's degree in business; some also have a Master of Business Administration with a specialization in areas such as marketing or law|
|Projected Job Growth (2014-2024)*||14% (for management analysts)|
|Median Annual Salary (May 2015)*||$81,320 (for management analysts)|
Source: *United States Bureau of Labor Statistics
Business Advisor Job Description
Whether they are independently employed or work for a larger company, advisors are called upon to support both new and established businesses. They analyze a company's business plan and financial statements to properly advise it about investments, marketing, and potential funding opportunities. Technology is now able to produce financial reports without the help of a business advisor, but it is the job of the business advisor to analyze those reports.
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Requirements for Becoming a Business Advisor
Business advisors are required to have a bachelor's degree in business, finance, or a comparable discipline. Many business consultants also have a Master of Business Administration (MBA) and specialize in a specific business area, such as law or marketing.
An excellent business sense is one of the most important skills required for business advisors. More than anything else, advisors must be able to tell a company how to make a profit, so they must understand the needs of consumers in order to advise companies on how to meet those needs.
Communication skills are vital, because business advisors are expected to create and maintain client relations. Because the companies being advised are often under tight deadlines, the abilities to observe these deadlines and work well under pressure are also useful skills.
Additionally, business advisors must be knowledgeable about current financial trends, which necessitates some continuing education. Attending workshops and conferences, for example, will help advisors stay abreast of new developments and generate optimal advisement.
According to the U.S. Bureau of Labor Statistics (BLS), most management analysts earned between $60,450 and $109,670 per year as of May 2015. The BLS predicted that the employment of management analysts would grow by about 14% between 2014 and 2024 (www.bls.gov).
As a business advisor, you'll analyze the problems and potential risks that a business is facing and advise them in a manner that will make them more efficient and profitable. This growing profession is a good fit for problem solvers, people with excellent communication skills and someone who understands business practices and marketing trends. A bachelor's degree in business, and sometimes an MBA, is required.