Businesses hire performance management consultants or analysts to determine whether the business is achieving its goals efficiently. This involves taking a look at key resources: materials, labor, and time, and offering suggestions to allocate these resources for higher profit. Most management consultants hold a bachelor's degree, and many also have further education and/or certification, although it is not required.
Business performance management consultants use their expertise in strategy to streamline clients' operations. Tasks may vary markedly, ranging from comprehensive strategic planning to improving relations with a specific customer or vendor. Most firms require at least a bachelor's degree for an entry-level position.
|Required Education||A bachelor's degree in finance, accounting or a related discipline|
|Projected Job Growth (2018-2028)*||14% (for management analysts)|
|Median Annual Salary (May 2018)*||$83,610 (for management analysts)|
Source: *United States Bureau of Labor Statistics
Job Description for Business Performance Management Consultants
Business performance management consultants analyze clients' businesses in order to improve performance. They may specialize in a particular industry, such as healthcare, or provide expertise within a specific area of business, such as asset management. Consultants typically begin a project by understanding the problem. This may include reviewing past performance, evaluating business practices, and researching potential solutions. Consultants may also look into specific methods for lowering costs and increasing market share. Once the analysis process is complete, consultants present a solution and method for implementation.
Career Information for Business Performance Management Consultants
According to the U.S. Bureau of Labor Statistics (BLS), job opportunities for management analysts are expected to increase by 14% between 2014 and 2024. Management analysts earned an average annual salary of $83,610 as of May 2018.
Business Performance Management Consultants Requirements
Most employers hire applicants who have attained at minimum a bachelor's degree in finance, accounting, or an industry-related field. Prospective candidates may use clubs and organizations as well as internship opportunities to gain experience and seek an entry-level position. Some employers may prefer candidates with a master's in business administration (MBA). Programs typically last two years and include courses in strategy implementation, corporate structuring, and project management. Additionally, some programs may prepare students for vendor certification examinations, such as SAP (Systems, Applications and Products in Data Processing) or SAS (Statistical Analysis Software).
New hires with no work experience are trained on-the-job. Although firms may hire applicants with no work experience, according to the BLS, many prefer individuals with industry experience. Firms may also favor candidates who have specific experience with enterprise resource planning (ERP), which are computer-based applications to manage resources and assets.
A business performance management consultant analyzes problems or weak points in the efficiency of business operations and looks for ways to improve them. Although the BLS predicts much faster-than-average growth in these positions, applicants may still face stiff competition due to the high financial compensation of the job. A master's degree, extra certification, and/or relevant work experience can round out an applicant's resume to impress employers.