Consultants work in nearly all fields, reviewing processes and offering advice on how to improve efficiency, profits and outcomes. Accounting consultants often hold 4-year bachelor's degrees or combination bachelor's/master's degrees. A Master of Business Administration (MBA) degree is often preferred for consultants in management, while medical consultants may be licensed physicians who hold a Doctor of Medicine. Requirements for all these programs vary widely, though generally a bachelor's degree is required before applying for more advanced degrees and students should be high school graduates before beginning their undergraduate studies. Also, a certain amount of experience in a specific field may be required before the graduate can become a consultant.
Bachelor's Degree in Accounting for Accounting Consultants
The first step to becoming an accounting consultant is to major in accounting. Accounting majors learn how to analyze and interpret the financial data of an individual or organization. Degree candidates study tax and business law, along with financial information systems, auditing practices and cost accounting principles. These programs typically take four years to complete, although 5-year accounting programs are available, which award both a bachelor's and a master's degree in accounting. Applicants should possess a high school diploma.
In addition to the accounting curriculum, degree candidates also enroll in humanities electives, such as history or social science courses. Below are listed some sample course titles:
- Managerial accounting
- Cost accounting
- Asset management
- Financial reporting standards
MBA for Management Consultants
Management consultants provide expert advice and opinions on specific business problems with the goal of maximizing efficiency and profits. Management consultants advise on issues ranging from when to promote a new product line to how to reorganize an existing management structure. One educational pathway for this career is an MBA degree in management consulting.
These degree programs arm students with the tools needed to design and implement organizational change and effectively confront new business challenges. Many of these programs allow the candidate to choose a specific consulting concentration, such as human resources or information technology. Programs may feature an internship, in which the individual works in an actual business environment as an entry-level consultant.
The exact courses required for this degree depend on the specific consulting concentration chosen. Some sample course topics include the following:
- Team building
- Efficient communications
- Human resource management
- Managing change
- Management and business ethics
Doctor of Medicine for Medical Consultants
Medical consultants are licensed physicians who consult and advise medical boards on a range of healthcare issues, from patient care and treatment to practice standards and diagnoses. Aspiring medical consultants need to complete a Doctor of Medicine (M.D.) program from a school accredited by the Liaison Committee on Medical Education. Designed to provide comprehensive exposure to the medical sciences, M.D. programs cover such topics as clinical care, treatment modalities and medical ethics. These programs traditionally take four years to complete, followed by post-graduate residency training.
Medical students take classes and complete the core curriculum the first two years before participating in clinical apprenticeships and taking elective courses the last two years. Common course topics include, but aren't limited to, the following:
- Anatomy and physiology
- Medical law
Employment Outlook and Salary Information
The U.S. Bureau of Labor Statistics (BLS, www.bls.gov) estimated that job opportunities for physicians and surgeons are expected to increase by 7% for the years 2018-2028. Exact salary information for medical consultants is difficult to arrive at owing to different factors, such as medical specialty and amount of experience. According to the BLS statistics for May 2018, family and general practitioners earned $201,100 as a median annual wage.
The BLS expected an 6% job growth for accountants and auditors in the 2018-2028 decade. These workers earned an annual median salary of $70,500 in 2018, according to the BLS.
According to the (BLS), job growth for management analysts is expected to increase by 14% between 2018 and 2028. The BLS anticipated that professionals who work for small consulting firms that specialize in a specific industry might have better job opportunities. The median yearly salary for these workers was $83,610, as of May 2018.
All medical practitioners need to be licensed by their state and pass the United States Medical Licensing Examination, and this includes medical consultants. They must be in good standing with medical boards. Doctors may also seek board certification based on their specialty, from anesthesiology to urology, which requires additional residency training.
Offering services as a professional accountant requires licensure from the State Board of Accountancy, which administers the Certified Public Accountant designation. The CPA requirements differ between states, but they generally include passing a national exam and graduating from an accounting program. Some states require individuals to have accounting experience.
Consulting is a very broad and exciting field to work within, as consultants come from all sorts of different professional backgrounds. An individual's specific interests and career goals will help them determine which kind of degree best suits them.