With a total value of around $250 billion, the global consulting sector is one of the largest and most mature markets within the professional services industry. It’s big. It’s growing.
Consulting provides exceptional opportunities to work with executives, progress quickly in your career, collaborate with talented people, and to travel to new places.
A consultant working as a freelancer or independent contractor typically offers several payment options, including payment by the hour, by project or on retainer. Some clients prefer to be billed by the hour. Consultants receive an agreed upon fee for work on a project completed by a specified date.
5 Fields Where Different Types of Consultants Are in Demand
- Finance and accounting.
- Business systems and performance improvement.
- Governance, risk and compliance (GRC)
- Finance optimization.
Determine your hourly rate based on your experience and industry standards. If you’re just starting a consulting business, the best way to determine your rate is to divide your former salary by 52 work weeks and then divide that number by 40 (the number of work hours in a week).
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