Keeping the entire focus on factual data, strategy consulting is more inclined towards analytical thinking. It is due to the reason that factual data and analytical thinking help in taking right and effective decision for businesses because without that businesses may go down taking improper decisions.
On the other side, financial advisory consulting deals with the cash flow of a company. It manages the debts incurred by a company and henceforth provides the clients with proper planning over selling products/services. A financial consultant highlights the opportunities for savings for a company.
So, both the consultants are important for a company’s internal and external growth, however, there are few points that depict the importance of selecting a strategy consultant over a financial consultant. Let’s look into those points.
- A financial advisory consultant focuses only on the monetary aspects of a business. Whereas, a strategy consultant upholds the varieties of problems for a business and gives solutions according to those. Moreover, with a financial consultant, a company is likely to serve fewer numbers of clients as it completely makes a business superior only in one domain. Challenging this workflow of financial advisory consultants, strategy consultants give businesses to map the path in multiple domains. They have the capability to alter costs by discovering cost curbing methods every now and then.
- While a financial advisory consultant guides a company’s CEO, strategy consultants work a company’s CEO. The financial advisory consultants generally work for the company’s CFO, where they get tasks related to mergers and acquisitions. But a strategy consultant works with broader problems and solving them in a shorter time, thereby actually creating impacts over a company’s growth and future roadmap.
- Strategy consulting is a highly intellectual field where expertise on some certain skills is not encouraged; rather quick and clear thinking is fostered. This is because strategy consulting requires solving extreme challenges and so, a strategy consultant needs to be thriving all the time.
- Strategy consultants have the privilege to work for different industries and multiple domains in those industries, which helps them to be prepared for working in operations and strategy building divisions.
- Overall, the consulting industry helps to build a plethora of network. This network helps a consultant in retaining the work reputation even if the consultant takes a break for some time.
- As mentioned in this article, a financial advisory consultant is limited to work in one specialized area and strategy consultants have a wider working horizon in term advising businesses across numerous issues. Due to this, strategy consultants develop mindsets to give exact solutions to every problem. They are always involved in new things.
- Once an individual is recruited as the financial advisory consultant for a firm, then the career progress of the individual can become slow due to lack of exposure to other domains except finance. Joining the industry as a strategy consultant will definitely give a boost to the career graph.
- There is a difference between the salaries of a financial advisory consultant and strategy consultant and in the long run, a strategy consultant earns more than what a financial advisory consultant earns. A strategy consultant also enjoys numerous benefits.
- Like career stagnancy, financial consultants also face troubles at the beginning of the career. Sometimes they need to tackle the emotional breakdown of the clients and it is difficult at the beginning of the career. For strategy consultants, it is less likely that they would deal with such incidences.