The “professional and business services” sector of the management, scientific, and technical consulting services industry ranks amongst the top-10 fastest-growing sectors in the United States, according to the U.S. Department of Labor (DOL). Employment is expected to increase by 20 percent from 2019 to 2029, and the industry is expected to add 334,200 new jobs during this time span.
Job opportunities for management consultants (including financial consultants) are expected to increase by 11 percent from 2019 to 2029, according to the DOL. This is much faster than the average for all careers. “Demand for consulting services is expected to increase as organizations seek ways to improve efficiency and control costs,” according to the DOL. “As markets become more competitive, firms will need to use resources more efficiently. Growth is expected to be particularly strong in smaller consulting companies that specialize in specific industries or types of business function, such as information technology or human resources.”
While the employment outlook is excellent overall, job opportunities for management consultants vary by industry. Employment growth is expected to be especially strong for consultants in the following industries:
Job opportunities are expected to decline in these industries:
Demand will be strong for financial consultants during the next decade for several reasons. First, there will always be a need for these consulting specialists because well-run accounting and finance departments (including effective cost control and financial reporting) are at the heart of any successful business. Government agencies and nonprofit organizations also need to be on firm financial footing. Second, the field is so large and varied that consulting firms and freelance consultants can offer services in a variety of areas. If the economy is poor, there will still be a need for consultants to provide accounting and tax advisory services, as well as other financial consulting services. On the other hand, if the economy is weak or volatile, there will be more demand for financial risk management and crisis management and recovery services. Finally, because the financial consulting industry provides services to dozens of other industries (manufacturing, health care, renewable energy, etc.), consulting firms can expand their client bases to fast-growing industries if one or more of the industries that they regularly provide services to falters. The DOL predicts that the following industries are expected to add the most new jobs through 2029, which suggests that they will need the services of financial consulting firms and freelance consultants:
On the other hand, there will be fewer consulting jobs in agriculture, manufacturing, retail trade, and wholesale trade, as well as with federal government agencies.
There are many other careers in the financial consulting industry. Here are the employment outlooks through 2029 for popular careers in the management, scientific, and technical consulting services sector (which includes financial consulting).