Financial Consulting

Financial Consulting

Industry Outlook

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:

  • mining: +33.7 percent
  • outpatient care centers: +28.2 percent
  • nonstore retailers: +27.8 percent
  • home health care services: +26.3 percent
  • grantmaking and giving services and social advocacy organizations: +26.3 percent
  • solar electric power generation: +26.3 percent
  • continuing care retirement communities and assisted living facilities for the elderly: +25.3 percent
  • museums, historical sites, and similar institutions: +19.5 percent
  • software publishers: +19.0 percent
  • funds, trusts, and other financial vehicles: +15.8 percent
  • computer systems design and related services: +24.3 percent

Job opportunities are expected to decline in these industries:

  • newspaper publishers: -40.2 percent
  • cable and other subscription programming: -38.1 percent
  • apparel manufacturing: -33.1 percent
  • communications equipment manufacturing: -29.7 percent
  • newspaper, periodical, book, and directory publishers: -26.9 percent
  • broadcasting (except Internet): -18.4 percent
  • telecommunications: -17.8 percent
  • printing and related support activities: -16.9 percent
  • postal service: -13.5 percent
  • oil and gas extraction: -12.4 percent

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:

  1. health care and social assistance
  2. mining
  3. educational services
  4. professional and business services
  5. transportation and warehousing
  6. other services
  7. construction
  8. state and local government
  9. financial activities

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).

  • data scientists and mathematical science occupations, all other: +46.7 percent
  • information security analysts: +41.8 percent
  • human resources workers: +41.4 percent
  • economists: +23.3 percent
  • financial and investment analysts, financial risk specialists, and financial specialists, all other: +23.3 percent
  • human resources managers: +23.3 percent
  • marketing managers: +23.3 percent
  • top executives: +21.5 percent
  • first-line supervisors of office and administrative support workers: +11.6 percent
  • credit analysts: +11.0 percent
  • receptionists and information clerks: +11.0 percent
  • secretaries and administrative assistants: +2.2 percent
  • executive secretaries and executive administrative assistants: -7.5 percent