The “professional and business services” sector of the management, scientific, and technical consulting services industry ranks among the fastest-growing sectors in the United States, according to the U.S. Department of Labor (DOL). Employment is expected to increase by 7.2 percent from 2023 to 2033, and the industry is expected to add 1.64 million new jobs during this time span.
Job opportunities for management consultants (including financial consultants) are expected to increase by 11 percent from 2023 to 2033, 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. Government agencies also are expected to seek the services of management analysts as they look for ways to reduce spending and improve efficiency.”
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:
- solar electric power generation: 271.3 percent
- other electric power generation: 48.1 percent
- other electrical equipment and component manufacturing: 39.5 percent
- beverage manufacturing: 27.7 percent
- services for the elderly and persons with disabilities: 26.7 percent
- offices of physical, occupational and speech therapists, and audiologists: 24.1 percent
- state government, excluding education and hospitals: 23.3 percent
- educational support services; local: 22.4 percent
- outpatient mental health and substance abuse centers: 22.1 percent
- offices of mental health practitioners (except physicians): 21.4 percent
- electric power generation: 21.4 percent
- veterinary services: 20.7 percent
- home healthcare services: 20.6 percent
- federal government, excluding postal service: 20.1 percent
- federal government: 20.0 percent
Job opportunities are expected to decline in these industries:
- manufacturing and reproducing magnetic and optical media: -37.5 percent
- fossil fuel electric power generation: -31.8 percent
- pulp, paper, and paperboard mills: -25.2 percent
- apparel, leather and allied product manufacturing: -24.2 percent
- apparel manufacturing: -24.2 percent
- motor vehicle parts manufacturing: -20.2 percent
- newspaper publishers: -19.4 percent
- nuclear electric power generation: -15.3 percent
- printing and related support activities: -15.2 percent
- paper manufacturing: -12.8 percent
- textile mills and textile product mills: -11.1 percent
- vocational rehabilitation services: -10.3 percent
- audio and video equipment manufacturing: -9.9 percent
- converted paper product manufacturing: -9.2 percent
- electronics and appliance retailers: -8.8 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 2033, which suggests that they will need the services of financial consulting firms and freelance consultants:
- health care and social assistance
- professional and business services
- information
- transportation and warehousing
- utilities
- construction
- leisure and hospitality
- financial activities
- other services
- wholesale trade
On the other hand, there will be fewer consulting jobs in agriculture, manufacturing, mining, retail trade, as well as with federal and state government agencies.
There are many other careers in the financial consulting industry. Here are the employment outlooks through 2033 for popular careers in the management, scientific, and technical consulting services sector (which includes financial consulting).
- data scientists: +36 percent
- information security analysts: +33 percent
- human resources managers: +6 percent
- economists: +5 percent
- financial analysts: +9 percent
- advertising, promotions, and marketing managers: +8 percent
- top executives: +6 percent
- first-line supervisors of office and administrative support workers: -4 percent
- secretaries and administrative assistants: +1 percent
