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The differences between management consultants and principal consultants can be seen in a few details. Each job has different responsibilities and duties. Additionally, a principal consultant has an average salary of $116,478, which is higher than the $99,360 average annual salary of a management consultant.
The top three skills for a management consultant include healthcare, project management and portfolio. The most important skills for a principal consultant are cloud, business development, and C #.
Management Consultant | Principal Consultant | |
Yearly Salary | $99,360 | $116,478 |
Hourly rate | $47.77 | $56.00 |
Growth Rate | 11% | 11% |
Number Of Jobs | 153,045 | 143,753 |
Job Satisfaction | - | - |
Most Common Degree | Bachelor's Degree, 67% | Bachelor's Degree, 68% |
Average Age | 44 | 44 |
Years Of Experience | 4 | - |
A management consultant's responsibility focuses on conducting an in-depth analysis of a company or business, including its target market. Through their findings, they can devise strategies that will help the business grow and attain a significant profit. There are also instances when a management consultant must solve particular issues that will require them to investigate the problem, assess damages, identify risks, and recommend the best solutions to take. Furthermore, a management consultant must adhere to the company's vision, mission, and policies at all times.
A principal consultant is responsible for evaluating business' needs and opportunities, identifying potential leads to create project proposals, and maintaining strong business relationships that would generate revenues and increase the organization's profitability. Principal consultants must be up-to-date with the current market trends to ensure that the business adapts to the industry's changes. They also initiate new product development to expand its brand image, working closely with the marketing team for marketing strategies and promotions.
Management consultants and principal consultants have different pay scales, as shown below.
Management Consultant | Principal Consultant | |
Average Salary | $99,360 | $116,478 |
Salary Range | Between $72,000 And $136,000 | Between $90,000 And $150,000 |
Highest Paying City | Jersey City, NJ | San Francisco, CA |
Highest Paying State | New Jersey | Oregon |
Best Paying Company | Apple | Pure Storage |
Best Paying Industry | Technology | Finance |
There are a few differences between a management consultant and a principal consultant in terms of educational background:
Management Consultant | Principal Consultant | |
Most Common Degree | Bachelor's Degree, 67% | Bachelor's Degree, 68% |
Most Common Major | Business | Business |
Most Common College | Northwestern University | Western Carolina University |
Here are the differences between management consultants' and principal consultants' demographics:
Management Consultant | Principal Consultant | |
Average Age | 44 | 44 |
Gender Ratio | Male, 65.9% Female, 34.1% | Male, 75.8% Female, 24.2% |
Race Ratio | Black or African American, 8.1% Unknown, 4.5% Hispanic or Latino, 8.9% Asian, 13.6% White, 64.8% American Indian and Alaska Native, 0.2% | Black or African American, 6.4% Unknown, 4.6% Hispanic or Latino, 9.4% Asian, 8.8% White, 70.4% American Indian and Alaska Native, 0.4% |
LGBT Percentage | 12% | 11% |