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The differences between market research consultants and management consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a market research consultant, becoming a management consultant takes usually requires 2-4 years. Additionally, a management consultant has an average salary of $99,360, which is higher than the $85,073 average annual salary of a market research consultant.
The top three skills for a market research consultant include client facing, risk management and powerpoint. The most important skills for a management consultant are healthcare, project management, and portfolio.
| Market Research Consultant | Management Consultant | |
| Yearly salary | $85,073 | $99,360 |
| Hourly rate | $40.90 | $47.77 |
| Growth rate | 19% | 11% |
| Number of jobs | 76,424 | 153,045 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 67% |
| Average age | 37 | 44 |
| Years of experience | 6 | 4 |
A market research consultant specializes in developing and recommending strategies to optimize a company's marketing operations. They perform extensive market research and analysis, gather and analyze client feedback, spearhead surveys and studies to determine how the current marketing projects affect the consumers, and develop social media techniques to raise brand awareness and public interest. Using their research findings, a market research consultant develops conclusions and recommendations that adhere to the company's goals. Moreover, there are instances when a market research consultant participates in planning and creating marketing programs and materials.
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.
Market research consultants and management consultants have different pay scales, as shown below.
| Market Research Consultant | Management Consultant | |
| Average salary | $85,073 | $99,360 |
| Salary range | Between $54,000 And $132,000 | Between $72,000 And $136,000 |
| Highest paying City | Renton, WA | Jersey City, NJ |
| Highest paying state | Washington | New Jersey |
| Best paying company | Invesco | Apple |
| Best paying industry | - | Technology |
There are a few differences between a market research consultant and a management consultant in terms of educational background:
| Market Research Consultant | Management Consultant | |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Northwestern University |
Here are the differences between market research consultants' and management consultants' demographics:
| Market Research Consultant | Management Consultant | |
| Average age | 37 | 44 |
| Gender ratio | Male, 53.1% Female, 46.9% | Male, 65.9% Female, 34.1% |
| Race ratio | Black or African American, 4.8% Unknown, 4.9% Hispanic or Latino, 11.4% Asian, 14.5% White, 64.2% American Indian and Alaska Native, 0.1% | 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% |
| LGBT Percentage | 10% | 12% |