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The differences between market research consultants and strategy 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 strategy consultant takes usually requires 2-4 years. Additionally, a strategy consultant has an average salary of $115,244, 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 strategy consultant are healthcare, project management, and develop recommendations.
| Market Research Consultant | Strategy Consultant | |
| Yearly salary | $85,073 | $115,244 |
| Hourly rate | $40.90 | $55.41 |
| Growth rate | 19% | 11% |
| Number of jobs | 76,424 | 70,241 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 66% |
| 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 strategy consultant specializes in examining and analyzing business processes to identify areas needing improvement, ensuring to provide strategies for optimal performance. A strategy consultant may work as a member of a company or as a freelancer. Typically, their responsibilities revolve around discussing business vision and goals with clients, assessing the workflow and the workforce of a company, observing competitors, identifying risks, and recommending strategies for profitable growth and customer satisfaction. Furthermore, as a strategy consultant, it is essential to adhere to the company's vision and mission throughout the process.
Market research consultants and strategy consultants have different pay scales, as shown below.
| Market Research Consultant | Strategy Consultant | |
| Average salary | $85,073 | $115,244 |
| Salary range | Between $54,000 And $132,000 | Between $87,000 And $151,000 |
| Highest paying City | Renton, WA | San Francisco, CA |
| Highest paying state | Washington | Alaska |
| Best paying company | Invesco | Mayo Clinic |
| Best paying industry | - | Finance |
There are a few differences between a market research consultant and a strategy consultant in terms of educational background:
| Market Research Consultant | Strategy Consultant | |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Northwestern University |
Here are the differences between market research consultants' and strategy consultants' demographics:
| Market Research Consultant | Strategy Consultant | |
| Average age | 37 | 44 |
| Gender ratio | Male, 53.1% Female, 46.9% | Male, 63.1% Female, 36.9% |
| 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, 7.5% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.5% White, 64.9% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |