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The differences between strategic consultants and investment bankers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a strategic consultant and an investment banker. Additionally, an investment banker has an average salary of $162,715, which is higher than the $104,820 average annual salary of a strategic consultant.
The top three skills for a strategic consultant include project management, strategic sourcing and process improvement. The most important skills for an investment banker are financial services, discounted cash flow, and capital markets.
| Strategic Consultant | Investment Banker | |
| Yearly salary | $104,820 | $162,715 |
| Hourly rate | $50.39 | $78.23 |
| Growth rate | 11% | 10% |
| Number of jobs | 68,479 | 28,460 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 69% |
| Average age | 44 | 43 |
| Years of experience | 4 | 4 |
A strategic consultant is responsible for assessing business management procedures and identifying opportunities to enhance project processes for business solutions and requirements. Strategic consultants develop services that would help the company increase revenues and profits by conducting data and statistical analysis and analyzing the current market trends. They also review quality control procedures to manage inconsistencies and establish techniques to maximize the staff's productivity and efficiency. A strategic consultant must have excellent communication and critical-thinking skills to support the business in achieving its long-term goals and objectives.
An investment banker is responsible for selling and issuing securities and financial assets to the stock markets to generate money and raise capital for organizations and financial institutions. Investment bankers also work with private clients to advise them of investment options and financial transactions according to the market's condition and clients' interests. They handle the clients' investment portfolios and create propositions for acquisitions and company mergers. An investment banker must have excellent knowledge of the financial and stock industry, as well as having excellent analytical skills to review statistical data and determine the best financial strategies.
Strategic consultants and investment bankers have different pay scales, as shown below.
| Strategic Consultant | Investment Banker | |
| Average salary | $104,820 | $162,715 |
| Salary range | Between $80,000 And $136,000 | Between $95,000 And $276,000 |
| Highest paying City | San Francisco, CA | Boston, MA |
| Highest paying state | Texas | Alaska |
| Best paying company | Citi | |
| Best paying industry | Media | Real Estate |
There are a few differences between a strategic consultant and an investment banker in terms of educational background:
| Strategic Consultant | Investment Banker | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | Northwestern University | University of Pennsylvania |
Here are the differences between strategic consultants' and investment bankers' demographics:
| Strategic Consultant | Investment Banker | |
| Average age | 44 | 43 |
| Gender ratio | Male, 58.0% Female, 42.0% | Male, 76.2% Female, 23.8% |
| Race ratio | Black or African American, 7.7% Unknown, 4.5% Hispanic or Latino, 8.7% Asian, 14.1% White, 64.8% American Indian and Alaska Native, 0.2% | Black or African American, 5.5% Unknown, 4.1% Hispanic or Latino, 11.5% Asian, 12.4% White, 66.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 6% |