The business consultant invoice is for services that provide assistance to a business related to general strategy or guidance in a specific area. The consultant is considered an expert in the field they are providing advice. The consultant is commonly someone with extensive knowledge in the industry with the hands-on experience making the consultant’s advice valuable. A business consultant is typically paid by the hour in accordance with a business consultant agreement.
Table of Contents
- What is a Business Consultant?
- Types of Business Consultants
- Business Consultant Certifications
- Business Consultant Salary & Hourly Rate ($/hr)
A business consultant is hired as an independent contractor to come in and help a business or organization with day-to-day activities. For larger companies, the consultant may be designated to help with a specific branch of the organization. For smaller operations, to help with the larger goals and to assist in all facets of the business.
Often times a business consultant will also act as a venture capitalist by providing financing and investment while helping with the overall vision.
A business consultant, besides having their own experience, benefits greatly by having certifications or other credentials stating why they are qualified to give advice. The most popular certifications are as follows:
The Project Management Institute (PMI) offers eight (8) different certifications for member and non-members. There are no requirements other than having previously worked in the field for a preset number of hours and a high school diploma or equivalent.
- Website: www.pmi.org/certifications/types
- Requirements: High School Diploma and/or field experience.
- Cost: Dependent on certification ($200 to $600)
- Exam: Dependent on certification (multiple choice questions that are time-based)
The Association for Supply Chain Management (APICS) offers three (3) types of certifications related to supply chain skills such as Logistics, Transportation, and Distribution (CLTD), Supply Chain Professional (CSCP), and Production and Inventory Management (CPIM).
- Website: www.apics.org/credentials-education
- Requirements: 3 years of experience or bachelor’s degree or another APICS certification.
- Cost: $400 to $1000 depending on the certification.
- Exam: Depends on the certification.
The International Institute for Business Analysis (IIBA) is an organization that offers two (2) certifications to business consultants, the Core Business Analysis Certification and the Specialized Business Analysis Certification.
- Website: www.iiba.org/certification/core-business-analysis-certifications/
- Requirements: 2-3 years experience (min. 3750 hours)
- Cost: $160 to $700 depending on certification.
- Exam: 120 multiple choice questions, 3.5 hours to complete.
Salary: $75,993/yr (source: Glassdoor)
Hourly Rate: $34.86/hr (source: PayScale )