Consulting & Financial Services

Welcome to the Consulting & Financial Services Industry!

Consulting and Financial Services are both high-growth, high interest industries at UCLA. While there are key differences between the industries as detailed below, if you are interested in various forms of business analysis, critical thinking, interfacing with clients and leadership, and synthesizing data and knowledge to solve problems–you may find yourself interested in both industries.

The UCLA Career Center is committed to providing information and resources for you to make an informed decision about your career. Here is the information you will find about each of the industries in the list below:

Details about career pathways
Key transferable skills relevant to entry-level positions in each industry
Average compensation
Entry level job titles to begin your search

You will also see details about majors that are most directly related to the industry.

However, contrary to the idea that your major defines your career, your major is only one of the many components that will contribute to your post graduate aspirations. Your UCLA degree is designed to train you with transferrable skills that will make you marketable in a wide variety of industries and careers.

Learn more about the connection from college to career! Schedule a Career Advising Appointment here

Consulting
As a consultant, you’ll be providing valuable consultation and expert advice to management or other groups on technical, systems, or process-related matters. Consultants receive information about an issue or challenge from a client, then research and synthesize current industry best practices to recommend a path forward.

The Consulting Industry is a rapidly growing field that offers excellent opportunities for students in various majors such as Business Economics, Marketing, Communication, Public Relations, Psychology, Sociology, and English, among others.

Valuable transferrable skills for the Consulting industry:
- - Active listening skills to understand and empathize with clients’ needs
  - Critical thinking skills to analyze problems and explore effective solutions
  - Complex problem-solving, evaluating options, and implementing innovative solutions
  - Judgment and decision-making skills help consultants weigh the costs and benefits of actions to make optimal choices. 
  - Dependability, reliability, and responsibility in fulfilling obligations.
  - Teamworking skills and ability to collaborate productively with colleagues and clients.
Compensation averages (According to US Dept. of Labor, 2022)
- In the US, entry level consultants on average earn $95,290. 10% earn $55,590 or less. 10% of earn $167,650 or more.
- In California, entry level consultants on average earn $85,010. 10% earn $60,590 or less. 10% earn $167,680 or more.
Entry-level job titles in this field include Business Analyst, Management Consultant, Business Consultant, Employment Programs Analyst, Organizational Development Consultant, Performance Management Analyst, and Program Management Analyst.

Interested in learning more? See “Management Analyst”, on the US Department of Labor’s Occupational Information Network (O*NET)
Financial Services
Financial Services Professionals play a significant role in advising clients on capitalization aspects, analyzing financial or operational performance of companies in distress, evaluating companies as potential investments, and collaborating with other experts like lawyers and accountants. 

Financial Services as an industry covers a wide variety of occupations, including Investment Banking, Investment & Portfolio Management, Personal Financial Advising, Insurance, Accounting, and more.

Valuable transferrable skills for the Consulting industry:
- Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
- Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
- Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
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  Compensation averages (According to US Dept. of Labor, 2022)
  In the US, Financial Services Professionals earn $73,810 on average 10% earn $38,330 or less, 10% earn $133,080 or more. In California, Financial Services Professionals earn on average $76,130. 10% earn $45,640 or less, 10% earn $160,930 or more.
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  Interested in learning more? See pages for “Personal Financial Advisors” , “Financial and Investment Managers” or “Accountants and Auditors” on the US Department of Labor’s Occupational Outlook Network (O*NET)