Consulting vs Advisory: Key Differences in Careers and Work

Choosing between consulting and advisory can feel confusing, especially since both paths involve solving client problems and offering expert guidance. While the terms are sometimes used interchangeably, the difference between consulting and advisory lies in the type of work, client relationships, and career progression. Consultants usually work on short-term, high-intensity projects, while advisors focus on long-term client partnerships built around specialized expertise. Salaries, work-life balance, and career development also vary significantly. In this article, we will explore the main distinctions between consulting vs advisory across work nature, background, pay, lifestyle, and career growth.

TL;DR - What You Need to Know

• The main difference between consulting and advisory is short-term project work versus long-term client guidance.
• Consulting careers welcome diverse academic backgrounds, while advisory often requires specialized certifications like CPA or CISA.
• Consultants usually earn more than advisors, with higher salaries at both entry and senior levels.
• Work-life balance differs: consultants face longer hours and travel, while advisors enjoy steadier schedules.
• Career development in consulting vs advisory varies, with consulting offering broader exit opportunities across industries.

What is the difference between consulting and advisory?

The main difference between consulting and advisory is that consulting provides project-based solutions for specific business problems, while advisory focuses on long-term guidance built on specialized expertise and client trust. Both aim to deliver insights, but they differ in scope and client involvement.

Consultants are typically brought in to deliver structured solutions to well-defined issues, such as profitability analysis, organizational redesign, or market entry strategy. Their impact is measured by solving discrete challenges and handing over actionable recommendations.

Advisors, on the other hand, maintain ongoing relationships with clients, often supporting compliance, risk management, or financial planning year after year. Their value lies in continuity, depth of expertise, and ensuring a client’s long-term stability.

Key differences include:

• Scope: Consultants address specific business challenges; advisors guide broad strategic goals.
• Engagement style: Consultants remain external specialists; advisors work as trusted long-term partners.
• Expertise: Consulting leverages broad analytical frameworks; advisory relies on deep technical knowledge.

How does the nature of work differ in consulting vs advisory?

The nature of work in consulting emphasizes problem-solving under tight deadlines, while advisory work centers on steady, ongoing support for client operations and decision-making.

Consultants typically:

• Collect data, analyze problems, and present structured recommendations
• Rotate across industries and functions every few months
• Work in teams to deliver solutions within fixed project timelines

Advisors typically:

• Provide continual advice on regulatory, financial, or operational matters
• Focus on a single domain of expertise, such as IT or accounting
• Build close, long-term relationships with the same client organization

Example: A consultant might redesign a company’s supply chain over three months, while an advisor ensures that company remains compliant with financial reporting requirements over several years.

What backgrounds and qualifications are needed for consulting vs advisory?

Consulting careers are open to diverse academic backgrounds, while advisory careers usually require specialized qualifications or certifications. Consultants are valued for analytical skills and varied experiences, whereas advisors are hired for deep expertise in a specific field.

Consulting backgrounds:

• Open to graduates from business, engineering, sciences, or humanities
• Many pursue generalist MBAs for career progression
• Focus on problem-solving, data analysis, and adaptability

Advisory backgrounds:

• Require specialized certifications such as CPA, CFA, or CISA
• Professionals often come from finance, accounting, or IT
• Advancement depends on technical expertise and regulatory knowledge

For example, a consultant may enter from an economics degree and later pursue an MBA, while an IT advisor often needs CISA certification to progress.

Which pays more, consulting or advisory roles?

Consultants generally earn more than advisors, with higher salaries at both entry and senior levels. Advisory roles offer competitive pay, but consulting salaries, especially at top firms like McKinsey, BCG, and Bain, are significantly higher due to project intensity and client demand.

Approximate US salaries (2023 averages):

• Entry-level advisor: $70,000
• Entry-level consultant (Big 4): $120,000
• Entry-level consultant (MBB): $150,000
• Senior consultant: $150,000 to $220,000
• Partner-level consultant: $500,000 to $750,000

Advisors benefit from steady pay and predictable growth, while consultants can achieve faster increases but face more demanding workloads.

How does work-life balance differ between consulting and advisory?

Consultants usually work longer hours and travel more frequently, while advisors have steadier schedules with fewer peak demands. Consulting often means 60 to 80 hours per week, compared to 50 to 60 hours in advisory, where client support is ongoing but less intense.

Consulting lifestyle:

• High workload during projects
• Frequent travel to client sites
• Intense deadlines, weekend work possible

Advisory lifestyle:

• More predictable schedules
• Limited travel requirements
• Greater flexibility depending on client needs

Consulting roles can be more stressful but provide exposure to diverse industries, while advisory roles offer stability and work-life balance.

What career development and exit opportunities exist in consulting vs advisory?

Consultants often have broader exit opportunities, moving into corporate leadership, finance, start-ups, or NGOs, while advisors typically progress within specialized fields such as accounting, IT, or compliance. Both roles develop strong skills, but consulting opens more diverse career paths.

Consulting career paths:

• Progression from analyst to partner
• Exit routes into C-level management, investment banking, or start-ups
• Builds transferable skills in strategy, problem-solving, and leadership

Advisory career paths:

• Progression within specialized industry expertise
• Exit options in finance, IT, or legal compliance
• Strong emphasis on certifications and technical depth

Both careers require strong networking, people skills, and business acumen, but consulting generally accelerates advancement into leadership roles faster.

Is consulting more stressful than advisory roles?

Consulting is generally more stressful than advisory due to longer hours, frequent travel, and high client expectations, while advisory offers steadier schedules and lower-intensity workloads. However, stress levels vary based on the firm, client demands, and individual career goals.

Consulting stress factors:

• 60 to 80 hour weeks
• Tight deadlines and demanding clients
• Frequent relocation between projects

Advisory stress factors:

• Fewer extreme hours
• Pressure tied to regulatory deadlines or compliance issues
• Strong long-term client responsibility

Ultimately, consulting is more intense but provides faster growth, while advisory allows more balance. Choosing depends on whether you value rapid career advancement or long-term stability.

Frequently Asked Questions

Q: Which is higher, consultant or advisor?
A: In consulting vs advisory, a consultant often has a defined project role, while an advisor is typically more senior, offering long-term strategic guidance. Advisors are generally considered higher in terms of authority and client influence.

Q: Is Deloitte advisory the same as consulting?
A: Deloitte advisory is not the same as consulting, the advisory career path focuses on risk, finance, and compliance, while consulting projects center on strategy, operations, and technology. Both fall under the broader Deloitte services but differ in work nature.

Q: What are the top 3 advisory firms?
A: The top 3 advisory firms are often considered PwC, Deloitte, and EY, each offering strong business advisory services alongside traditional consulting. These firms specialize in long-term client relationships and financial advisory work.

Q: What do you do during an advisory?
A: During an advisory, professionals guide clients on decisions such as risk management, finance, or compliance, building long-term relationships rather than short-term consulting projects. Advisory roles emphasize steady client support over project execution. 

Q: What is the highest paid type of consultant?
A: The highest paid type of consultant is usually in strategy consulting, especially at MBB firms (McKinsey, BCG, Bain), where consulting salaries vs advisory salaries are significantly higher due to the nature of work and global client impact.