What Is a Financial Consultant? Job Responsibilities, Salary, and How to Make the Career Change

A financial consultant is a consultant who provides financial advice to clients.

It is an important role involved in corporate funding strategies, and becoming a financial consultant may give you a great sense of fulfillment.

In this article, for those interested in becoming a financial consultant, we will cover:

• Basic knowledge and job responsibilities of a financial consultant
• Skills required and useful qualifications for financial consultants
• Average salary and career paths of financial consultants

and more.

If you are interested in becoming a financial consultant but are not sure where to start, please use this article as a reference.

What Is a Financial Consultant?

First, let’s review the basic knowledge about financial consultants.

Financial Consultant: A consultant who supports clients in formulating funding strategies, improving business processes, and introducing new technologies.

There are many types of consultants, including security consultants, HR consultants, and strategy consultants. Among them, financial consultants can be described as “consultants specializing in corporate and individual finance and investment.”

However, there are several roles that are easily confused with financial consultants, so let’s take a closer look below.

Difference Between Financial Consultants and Finance Consultants

One role often confused with financial consultants is “finance consultants.” In conclusion, there is no clear distinction between the two.

Strictly speaking, “financial” often refers to all money-related operations, while “finance” more commonly refers to future fund management. However, both share the same objective of understanding clients’ asset situations and formulating strategies for effective asset management.

Therefore, there is no need to clearly distinguish between financial consultants and finance consultants.

Difference Between Financial Consultants and Financial IT Consultants

“Financial IT consultants” is another role often confused with financial consultants.

A financial IT consultant is a consultant who proposes IT-based solutions to challenges in the financial industry.

Specifically, they support banks, securities companies, and insurance companies in implementing digital tools and proposing business models that incorporate digital technologies.

The difference between financial consultants and financial IT consultants lies in “whether or not they specialize in IT and digital.”

While financial consultants may also propose IT-based solutions, financial IT consultants specialize in IT and leverage deep expertise in digital-related matters.

Job Responsibilities of Financial Consultants

The job responsibilities of a financial consultant vary depending on the type of consulting service provided.

The consulting services that financial consultants are primarily involved in are as follows.

1. FAS / Financial Advisory Consulting
2. Management Consulting for the Financial Industry
3. Accounting and Tax Consulting

The job responsibilities for each type are summarized in the table below.

Type of Financial Consultant	Job Responsibilities
FAS / Financial Advisory Consulting	・M&A Advisory: Providing advice on corporate acquisitions, divestitures, and capital alliances ・Business Restructuring: Providing advice on underperforming businesses and operational improvements ・Forensics: Providing advice on fraud investigations, dispute analysis, and building risk prevention frameworks ・Management Consulting: Providing management advice centered on financial aspects
Management Consulting for the Financial Industry	Management consulting for the financial industry (banking, securities, insurance, real estate, leasing) ・Formulating management and business strategies ・Formulating marketing strategies ・Advising on mergers and acquisitions (M&A) ・Organizational HR ・Change management support ・Operations improvement ・Compliance advisory ・IT technology implementation support
Accounting and Tax Consulting	・Tax and Accounting Operations Support: Consolidated accounting, management accounting, accounting operations support, closing support, etc. ・Management Consulting: Management, HR, corporate restructuring, IPO support, etc. ・M&A Operations Support: M&A strategy, valuation, PMI, business succession, etc.

Job Responsibilities at Deloitte Touche Tohmatsu

Deloitte Touche Tohmatsu is one of the world’s largest accounting firms. It was founded in the UK in 1845 and is now headquartered in New York.

Deloitte’s financial division provides comprehensive consulting services across areas such as banking and securities, insurance, and investment management.

In the domestic “Banks & Capital Market” division, consultants primarily play the following roles:

• Management strategy and business strategy
• Operating model transformation support
• Customer experience and sales enhancement support
• IT strategy
• Risk and governance
• Regulatory response

Job Responsibilities at PwC Japan

PwC Japan is a member firm of PwC (PricewaterhouseCoopers). PwC has been delivering services globally since its founding in London in 1849.

PwC Japan provides consulting services to financial institutions. The types of services are as follows:

• Management Consulting (Strategy / Operation / Regulation): Business transformation, customer strategy, etc.
• Finance: Finance strategy, regulatory and rule compliance, ERP implementation, etc.
• Digital: IT strategy, IT governance, Robotic Process Automation (RPA), etc.

Job Responsibilities at EY Japan

EY Japan is a member firm of Ernst & Young, one of the Big Four accounting firms in the world.

Ernst & Young, which operates in 150 countries worldwide, was founded in London in 1849.

EY Japan provides financial services to financial institution clients. The main support offerings are as follows:

• Strategy and Transformation: Supporting the management agenda of financial institutions
• M&A: Supporting M&A strategy development, etc.
• Risk: Monitoring regulatory trends, etc.
• Technology: Supporting technology utilization

EY Strategy and Consulting, along with the Big Four, is covered in detail in the following article.

5 Skills Required to Become a Financial Consultant

So, what skills should you develop to become a financial consultant? Below, we introduce the skills required for financial consultants.

1. Communication Skills

Communication skills are one of the essential skills for financial consultants.

Financial consultants frequently interact with a wide range of people, including project members, clients, and employees from other departments. With clients in particular, it is necessary to understand their needs through interactions and make optimal proposals.

Without sufficient communication skills, you will not only struggle to interact smoothly but also fail to grasp the other party’s intentions.

Communication skills are essential not only for financial consultants but for all types of consultants.

2. Logical Thinking

Logical thinking refers to the skill of approaching things logically and systematically clarifying conclusions and their rationale.

Logical thinking is said to be an indispensable skill for consultants, including financial consultants. The role of a consultant is to “propose the optimal solution to challenges faced by clients.”

Without logical thinking, you may be unable to perform straightforward reasoning such as “the optimal solution to Issue A is B, for the following reason,” and may fail to fulfill your role as a consultant.

Frameworks that require logical thinking, such as logic trees, are also used in practice, so those aiming to become financial consultants should work on sharpening their logical thinking skills.

3. Specialized Knowledge

Financial consultants advise clients on matters related to finance and investment. Without knowledge of finance, it is impossible to provide advice from a specialized standpoint.

Those aiming to become financial consultants need to acquire specialized knowledge in finance.

As detailed later, many people obtain finance-related qualifications such as Certified Public Accountant (CPA), tax accountant, and Financial Planner (FP) to build their expertise.

Furthermore, financial consultants may be involved in responding to legal and regulatory changes, which requires not only continuous learning but also staying up to date with the latest information on a daily basis.

4. Problem-Solving Ability

Problem-solving ability means, as the name suggests, “the skill to resolve problems.”

More specifically, it refers to the skill of identifying and analyzing the root causes of problems, and devising solutions that address them fundamentally rather than just symptomatically.

Consultants are professionals in problem-solving.

They need to look beyond the surface-level challenges of clients to identify the underlying issues and devise appropriate solutions, requiring a high level of problem-solving ability.

In fact, consulting firm interviews often include “case interviews” designed to assess problem-solving ability.

For tips on how to prepare for case interviews, please refer to the following article.

5. Progress Management Ability

Progress management ability refers to the skill of managing schedules and workflows to ensure projects run smoothly.

Consulting work is basically carried out on a project basis. In order to complete a project by its deadline, it is necessary to manage schedules, progress, and tasks.

At the manager level, there is an even greater expectation to oversee the entire project.

Therefore, those aiming to advance from consultant to manager should focus on strengthening their progress management skills.

For information on manager salaries and market value, please refer to the following article.

Qualifications Useful for Financial Consultants

Here we introduce qualifications useful for financial consultants.

Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a national qualification with audit work as an exclusive practice.

Approximately 2.5 million CPAs are active in around 120 countries worldwide, handling work related to auditing, accounting, taxation, and consulting.

CPAs who handle financial statement audits often work at major accounting firms such as the Big Four.

The CPA exam consists of a “short-answer exam” and an “essay exam.”

Tax Accountant

A tax accountant (zeirishi) is a national qualification defined by the Tax Accountant Act.

As a tax specialist, they handle tax representation, preparation of tax documents, tax consultations, proxy submission via e-Tax, and accounting work.

By leveraging knowledge of taxation, financial consultants can formulate more effective fund management strategies, which is why a certain number of people pursue the tax accountant qualification.

Financial Planner (FP) Certification

The Financial Planning Skills Test (FP Technician) is a national examination administered by the Japan Financial Planners Association, which is recognized as a designated testing organization.

Financial Planners use knowledge in areas such as finance, taxation, and real estate to provide comprehensive financial planning support.

The foundational knowledge as a Financial Planner is also applicable when making proposals as a financial consultant.

The certification is divided into Level 1, Level 2, and Level 3, with written exams available only for Level 2 and Level 3.

MBA (Master of Business Administration)

An MBA (Master of Business Administration) is a degree awarded upon completing a master’s program in business administration at a graduate school (it is a degree, not a qualification).

MBA programs cover a broad range of business knowledge, including organizational management, marketing and strategy, and accounting and finance.

Financial consultants serving as M&A strategy advisors are also expected to have a management perspective, which is why many pursue an MBA for career advancement.

U.S. Certified Public Accountant (USCPA)

The USCPA (U.S. Certified Public Accountant) is a CPA qualification certified by individual states in the United States.

Obtaining the USCPA allows you to work as an accounting professional, supporting global companies in their overseas expansion, mergers, and restructuring.

At firms that provide consulting services leveraging a global network beyond Japan, USCPA knowledge can be put to good use.

Certified Management Consultant (SME Consultant)

The Certified Management Consultant (Chusho Kigyo Shindan-shi) is a national qualification defined by the Small and Medium-sized Enterprise Support Act.

They are expected to play the role of a specialist who diagnoses and advises on management challenges facing small and medium-sized enterprises (SMEs).

This knowledge is utilized in a variety of situations—formulating corporate growth strategies, acting as a bridge between SMEs and financial institutions—and can be applied in financial consulting work as well.

Real Estate Appraiser

A real estate appraiser is a national qualification defined by the Real Estate Appraisal Act.

They are responsible for assessing the value of land and buildings and organizing rights relationships.

Since real estate can be a critical management strategy for companies, this knowledge is also useful when supporting financial consulting clients in resolving management challenges.

Average Salary of Financial Consultants

The average salary of financial consultants varies depending on the consulting firm and position. The table below summarizes estimated salary ranges by position.

Position	Average Annual Salary
Consultant	¥4M – ¥9M
Manager	¥9M – ¥14M
Senior Manager	¥14M – ¥19M
Partner	¥20M+

According to the National Tax Agency’s website, the average salary of salaried workers in fiscal year 2024 was “¥4.78 million.” Compared to the national average salary, financial consultants appear to earn at a significantly higher level.

Since the typical age range for consultants is “approximately 22 to 35 years old,” there is a possibility of earning above the national average from an early career stage.

Reference: National Tax Agency “FY2024 Survey on Private Sector Salary Conditions“

Future Market Trends for Financial Consultants

So, how will demand for financial consultants change going forward?

In conclusion, “it is unlikely that the need for finance-related consultants will decline.”

Financial consultants handle a wide range of tasks, including operational improvement, asset management advisory, and M&A support. Since strategies related to funding and investment are essential for every company, it is unlikely that demand for financial consultants will decrease.

In recent years, the number of companies advancing digital transformation (DX) and globalization has been increasing. By acquiring expertise in IT and technology as well as language skills, you can aim to become a financial consultant with higher market value.

4 Career Paths for Financial Consultants

After gaining experience as a financial consultant, what kinds of careers can you pursue? Below, we introduce representative career paths for financial consultants.

1. Career Advancement as a Financial Consultant

Many people aim for career advancement as financial consultants.

Specifically, this refers to a career path of advancing from financial consultant to manager, senior manager, and then partner.

As you move up, you can aim for salary increases and take on projects with greater responsibility, making it easier to find fulfillment as a financial consultant.

However, advancing to a manager-level position or above is not easy. Those aiming for promotion from financial consultant should focus on steadily building their skills.

2. Transferring to Another Consulting Firm

You can also leverage your experience as a financial consultant to transfer to another consulting firm.

This refers to the pattern of moving to a consulting firm with better compensation or greater growth opportunities.

If you have experience as a consultant, transferring to another consulting firm is more achievable. Having a track record of successful projects tends to increase the likelihood of a successful transition.

3. Moving to a Financial Institution

Another career path for financial consultants is moving to a financial institution.

This refers to the pattern of joining a bank, securities company, or insurance company—clients you previously worked with as a financial consultant.

Having worked with the financial industry through various projects, and being able to apply your specialized financial knowledge, makes transitioning to a financial institution more attainable.

4. Moving to a Business Company

There is also the career path of transitioning from a consulting firm to a business company (jigyo gaisha).

For example, this might involve joining a business company as a financial or accounting advisor or manager.

Consultants are generally said to rapidly acquire business skills, and your experience as a consultant is likely to be highly valued when making a move to a business company.

As you can see, financial consultants have a wide variety of career paths, so it is recommended to consider a career plan that suits you.

3 Representative Financial Consulting Firms and Examples of Their Initiatives

What kinds of services do consulting firms specifically provide?

Below, we introduce examples of initiatives from well-known consulting firms.

Deloitte Touche Tohmatsu: Supporting the Introduction of Electronic Contracts

Deloitte Touche Tohmatsu supports the implementation of electronic contracts.

The storage of paper documents and materials has long been recognized as a challenge from the perspectives of space and cost. Against this backdrop, the number of companies adopting electronic document management has been increasing in recent years.

However, the current situation is that it remains unclear which documents can be digitized, leaving many companies with only partial digitization.

In addition to delays in organizing documents and workflows, factors such as a strong attachment to paper-stamping culture and inter-departmental coordination challenges mean that business process improvement and BPR (Business Process Reengineering) are necessary.

Deloitte Touche Tohmatsu therefore provides comprehensive electronic contract implementation support, covering everything from selecting which documents to digitize to selecting the appropriate implementation system.

PwC Japan: Supporting Business Integration of Major Japanese Companies

PwC Japan provides post-merger integration (PMI) support services to Japanese financial institutions.

With stagnation in the domestic Japanese market a growing concern, an increasing number of financial institutions are turning their attention to global markets, particularly in rapidly growing Asia.

However, there are also many companies that have been unable to take the plunge into M&A in global markets due to differences in financial regulations, tax systems, languages, and cultures.

PwC Japan leverages its global network spanning 149 countries to support clients from M&A strategy formulation through to management integration.

EY Strategy and Consulting: Efforts Toward Impact Visualization

EY Strategy and Consulting provides support for realizing “creating social value,” one of the medium-term management plan goals set by the SMBC Group.

The purpose of the support is to identify and visualize the “impact” the group has on society.

In the process of visualizing impact, it is necessary to take into account a wide range of factors, including target demographics and regions, and the capabilities of the SMBC Group.

For this reason, the SMBC Group finds great reassurance in EY’s support, given its expertise in areas such as logic models.

Can You Become a Financial Consultant Without Experience?

Among those interested in financial consulting, some may wonder, “Is it possible to pursue this career without experience?”

It is entirely possible to aim to become a financial consultant even without experience.

For young people without specialized knowledge or experience, the most common path is to join a consulting firm as a new graduate or early-career hire and develop skills through training and on-the-job experience.

On the other hand, for those transitioning from outside the consulting industry, many pursue financial consulting by first gaining experience in the financial industry or obtaining finance-related qualifications.

For tips on how to aim for a consulting career as an early-career professional, please refer to the following article.

Tends to Hire on an Equal Basis Regardless of Gender

Financial consulting is a field that is accessible regardless of gender.

While some occupations show a gender imbalance, financial consultants can be pursued without concern for gender.

The gender ratio among financial consultants is said to be “55% male and 45% female.”

While men make up a slightly larger proportion, financial consulting is a field anyone can pursue, so if you are interested, consider exploring a career change.

Educational Background Is Not a Major Barrier

The educational background of financial consultants is “92% university graduates.” The breakdown is as follows:

• Graduate school: 3%
• University: 92%
• Technical college: 0%
• Junior college: 1%
• Vocational school: 1%
• High school: 3%

Compared to other consulting firms, financial consulting is said to place less emphasis on educational background.

However, since financial consulting is a field that requires continuous learning, educational background may be considered as one criterion for evaluation.

Summary

In this article, we have explained the job responsibilities, salary, required skills, and career paths of financial consultants for those interested in the field.

Financial consulting is a field that requires not only basic consulting skills but also specialized knowledge in finance. For this reason, many people pursue qualifications such as CPA, tax accountant, and Financial Planner (FP).

For those looking to enter financial consulting without prior experience, we recommend using a job placement agency (recruitment agent) service.

Not only will you gain clarity on the experience and skills you should highlight, but you will also be able to efficiently find opportunities that match your aspirations.

ConsulNext.jp supports career transitions into the consulting industry, primarily for young professionals in their 20s and 30s. With thorough support from offer through onboarding, please check out the site.