how much do course consultants make

How much does a consultant make?

Most Likely Range. Possible Range. The estimated total pay for a Training Consultant is $76,101 per year in the United States. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $63,397 per year.

How much does a top management consulting firm pay?

Possible Range. The estimated total pay for a Training and Development Consultant is $77,522 per year in the United States area, with an average salary of $62,916 per year. These numbers represent the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.

How to calculate consulting hourly rate?

Mar 29, 2022 · Consultant Salary. The average Consultant salary in the United States is $115,035 as of February 25, 2022. The range for our most popular Consultant positions (listed below) typically falls between $28,737 and $201,332. Keep in mind that salary ranges can vary widely depending on many important factors, including position, education, certifications, additional …

How much do McKinsey consultants get paid?

Apr 02, 2022 · How much does a Consultant make in the United States? Average base salary $25.02 Most common benefits Others 401 (k) View more The average salary for a consultant is …

Do consultants make a lot of money?

First-year consultants with a Bachelor's degree at most major firms (often referred to as "associate consultants") can typically expect to earn between $60,000 and $90,000. For a select number of firms, the salary can approach $100,000. This figure includes base salary, signing bonus, and relocation expenses.Jan 28, 2014

How much do you get paid to be a consultant?

How Much Do Consultant Jobs Pay per Month?Annual SalaryWeekly PayTop Earners$144,500$2,77875th Percentile$104,000$2,000Average$83,450$1,60425th Percentile$50,000$961

How much should I charge for consulting?

Keep in mind, if the average consulting fees are around $100 per hour, your experience and track record will need to be taken into account. If you are a brand new consultant, you may be charging closer to $50 or $75 per hour. With 20 years of experience under your belt, you may be charging $150 or even $200 per hour.Sep 29, 2021

How do you set your rate as a consultant?

To calculate your hourly consulting rate:Determine what salary you'd like to make.Take that number and divide it by 52 (number of working weeks), then again by 40 (number of hours each week).Take that number and mark it up by 25% to 50%.Jul 1, 2021

What type of consultants make the most money?

Top 15 highest-paying consulting jobsMarketing consultant. National average salary: $56,068 per year. ... Associate consultant. National average salary: $58,889 per year. ... HR consultant. ... Technology consultant. ... Investment consultant. ... Sales consultant. ... Environmental consultant. ... Software consultant.More items...•Nov 27, 2020

Are consultants rich?

Across the entire consulting industry (including mega firms), the average consultant delivers $250,000 in revenue each year. That's the average. I know consultants who feel overwhelmed with $75,000 worth of work on their plates.Sep 28, 2016

How many hours do consultants work?

Typically, both single and married consultants average 56.6 hour work weeks, but about a quarter of single consultants routinely put in between 60 and 70 hours per week. About six percent of the responding consultants say they average between 70 and 80 hours a week.Aug 24, 2010

How much do consultants charge per hour UK?

How Much Do Business Consultants Charge?Average Cost$75/hourTypical Range$45-$150/hourFeb 22, 2022

What are McKinsey client fees?

Hiring McKinsey is a famously expensive proposition, even when compared with its leading competitors. A single junior consultant — typically a recent college or business school graduate — runs clients $67,500 per week, or $3.5 million annually. For $160,000 per week, you get two consultants, the second one mid-level.Jul 15, 2020

How much do HR consultants charge?

For that approach, you'll likely pay a consultant an hourly fee, which generally ranges from $100 to $150 per hour.Oct 20, 2020

Do consultants charge for travel time?

Do consultants charge for travel time? Although it depends on the individual consultant, many consultants do charge for time spent traveling to client sites. I addressed the issue of billing travel time charges a while ago and it's become one of the hottest topics on this site.

How much should I charge per hour?

Calculate Your Hourly Rate. Business schools teach a standard formula for determining an hourly rate: Add up your labor and overhead costs, add the profit you want to earn, then divide the total by your hours worked. This is the minimum you must charge to pay your expenses, pay yourself a salary, and earn a profit.

How much does a Training Consultant in United States make?

The national average salary for a Training Consultant is $68,856 per year in United States. Filter by location to see a Training Consultant salarie...

What is the highest salary for a Training Consultant in United States?

The highest salary for a Training Consultant in United States is $100,684 per year.

What is the lowest salary for a Training Consultant in United States?

The lowest salary for a Training Consultant in United States is $47,090 per year.

What is the a Training Consultant career path and salary trajectory?

If you are thinking of becoming a Training Consultant or planning the next step in your career, find details about the role, the career path and sa...

How much does a Training and Development Consultant in United States make?

The national average salary for a Training and Development Consultant is $73,327 per year in United States. Filter by location to see a Training an...

What is the highest salary for a Training and Development Consultant in United States?

The highest salary for a Training and Development Consultant in United States is $117,687 per year.

What is the lowest salary for a Training and Development Consultant in United States?

The lowest salary for a Training and Development Consultant in United States is $45,688 per year.

What is the a Training and Development Consultant career path and salary trajectory?

If you are thinking of becoming a Training and Development Consultant or planning the next step in your career, find details about the role, the ca...

How much does a consultant make in 2021?

Consultant Salary. The average Consultant salary in the United States is $112,852 as of June 28, 2021. The range for our most popular Consultant positions (listed below) typically falls between $28,165 and $197,540. Keep in mind that salary ranges can vary widely depending on many important factors, including position, education, certifications, ...

How many years of experience is required for a supervisor?

May require a bachelor's degree in area of specialty or in a related area. Typically reports to a supervisor or manager. Typically requires 2 to 4 years of related experience. Gains exposure to some of the complex tasks within the job function.

Most common benefits

The average salary for a consultant is $24.47 per hour in the United States. 7.3k salaries reported, updated at February 21, 2022.

How much should you be earning?

Get an estimated calculation of how much you should be earning and insight into your career options. See more details

How to calculate hourly rate from annual salary?

To calculate: Divide your annual salary by 50 for the number of working weeks in a year to get your weekly pay. Divide your weekly pay by 40 working hours per week and you have your hourly pay. Multiply your hourly pay by three. For example, to calculate an hourly rate from an annual salary of $75,000, the formula would look like this: ...

How to calculate hourly rate?

Here are two ways you can calculate your hourly rate: 1. Multiply an hourly rate by three. One method for determining your hourly rate is to decide if your consulting work is like the work being performed by a full-time employee. If you have worked recently as a salaried full-time employee, you can use your previous annual salary ...

How to calculate what to charge as a consultant?

Here are other ways to calculate what to charge as a consultant: 1. Charging reduced fee. Charging a lower fee as a starting consultant can help you get customers and build your portfolio. You may choose to negotiate non-cash items as part of your payment, like a review on your website.

What is the best pricing model for a project?

If you have become faster at your work and keep charging hourly, you'll get less revenue each time . This is a good formula for calculating a project fee:

What does a consultant do?

A consultant makes many of their own decisions, such as what their schedule is, how much they charge and who they will work with. Following industry standards can make these choices easier by turning judgments about your value into decisions based on math.

How many hours a week do consultants work?

So this number would be lower than 40 hours per week. Multiply your estimated paid hours by how many working weeks you plan for the year.

Why is consulting important?

For the consultant, it can provide more freedom, a greater variety of work and a larger amount of pay than working for one company.

How much does a Consultant make?

As of Feb 16, 2022, the average hourly pay for a Consultant in the United States is $40.12 an hour.

What are Top 10 Highest Paying Cities for Consultant Jobs

We’ve identified 10 cities where the typical salary for a Consultant job is above the national average. Topping the list is San Mateo, CA, with Richmond, CA and Stamford, CT close behind in the second and third positions.

What are Top 5 Best Paying Related Consultant Jobs in the U.S

We found at least five jobs related to the Consultant job category that pay more per year than a typical Consultant salary. Top examples of these roles include: Senior Management Consultant, Senior Application Consultant, and Identity Management Consultant.

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What happens if you set your rates too high?

However, if you set your rates too high, you may alienate yourself from the client and outprice yourself out of the project. Clients may perceive you as the high-end of the consulting or freelance market, and they may decide to settle for a less experienced but more affordable alternative.

What to do if client accepts your rates as is?

If a client accepts your rates as is, great! But, sometimes that doesn’t happen, and that’s okay. Guide the conversation into negotiation instead of turning down the project right away. And if you foresee further business with the client, try to be flexible.

What is retainer fee?

Working “on retainer” means you receive a monthly fee for working a certain number of hours or performing routine tasks. Retainer fees can be wonderful for your consulting business as it’s income that you can rely on and plan for (a rare commodity in the freelancing world).

What to say when you aren't willing to accept a client's rate?

If you aren’t willing to accept their rate or feel that the client wouldn’t be a good fit, it’s OK to say “no”. While you may be pitching the client, you are just as valuable to them as they are to you.

Is it hard to charge a retainer fee?

It’s hard to charge a retainer fee from the get-go since you’ll only have an estimate of the scope of work. It’s best to switch from a per-project or per-hour basis to a retainer fee once you have nailed down expectations for both you and the client.

Do averages take into account value?

Averages don’t take into account your value, the scope of work, client perceptions, or even your cash flow. Feel free to look at consulting rates by industry, but don’t use them as your bible to pricing—use them as another data point to reference.

Is it easy to set consulting rates?

It’s not easy. Yet, setting your consulting rates doesn’t need to be an anxiety-inducing experience that keeps you up at night. Done right, it should be a downright rewarding experience for both you and the client. Let’s show you how it’s done.

Why haven't consultants tried value based pricing?

42% of consultants have never tried value-based pricing because they don’t know how. Productized consulting services are becoming more popular — 40% of consultants offer a fixed-scope, fixed-price productized service. 33% of consultants will lower their fees in order to win clients.

How many consultants have not done a performance deal?

60.46% of consultants have not done a performance deal, but are open to the idea. 15.40% of consultants have done a performance deal and it worked out well for both parties. 14.26% of consultants have not done a performance deal and are not interested in this pricing strategy.

How many consultants are specialists?

Clients are often willing to pay a premium for consultants who have demonstrated expertise in their industry. 62.93% of consultants are specialists and make it clear in their marketing. 26.62% have specialist expertise, but don’t make it clear in their marketing.

How much is $98,000 an hour?

Example: A salary of $98,000 equates to a monthly pay of $8167, weekly pay of $2042, and an hourly wage of $102. $102 = $100 per hour. This is your starting hourly fee. If you feel like it is too low, raise it.

How to calculate hourly rate?

The Hourly Method Formula For Setting Your Hourly Rate. Step 1. Open up Google and search for the average salary for your position. Write that number down. Example: “senior marketing manager average salary” = $98K. Step 2. Enter the average salary in a salary to hourly converter. For work hours per week, enter “20.”.

How many hours a week do consultants work?

For work hours per week, enter “20.”. As a beginner consultant, you’re typically not working 40-hour weeks. You’ll spend just as much time winning projects as you do delivering them. For work weeks per year, enter “48” (or however many weeks you want to work, subtracting the number of weeks you want to take off).

Can you lower your consultant fee?

But don’t lower your fee. Consultants are notorious for undercharging — especially when they charge by the hour. Every time you successfully complete a project, increase your hourly rate by $25. Eventually, you’ll get to the point where charging by the hour is no longer the best method for you or your clients.

How much does McKinsey make?

McKinsey salary for entry-level consultants (Analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level/experienced Associates can go up to $233,000. Engagement managers typically earn around $250,000, while Partners and Directors can earn up to $1,300,000.

How much does a Bain consultant make?

Bain consultant salary ranges from a maximum of $122,500 for junior Associate Consultants, to a $226,500 for senior Consultants. Case Team Leaders can make up to $242,000 per year, while Managers, Partners and Principals may earn as much as $1,000,000.

How much does a junior associate make at BCG?

At BCG, junior Associates earn around $90,000 to $110,000 per year, while the more senior Consultants can earn up to $215,000. Project Leaders has an even higher income – around $200,000-$260,000, while Principals and Partners top the scale at $1,150,000.