Salary for consultants varies from one company to the next. Many firms are known for offering top-dollar salaries for their experienced staff. Although you can negotiate the amount, don't expect a huge raise. However, you need to be aware of some things when negotiating for the best deal.
Base salary
Consulting is a great career choice if your goal is to make a living as a consultant. The average annual salary ranges anywhere from US$51769 to US$149770. EY offers a salary of approximately US$172.465 to senior consultants in New York. EY's senior consultants attend multiple training sessions and are provided with many tools and methods for their work.
The top firms have a rapid increase in consulting salaries, but it's important to remember that this increase often comes with a lifestyle change. Consulting professionals at the most prestigious firms typically receive a 12-20% raise in pay, and are able to enjoy a more balanced work-life. The financial services industry offers consultants a 30% increase in their pay, which can be very rewarding but also comes with some sacrifices.
Performance bonus
A performance bonus makes up a large part of the consulting salary. This bonus is significant and can vary depending on industry and firm. Some bonuses are more predictable than others. A top-tier salary bonus is roughly 60%. Below this level you can expect to make less that six thousand dollars annually.
A top consulting firm might appeal to recent MBA graduates. The compensation offered by these firms can be quite attractive. A base salary of $190,000. Some firms may pay as high as $90,000. Performance bonuses may be up to 15% of your base salary.
Profit sharing
Over the past decade, the consultancy industry has experienced steady increases in their compensation. Many companies have increased total compensation and other perks, such as profit sharing. Many firms have increased base salaries and increased signing bonuses. Many of these firms also offer profit sharing and unlimited PTO.
Grad of employee
Different types of jobs and different levels of experience will affect the range of salaries offered by various consulting firms. Deloitte and other consulting firms have a defined compensation structure. However, it is often possible for an individual to negotiate a higher pay. If you have relevant experience, you can ask your recruiter for salary information. You may be eligible to negotiate a higher base salary and sign-on bonus depending on your role.
FAQ
What are the benefits to being a consultant?
Consultants have the ability to choose when and on what they work.
This means that you are able to work from wherever you're at any time.
You also have the freedom to change your mind at any time without fearing losing your money.
Finally, you have the ability to control your income levels and establish your own schedule.
Why should consultants be hired?
There are many reasons to hire consultants.
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A specific project or problem may be a challenge for your company.
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You want to improve your own skills or learn something new
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You would like to work with an expert in your field.
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There is nobody else who can do this job.
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You feel overwhelmed by all the information and don’t know where to begin.
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You can't afford full-time employment
The best way to find a good consultant is through word of mouth. Ask your friends and colleagues if they know of any trustworthy consultants. If you already know someone who works as a consultant, ask him/her for recommendations.
Use the "Search People" function to search for consultants in your region if you are interested in using online directories like LinkedIn.
Do I require legal advice?
Yes! Yes. Many consultants sign contracts without seeking legal advice. This can lead into problems down-the-road. For example, what happens if the client terminates the agreement before the consultant's completion date? What happens if the contract stipulates that the consultant must meet certain deadlines?
To avoid any problems, it's best that you consult a lawyer.
What is the difference of a consultant versus an advisor?
A consultant is an advisor who gives information on a particular topic. Consultants offer solutions to problems.
Consultants work directly for clients to help achieve their goals. Advisors advise clients indirectly via books, magazines, lectures and seminars, etc.
Statistics
- According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
- WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
- 67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
- So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
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How To
How to find the best consultant
First, ask yourself what kind of consultant you are looking for. Before you look for someone, you need to be clear about your expectations. You should make a list of all the things you need from a consultant. These could include professional expertise, technical skills and project management abilities, communication skills, availability, and other things. Once you've listed out these requirements, then you may want to consider asking some friends or colleagues who they would recommend. Ask your friends and colleagues if they have had bad experiences with consultants in the past. Compare their recommendations with yours. Try searching online for recommendations if you don’t have any. There are many websites that allow users to leave feedback about their previous work experiences, such as LinkedIn and Facebook, Angie's List or Indeed. Consider the ratings and comments of other candidates and use these data to start your search for potential candidates. Once you have a shortlist, be sure to contact potential candidates directly to schedule an interview. Talking through your requirements during the interview is a good idea. Ask them questions about how they can assist you in achieving those goals. It doesn't really matter if they were recommended; as long as they understand your business objectives, they will be able to show how they could help you achieve them.