Independent Contractors comprise the large group of self-employed consultants active in the industry. There are two main factors that will determine where you fall in this range: 1. For example, entry level developers earn $26/hour on average, while graphic designers just starting out earn about $24/hour on average. Hourly rate can vary widely depending on many important factors, including education , certifications, additional skills, the number of years you have spent in your profession. The type of consultant that you hire can impact how much you pay, for example, strategy consultants work at the top of their industry, often with large firms, governments, and so on, and tend to command higher prices. The market rate is the average price or range of pricing that clients generally pay for your service. I can help you find out what you should be paid. The regions where English is a native language are usually in advantage when it comes to hourly rates. Information Technology (IT) Consulting - Hourly Rate - Get a free salary comparison based on job title, skills, experience and education. The median hourly rate charged this year by consultants is $150, reflecting a decrease of $10 (-6%) over last year’s report. Here’s what we found: Marketing consultants charge between $25 to $300 per hour, with $100 being the average. As a comparison, here are the higher end minimum hourly wages for full-time employees around the world. The formula for a winning company culture. Stay up to date on the latest compensation trends. If the average business consultant charges and receives $100 per hour, than the “market rate” is likely between $50 to $150 per hour. In the simplest of terms, take the annual salary and divide by 1040. The contracts of temporary workers involve a limited period of time, usually based on the requirements of the company who is performing the hiring. Again, English speaking countries usually reign in terms of the highest hourly rates. In addition, the World Economic Forum estimates that women around the world will have to wait 217 years for the gender pay gap to fully close. Don’t be too modest about this. Within Services sector 17 other industries have achieved lower Working Capital Per Revenue. Skills and experience are a vital factor in determining your hourly rates - as an example, here’s how the figures unfold for engineers and graphic designers across various experience levels: Entry-level employees have up to 1 year in experience - because they lack extensive professional experience, their hourly rates are typically lower. Independent Contractors comprise the large group of self-employed consultants active in the industry. TABLE 1. If a consultant is charging $10,000 flat rate for a project estimated for 3 months, divide it by (3 months*4 weeks*5 days*8 hours. For a 12-week case, we'll assume 4 days a week at the client site for a total of 48 days. Although the idea of closing the gender pay gap is a popular one, the results of the Payoneer survey indicate that the gap persists despite many who speak against it - men still outearn women in all surveyed industries. Russia is once again low on the list ($7/hour), but its India who offers the lowest rate ($4/hour). How the salary history question affects pay equity. The average hourly rate for US-only digital marketing consultants is $161.57. Consulting industry - monthly earnings worldwide 2018; Consulting industry - most popular fee structures worldwide 2018; Professional services- average hourly fee rates worldwide by segment 2011-2015 According to the Payoneer survey, without taking into consideration any factor (like industry, location, and skill level), freelancers on average charge $19/hour. This is the case with developers - according to a survey that included over 5000 freelancers around the world, people from the United States, Australia, New Zealand and Canada command the highest rates, while people from North Africa get paid the least: Apart from the world region, the country you’re living in determines the hourly rates as well. The experience level of the management consultant is generally the starting basis for the rate. Note that these are reported utilization rates rather than targets. Independent Contactors contains the large group of self-employed consultants active in the industry. Concerning the estimates when the gender pay gap might finally close, one study shows that women will start earning the same in the USA decades from now, with the gender gap being the slowest to close in Wyoming (144 years from now). For example, your consultant day rate is your salaried day rate + your premium (our example of $100K salary + 40% premium results in a day rate of $538). Remote positions don’t involve commuting and other activities that require additional expenses for the employer, so people usually think these positions pay less. An overview of fees and rates charged by consulting firms, including average rates for strategy and management consultants, IT experts, freelancers and interim managers. The difference between what freelance men and freelance women earn is smaller, but still unfortunately present worldwide - on average, it's $3. Resort staff member and Santa Clause position pay the least ($10/hour) - summer and winter jobs are also the least profitable categories in temporary employment, most likely because they are strictly seasonal jobs, with no possibilities for contract extension beyond their seasons. Consulting magazine has some reported utilization rates. Also, there are a few countries where freelance women actually earn more than freelance men like Bolivia (men $18 vs women $22) and Indonesia (men $18 vs women $19). Improve your chances of receiving a raise when you ask. Client’s industry — Who is your target market? If a consultant is getting 20% of your revenue after 3 months, with the projected revenue of $50,000, you will also get a $20.83 hourly rate. Remote positions and temporary jobs offer substantial income, with the IT industry once again coming out on top (with remote back-end developers earning on average $58/h, and Application Software Developers being the highest paying temporary positions, with $48/h). When we normalize the data using the middle number of each range, we can find the average hourly rates for digital marketing consultants. This will give you the hourly rate you were making before. Accurate, reliable salary and compensation comparisons for United States If the consultant on a full-time basis would generally make $350,000/year, their rate will be quite a bit higher than a consultant who would likely make $175,000/year in the job market. Keep in mind that the fees you'll pay can vary depending on where you live, the specific services you need and whether you need one-time or ongoing consulting. Typical rates vary by industry too. Apart from Switzerland’s minimum wage (which is only applicable to one part of the country), freelancer average figures are mostly higher than the minimum wages in countries with the highest minimum wages - one survey even shows that freelance work in general pays off more than traditional work. Consulting hourly rates by industry Hourly rates vary across industries, from $28/hour for the Legal field, to $11/hour for the Customer & Administrative field. The biggest difference ($5) is in the field of IT & Programming, where men earn $21 and women $16. Again, Customer Services come out at the bottom of the list, with the lowest ranking for remote positions (Administrative assistant - $15/h; Customer service representative - $14/h). Independent Contractors comprise the large group of self-employed consultants active in the industry. Which alumni earn the most after graduation? )Thus, you’ll get a $20.83 hourly rate. Management Consulting in the US industry trends (2015-2020) Management Consulting in the US industry outlook (2020-2025) poll Average industry growth 2020-2025 : x.x lock Purchase this report or a membership to unlock the average company profit margin for this industry. Independent Contractors comprise the large group of self-employed consultants active in the industry. Industries are the main factor that determines freelance/consulting rates, but there are several other factors that modify rates per industry: The world region and country you’re living in are one of the biggest factors that determine your hourly rates. Clockify lets you track how much time you spend working on projects and automatically calculates your earnings based on your hourly rates. Just like a regular job, the rates people are willing to pay for various skill sets can vary widely, from a few dozen to a few hundred dollars per hour. What’s the average hourly rate for IT consulting in DC/MD/VA? Generally, the larger the firm the higher their billing rates. What are the average hourly rates that consultants and freelancers charge these days? Independent Contractors comprise the large group of self-employed consultants active in the industry. Use our tool to get a personalized report on your market worth. For developers, the difference between the highest paid (United states) and lowest paid region (Northern Africa) is $29. Time, Frequency and Fee Structure of Consulting. The difference between pay for experience levels is substantial, and may actually be the most important one - for example, the difference between full stack intermediate and consulting developer in the US West Coast is $60/hour, and all the figures vary noticeably. What are other consultants in your industry charging as their consulting fees? It is only fair compensation given the services rendered. However, despite the gender pay gap being a norm in most of the world, there is a small number of countries where freelance men and women earn the same, like Venezuela (15$) and Romania ($23). The difference between the highest paid surveyed industry (Legal) and the lowest paid one (Customer & Administrative support) is $17 on average. But, there are some remote positions that actually pay well, according to this report on remote work trends, that discloses the following figures: According to the report, the highest paid remote freelance position is a post-secondary, LSAT instructor, a position that can earn up to $100/hour; the lowest items in the list are Customer service representatives, with $14/hour on average. And depending on your industry, location, and experience - do you charge enough? Independent Contractors comprise the large group of self-employed consultants active in the industry. The average hourly rate for digital marketing consultants worldwide is $140.29 per hour. Do you know what people like you are earning? Market rate. Different people within an industry will perceive the market rate to be higher or lower based on their personal experience. When it comes to temporary positions, the position of a Application Software Developers (IT) pays the most ($48/hour) - this industry is also the most profitable one in terms of temporary employment. Travel: For travel, we'll assume each person on the case must travel round trip each week to the client site, at an average cost of $800 per ticket. According to the a same survey that covered developers, Australia is the country with the highest hourly rates, with Switzerland as a close second; the country that has the lowest hourly rates for developers is Pakistan, with $43/hour. Education can be an important factor for clients who are looking to hire a freelance, but one Payoneer statistics shows that clients actually value experience more than education. Business Consulting - Hourly Rate - Get a free salary comparison based on job title, skills, experience and education. Certain jobs in certain industries are more likely to involve special parameters, so according to these parameters, we also distinguish between remote employees and temporary workers. Start by looking at the average consulting rates for your industry, or in other words, the market value of your specific service. Determine your hourly rate based on your experience and industry standards. Lodging and food: For this grouping, we'll take average expenses times the number of days on the road. If you’ve ever done business with an agency, the average billing rate is 3x the salary of the person doing the work; that 3x multiple translates into 33% billable time. An overview of fees and rates charged by consulting firms, including average rates for strategy and management consultants, IT experts, freelancers and interim managers. Many business consultants charge time-based fees. If you’re just starting a consulting business, the best way to determine your rate is to calculate your hourly rate based on your former salary, easily done with an online salary calculator . The freelance jobs that pay the least are Data Entry Clerk and Virtual Assistant ($11/hour). This is especially a factor in the industries that requires fluency in the English language - the clients are more likely to hire professionals whose native language is English, so these professionals are in the position to command higher rates. ... there is certainly nothing wrong with charging more than the average consulting fees. ... Consultants who earn $10K+ per month have a much higher average consulting engagement value (59% of them charge more than $20K+ per project compared to only 15% of consultants earning less than $10K per month). The hourly cost of consulting fees range from about $45 to $150 per hour. In the U.S., small business consulting fees range from $95 to $1,500, with an average cost of $399. The difference between people who finished only high school and those with Doctorates is negligible, being only $2. However, this industry ranks better in the temporary jobs category, with Summer and Winter jobs taking last place (Resort staff member and Santa Clause - $10/h). The average salary for a junior-level compliance officer is $40,000, meanwhile the average salary for a seasoned, senior compliance professional can be anywhere from $100,000-$250,000+. If you take all three of these levels into consideration, you’re looking at a pretty wide range of hourly rates—your consultant could charge you anywhere from $90 to $395 per hour. Because the average consulting rate by industry can vary widely, understanding the different pieces that go into choosing a way to charge for your services will make deciding on your own pricing model much simpler. Understand what's truly driving the gender pay gap. The other 67% of your time will be spent building your business, marketing yourself, speaking, etc. Government and nonprofits are used to paying much less than corporations. Fortune 500 companies are used to paying more for consulting than start-ups. The least profitable industry is Customer & Administrative support, with all 4 of its listed jobs being the bottom paying freelance jobs. From there, you can use a … Salary and career advice to put you a step ahead. When it comes to individual countries, the difference between the highest paid surveyed country (Australia) and the lowest paid surveyed country (Pakistan) for developers is $31. Accounting for Consulting Rates by Industry There are certainly the consulting rates by industry that you are going to want to keep in mind when you are setting your own fees. There is little difference between the earnings of a freelance with a high-school diploma, and a freelance with a Bachelor degree - surprisingly, freelancers with only a High School diploma outearn college graduates with Bachelor degrees. Hourly rates vary across industries, from $28/hour for the Legal field, to $11/hour for the Customer & Administrative field. Find your market worth with a report tailored to you, Industries in the same category as Business Consulting, ranked by hourly rate, Surveying or Mapping (except Geophysical) Services, Marine Navigation, Mapping, and Surveying. On average, freelance men earn $20, and freelancer women earn $16, though the actual figures vary by industry once again: The table shows that men out earn women for $3 on average across industries - the only two industries where the difference is minimal ($1) are Design & Multimedia and Writing & Translation. However, the median hourly rate remains relatively stable with the number of years of professional experience. The average hourly wage for an Engineering Consultant in the United States is $63 as of November 25, 2020, but the salary range typically falls between $56 and $72. When I was retooling my rates last year, I used a compensation database e.g. Regarding the question of setting consulting fees on a simple daily rate basis, I would recommend as follows: Step 1: Estimate what YOU would expect to be able to get per annum in perm employment, including cash benefits such as bonus, car allowance etc., but excluding things like pension, private medical insurance etc. For graphic designers, the difference is $55 (Sweden being the highest and India being the lowest). Due to decline in revenue year on year by -13.32%. In comparison to its position on the developers’ list, Pakistan has a better position, and evens with the UK ($13/hour). Determine your hourly rate based on your experience and industry standards. Stop guessing. Incidence rates of nonfatal occupational injuries and illnesses by industry and case types, 2019; Industry NAICS code Total recordable cases Cases with days away from work, job restriction, or transfer Other recordable cases; Total Cases with days away from work Cases with days of … Bachelor degree doesn't up the hourly rates - they are actually lower than for high-school graduates. On the trailing twelve months basis Consulting Services Industry 's Working Capital Per Revenue sequentially grew to 0.52 in the 3 Q 2020, below Industry average. The reports by PayScale show how the hourly figures for most of the same countries (no data available for Serbia and Ukraine) stack up, for graphic designers: The figures for graphics designers show that Switzerland($48/hour) and Australia ($28/hour) are once again high on the list, while Sweden ($59/hour) offers the highest rates. Finding the market rates for your industry. The freelance job that pays the most is Tax Lawyer ($30/hour). The typical consultant who has been in the profession for less than 15 years reports an hourly rate of $169. PayScale just to get an idea of the averages in my line of work. What your skills are worth in the job market is constantly changing. College makes a difference only at later stages of your education - freelancers with Master’s and Ph.D. degrees command higher hourly rates than other freelancers: If you’re still haven’t earned you high school diploma, freelancing isn’t out of reach - but, as you’re probably still learning your freelance skills and don’t have an extensive portfolio, expect to make around the equivalent of the minimum wage in your country. As that example hopefully demonstrated, market rate is not an exact science. Here’s what the hourly rates are for 8 prominent industries: The most profitable industry is the Legal field, with all 5 of its listed jobs being in the top 5 best paying freelance jobs. The difference between the highest paying job (Tax Lawyer) and the lowest paying jobs (Data Entry Clerk and Virtual Assistant) is $19 - but, even the lower paying jobs mostly offer better earnings that minimum hourly wages in the higher paying countries for traditional jobs. For more details on temporary employment and its hourly rates, visit this report. To be sure, consultants' fees vary depending on location and target industry. Here’s what the hourly rates are for 8 prominent industries: Consulting hourly rates by industry How to calculate billable hours with Clockify →, © document.write(new Date().getFullYear()); Clockify, Professional in charge of contracts - $28. Fresh market data paired with robust analytics. 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