The most recent data for 2023 shows that consultants make an average of $7,091 a month. That equates to $85,092 a year. Monthly salaries for consultants can be as high as $16,417 (about $197,000 a year). This should be an inspiring number, and it’s attainable if you continue honing your skills and running your business in the right way.
Now let’s break down 12 different types of consulting to see how the pay can vary. All of these fields offer great potential. Even if the annual average is lower than you’re aiming for, part-time consultants may skew the pay figures lower.
Successful Consultants prioritize value creation for long-term survival in the market. Corporate consultants are employed by large companies and typically earn salaries in the six-figure range. Independent contractors or consultants can charge hourly rates from $50 to $100 or more depending on their skills and experience.
Examining the Factors Affecting a Consultant’s Salary experience is one of the most important factors when it comes to determining the salary of a consultant. Those with more experience tend to earn higher salaries than those with less experience.
Marketing consultants typically work with a diverse range of clients across different industries. They help develop effective marketing strategies, improve brand awareness, drive customer engagement, and ultimately contribute to the success and growth of their clients.
First-year consultants with a Bachelor’s degree at most major firms (referred to as “associate consultants”) typically earn between $60,000 and $90,000. At the low end, first-year consultants make about $60,000 working 55 hours a week.