consulting jobs

How to compare consultants' salaries

By Barbara Thomas 19 August, 2023 3 mins read

Start by looking at the starting salary of different consulting firms to see if there is a job for you. Sign-on bonuses and other perks can vary between firms, as well as the salary ranges. For more information, please read on. We've rounded up the most popular firms for consulting jobs and the salaries they offer. It is important to take into account other factors such as years of experience. What are the most important factors to consider?

Consultancies

The highest salaries are paid by top-tier consulting firms. The typical compensation package includes a basic salary, a bonus, and a pension contribution. Despite the high salaries and meritocratic compensation, there is little career progression. The best benefits are offered by top-tier consulting firms, but they can also be more costly. This article explains the salary range of top-tier consulting firms and offers tips to help you get the best consultant salary.

The starting salary for a consultant in a top-tier company is PS30,000 to PS60,000 (PS30-7k), which increases rapidly. A fresh graduate can expect a salary of PS35,000 to PS42,000 in the first two-three years. Young consultants can make this a lot easier if they work in boutique firms. Additionally, small consulting firms can offer better financial benefits than larger companies. The starting salary of a consultant at smaller firms can reach PS35,000, but the benefits can often be much greater.

Salary ranges

The salaries of consultants have been revealed in an interesting study. Consultants in London earn the most, earning an average of PS28,786 a year, while consultants in other parts of the UK earn on average just PS5,229 less. The lowest-paying part of the UK is Scotland for consultants with 88% of the London base salary. While salaries can vary among regions, there is still a significant gender gap in terms of how much consultants make. Female consultants are paid more than male ones.

Some consultants can make more than $16k per monthly, while others may earn less than $200 per mo. Many consultants work part time, but aim to earn a higher income. Below are the different salary ranges available for consultants in different specializations. The following table shows you how much these consultants make on a monthly basis. Check out the average salary for consultants to find out if your field is right for YOU.

Sign-on bonuses

Many consulting firms offer sign on bonuses to help attract top-quality candidates. They want to retain top-notch talent as well as recoup the costs associated with hiring new employees. Consultants could be eligible for signing-on bonuses to increase their overall salaries. Before agreeing to sign-on bonuses, consider the benefits and timeline of the project.

Signing-on bonuses, which are usually larger than the base salary and make up a large portion of total compensation at lower ranks, can sometimes even surpass it. Sign-on incentives allow consulting firms compete for the best talent, and can determine the total income of each individual. While the pay increases for experienced consultants are not as dramatic as those available to recent college graduates, they should still be taken into consideration when assessing potential job opportunities.

Experience required

Experience is the most important factor to hire entry-level staff. During an entry-level role, consultants typically focus on solving client problems and may advance to a senior consultant role. Senior consultants oversee projects for clients, and often earn bonuses equaling twenty to thirty% of their basic salary. Senior consultants can become project managers. They will manage client projects and make key decisions about junior consultants. People with a lot of experience are more likely to get paid more than those with less.

Senior business analysts are highly desirable and can command high salaries. Lower-level consultants are paid more if they have ERP experience and a master's degree in business administration. The size of an organization, the experience and certifications of the consultant will all impact the salary. To help you refine your expectations, use the Robert Half Salary Calculator. It will give you an estimate of how much you can expect to make as a consultant.

FAQ

Why would you want to hire consultants?

There are many reasons to hire consultants.

Your organization may have a specific project or problem that needs solving
You would like to improve your skills or learn new things
You want to work closely with experts in a certain field
There is nobody else who can do this job.
You feel overwhelmed by all of the information out there and don't know where to start
You cannot afford to pay someone fulltime

A word of mouth referral is the best way you can find a competent consultant. Ask around to see if you know any good consultants. If you are already acquainted with someone who works as an advisor, ask them for recommendations.

If you're interested in using online directories, such as LinkedIn, you can use the "Search People” feature to find consultants near your location.

How do you get clients for your consultancy business?

Find an area that you are passionate about. You could choose anything from public relations to social media, but it should be something you love. If not, you may have to start small by finding a niche market such as web design. Once you've found this niche, make sure you understand what makes it tick. What problems does this solve? What problems can it solve? What can you do to support them?

It is also possible to approach businesses directly.

If all else fails you can offer your services at free events such as conferences or networking nights. This will allow you to meet potential customers without the need for advertising and also allows you to showcase your skills.

What skills are necessary for consulting?

As a consultant, you should have both strong interpersonal skills and analytical skills. This is because you could be asked questions or not know what you are doing. This is a must because you need to learn how quickly you can manage people.

A strong communication skill is also necessary. Most clients expect an answer within 24hrs. If they don't hear anything, it is likely that they aren't interested in you. It is important to keep them updated and make sure they fully understand the situation.

How much should a consultant charge?

It depends on what you are offering. If you are offering services for free, it is not worth charging anything. But if your services or products are for sale, you will need to establish prices that reflect their value.

If you offer low-quality services then you don’t have anything for sale. You are not worth anything, so why should anyone pay you anything.

If you provide high-quality service, you may ask for higher prices because people appreciate the value you offer. It is possible to offer discounts to clients who order multiple packages.

What is the secret to modern consulting?

Accounting professionals were the first to become consultants. They helped companies manage their finances. They became known as "accounting consultants." This was because they had become very skilled at managing financial information. The role soon expanded to include other areas, including human resources management.

The French word for "to advice" was the inspiration behind the term "consultant." This was used by businessmen as a way to describe someone who could provide guidance on running an organization. Even today, many business owners still use "consultant" when referring to professional advisors.

Do I need to seek legal advice?

Yes! Yes. Many consultants sign contracts without seeking legal advice. This can create problems down the line. What happens if the client cancels the agreement prior to the consultant's completion? Or, what happens if the consultant doesn't meet the deadlines set forth in the contract?

Avoid any legal issues by speaking with a lawyer.

Statistics

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)
Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
My 10 years of experience and 6-step program have helped over 20 clients boost their sales by an average of 33% in 6 months. (consultingsuccess.com)