A quick Google search for “how much do consultants make” can yield wildly varying results. One article may say that a consultant makes $6,500 a month. Another could say that a consultant in the same position earns over $10,000 a month. The truth of the matter is, both of these figures can be true at the same time.
How much you can make as a consultant isn’t always a strict industry standard. Your consulting rate is an accumulation of your skills, ability to market and negotiate for yourself, your location, your expertise and the need for your position.
Below are answers to common questions about consulting. We shed light on how much you can make as an expert, what consultants do, and what type of consulting opportunities are out there.
What do consultants do?
Consultants are professionals who have experience in a specific industry, or in a specific role, or both. Their knowledge is something businesses need and are willing to pay for.
A consultant could be hired because the organization doesn’t have enough money to bring someone on full-time. Or, a consultant could be hired because they’re an expert at what they do. Many organizations would rather pay an expert consultant to support them rather than hire, and train someone to fulfil the role.
Why is it better to be a consultant instead of an hourly employee?
There are many reasons why people find consulting is a better fit for them. Some of the reasons include:
- Getting to set your own pay
- Getting to set your own hours
- Getting to choose who you want to work with
- Getting to become an expert in your field
You can learn more about the benefits of consulting here.
What kind of consultants are there?
There are consultants for about every position and industry out there. This could range from a fractional COO, that assists with and leads operations at the highest level, to an Instagram consultant that supports organizations by posting and engaging with the organization’s audience.
Some other types of consultant positions available include:
- IT Consultant
- HR Consultant
- Sourcing Consultant
- Marketing Consultant
- Branding Consultant
- Engineering Consultant
- Staff Consultant
- Product Development Consultant
- Field Consultant
- Analyst Consultant
- Systems Consultant
- Regulatory Compliance Consultant
- Business Growth Consultant
- DE&I Consultant
- Security Consultant
- …and many, many more!
The main types of consultants we work with JIT Experts Hive include:
- Product and Development Consultants
- Packaging and Labeling Consultants
- Sourcing & Manufacturing Consultants
- Supplier Management Consultants
- Quality and Regulation Consultants
- Sustainability and Ethical Sourcing Consultants
- Distribution and Fulfillment Consultants
- Retail Vendor Compliance Consultants
It’s important to note, too, that our clients are in the consumer packaged goods industry. We work with expert consultants that add value and act as a team member for our clients.
What makes a successful consultant?
One great thing about being a consultant is that your success is defined by you, and only you. While you’re supporting a business with its outcomes, you aren’t having to do things like attending corporate events to help you climb the corporate ladder.
You pick who you want to work with on pre-agreed upon terms. Which means how much you work, and how much you make, is largely determined by you.
That said, great consultants are hard-working professionals constantly looking for ways to hone their skills. They are eager problem solvers and professionals. Successful consultants are always ready to ask questions and provide solutions. They have ideas to make processes, products, or organizations better.
If you have a natural curiosity and like being the “go-to person” for problem-solving in an organization, you could be a successful consultant!
What is the average entry-level consultant salary?
When we say entry-level, we don’t necessarily mean it’s your first-year consulting. By entry-level, we mean that as a consultant, you don’t have a lot of experience in your field yet. You could be fresh out of college or high school, or pivoting into a new career.
This is an important distinction, given that if you have 10 years of accounting experience, you likely wouldn’t charge the same rates as an accountant with 1 year of experience. Even if it’s your first year consulting.
Caseinterview.com found that entry-level salaries for consultants were around $83,000, with $20,000 in bonuses available depending on the outcome of their positions.
What is the average expert consultant salary?
It’s hard to give a definitive range for what an expert consultant makes. There are many variables that contribute to their income.
Some of those variables include:
- The number of consultants available in the same field
- The need for the specific consultant work
- The years of experience and reputation of the consultant
- The location of the consultant
- The ability to market and negotiate oneself
ZipRecruiter found that some expert consultants can make as much as $16,000+ a month. Yet, CaseInterview.com found that project leaders, who would fall in an “expert” category make $250,000 to $300,000, with a base salary of $175,000 a year.
How much money does the average consultant make?
How much the average consultant makes depends on a couple of variables. Is there a high need for a consultant with your expertise? Does your industry have money to spend on a consultant? Do you have a lot of experience and proven results consulting?
Depending on how you answer these questions, you could be charging more or less to a consultant in a position similar to yours.
According to ZipRecruiter, consultants make on average around $6,954 a month, which equates to $83,450 a year. The spread between the 25th percentile and 75th percentile is $4,167 a month to $8,667 per month.
ZipRecruiter also found that the state you live in can affect the amount you can make as a recruiter. Some of the top-paying states include Washington, Maryland, Nebraska, New York, Virginia, and Colorado.
Does consultant income vary by industry?
Yes. Some industries have more to spend than others. But that said, the size of an organization can also affect your income.
ZipRecruiter found the top five titles for recruiters by pay, which are:
- Principal Consultant
- Senior Business Consultant
- Technology Applications Consultant
- Senior Consultant
- Senior Solutions Consultant
A Principal Consultant makes $128,780 a year, and a Senior Solutions Consultant makes $115,227 a year. The other positions fall somewhere in between.
You’re not alone in setting and negotiating your consultant rates
Setting your consultant rates can be tricky to do, even if you’ve been consulting for a couple of years. Knowing the value you bring to the table, and calculating your projects with an hourly rate that helps you achieve your financial goals can help. But sticking to those figures in a negotiation could be more difficult than expected.
The perk of working with a consulting firm is that you aren’t alone in your negotiations or setting your prices. JIT Experts Hive is a team of expert consultants who have years of experience working with clients. We’re here to help you make sure you get paid what your services are worth.
Imagine making the money you want to make and not having to negotiate a big contract on your own… who wouldn’t want that?
Fill out this form if you want to have a conversation about becoming a consultant with JIT Experts Hive.