Managing Consultant Salary
A big portion of take-home pay for Managing Consultants — about one-half, in fact — arrives through commissions. This profession's median overall income is approximately $123K. Final cash compensation to Managing Consultants varies from around $92K to approximately $176K; choice pay grades include potential for bonuses and profit sharing as high as $31K and $41K, respectively. Location is the biggest factor affecting pay for this group, followed by experience level and the specific company. Generally, women make up less than a third of all Managing Consultants who answered the questionnnaire. Medical benefits are awarded to almost all, and a large number earn dental coverage. Job satisfaction is high and work is enjoyable for most Managing Consultants. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
Job Description for Managing Consultant
Managing consultant perform a wide variety of tasks, such as researching, collecting and analyzing data, interviewing various people in relation to their client and the client's company, presenting solutions, aiding and implementing plans and solutions, and keeping clients updated on progress.Read More...
These consultants generally work for clients on a contractual basis, and the type of clients that may use a managing consultant can range from charities to utilities to media to healthcare to retail. Managing consultants generally work with managers of various companies, but they also interview and work with company employees, as well as additional stakeholders.
The educational requirements for a managing consultant vary greatly by the consultants' area of expertise and clients' needs. A bachelor's degree in a relevant field is generally needed; clients may prefer degrees in business, finance, economics, or a related field. Depending on the company, it may also help to have a master's in business administration (M.B.A.), as well as prior experience. Other important skills include the ability to work well in teams, communicate clearly both orally and in writing, successfully research and analyze data, solve problems strategically and creatively, be flexible and understanding when it comes to clients, and to cope with challenge and pressure.
Work hours depend on the company, but managing consultants are known for putting in long hours with substantial extra work. Some companies, however, break that stereotype and offer part-time and flexible schedules.
Managing Consultant Job Listings
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Popular Employer Salaries for Managing Consultant
Employees of International Business Machines (IBM) Corp. can expect to make the most, with the company offering a median salary of $123K; however, pay is widely dispersed from bottom to top, ranging from $89K to $157K.
Managing Consultants will find the worst pay at Navigant Consulting, Inc., where the median salary crawls in at $99K. Furthermore, compensation is curbed at $124K, leaving little room for growth.
Popular Skills for Managing Consultant
Survey takers working as Managing Consultants report using a large range of professional skills. Most notably, facility with Security Testing and Auditing, Strategic Planning, and Business Strategy are correlated to pay that is significantly above average, leading to increases of 29 percent, 14 percent, and 11 percent, respectively. Skills that seem to negatively impact pay include Financial Analysis, Data Analysis, and Project Management. Most people familiar with Consulting Management also know IT Consulting and Data Analysis.
Pay by Experience Level for Managing Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Managing Consultants do not generally earn higher incomes from more experience in the field. Whereas the median salary for inexperienced employees is approximately $100K, incomes in the five-to-10 year group are significantly higher, averaging to the comfortable six-figure sum of $113K. Managing Consultants bring in $130K after working for 10 to 20 years. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $136K.
Pay Difference by Location
Philadelphia is home to an above-average pay rate for Managing Consultants, 20 percent higher than the national average. Managing Consultants will also find cushy salaries in Atlanta (+20 percent), Dallas (+8 percent), New York (+8 percent), and Miami (+7 percent). Raleigh ranks last in the field for pay, reporting salaries 18 percent below the national average. Employers also pay below the national average in Chicago (5 percent lower) and Washington (4 percent lower).