Managing Consultant Salary
Commissions comprise a big part of overall income for Managing Consultants. The median take-home amount in this area is around $123K, and on average, more than a third of that final number comes from commissions. Total cash compensation to Managing Consultants bottoms out near $92K and approaches $175K on the high end; the biggest paychecks include approximately $31K from bonuses and almost $42K from profit sharing. While years of experience and the individual firm impact pay for this group, geography is the most influential factor. Most Managing Consultants like their work and job satisfaction is high. 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 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.
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Popular Employer Salaries for Managing Consultant
International Business Machines (IBM) Corp. pays the most with a median salary of $122K, though there is little variation overall ($93K to $156K).
Salaries are easily beat at Navigant Consulting, Inc., where median pay comes to just $98K, the lowest in the field. What's more, with base pay starting at $86K and ending at $124K, range in salary is rather small.
Popular Skills for Managing Consultant
Managing Consultants seem to require a rather large skill set. 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 30 percent, 14 percent, and 7 percent, respectively. At the other end of the pay range are skills like Financial Analysis, Data Analysis, and Project Management. The majority of those who know 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.
Experience does not seem to be a strong driver of pay increase in this role. Individuals who have worked for fewer than five years report earning $101K on average, a generous six-figure sum for those just starting out. Managing Consultants with one to two decades of relevant experience report an average salary of approximately $129K. Managing Consultants who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $134K on average.
Pay Difference by Location
Home to some of the best pay for Managing Consultants, Philadelphia offers exceptional salaries, 21 percent above the national average. Managing Consultants will also find cushy salaries in Dallas (+9 percent), Miami (+8 percent), San Francisco (+6 percent), and Seattle (+6 percent). The lowest-paying market is Raleigh, which sits 18 percent below the national average. Workers in Chicago and Atlanta earn salaries that trail the national average for those in this profession (5 percent less and 4 percent less, respectively).
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Key Stats for Managing Consultant
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