Managing Consultant Salary
A large fraction of take-home pay for Managing Consultants comes from commissions — over a third on average, in fact. The median overall income in this field is approximately $124K. Total cash compensation to Managing Consultants bottoms out near $93K and approaches $178K on the high end; the biggest paychecks include approximately $33K from bonuses and almost $43K from profit sharing. This group's pay is mainly influenced by geographic location, followed by career duration and the particular employer. Male Managing Consultants are far more common among survey respondents than their female counterparts, who typically comprise less than one-third of the field. Medical benefits are awarded to nearly all, and most earn dental coverage. Work is enjoyable for Managing Consultants, who typically claim high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.
|Salary||$88,566 - $159,321|
|Bonus||$1,998 - $32,500|
|Profit Sharing||$1,272 - $42,894|
|Total Pay (||$93,305 - $177,953|
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.
Popular Employer Salaries for Managing Consultant
Those at IBM Global Services can expect to make the most, with the company offering a median salary of $124K.
Employees at Navigant Consulting, Inc. take home the smallest paychecks, and $100K is the median salary. Furthermore, range in pay is narrow, with salaries starting at $90K and quickly nearing the top at only $145K.
Popular Skills for Managing Consultant
Survey participants wield an impressively varied skill set on the job. 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, 13 percent, and 6 percent, respectively. Skills that pay less than market rate include Financial Analysis, Data Analysis, and Human Resources. For most people, competency in Consulting Management indicates knowledge of IT Consulting and Data Analysis.
Pay by Experience Level for Managing Consultant
Pay by Experience for a Managing Consultant has a positive trend. An entry-level Managing Consultant with less than 5 years of experience can expect to earn an average total compensation of $100,000 based on 40 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Managing Consultant with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $116,000 based on 98 salaries. An experienced Managing Consultant which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $130,000 based on 129 salaries. A Managing Consultant with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $133,000 based on 40 salaries.
Pay Difference by Location
For Managing Consultants, Philadelphia provides a pay rate that is 20 percent greater than the national average. Managing Consultants can also look forward to large paychecks in cities like San Francisco (+8 percent), Dallas (+8 percent), Miami (+7 percent), and Seattle (+5 percent). The lowest-paying market is Raleigh, which sits 19 percent below the national average. A couple other locations with smaller-than-average paychecks include Atlanta and Chicago (5 percent lower).
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Key Stats for Managing Consultant
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