financial consulting

Salaries of Management Consultants in the United Kingdom and the United States.

By Anne Carpenter 12 August, 2023 2 mins read

Below is a list of the average management consultant salary in the United States and New York City. A management consultant who is looking to improve their career should know the average salary in each field. There are many factors you should consider before deciding on a salary.

Average American management consultant salary

Your salary as a management consultant will vary depending on your academic background, work experience, and geographic location. The average annual salary for a management consultant is $83,500, but you could earn more. In addition to this, your pay will also be dependent on the industry you work in.

ZipRecruiter, a top-ranked recruiting company, reported that the average salary for a management consultant in the US is $129.884 per year. Senior-level consultant are those earning between $129884 and $154,000 per year. An average senior management consultant earns $10,750 per year and an average weekly salary of $2,486. In addition, the average hourly wage for a senior management consultant is $62.

The global economy is closely tied to the consulting industry. It's one of the largest professional service markets in the world. The market is growing in demand for management consults. These professionals are able to help organizations reach the top and grow.

Average salary for management consultants in the United Kingdom

The average UK salary for management consultants is approximately PS50139 a year. That's equivalent to PS24 an hour. This average bonus includes a PS1,970. This salary is calculated based on anonymous salary surveys of employees in the United Kingdom. As a senior consultant, a manager consultant earning PS35.552 as an entry-level can expect to earn PS62.076. Expect 16 percent increase in the salary of management consultants over the next five years.

The average UK manager consultant salary is significantly lower that the average US management consultant income. Because the cost of living is higher in the U.S. than it is in the UK, consultants in Britain have less purchasing power than their counterparts from the United States. It is possible for the cost of living to vary greatly between cities in the U.S.

Average New York City management consultant salary

New York City's average annual salary for management consultants is about $86,000. This includes compensation for full-time employees and for interns who have graduated from an educational program. Many management consulting firms offer benefits such as health insurance and paid time off. Salaries for these professionals are often higher than those of other professions.

The salary of a management consultant varies depending on the position and experience. Entry-level consultants earn an average of $89,055 per year, while senior-level consultants can make up to $157,000 per year. This salary will increase by 11 percent in the next five-years.

Many consulting firms offer signing bonuses to high-potential candidates. These bonuses can amount to as much as $5,000. Typically, the signing bonus will depend on the base salary, but some firms are more flexible than others. You could get a competitive edge if you have multiple job offers.

FAQ

How can I become an expert consultant?

Finding a passion area is the first step. Building relationships is the next step. Understanding your clients' needs and operating style is essential. Finally, you must deliver results.

While you don’t necessarily have to excel at every task, you should be better than all the rest. You must also have passion for your work. It doesn't suffice just to say "I'm going be a Consultant." You must really believe in yourself and what you're doing.

What is the difference in a consultant and advisor?

An advisor gives information on a topic. Consultants offer solutions to problems.

A consultant works directly with clients to help them achieve their goals. Advisors advise clients indirectly via books, magazines, lectures and seminars, etc.

Do I need to seek legal advice?

Yes! Yes. Many consultants sign contracts without seeking legal advice. However, this can lead to problems down the road. For example, what happens if the client terminates the agreement before the consultant's completion date? What happens if the contract stipulates that the consultant must meet certain deadlines?

Avoid potential legal problems by consulting a lawyer.

Can anyone be a consultant?

A consultant is someone who can help you reach your goal by providing advice on ways to make things better, more cost-effective, etc.

Consulting can be a great way to solve problems, make informed decisions, and work with others.

Consultants can be hired to assist with specific tasks or projects.

In fact, most consultants are paid hourly or daily rates rather than per project.

Why would a company want to hire a consultant for their business?

A consultant provides expert advice on how to improve business performance. They are not there to sell you products.

A consultant is a person who helps companies make better choices by providing sound analysis, and making recommendations for improvement.

Senior management teams often have consultants working closely with them to help them understand their needs.

They offer leadership coaching and training to help employees reach their full potential.

They may be able to advise businesses on ways to cut costs, improve efficiency, and streamline processes.

What skills is required to consult?

An effective consultant must have strong interpersonal skills as well as analytical skills. This is essential because you will be working on projects that you don't know the details of. You need to be able to manage people quickly and solve problems efficiently.

A strong communication skill is also necessary. Most clients expect an answer within 24 hours. If they don't hear back from you, they assume you aren't interested. It is vital to inform them and make sure that they are fully informed.

Statistics

So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
According to statistics from the ONS, the UK has around 300,000 consultants, of which around 63,000 professionals work as management consultants. (consultancy.uk)
67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
"From there, I told them my rates were going up 25%, this is the new hourly rate, and every single one of them said 'done, fine.' (nerdwallet.com)
Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)