Consultants on staff or working independently may earn high wages.
Those interested in a career in consultancy, particularly in private industry, will have the best opportunities with a graduate degree, an area of specialty and strong salesmanship and public relations skills, according to the Bureau of Labor Statistics. The salary of a consultant varies depending experience, industry and location.
Salary
Management consultants in the U.S. earned an average salary of $84,650 as of May 2009. The median salary was $75,250, with those in the 25th percentile earning $55,820 and those in the 75th percentile earning $101,410.
Industry
While many entry-level consultants can find a government job with a bachelor's degree, positions in private industry often demand a master's degree, something the salary averages reflect. Consultants working for state governments earn an average of $56,340 annually, while those working for the federal executive branch earn $84,280. Salaries for consultants in management, scientific and technical consulting services earn $97,100, while those in computer systems design earn $91,040. The highest salaries for consultants can be found in the industry of foundries at $131,460, followed by personal care services at $109,970 and furniture stores at $109,610. (Bureau of Labor Statistics, May 2009)
Location
Cost of living and the demand for consultants will help shape one's salary. Washington D.C. has the highest concentration of consultants in the U.S. and an average annual salary of $88,260. Virginia has the second-highest concentration of workers and the fourth highest salary in the nation at $93,740. Massachusetts, Georgia and New Hampshire are the only states with higher wages at $100,310, $96,260 and $93,790, respectively. (Bureau of Labor Statistics, May 2009)
Advancement and Outlook
The Bureau of Labor Statistics reports that around 26 percent of consultants are self-employed, which is three times the average for all jobs. Moving from a staff consultant position into freelance work is one way in which some consultants advance, as their experience may allow them to charge higher fees. Employment of consultants is predicted to grow 24 percent; however, despite this positive outlook, the competition is keen because many are drawn to a career in consultancy due to potentially high salaries.
