How Much Do Consultants Make?

Because there are so many different fields in which consultants can work, consultant salaries vary widely. Average consultant salary data suggest that consultants generally have take-home pay somewhere in the range of $30–$60 per hour.

However, independent or freelance consultants typically charge double this amount (so $60–$120 per hour on average) to cover their business expenses. Below, you’ll find the average consulting hourly rate alongside the annual earnings for different types of consultants.

Average Consultant Salary

Note: Consulting salaries are rounded to the nearest $5 mark (for hourly earnings) or $1,000 mark (for annual earnings).

Consultant salary outlook

The field of consulting is booming. According to the Bureau of Labor Statistics, the management consultant industry is expected to grow 10% between now and 2032. However, consulting salaries aren’t trending in the same direction—at least not for management consultants.

According to the Management Consultant Salary Report, the average base salary for consultants is the same in 2024 as it was in 2023. This lack of growth in consultant salaries is rare in the industry, and they attribute this finding to inflation and rising costs of living.

It also appears that other kinds of compensation that consultants rely on—like performance bonuses—have taken a hit. Some consulting firms have kept bonus structures the same, while others have reduced these incentives.

You’re likely to find the highest-paying consulting jobs at top consulting firms. However, what you earn at these management consulting firms depends on your experience level. Many recruit people while they’re still in school, so the consultant pay structure starts there.

A consulting job salary also often includes other forms of compensation, like signing bonuses, travel compensation, performance bonuses, profit sharing, and more. This is typically part of how consultants get paid at major firms, and all of these types of income factor into how much a consultant makes overall.

Curious to see how some of these consulting firms pay their consultants? We’ve compared the average compensation for experienced consultants at the top-paying consulting firms. Here’s a look at what’s currently on offer.

Average Consulting Salaries at Major Firms in 2024

Sources: Glassdoor (consultant salaries for McKinsey & Company, BCG, Bain & Company, Deloitte, and KPMG).

As you can see, a consultant’s earnings are made up of much more than just their base salary. Added all up, additional incentives could boost a management consultant’s salary by 31%, from $170,000 to $223,000 a year.

Employment at one of the big consulting firms will definitely impact your earning potential as a consultant. But so can several other factors.

Experience level

Regardless of who employs you, there tends to be a consulting salary progression. Because of how much data is collected from top consulting firms, we have a good idea of how this consulting pay scale looks for their consultants.

For example, according to consulting salary data from across the web, entry-level consultants make around $65,000–$76,000 per year. Senior consultants, on the other hand, earn double that amount—roughly $120,000–$155,000 per year.

As you gain more experience and assume more responsibility as a consultant or team lead, your compensation will increase.

Industry

A consultant’s average salary varies a ton by industry. For example, the average educational consultant in the US makes around $70,000 per year. By contrast, financial consultants make around $60,000 per year, and business consultants typically make upwards of $100,000 annually.

Why does this happen?

It could be the level of impact a consultant has on the business and its revenue. It could also be the amount of risk involved and how much of that risk the consultant is assuming by taking on the task.

According to Glassdoor, these are the highest-paying industries for consultants:

• Aerospace and defense
• Pharmaceutical and biotech
• Manufacturing
• Energy, mining, and utilities
• Arts, entertainment, and recreation

With most of these industries, a consultant would need a highly specialized set of skills. That’s another reason why certain industries are likely to pay more to consultants as they’re harder to find.

Geographic location

Consulting income will also vary based on where you live. For example, take Florida, where the average consultant earns around $65,000 a year. Even within this state, salaries are much different in smaller areas compared to bigger cities.

Here’s what consultants make in different cities and towns across the state of Florida:

• Miami: $100,000 per year
• Tampa: $83,000 per year
• Orlando: $66,000 per year
• Naples: $60,000 per year
• West Palm Beach: $56,000 per year
• Fort Myers: $52,000 per year
• Tallahassee: $48,000 per year

Cost of living is a big reason why consulting salaries can vary so much based on where you live. Additionally, the types of companies and industries in your area—and how much money they have to spend—will also impact your pay.

Freelance vs. employed

One other factor that affects the salary of a consultant is type of employment. The average employed consultant makes around $45 per hour, whereas an independent consultant makes upward of $60 per hour on average.

While an independent consultant’s hourly rate might look very high when you’re comparing these two types of positions, you have to consider why a freelancer might charge higher consultant rates.

For starters, independent consultants work for themselves. So a good chunk of their earnings have to cover the costs of being in business, like rent, insurance, computer software, marketing, taxes, and so on. Plus, independent consultants don’t receive all those bonuses and extra incentives that employed consultants do.

So while independent consultants may charge higher fees, their compensation may come out to about the same as an employed consultant’s earnings in the end.

According to our 2024 SideHustles.com survey, consulting is one of the highest-paying types of independent work. As you can see in the table below, freelance consultants, coaches, and personal trainers earn substantially more than most other types of independent workers.

Monthly Earnings of Consultants vs. Other Independent Workers

Some people may assume it’s because of education. But the truth is that not every consultant has an MBA, nor does every consultant seek out work at one of the top consulting firms right out of college. Many consultants have undergraduate degrees with many years of valuable experience that clients are willing to pay for.

Consultants make really good money because of the nature of the job.

Consultants are paid for their vast knowledge and expertise. They work with clients to identify and solve complex and sometimes high-risk problems. Often, these problems are very costly, which is why companies pay so much to get them resolved as efficiently, quickly, and completely as possible.

There’s also the commitment that consultants make. The job is stressful and time-consuming.

What consultants do isn’t easy. However, they are compensated accordingly. Plus, if you continually demonstrate your value and stick with it for long enough, your salary progression and additional compensation will grow year after year.