The Average Salary of a Senior Consultant
Experience, knowledge and technical know-how: these are the qualities that define the senior consultant. These talented professionals are at the forefront of the fastest growing industry in the U.S. economy. Today's complex business world requires their expertise to ensure a job gets done right, on time and boasts a significant return.
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Salary
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According to a 2006 survey conducted by Abbot, Langer, and Associates, the median annual total cash compensation for senior consultants was $80,500.
Salary by experience
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Since expertise is a critical requirement of the job, having experience is a big factor that determines salary, according to PayScale.com. Starting out, you can expect to make about $57,000 to $85,000 annually in your first four years. In the next five years, you can expect to earn roughly $77,000 to $113,000 per year. Then, after a decade's worth of work, your salary can range anywhere from $97,000 to $158,000 per year.
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Salary by Gender
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Despite how far we would like to think we've progressed as a society, gender still plays a role in how much you get paid. On average, male senior consultants earn $67,000 to $121,000 per year while female senior consultants earn $56,000 to $101,000 per year.
Education
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Far from being an entry-level position, senior consultants are required to have a comprehensive knowledge in the industry in which they are working. Consulting firms usually recruit senior consultants who have either a proven track record for success or who are highly educated in their field. A typical education for new senior consultant might include an MBA or another advanced degree (MD, JD or PhD).
Job Outlook
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According to the U.S. Bureau of Labor Statistics, this occupation is projected to almost double between 2006 and 2016. The bureau estimates that employment will grow by 78 percent, more than seven times the national average for all jobs at 11 percent. The estimate stems from the advent of complex business structures and specialized companies entering the economy.
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