The Pay Scale for a Business Consultant

Business consultants help companies run their departments more efficiently.

Business consultants, often called management analysts, work in many different areas: marketing, marketing research, human resources, systems analysis, management and accounting. They are usually employed by consulting firms, but some are self-employed. These professionals create proposals with price quotes to obtain assignments. They then examine business operations, collect data and analyze the information. Subsequently, they write reports with their recommendations, and present their findings to company managers. Most have bachelor's or Master's degrees in business or related fields. They usually earn annual salaries.

Average Salary and Benefits

Business consultants earned average annual salaries of $87,260, according to May 2010 data from the Bureau of Labor Statistics. Their salaries are usually contingent upon experience, the geographical locations where they work and the size of their employers. Income can also be dictated by the concentration of businesses in their area, unless they work more on a national or international business. Those who are employed by consulting firms are usually eligible for benefits, such as health and life insurance, paid vacations, sick leave and retirement plans. Self-employed workers purchase their own health benefits.

Salary by Industry

Business consultants' salaries can vary considerably by state. For example, they earned some of their highest salaries in the oil and gas extraction industry at $105,190 per year, according to the Bureau of Labor Statistics. They also made comparatively high salaries of $103,710 annually in the advertising and public relations industry. Those working for management or technical consulting firms earned above-average salaries of $98,500 per year. However, those working for the federal government earned salaries slightly below the national average at $84,940 per year.

Salary by Metropolitan Area

Business consultants also earn more in certain metropolitan areas. They earned their highest annual salaries in the Haverhill-North Andover-Amesbury, Massachusetts-New Hampshire metropolitan area at $113,470, according to Bureau of Labor Statistics' data. They made nearly as much in the San Francisco-San Mateo-Redwood City, California area at $108,940 annually. Those in the Boston-Quincy-Cambridge, Massachusetts area also earned above-average salaries of $104,880 per year. These professionals earned closer to average salaries of $89,260 per year in the Bethesda-Frederick-Gaithersburg, Maryland metropolitan area. And those in the Warner Robins, Georgia area made significantly less at $77,100 per year.

Job Outlook

The number of jobs for business consultants is expected to increase 24 percent between 2008 and 2018, according to a December 2009 report from the Bureau of Labor Statistics. This growth rate is considered "much faster than average" compared to other careers and professionals. Jobs will be particularly plentiful for small, independent business consultants, as government agencies and businesses increasing hire outside firms to improve their overall performance. New regulations and changes in technology are also expected to spur job growth for these professionals.

References

• Bureau of Labor Statistics: Career Guide to Industries, 2010-11 Edition: Management Analysts; December 2009
• Education-Portal: Business Consultant: Job Description and Requirements for Students Considering a Career in Business Consulting
• SJD Job Descriptions: Business Consultant Job Description
• Bureau of Labor Statistics: Occupational Employment Statistics: Management Analysts; May 2010