consulting

How to boost your IT Consultant Salary

By Lisa Washington 8 May, 2023 3 mins read

To be a high-paying IT consultant, you must have a strong technical background. In this career path, you'll need to develop knowledge of various technologies and tools. A successful candidate will have knowledge of both hardware and software. A certification proves that an individual can be proficient in a specific area. Microsoft Office User Specialist certifications and Apple Certified Support Professional certifications are examples. This certification will allow your employer to verify your expertise.

Average base salary

As IT consultants, your average base salary will be around 94,200 USD per year. While it can be difficult to find a salary range for the same occupation, it is assumed that you will earn more if your experience is extensive. The median represents the average compensation, with 50% of workers earning less than this figure and 50% earning more. It is important that you note that these figures represent averages, and can be affected by the office and company.

Although the median salary for it consultants is slightly higher than the national median however, regional pay differences between the four major consulting firms are slight. Similar to Tier 2 firms, mid-sized management consultants earn five times more than their counterparts in the same industry. The compensation for entry-level IT consultants at Big 4 firms, however, is significantly higher than that of their peers in smaller companies. For example, an associate at PwC Atlanta would earn about $51,000 more than the same position in the New York office.

Variation in base compensation based company size

Although the correlation between employee pay and company size is strong, how does it affect employees' paychecks? One study found that the median salary for companies with revenues less than $300,000,000 was more than $100,000. The highest paid companies had a median of $70,000. These discrepancies are believed to be caused by large international workforces and part time employees. The correlation does however not indicate a causal relationship.

Performance bonuses

The different levels of bonuses for consulting performance have a direct influence on the compensation and career choice. Based on the situation and firm, the levels of bonuses at Tier 2 firms and Big 4 companies can be highly variable. Some firms offer generous bonuses, while others don't. The amount of a performance bonus depends on several factors, including the firm's overall compensation model, the company's first-year learning curve, and the bonuses offered by its affiliated firms and subsidiaries.

Consultancy compensation packages are varied. The most common offer is a signing Bonus of 10 to 20% of the base pay. Some firms offer additional bonuses, such as 15% profit-sharing bonuses for meeting a client-sales goal. These bonuses are not uncommon at top consulting firms, which tend to offer highly competitive salaries. These bonuses are significant because they often amount to a percentage and are not paid overtime.

Certification as an IT consultant is a benefit

A certification is a great way of increasing your IT consultant salary. You can show that you have extensive knowledge and training in a particular area by getting certified. Interning with an IT company is another way to make connections. A certification also proves your skills in real-world situations. Microsoft Office User Specialist and Apple Certified Support Professional are just two examples of certifications. Certifications are not compulsory, but will increase your chances to be hired by companies.

A cybersecurity certified IT consultant can help you protect your clients' data and make sure that they are safe. Businesses and government agencies are increasingly concerned about cyberattacks, and cybersecurity consultants are on the front lines to help protect their digital assets. Consultants are responsible in installing virus protection, protecting networks, and creating a response plan in the event that data breaches occur. The certification of an IT consultant offers many other benefits.

FAQ

How do you start an LLC consultancy company?

You must first figure out what you want to do as a service provider. Then, make sure that you are qualified for these services. You might find someone who does the same thing you are interested in and learn from them.

Once you know what you want to provide, then you should try to figure out where your target market is. If they aren't available, you may need them to be created.

You will then need to decide if it is worth starting your own business, or hiring others to do it.

The state may also permit you to open your own consulting company. However, it requires some paperwork and fees.

How much do consultants earn?

Some consultants earn more than $100k per year, but most consultants earn between $25 and $50k. An average consultant salary is $39,000 This applies to both hourly and salaried consultants.

Salary depends on the experience of the consultant, their location, industry, type and length of the contract (contractor or employee), as well as whether they have their own office or work remotely.

What was the origin of modern consultancy?

The first consultants were accountants that helped companies manage finances. Because they were skilled in managing financial information, they became "accounting consulting". But, their role soon expanded to other areas such as human resource management.

The French word for advice, "consultant", was originally used to describe someone who could advise on the management of an organization. Today, business owners still use the term consultant to refer to any type of professional advisor.

What qualifications do you need to be a consultant?

Not only is it important to have an MBA but you should also have business consulting experience. You should have at least two years of experience in consulting and/or training for a major company.

Your experience in strategy development projects requires that you work closely with senior managers. You will need to feel comfortable communicating ideas to clients and getting their support.

Additionally, you will need to pass a professional qualification such as the Chartered Management Institute Certified Management Consultant (CMC).

Statistics

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)
WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
On average, your program increases the sales team's performance by 33%. (consultingsuccess.com)