Survey says...working solo may net higher earnings for consultants. According to online salary-tracker Payscale.com, the median salary for self-employed management consultants is just over $111,000 annually. That's nearly 10 percent higher than those working for a private firm.
The median hourly rate of independent consultants is $72.45. That pay scale edges out Federal consultants who are bringing in $69.73 per hour; and it's nearly double that of private practice/firm consultants earning $40.23 per hour. When it comes to geographic locations, consultants in New York, San Francisco and Boston are pulling in the highest amounts. All are charging more than $100 per hour. Are your consulting fees competitive? Who you work for, along with where you live, are among the many factors influencing your hourly rate and what clients are willing to pay.