Management, scientific, marketing & technical consultant earnings

Management, Scientific, and Technical Consultant Earnings

Management,scientific, and technical consulting services is one of the highest paying industries. Nonsupervisory wage and salary workers in the industry averaged $826 a week in 2004, compared with $529 for workers throughout private industry. Medial hourly earnings in the largest occupations in management, scientific, and technical consulting appear in table 3.

Table 3. Median hourly earnings of the largest occupations in management, scientific, and technical consulting services, May 2004

Occupation	Management, scientific, and technical consulting services	All industries
General and operations managers	$55.95	$37.22
Management analysts	34.85	30.51
Accountants and auditors	25.82	24.41
Employment, recruitment, and placement specialists	25.39	19.80
Business operations specialists, all other	25.31	25.70
Executive secretaries and administrative assistants	17.69	16.81
Bookkeeping, accounting, and auditing clerks	14.98	13.74
Customer service representatives	13.57	12.99
Secretaries, except legal, medical, and executive	13.05	12.55
Office clerks, general	11.14	10.95

The data in the table do not reflect earnings for self-employed workers, who often are paid very well. Also, both managerial workers and high-level professionals can make considerably more than the industry average. According to the Association of Management Consulting Firms, the 2004 average total compensation (salary plus bonus or profit sharing) for research associates was $52,482; for entry-level consultants, $65,066; for management consultants, $89,116; for senior consultants, $123,305; for junior partners, $191,664; and for senior partners, $319,339.

According to a 2004 survey conducted by Abbot, Langer, and Associates, the median annual total cash compensation for junior consultants was $40,000; for consultants, $61,000; for senior consultants, $80,250; for principal consultants, $107,000; and for senior or executive vice presidents, $235,135.

Besides earning a straight salary, many workers receive additional compensation, such as profit sharing, stock ownership, or performance-based bonuses. In some firms, bonuses can constitute one-third, or more, of annual pay.

Only about 2 percent of workers in management, scientific, and technical consulting services belong to unions or are covered by union contracts, compared with 14 percent of workers in all industries combined.

Source:

Bureau of Labor Statistics, U.S. Department of Labor, Career Guide to Industries, 2006-07 Edition, Management, Scientific, and Technical Consulting Services on the Internet at http://www.bls.gov/oco/cg/cgs037.htm (visited November 16, 2006).