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Hourly rates in management consulting can vary widely depending on experience, area of expertise, industry, location, company size and type of consulting services. Management consulting encompasses a wide range of services, from strategy consulting to process optimization to organizational development. Here are rough benchmarks for hourly rates in management consulting in different regions:
Europe:
Entry or junior consultants: 80 € - 150 € per hour
Experienced consultants: 150 € - 250 € per hour
Senior consultants or subject matter experts: €250 and more per hour
USA:
Emerging or junior consultants: $100 - $200 per hour
Experienced consultants: $200 - $350 per hour
Senior consultants or subject matter experts: $350 and up per hour
These estimates are general and may vary depending on the specific area of expertise (e.g., management, finance, IT), the reputation of the consulting firm, the type of service, and the complexity of the project.
Since management consulting is diverse, it is important to research current market data and rates in your region and industry. Setting hourly rates should be based on a thorough analysis of market trends, your own experience and expertise, and the value you can add to clients. Also consider the competition and the target customers' willingness to pay.