What are your consulting fees? A calculator for academics
A few weeks ago I participated in an event and I was asked by the organizers to estimate the “value of my participation” – specifically the time spent preparing and delivering the presentation – so they could report this to the granting agency and use it in future grant proposals. I had the same reaction I am sure many others in academia would have had when faced with this request:
¯\_(ツ)_/¯
Fortunately, they provided a calculator that seemed reasonable, so I am posting it here.
Average US Hourly Professional Consulting Fees (Consultant Journal, 2006)
- For services provided by an entry-level professional: salary and benefits / 1920 hours * 2
- For services provided by an mid- and senior-level professional: salary and benefits / 1920 hours * 3
Examples
- entry-level professional (salary+benefits estimated at $75,000): $80 per hour
- mid-level professional (salary+benefits estimated at $125,000): $195 per hour
- senior-level professional (salary+benefits estimated at $175,000): $275 per hour
There are other generic calculators out there, this one from ConsultingSuccess.com is a little more complicated, and this article from Forbes.com lays out the reasoning behind what you should charge, including geography and field (it also has a calculator). Havign said that, the value above seems about right. What do you think? Any other suggested resources on calculating consulting fees?
PS A question: do you bill for travel time to- and from the site?
