IT Consulting: How Much Does It Cost to Hire an IT Consultant in the UK? [Updated] (2024)

FAQs

IT Consulting: How Much Does It Cost to Hire an IT Consultant in the UK? [Updated]? ›

While IT consultants in the United Kingdom charge $100 per hour, Ukranian specialists charge less for the same service. For instance, Cleveroad is also a medium-size software development company, but you will pay from $25 to $50.

Based on the data from one of the leading freelance marketplaces, Upwork.com, the UK's independent IT consultant hourly rates range from £35 to £180 per hour. The average rate is, however, on the lower side — around £57 per hour.

According to ZipRecruiter.com, tech consultants in the US make an average of $36 per hour and more than $68.51 at the high end. The median hourly rate for IT consultants as reported by salary.com is $54, with $40 at the low end of their scale, and $68 at the high end.

Some related job titles are Information Technology Salaries with median pay of £57,492, IT Project Manager Salaries with median pay of £68,603, IT Specialist Salaries with median pay of £51,455, SAP Salaries with median pay of £47,336.

A fully managed IT service plan typically costs between $125 and $250 per user or computer per month. This range can be influenced by a number of factors. For example, if you have a formally trained IT person on staff already, the cost would typically fall more toward the $100 end of the scale.

The average hourly wage for a Business Consultant in the United States is $37 as of , but the salary range typically falls between $31 and $46. Hourly rate can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.

Highest salary that a Technology Consultant can earn in IT Services & Consulting companies is ₹25.5 Lakhs per year (₹2.1L per month).

Some IT consultants charge from $85-$125 per hour and up for their expert advice. Generally, IT consulting rates vary depending on the country, company size, industry specialization, experience, and other factors.

How much do consultants make UK private? ›

Base salary: This depends on the number of years of experience. A new consultant is paid £74,504; A consultant with 9 years experience receives £89,370 pa; A consultant with 19 plus years experience receives £ 100,446 pa.

Determine your hourly rate based on your experience and industry standards. If you're just starting a consulting business, the best way to determine your rate is to divide your former salary by 52 work weeks and then divide that number by 40 (the number of work hours in a week).

To calculate your hourly consulting rate from your working week salary follow these steps: Determine what salary you'd like to make. Take that number and divide it by 52 (number of working weeks), then again by 40 (number of hours each week). Take that number and mark it up by 25% to 50%.

The UK Consultant salary at MBB firms ranges from £90,000-£97,000. Bain's consultant salary in the UK is the highest out of the three at £97,000. McKinsey and BCG pay £90,000 and £93,000 respectively.

The national average salary for a IT-Professional is £41,411 in United Kingdom. Filter by location to see IT-Professional salaries in your area. Salary estimates are based on 2,267 salaries submitted anonymously to Glassdoor by IT-Professional employees. How accurate does £41,411 look to you?

These projects take large teams and complex designs and coding that take several months or even years to create. They tend to range between $250k to over a million dollars, quite a sum of cash to follow through on.

The General Cost of Hiring

The average cost per hire in the United States is around $4,000. Besides the actual hiring process, you have to calculate the recruiting, onboarding, and training costs.

The cost of IT or of poor IT is $6,876 per employee per year. So for a small company of say 10, this cost will be $68,760 per year. How we arrived at this figure is described in the following sections. Follow along to understand the steps for calculating and to customize the variables to suit your business.

How much does an IT Consultant make? As of Apr 26, 2023, the average hourly pay for an IT Consultant in the United States is $35.50 an hour.

What is McKinsey hourly rate? ›

The estimated total pay for a Business Analyst at McKinsey & Company is $57 per hour.

Hourly pay at Accenture ranges from an average of $19.02 to $50.64 an hour. Accenture employees with the job title Senior Business Analyst make the most with an average hourly rate of $38.54, while employees with the title Business Operations Analyst make the least with an average hourly rate of $23.27.

Business consultants are also very good at identifying new opportunities for your business. For example, they can help you to find new clients or optimize your marketing strategy. Last but not least, business consultants can be very helpful when it comes to leading the team effectively.

$32,500 is the 25th percentile. Salaries below this are outliers. $69,500 is the 75th percentile.

While ZipRecruiter is seeing annual salaries as high as $142,000 and as low as $21,000, the majority of IT Consultant salaries currently range between $53,500 (25th percentile) to $86,500 (75th percentile) with top earners (90th percentile) making $121,500 annually across the United States.

While they earned the least in 2022, Bain MBA consultants now have the highest overall compensation with salaries and bonuses amounting to $285,000, a 16% increase on last year.

The number of hours you billed for divided by number of hours out of the week (generally 40). Most consultancies will expect you to bill 70-95% of your 40 hours per week, depending upon the industry and your level of seniority.

The Information Technology Consultant works with user groups to solve business problems with available technology including hardware, software, databases, and peripherals; services may include studying and analyzing systems needs; input into systems development; systems process analysis, design, and re-engineering; ...

How much does McKinsey charge per day? ›

Revealed: McKinsey partners charge $16,000 a day (before discounts)

On average, a standard number of hours a consultant can expect to work in a week is between 70 and 75, including lunch and travel time. Weekends aren't included in a consultant's working week.

McKinsey Associate Management Consultant Salary in Greater London Area | $122K-$144K+ | Levels.

An hourly rate: In this time-based arrangement, you bill by the number of hours worked. A project-based rate: Before the project begins, you and your client agree on a fixed rate based on the project. A combination fee: You and your client set a fixed rate based on the project as well as time spent on the project.

Many then use the “rule of thirds” when pricing consulting fees -- tripling this hourly rate with the logic that one-third is devoted to real wages, one-third goes to expenses and the final third covers administrative costs.

All of these items used for your business are deductible. Legal and professional services: You can deduct fees that you pay to attorneys, accountants, consultants, and other professionals if the fees are paid for work related to your consulting business.

Consultants don't get paid for time spent bookkeeping, networking, marketing, and a variety of other non-billable activities that need handling when you run a business. Consulting fees must take this downtime into account. Everything from professional memberships to paperclips – a self-employed consultant buys it all.

A finder's fee need not be excessive – the most common structure is between 5-15% of the deal value (agreed upon by both parties ahead of time). This means that if the referral turns into something big, the 'finder' will have a lot more to celebrate.

While income for international development consultants varies significantly based on factors like years of experience and assignment, websites like ZipRecruiter show a yearly average of US$72,676 a year. Independent consultants with 5-10 years of experience may charge US$350-$650 per day.

How much is a Deloitte Consultant paid in London? ›

As you'll probably already know, your twenties aren't generally the bit of your life when you're raking it in. The median salary for men between 22 and 29 was £26,856 in 2021, and for women £25,115. Earning power tends to peak in middle age, with the median weekly income hitting £704 between 40 and 47.

The pay ranges for qualified accountants in all four firms are quite wide. PwC is the highest with £40,000 to £55,000 if you stay on after passing your exams – but there's a lot of overlap. You could be offered £45,000 at any one of the four. Check out our guide to salaries in accountancy.

In recent years, the demand for IT engineers in the UK has grown faster than any other profession, as reported by a global job site Indeed. Additionally, CNBC has listed various rapidly growing job profiles with their average salaries and demand increase.

Let me start off by saying yes, a £55k salary in the UK is a good wage. This is based on statistics that show the average UK salary in 2022 was around £33k. Even when you look at the highest median income in London of £41,866 per year, you can see that £55k is well above this.

The average salary for IT Specialist is £47,664 per year in the London, United Kingdom. The average additional cash compensation for a IT Specialist in the London, United Kingdom is £3,627, with a range from £809 - £16,262.

Whether you are currently living abroad and considering relocating to London, or you are from one of the UK's smaller cities, London will undoubtedly have the ideal role for you. Some of the UK's highest paying jobs are in London.

Anyone earning £80,000 or more is in the top 5% of earners in the UK.

If you're just starting a consulting business, the best way to determine your rate is to divide your former salary by 52 work weeks and then divide that number by 40 (the number of work hours in a week). This will give you the hourly rate you were making before.

What does an it consultant do? ›

The Information Technology Consultant works with user groups to solve business problems with available technology including hardware, software, databases, and peripherals; services may include studying and analyzing systems needs; input into systems development; systems process analysis, design, and re-engineering; ...

When you use consultants provided by a company, there is overhead added to the rate. This overhead rate can be anywhere from 30% to 100%. In the tables below, we've provided figures for an overhead rate of 40% and 60% to give a fairly typical range. Another factor that must be considered is benefits.

The daily rate for a McKinsey associate partner working as engagement director ranges from $10,000 to more than $13,000, ahead of a McKinsey engagement manager's daily rate of $9000 to $10,000 and the firm's consultants (associate/business analyst) rate of between $660 to about $5500.

The average annual revenue per consultant of professional services organizations worldwide increased overall between 2013 and 2021. During the 2021 survey, respondents reported an average revenue per consultant of 206,000 U.S. dollars.

The hourly rate depends on the instance type used. Hourly prices range from $0.011/hour to $0.27/hour and are charged in addition to the EC2 costs.

An advisor typically works with the clients on a long-term basis, providing advice for ongoing business challenges. A consultant, on the other hand, solves narrow, well-defined problems on a project basis.

Communication Skills

A successful IT consultant has good communication skills and knows how to explain tougher technical speak for clients who may not speak tech lingo. Communication is also essential to solving conflicts in a constructive manner.

A day rate is usually based on an eight-hour workday. A worker who is paid a day rate is entitled by law to time-and-a-half for work beyond a 40-hour week.

How does day rate work UK? ›

As a day rate contractor you will only get paid for the days you work, so no standard benefits such as holiday or sick pay apply; nor many of the additional cash benefits enjoyed by permanent employees such as pension contributions, car allowance, and other cash or in-kind benefits.