Management consulting has never paid so well. Government spending on management consultants hit £1.9 billion last year, up 46% on 2003, but the figure makes more sense when you see how much consultancies charge.
A quarter now bill clients for £1,100-£1,400 a day, with the average fee up 25% on 2001. Some charge up to £3,600, and those in London can command twice the fee of consultants elsewhere. More than half Britain's consultancy directors earn at least £100,000 a year, plus benefits. Highest salaries are paid by financial consultancies, where directors earn an average of £115,000 a year, senior consultants £68,000 and new entrants £36,000 - plus benefits. In larger firms, the top quarter earn more than £145,000, with, at this level, an average annual bonus of about 30%. Is there a fortune to be made from offering consultancy to the consultants?