- #HOURLY LABOR RATE IT CONSULTION HOW TO#
- #HOURLY LABOR RATE IT CONSULTION FULL#
- #HOURLY LABOR RATE IT CONSULTION PROFESSIONAL#
Like it or not, what you're really paying for with a high-end compliance consulting firm is their brand name and years of experience as value-added service providers. Wowsa! Therefore, when you're seeing heady price tags creeping towards the $1000 an hour range for billable rates, you can now understand that a good portion of that is going directly to paying for those labor costs.įor the large marquee firms though, another large component you're paying for is branding, the cost to run their large operations, and profit margin for the partners. A study by MIT estimated that the true cost of an employee (after salary, employment taxes, and benefits) is anywhere from 1.25 to 1.4 times the salary. Given what you now know about salaries being offered to compliance professionals in the space, imagine what that means for the consulting firms hiring them. Labor is always the most costly operational expenses for most businesses. When you evaluate on the basis of that opportunity cost, you're looking at a competitive hourly rate of $35/hr for junior level assistance to $175+/hr for the seasoned professionals.
#HOURLY LABOR RATE IT CONSULTION FULL#
After all, by working for a firm as a full time employee, they also have the ancillary benefits of retirement and healthcare plans in addition to the security of a steady income.
#HOURLY LABOR RATE IT CONSULTION PROFESSIONAL#
The average salary for a junior-level compliance officer is $40,000, meanwhile the average salary for a seasoned, senior compliance professional can be anywhere from $100,000-$250,000+.ĭepending on the pedigree of the compliance professional you’re looking to hire and the complexity of the project in question, you will then need to pay them an hourly rate that is not only equitable to what they can earn currently but above the rate they could earn working for another employer. Always Keep the Opportunity Cost in MindĬompliance professionals can vary from your junior level lackey, who helps with the check the box tasks without needing to interpret or understand the regulations that shape these activities to the ones you call on for their specific expertise in shaping and executing an effective compliance program.
So, how much should you pay for a compliance consultant? Explore the answer below, and learn how Complect is helping democratize access to this talent pool by connecting experienced compliance specialists with those who need them. Now, more than ever, RIAs and other financial services firms need to know what compliance consulting services are worth when cost containment is so crucial to maintaining a healthy bottom line. It’s important to know what makes for a high-quality provider of compliance consulting when fees for their services can cost up to $1,000 an hour. This can make it difficult to know what to expect to pay for a compliance consultant for your own firm.
If you don’t actually work in the compliance industry, you probably don’t have a realistic idea what compliance consulting is worth in today’s marketplace.
#HOURLY LABOR RATE IT CONSULTION HOW TO#
A guide to understanding the pricing variance in the compliance industry and how to determine fair pricing for your next compliance projectĮven though costs can vary widely, compliance consulting services do have a ‘true cost’ that you can use to guide your decision-making process: it's the opportunity cost for the consultant to be working for someone else.
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