Because of the high wages that come with this occupation, competition for finance consultant position tends to be fierce. A financial analyst can have a bachelor's or master's degree as well as licenses and certifications, and is hired by a variety of businesses and organizations to consult on making investments and other financial decisions. The salary earned by a financial consultant depends on the type of employer he works for as well as location.
Average Salary
The average annual salary in the United States for financial consultants was $85,240 as of May, 2009, according to the Bureau of Labor Statistics. The lowest ten percent of those with this occupation earned an average salary of $44,080, while those in the highest ten percent earned an average of $139,350.
Industry
The finance industry has the highest level of employment of financial consultants, offering a mean annual wage of $111,490, followed by management of companies and enterprises at $79,420. After financial investment activities, the industry of securities and commodity exchanges is the highest, paying at an annual mean wage of $105,820. Financial consultants working for insurance carriers earn an average salary of $74,980, while those in depository credit intermediation earn an average of $76,120.
Location
The demand for finance consultants varies depending on the area, as does cost of living, both of which play a role in salaries. The San Francisco-San Mateo-Redwood City, California, area is the top-paying area in the United States for finance consultants at $119,630, although California itself is only the second-highest paying state for this occupation at $96,960. New York is the top-paying state overall with an annual mean wage of $107,650.
Outlook
The Bureau of Labor Statistics reports that the "overall employment of financial analysts is expected to increase by 20 percent during the 2008--18 decade, which is much faster than the average for all occupations." Financial analysts and consultants tend to advance in their field, and subsequently earn a higher salary, by moving into a position were they are responsible for bigger or more valuable products or where they supervise a team of financial consultants.
