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?

Work

 

So what do you think?

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