High-Earning Independents –those making more than $100,000 per year – have grown 45% over the past five years. There are now 2.9 million Full-Time Independents – 16% of the total population, up from just 2 million in 2011.
In this year’s State of Independence study, high earners reported mean revenues of $192,000, up 4% from 2014.
Portrait of a High Earner
As in the traditional workforce, high earners are more likely to be men. While men and women are equally represented among the Full-Time Independents overall, 35% of the six-figure earners are women and 65% are men.
High-earners are also more likely to have more experience. Only 1 out of 10 full-time Independents working as an independent for less than 2 years makes more than $100,000. Yet for those with more than 25 years of experience, 1 in 4 ranks in the over $100,000 category.
Why Are There More High Earners?
There are several reasons why high earners are growing at such an impressive rate, including:
What Does It Take to Be a High Earner?
High earners don’t necessarily need exorbitant bill rates – just $50 per hour equates to $100,000 in total revenue in a typical “full-time” position. To learn more about how to estimate your earnings, visit our bill rate calculator online.
For more information on high-earners and the independent population, visit the State of Independence online.
We sat down with the MBO Partners Customer Experience team—the team responsible for making sure that Associates have a positive and cohesive MBO experience from first touch to last – and asked them for some advice. They shared with us a wealth of information, namely, 10 key takeaways that apply their learnings to the world of the independent consultant.
News and notes for independent workers and their clients. This is the September 26, 2016 edition.