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SETTING AND MAXIMIZING PRICE ON YOUR CONSULTING SERVICES. PANELISTS:. DAN KAMDAR ILENE BUTKA LARRY NAGEL JIM BOYD. MY BACKGROUND

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SETTING AND MAXIMIZING PRICE ON YOUR

CONSULTING SERVICES

PANELISTS:

DAN KAMDAR

ILENE BUTKA

LARRY NAGEL

JIM BOYD


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MY BACKGROUND

Dan Kamdar is a president of Affordable Engineering Services. The company is a multi-discipline firm that specializes in Test Engineering, Reliability, Logistics and Quality for Aerospace and Defense applications.

Dan has MSEE and MBA degrees and worked as a Senior Engineering Manager at Boeing for 25 Years.


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Engineering experience

Minimum

Maximum

Median

1 to 10 years

$20/hr

$175/hr

$90/hr

11 to 20 years

$40/hr

$320/hr

$100/hr

21 to 30 years

$25/hr

$2000/hr

$110/hr

31 to 40 years

$31/hr

$1000/hr

$120/hr

Over 40 years

$45/hr

$468/hr

$105/hr

ANALYSIS OF FEE FOR ALL CONSULTANTS

The table shows the equivalent hourly fees charged byall consultants.


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Engineering experience

Minimum

Maximum

Median

1 to 10 years

$3,700

$1,500,000

$89,000

11 to 20 years

$1,500

$1,050,000

$100,000

21 to 30 years

$1,000

$1,200,000

$100,000

31 to 40 years

$7,348

$1,000,000

$100,000

Over 40 years

$2,009

$415,500

$75,000

The following table shows the annual earnings of these consultants.


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WHAT PRICE SHOULD YOU CHARGE?

DATA SOURCES:

  • ALLIANCE OF IEEE CONSULTANTS NETWORK – JANUARY 2003

  • SURVEY

  • (2) PROFESSIONAL AND TECHNICAL CONSULTANTS ASSOCIATION (PATCA) – 1999 SURVEY


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SUMMARY:

  • TYPICAL CONSULTANT HAS A BS (27%), MS (51%) OR A PHD (20%)

  • DEGREE.

  • (2) HOURLY RATE RANGE FROM $35 TO $250 AN HOUR. AVERAGE RATE IS $98 AN HOUR. CONTRACT ENGINEERS (JOB SHOP) EARN BETWEEN $50 AND $60.

  • (3) 80% BILL AS TIME & MATERIAL; 20 % AS A FIRM FIXED PRICE CONTRACT.

  • (4) 71% WORK FULL TIME AS A CONSULTANT. BALANCE WORK PART TIME AS A CONSULTANT.

  • (5) 89% OF THE CONSULTANTS HAVE OFFICE IN THE HOME.

  • (6) 42% CARRY GENERAL LIABILITY INSURANCE. 8% CARRY PROFESSIONAL LIABILITY.