As you consider a career in life coaching, the fundamental question on your mind will be “How much can I make as a coach” and the next possible question will be “what can affect my life coach salary?”. These are questions I asked myself when I was pondering on entering the life coaching field, and I began to search for the answers.
The Coaching Industry
Coaching is a billion-dollar industry, and the 2016 ICF Global Coaching Study showed that the estimated global total revenue from coaching in 2015 was USD 2.356 billion, representing a 19% increase over the 2011 estimate and it is expected to grow substantially over the next few years.
Life Coach Salary Statistics
In 2016, the International Coach Federation (ICF) conducted a study and found that the average annual income for coaches in North America alone was $61,900. The average salary for life coach professionals in the Middle East, Asia and Africa are in the mid $30,000. In Western Europe, the average salary is $55,300. According to PayScale.com, the average median self-employed life coach salary is $46,678. The lowest $ $27,019 and the highest $210,933.
Factors That Affect The Life Coach Salary
However, there are many factors or determinants that can affect the salary of a life coach. Let us look at four of the most significant factors:
1. Education or Training: The 2016 ICF study indicated that the majority of people and organizations who work with coaches expected them to have completed some certificate or credentialing program. And so although there are no formal requirements for becoming a life coach, there is the strong possibility training and certification may make you stand out to future clients. There are currently dozens of life coach training and certification programs out there today, and so when you go researching these institutions, it will be a wise idea to go through credentialing organizations such as the International Coach Federation to seek out quality training programs.
2. Experience: Coaches charge different fees partly as a result of their level of experience in the business. For example, new coaches ideally charge their clients at a reduced hourly cost, and it is somewhere between $80-$200 per hour. A lot of times coaches just starting in the field do not charge their clients any fees within the first year to establish their clientele and gain experience while even still in training. On the other hand, you have life coaches with years of experience (veterans), often charge between $250-$600 per session.
3. Niche or Speciality: The fees you can charge as a life coach often depends on the coaching specialty you choose. Some coaches prefer to be general coaching practitioners, but for those who would like to narrow their coaching practice down to one or two areas, you are bound to make some extra money doing so depending on the niche’s demand. Here are some statistics from a 2018 survey report by Sherpa Executive Coaching:
Annual Coach Salary by Niche
Executive Coach Salary: $104,700 up from the $90 – 95K range the last three years
Business Coach Salary: $61,000, up 10% from three years ago.
Life Coach Salary: $37,000, down sharply over each of the last two years.
Average Hourly Earnings by Niche
Executive Coaches:$386 USD per hour, up from the $350-$360 range the last three years.
Business Coaches: $279 per hour up from $235-$245 in the last three years.
Life Coaches: $190 per hour, unchanged for the previous three years.
Average Number of Clients in 2013 (meetings per week) by Niche
Executive Coaches: 6.45
Business Coaches: 6.20
Life Coaches: 7.70
4. Geographical Location: Where your coaching practice registered will affect the fees you can charge as a life coach. For example in Albuquerque, New Mexico, where I reside, the average hourly rate for a 60-minute session with a life coach is $60 according to Thumbtack.com compare to $160.12 in Los Angeles. This significant fee differential has to do primarily with the cost of living. Coaches in cities and regions with a higher cost of living like Los Angeles, California, may charge higher rates than those in smaller towns with a lower cost of living.
Life Coaching is one of the fastest-growing and most rewarding career paths today. And so if you’re considering becoming a Life Coach and you have been reflecting on what a typical life coach salary looks like, this article will give you an idea of how much you can earn so you can decide if this career path is right for you.
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Writer, Coaches Training Blog community