You have been debating on a career in life coaching and curious what the pay is like; how about we take a look at the life coach pay scale salary report? It is understandable to be concerned about financial stability when you are thinking about a new profession.
My primary reason for becoming a life coach is to help people fulfill their dreams. However, at the same time, earning a substantial income that will enable me to live comfortably was equally important. And so I hope that sharing this information will enable you to make the right decision for your life and career.
Who is a Life Coach?
A life coach is someone who works with clients to assist them in achieving their desired goals. The life coach asks powerful questions that will help individuals identify and overcome issues on their own (i.e., giving the power to the individual); thereby fulfilling their desired goals. A life coach acts as a strategist and accountability partner. Unlike a therapist, a life coach doesn’t help solve problems from people’s past. They’re focused on helping clients move forward with new ways of acting and thinking that will help them achieve their goals (future-focused approach).
Life Coach Pay Scale Salary Report: United States
You may be wondering how much life coaches actually make. Well, in the last few years, we have seen an increase in the life coach’s salary. 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. As of August 2019, according to PayScale, the average hourly pay for a Life Coach in the United States is $33.82 while the annual pay is $66,608 a year.
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Factors That The Salary of a Life Coach
It is important to note that most life coaches do not actually make anywhere close to that amount in the first five years. Why? Because it does take time to build your coaching practice, and also there are other factors involved. Let’s take a look at a few of them:
Your geographical location affects your salary. Geographic location may affect life coaching rates. Coaches in cities and regions with a higher cost of living may charge more exorbitant rates than those in smaller towns and areas with a lower cost of living.
Life coaches do charge different fees partly as a result of their level of expertise in the field. Self-employed life coaches generally set their clients at a reduced hourly rate. Sometimes these coaches do not charge any fees within the first year to establish their client base and gain experience while in training. There are also life coaches with years of experience (veterans), who often charge between $250-$600 per session.
3. Education & Training
The 2016 ICF study indicated most people, and organizations who work with coaches expected them to have completed some training or credentialing program. And so although there are no formal requirements for becoming a life coach, training and certification can make you stand out to prospective clients.
The fees you can charge as a life coach sometimes depends on the coaching specialty you choose. For example, the average salary in 2019 for a Business Coach is $70,400 while the pay scale for a financial coach is. The average salary for a Financial Coach is $43,745.
The Life Coach Pay scale salary report provides beneficial, updated information on salaries and compensation. If you find yourself ever wondering what the most recent life coach salary, I would highly recommend utilizing the PayScale website.
Writer, Coaches Training Blog community