How Much Does It Cost To Hire A Career Coach?

If you’re considering making a change in your career, or you simply want to take your professional development into your own hands, you might have come across the idea of hiring a career coach. I’m glad you’re here!

But quickly, you might start wondering how much this will cost?!

It’s hard to get information about what to expect when hiring a career coach. Most coaches don’t advertise their rates publicly because 1) they don’t want to scare you off before you reach out; 2) because they sometimes change their rates case by case; and 3) because they don’t know what other coaches charge and they’re concerned they’re too high or too low too!

Coaching is a new industry and is still professionalizing.While we have accreditation bodies now such as the ICF and EMCC, coaching is still developing its evidence base in academic literature, it’s professional standards of process and deliverables, and benchmarks of ‘what good looks like ’for coach training. The availability of coaches differs drastically country by country, and this ‘lumpy supply’ also impacts charge rates. In mature markets where coaches have more competition and are generally highly trained, the rates tend to be high but the range is narrow, whereas in developing markets where there are fewer coaches but sometimes with less experience and qualifications, and where the currency is weaker, the average rate tends to be higher, but with a much wider range.

I know… this doesn’t help you to understand when you’re working out how much to pay a career coach!? It’s just context.

The bottom line is: coaching is expensive AND incredibly valuable. Think about it like this:

·      What are you willing to pay monthly for physical fitness? A gym membership, a personal trainer, perhaps some equipment? Maybe an online coach if you have an event coming up. Let’s call it$80-250 USD per month. This is a good investment – it’s expensive and immeasurable for your long term health.

·      What is your biggest lifetime opportunity for wealth creation? It’s not the stock market, your investment property, or your drop ship side hustle. For most people, your career is your main vehicle for income. What are you doing to protect it? You might think ‘I did my Masters degree’ or ‘I have income protection insurance’ but these aren’t necessarily proximal to your career success.

My argument here is: take what you spend on your health, and spend the same on your career development. You’ll find the funds if you see this logic. If you manage your career effectively and optimize your personal success at work, you have far more earning potential than through most other investment opportunities, and you’ll be more satisfied to boot.

If you’re convinced you want to move ahead with career coaching, then the pricing is usually relative to career stage, and it’s vastly different country by country. Here I’m going to put some numbers out there, and prove why coaches never do it! As soon as I write this, someone will have evidence to the contrary… but here we go. When you’re paying directly yourself, most MBA’s globally expect to pay $120-150 USD per hour for career coaching, while executives in VP roles can expect to pay $450-550 USD per hour on average. In both cases, you’ll typically want 5-10 sessions to work a comprehensive career plan, that aligns to your values and unique skillset. In some cases, you can find career coaches who work for much less (I’ve seen down as low as $80/USD per hour) and while I haven’t worked with these coaches myself, I think you need to expect a more templated approach, which can be really valuable for early careers, but less so as you develop and become a more complex human with a more complex career.

You can always do more research by reading the ICF and PWC 2020 report here.