Want to know what kind of salary a life coach makes?
I wrote about international coaching salaries in the 2012 Trends in Business and Life Coaching post, based on the new ICF coach survey, which sheds light on the parts of the world where coaches earn the most. But a Sherpa Executive Coaching Survey of international coach salaries just came out, so here's some new info, broken down by type of coach.
It's important to note that executive, life and business coaching incomes vary wildly, (anywhere from free to thousands of dollars per hour) so these averages may not represent what most coaches actually make. However they do offer some clues.
Average coaching salaries according to Sherpa:
- Executive Coaches make $325 per hour
- Business Coaches make $235 per hour
- Life Coaches make $160 per hour
What's the difference between a life coach, a business coach and an executive coach? Sherpa's definition of an executive coach is someone who coaches executives on behavioral issues, which basically means an executive coach is a life coach for executives.
I take issue with Sherpa's definition that business and life coaches are consultants and advisors. Real coaches are neither consultants, nor advisers. Real coaches help their clients think and act more resourcefully, resulting in personal growth and achievement and for that reason, coaches usually make a lot more money than consultants or advisers.
In my experience, new business and life coaches can charge $100 - 200 per hour and veteran coaches with established results can often charge $250 - 600 per hour. What makes the difference is the skill of the coach and who they coach.
It's pretty extraordinary that someone who coaches by phone in their jammies from their home office could charge more than a Park Avenue lawyer, but it happens - if their clients get incredible results and can afford to pay for them.
Here's how: most successful coaches only have a few clients. According to Sherpa, coaches average between 6 and 6.5 clients per week. When you only coach a few clients, you can be at your best virtually all of the time, which makes it possible to give incredible service and results. That's when you can charge a lot.
So average annual incomes, according to Sherpa, range from $55K to $116K. That's pretty close to past ICF survey averages for a life coach (or business or executive coach) salary.
Learn more about life coach salary rates and how to set your own coaching fees: