Life coaching is a dream job for many. Who doesn’t want to be a good mentor and influence other people’s lives; and moreover, be his or her own boss?!
If you are aspiring to be a life coach yourself, you might also be wondering – how much could be a life coach salary? Do they really make a lot of bucks?
Well, the answer to that question can be several.
If you’re looking for a single figure, the average salary of a regular life coach in Western Europe is about £41,400 per year, according to a study made by the International Coach Federation.
But in practicality, there are many factors to consider before you estimate a life coach’s salary.
This article covers most of these factors to give you a crystal clear idea of how much a life coach makes. So, let’s read on!
For any job out there, the location plays perhaps the most vital role in determining its salary. Life coaching is no different. The salary of a life coach heavily depends on where he works, and where his clients are from.
If you take two different life coaches with the same capabilities and experience and place one of them in London and another in Bristol, the salaries of them will be significantly different.
According to Indeed‘s search listing, the life coach in London can expect a salary of £56,700 whereas the one in Bristol is supposed to earn about £47,200 per year. That’s some vivid contrast between the two – nearly 20% cut just for a difference of city.
So, you can already guess how the disparity will be if you zoom out and compare among the rest of the world.
If you’re looking for a single figure, the nationwide average salary for a life coach is roughly £96,700 per year in the United Kingdom.
However, we are also giving you an estimate of salaries in different regions. According to a survey of the ICF study, a sharp disparity appears in the average incomes of life coaches in different parts of the world.
Here are the estimates we have found out in the survey:
As you can see, although there are significant differences in the salaries based on regions, life coaching does pay a lot, no matter where it is! It’s a thriving profession, and you can only expect steady growth in this industry.
Like every other job out there, life coaching also requires experience. The more experienced you are as a life coach, the better salary you can expect. In the aforementioned survey by ICF, we can see that coaches with –
So, it’s visible that whatever job it is, seniority matters!
Here’s another finding regarding the experience. Not only will more experience add more value to your salary, but also it will boost your opportunities. It’s been speculated that coaches with more experience get better results at finding coaching opportunities, which adds more to the profit.
Like almost every kind of job, life coaching has different specializations too. Although there are many coaches out there who offer their services to anyone who’s needing help with their professional hurdle or life transition, most coaches these days rather prefer to specialize in one of the many domains and offer their services on that.
Below are some popular specializations of the wide arena of life coaching –
Well, there’s no precise salary range for each of these specializations. But you can say that few specializations are supposed to earn you more bucks than others. For instance, a survey from 2018 by Sherpa Coaching concluded that an Executive Coach earns an average of £289 per hour, whereas a Life Coach earns about £142 per hour.
That’s almost twice the amount for someone who’s doing executive coaching compared to someone specializing in life coaching.
Another 2020 Executive Coaching Survey from Sherpa Coaching reveals that figures have risen since then. Nowadays, executive coaches can expect to make about £350 per hour! Now that’s some income!
The reason for executive coaches receiving higher salaries is quite realistic. An executive working at a million-dollar company is likely to spend more money on his career problems than someone going through a bad marriage or struggling with his or her teenage child. Moreover, most of the companies bear the expense for the coachings of their executives, which makes it easier for salaries of the executive coaches to be raised.
One of the best perks of being a self-employed life coach is that you can make your own decisions. That enables you to further your boundary of work from just the official service. Life coaches these days not only earn through direct coaching services but also from other sources of income. Let’s take a look at a few of these ways.
Can you be a life coach too?
The coaching industry is booming, with more and more people requiring solutions for their life problems and seeking out expert help every day. More than ever now is the time to become a life coach. But can you become one?
The answer is, definitely!
If you have the mindset to help others to become a better version of themselves, life coaching would be the best job for you. All you need to do is unlock the potentials you have within.
The best way would be to attend a life coaching training and prepare yourself with the right sets of skills and expertise. Undoubtedly it will take time, but the results will be worth striving for.