Eric SimmsSenior Program ManagerBaltimore, Maryland, United States
I'm interpreting 'short term' as a maximum of three months. That amount will vary depending on type of project and location. $70/hr W2 would be a decent short-term rate in the Washington, DC metro area. Saving Changes...
this varies widely by geographic region, industry and specifics of a project. For example, I'm sure a PM with a lot of experience in machine learning projects could command a hefty premium on standard rates in most North American urban centres...
In the Toronto area, Senior IT PMs usually tend to hover around the $100/hr (Canadian) mark so just slightly over Eric's response...
Kiron Saving Changes...
Bill MorganProject Manager| Epic Management L.P. Redlands, CAMoreno Valley, Ca, United States
Do you think the rates offered will cover your expenses?
- State and local taxes on business income.
- Business property and inventory taxes.
- Fees for business licenses.
- Health insurance.
- Dental insurance.
- Life insurance.
- Disability insurance.
- Professional/business liability insurance.
- Retirement savings.
- Vacations.
- Holidays.
- Sick days.
- Personal days.
- Medical/parental leave.
- Computer hardware and software.
- Office equipment and furniture.
- Business stationery and marketing materials.
- Web site programming and design.
- Marketing and advertising.
- Car and other business travel.
- Business entertainment.
- Telecommunications services.
- Accounting, legal and other professional services.
- Professional books, subscriptions, memberships.
...
2 replies by Eric Simms and Kiron Bondale
Jan 18, 2018 2:34 PM
Kiron Bondale
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Bill -
Again, it really depends on the client and the specific contract.
As a rule, I'd say that most indirect expenses wouldn't be covered, especially those related to professional development, but travel expenses can occasionally be negotiated to be over and above the hourly rate.
Kirn
Jan 18, 2018 2:43 PM
Eric Simms
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I'm glad you have this list. I'd use it to create a financial spreadsheet in Excel to determine if a particular rate would cover all my needs; it would also support any requests I make for an increased rate. The PM in question is the only one who can determine the amount of net profit s/he is willing to accept.
Do you think the rates offered will cover your expenses?
- State and local taxes on business income.
- Business property and inventory taxes.
- Fees for business licenses.
- Health insurance.
- Dental insurance.
- Life insurance.
- Disability insurance.
- Professional/business liability insurance.
- Retirement savings.
- Vacations.
- Holidays.
- Sick days.
- Personal days.
- Medical/parental leave.
- Computer hardware and software.
- Office equipment and furniture.
- Business stationery and marketing materials.
- Web site programming and design.
- Marketing and advertising.
- Car and other business travel.
- Business entertainment.
- Telecommunications services.
- Accounting, legal and other professional services.
- Professional books, subscriptions, memberships.
Bill -
Again, it really depends on the client and the specific contract.
As a rule, I'd say that most indirect expenses wouldn't be covered, especially those related to professional development, but travel expenses can occasionally be negotiated to be over and above the hourly rate.
Kirn Saving Changes...
Eric SimmsSenior Program ManagerBaltimore, Maryland, United States
Jan 18, 2018 2:33 PM
Replying to Bill Morgan
...
Do you think the rates offered will cover your expenses?
- State and local taxes on business income.
- Business property and inventory taxes.
- Fees for business licenses.
- Health insurance.
- Dental insurance.
- Life insurance.
- Disability insurance.
- Professional/business liability insurance.
- Retirement savings.
- Vacations.
- Holidays.
- Sick days.
- Personal days.
- Medical/parental leave.
- Computer hardware and software.
- Office equipment and furniture.
- Business stationery and marketing materials.
- Web site programming and design.
- Marketing and advertising.
- Car and other business travel.
- Business entertainment.
- Telecommunications services.
- Accounting, legal and other professional services.
- Professional books, subscriptions, memberships.
I'm glad you have this list. I'd use it to create a financial spreadsheet in Excel to determine if a particular rate would cover all my needs; it would also support any requests I make for an increased rate. The PM in question is the only one who can determine the amount of net profit s/he is willing to accept. Saving Changes...
Bill MorganProject Manager| Epic Management L.P. Redlands, CAMoreno Valley, Ca, United States
Thank you for the response. In my estimation the project manager market rates in Southern California do not support the cost of being independent. This may be true for other areas.
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1 reply by Kiron Bondale
Jan 18, 2018 3:56 PM
Kiron Bondale
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Bill -
In Canada, in may cases it makes sense to be an independent consultant even if you are making the same gross amount as a full time employee as the difference between our personal and small business tax rates is substantial. I don't believe this is the case south of the border.
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
In Canada, we are charging around $135 CAD / Hrs for a Senior PM
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1 reply by Kiron Bondale
Jan 18, 2018 3:54 PM
Kiron Bondale
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Rami -
that sounds high unless we are talking a very specific type of project where domain knowledge is in high demand & low supply. If not, I need to give you a call :-)
Shall I say "it depends" because it does on so many things. Country, experience of the PM, critical nature of the project, desperation of the client, triple constraints, etc. Saving Changes...
Bill MorganProject Manager| Epic Management L.P. Redlands, CAMoreno Valley, Ca, United States
So today 135 CAD translates to $108 per hour. That seems more reasonable for a 6 month or less contract position. Saving Changes...
Bill MorganProject Manager| Epic Management L.P. Redlands, CAMoreno Valley, Ca, United States
If you are a project manager contractor, what is your turnaround time between contracts. So do you have 1 month without income or maybe 2 or 3 months. If you are a contractor, how many weeks or months of downtime do you plan between projects? Saving Changes...
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