Last time we looked at the growth in coaches by number and this post will extend that discussion looking at what the International Coaching Federation Global Coaching Study (in partnership with PWC) has to say about coaching revenue.
It is clear that much of the detail will appear in the Final Report, due out in the next few weeks, and this is relevant because there has been some good standardising of currencies into USD the final figures used in the Executive Study do not explore the concept of Purchasing Power Parity i.e. $100 in New York is likely to have less purchasing power than $100 in …. well, pretty much anywhere else ! You get the idea though?
Let’s move to Oceania !
The report clearly states that both the average and the median revenue for coaching are highest in Oceania, a label describing, “largely Australia and New Zealand”. The average annual revenue here is $66,200 with the median at $36,700. This is quite a bit higher (the researcher in me won’t allow myself to use the word ‘significant’) than in North America ($50,400 average and $29,100 median) and Western Europe ($52,100 and $27,700 respectively) (p.7).
Why might this be?
I’ve got no proof but I could make a couple of guesses based on logic rather than fact:
1. Those in the US and Western Europe mix in a number of other services with their coaching e.g. consulting and management training more than coaches do in Oceania. Your experience would suggest, what?
2. There is a relatively higher proportion of business oriented coaching in Oceania than in the other areas. This kind of coaching typically pays more than, for example, life coaching an individual. or, perhaps a greater amount of the pro bono work (54% of coaches do this) is done by US/W European coaches. I know you will have personal experiences that counter this but I’m thinking about these results at a macro level.
What might these things suggest for us as coaches?
Coaching revenue and the number of coaches are on the increase. There is a growing market now worth $1.98 bn USD (p.8), which seems to provide either a decent living on its own, or a good part of a decent living, when mixed with other areas such as training or consulting.
Can you be wealthy and focus only on a single type of coaching activity? Almost certainly. But the figures may hint that this is the exception rather than the rule. That’s not to stop you going for it, but perhaps you may want to move to Melbourne first !
It would be great to hear your experiences of coaching across the world. Add a comment and let’s get some professional dialogue going.
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