Investigating the most acceptable ways to increase your wage within your profession might lead to a higher pay scale. You can increase your compensation and competence as an event planner by reviewing the average salary expectations in your field and learning how to broaden your qualifications. This post will go over how much event planners make per hour, year, and event, their employment outlook, and how to raise your income expectations.
How Much Do Event Planners Make a Year?
According to the U.S. Department of Labor’s Bureau of Labor Statistics, the average annual compensation for event planners was $55,890 in May 2022. The average hourly pay for event planners is $26.87.
Because the high wages of skilled event planners distort the mean, the median salary of $51,560 may be more representative of ordinary earnings. The top 10% of event planners earned an average of $88,360 per year, while the worst 10% earned only $29,240 per year.
For instance, according to the PayScale job portal, event planners earned an average yearly pay of $50,873 in January 2022. Self-reported pay statistics ranged from $39,667 for entry-level event planners to $62,122 for those nearing the end of their careers.
Comparisons by Region
According to the BLS, California has the most significant employment level for event planners, with 15,880 jobs. In 2020, event planners in California earned an average salary of $61,950. Furthermore, New York comes in second with 9,490 jobs and planners earning a slightly higher annual salary of $69,550.
On average, event planners in New Jersey make the most significant money at $72,760 per year, which is greater than the national average. Event planners in New York and the District of Columbia also rank highly, with standards of $69,550 and $67,340, respectively.
Contributing Factor
The highest paying states for event planners are primarily found on the East and West coasts. Event planners in Louisiana earn the least, with an annual salary of $40,460. Metropolitan areas play a significant role in raising the average wage. New York, Seattle, and San Francisco Planners earn significantly more than the national average. This is not true for all urban areas, especially in states with lower living costs, affecting prevailing wages.
How Much Do Event Planners Make Per Event?
As part of their fee per event, event planners should charge between 15-20% of the total cost of an event. Depending on the program’s complexity and the time required to plan and execute an event, this may be sufficient to cover a planner’s entire cost and source of profit.
Assume you’ve been hired to organize a private dinner at an exclusive restaurant for 40 guests at an average cost of $175 per person. Let’s say you spend 15 hours meeting with your client, planning, attending, and following up on this event. If you charge 18% of total expenses, you will earn slightly more than your desired hourly rate of $26.87/hour.
If the client contracts with you directly for all services, the subtotal event expense charge to the client would be $8,260.
How Much Do Event Planners Make an Hour?
The average hourly wage for event planners in the United States is $26.87 per hour as of July 24, 2022.
Some clients prefer that the event planner quote an hourly rate and estimate the total number of hours required to oversee and execute a particular client’s program. It may appear comparable to a flat project rate, but it allows for greater flexibility on both sides to respond to adjustments that may be required along the route.
Many commercial event planners charge by the hour. It enables a client to calculate a fair budget after learning how much it will cost to engage your services. This is frequently due to the client’s desire to manage unforeseen expenses better.
Always remember to create clear expectations so all parties are on the same page about what services will be offered. You should include a reference to billing for all reasonable business expenses that may be incurred as an event planner.
Some event planners may mark up running charges like shipping, car rentals, and other ancillary expenses by up to 20%. If you do, you should disclose such markups and agree with your client.
When determining hourly event planning charges, you must consider how frequently you may bill for your time.
Event Planner Job Outlook
The event planning profession is anticipated to grow by 7% by 2028, according to the Bureau of Labor Statistics (BLS). There are currently over $134,000 event planners employed in the United States, with employment estimates predicted to increase by $10,000 over the next ten years.
The BLS advises anyone interested in a job as an event planner to obtain a bachelor’s degree in a related profession and that the ideal areas for employment are outside the corporate realm, as economic downturns might cause a halt in more companies’ activity.
Education Requirements
According to the BLS, many businesses prefer to hire event managers who have a bachelor’s degree. You may pursue a degree in the field in which the organization you want to work for specializes, such as communications, business, or hospitality management. Some colleges also provide degree and certificate programs and continuing education courses in meeting management for those wishing to enter the field.
Employers may not compel you to complete a master’s degree program or obtain industry certification, but you may choose to do so to boost your growth opportunities and earning potential. The Convention Industry Council offers the Certified Meeting Professional credential, and the Society of Government Meeting Professionals offers the Certified Government Meeting Professional credential.
How to Raise the Salary of an Event Planner
The following part will discuss how you can maximize your earning potential as an event planner.
#1. Think of Getting a Bachelor’s Degree.
Consider earning a four-year bachelor’s degree in hospitality, communication, event organizing, or tourism management to gain a competitive advantage over the competition. A college degree could make the difference between being employed by an event planning firm or having a customer enlist your services.
#2. Obtain Pertinent Certifications
Certifications might help boost your event planner CV. You can also use it on your website, social media, business cards, or adverts. Certified conference and events professionals (CCEP) and accredited professionals in catering and events are two certificates that might be useful to event planners (CPCE). These credentials may help you justify your price and expense rates to clients.
#3. Look Into the Fee Prices in your Location.
Review the pricing your local competitors give their clients, especially if you are considering beginning your event planning service. These values can then be compared to state data to identify the most competitive pricing for your assistance.
#4. Gain Industry Knowledge
The more experience you have as an event planner, the more likely a client will pay you to plan their party, wedding, or meeting. Having several years of industry experience may help you justify your higher fee because it implies that you have relevant industry experience and connections.
#5. Use the Cost-Plus Method for Fees.
The cost-plus method is an efficient way to ensure that the services you provide for your clients; are fully accounted for in the amount you are paid for each preparation, coordination, and clean-up area. Calculate the expense required to perform the event; charge the client between 10% and 20% of the total.
What Qualifications Do you need to be an Event Planner?
An event planner must have a wide range of talents to design events that are personalized to their clients’ visions. Event planners often require the following abilities.
#1. Organization
Event planners must be highly organized to manage many event projects simultaneously and stay on schedule. They will need to track the amount of time required for preparation and ensure; that all event materials are ready ahead of time.
#2. Problem-solving
Event planning may encompass several last-minute difficulties of revisions about an upcoming event. Event planners must be able to react to unforeseen circumstances and deliver solutions that meet the expectations of their clients.
#3. Communication
An event planner must have excellent communication skills to coordinate with vendors, locations, and their customers to create an event that their clients will make.
#4. Creativity
Regardless of the sort of event, an event planner should have a creative attitude that allows them to come up; with aesthetically beautiful décor, themes, and color schemes. They should also be able to devise innovative solutions to venue-specific issues.
How Much Do Event Managers Make FAQs
What is the highest salary for an event planner?
In 2020, the typical compensation for Meeting, Convention, and Event Planners was $51,560. The highest-paid quarter earned $67,250 that year, while the lowest-paid quarter earned $38,460.
How to Make More Money As an Event Planner
How to Make More Money As an Event Planner
- Choose a niche and master it. It’s time to become particular if you’re striving to be an event planning generalist.
- To “get found,” use Pinterest and Instagram.
- Combine SEO strategies with exceptional customer service.
- Get rid of the notion of the “average” bride.
- Outsource wherever possible.
Do event managers get paid well?
An event planner’s salary is quite good. Although it is shallow at the entry-level given the type of labor expected, the salary is gradually increased with time. At the senior level, salaries can exceed Rs. 40,000 per month.
How do I start my own event planning business?
How to Start an Event Planning Business
- Acquire event planning knowledge and experience.
- Choose your event planning market/forte
- Create a business plan.
- Choose the best business entity for your company.
- Get commercial insurance.
- Build your supplier and staffing resource network.
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