Top project consultants are having to take big pay cuts as the market becomes swamped with less qualified professionals searching for their slice of the action.
Fears of a severe economic downturn are forcing top project managers in the digital, telecoms and media industry to cut their rates, says PM3 Consulting, the provider of project managers.
PM3 questioned 500 project managers and found that fees charged by top consultants have dipped by as much as £300 per day - an average drop of 35%, said PM3.
"New management consultants are pouring into the market and it is becoming flooded with some first rate people looking for contracts," said Steve Pragnell, CEO at PM3.
"However, those we would class as 'experts' - the very best consultants - are having to accept sizeable rate cuts to compete with those with a lower skill set, who can charge less," he said.
This means some industry consultants are now willing or being forced to take roles for which they are over qualified, said Pragnell.