Freelance business journalists in North America make an average of $25,000 to $30,000 a year, and two out of every five were laid off, according to an informal survey conducted by the Society of American Business Editors and Writers.
More than two-thirds of those who responded said they would not go back to a full-time business news job if they could find one. The freelancers noted their flexible work schedule and ability to work for multiple media organizations and at home as the reasons.
The survey received 67 responses in October and November and is the first attempt at quantifying compensation among freelance business journalists. SABEW, which has its headquarters at Arizona State University, plans to conduct the survey annually to determine how compensation and other demographics among freelancers change.
“The survey results seem to indicate that many of our freelancers are grossly underpaid, but still prefer freelancing to a full-time position because of the flexibility it provides,” said SABEW board member Maya Payne Smart, founder of WritingCoach.com. “To me, this suggests a need for specific business training and resources so they can master the sales and marketing skills that are required to earn a healthy living outside of the newsroom.”
The informal survey found that nearly half — 32 — of the freelancers who responded make less than $25,000 a year. However, there were six freelancers who reported that they make more than $100,000 annually.
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