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How Much Do Travel Agents Make? Travel Agent Salary 2024

There's a whoooole lot to consider when looking at how much travel agents make. Beyond the more obvious factors (like working hours or having more experience), here are a few things that impact a travel agent's income.

• Employee vs. Self-employed? The vast majority of leisure travel agents are now entrepreneurs (most of whom align with a host agency ). This is a change from the old-school days when most travel agents were storefront agency employees. Why does this matter? Because there are going to be a lot more factors that impact income for those who run their own business compared to employees who clock in and out of a 9 to 5.
• Travel Agent Niche: A corporate advisor will typically earn a higher salary than leisure/vacation travel agents. However, within the leisure sector, niche makes a big difference. Adventure and luxury travel, for example, earned higher averages than family and Disney travel in some of HAR's more recent research reports .
• Time Investment: Self employed travel advisors who set their own schedules work varied hours. Time investment also has a huge impact on earning potential.
• Industry Experience: Experience level also plays a large role in travel advisor income, with travel advisors typically making more as they get a foothold in the industry.

The thing with travel advisors in the 21st century is that there is no "norm." There are always more exceptions than rules, which is one of the great joys of becoming a travel agent. Organizations outside the industry that report on travel agent salaries are ill-equipped to offer a nuanced picture. The Bureau of Labor and Statistics, for example, doesn't include self-employed travel advisors in their data, only employees.

Here's the thing though. Being self employed is, by far, the most popular pathway to becoming a travel agent.

Organizations reporting on travel agent salaries outside the travel industry aren’t aware of the nuances of our field.

So that’s why we’re here! :) As a company that focuses solely on travel advisors, we’ll break down some of those nuances so you can get a more accurate picture of travel agent salaries. We’re going to dig into some in-house data to break down travel agent salaries and earnings into digestible categories.

Here’s what you can expect:

• ALL travel agents (employees and self-employed: hosted and independent)
• Self-employed travel agents (includes hosted travel agents and independently accredited agents).
• Travel agent employees (advisors who get 'ye old W2, employed by a travel agency)
• Corporate travel advisor employees and corporate travel managers (employees who book corporate travel)

So take a seat. Pour a waterfall of melted butter on a mountain of popcorn and settle in!

How Much Do Travel Agents Make? All of 'Em.

Phocuswright's 2023 US Travel Agency Landscape offered a great overview of current travel advisor income. They offer a big picture look at how much all advisors earn based on experience.

Here's the key takeaways:

• Overall, 39% of advisors earned less than $25,000 per year. However, 80% of advisors in the lowest income bracket had been selling travel for two years or less.
• Experienced agents, typically earned $50,000+ annually and 25% of experienced travel agents earned $100,000+ annually.

In summary? Experience has a big impact on income! This is particularly true among travel advisors, where commissions are typically not paid until after a client travels or in the case of cruises, 30-60 days prior to departure.

But don't get discouraged if you're just starting out!

If you're becoming an independent/self-employed travel agent, it can take a hot minute to generate income. It takes time to develop a client base and build your brand. Not only that, but commissions from suppliers often don't land in your account until your client's trip is complete (which could be months out)!

Here's more details what income you can expect in the first few years when you start your own travel agency from home .

What does the Bureau of Labor and Statistics Say About Travel Agent Salaries?

The Bureau of Labor and Statistics (BLS) offers a somewhat different vantage point. While Phocuswright's number reflect primarily home-based independent advisors, BLS data predominantly profiles travel advisor employees.

The BLS data has shown a 26% increase in travel advisor salaries over the past decade. The graph below illustrates how it's increased over time.

The BLS’ latest numbers (2024) reported an average travel agent salary of $46,400 1 .

Here’s a few things to keep in mind about the BLS numbers:

• BLS only profiles employees. The BLS site sums it up here: “Estimates do not include self-employed workers.” When calculating annual incomes. We survey full-time and part-time self-employed travel agents in addition to employees.
• BLS only looks at full-time travel agents. Here's how they crunch their numbers, "Annual wages have been calculated by multiplying the hourly mean wage by a 'year-round, full-time' hours." 2

So we took a look at the BLS data, which you now know skews heavily towards employees and doesn’t reflect the true industry landscape where the majority of travel advisors are self-employed.

What does HAR's research say about how much ALL travel agents make?

The graph below offers a counterpoint to the BLS data. Host Agency Reviews' in-house survey profiled 95% of self-employed advisors and 5% of employees.

Here's a birds-eye view of average income when looking at self-employed AND employee income.

Our site helps travel agencies start and grow their travel agencies so our readers skew heavily toward entrepreneurs. There’s also another huge reason HAR’s survey data on travel agent salaries are different than what the BLS reports.

When homing in on experienced and full-time advisors, results from HAR’s 2023 survey clock in higher than the BLS number, with data indicating that full-time travel advisors earned a $56,632 a year on average.

Since it’s hard to get accurate numbers on how much a travel agent makes when we look at everyone—corporate/leisure, employee/self-employed—next up, we’ll take a detailed look at average travel agent salaries for:

• self-employed advisors,
• travel advisor employees,
• travel managers,
• and corporate travel advisors.

Gotta cover all our bases! 😀

How Much Do Travel Agents Make? Self-Employed Travel Agents

Self-employed travel advisors are those who run their own businesses (rather than work as an employee).

I’m going to throw some industry lingo at you now. Are you ready? The self-employed category contains two primary segments of advisors:

• Hosted advisors (those who use another agency’s accreditation number, called a host agency ) and
• Independently accredited travel advisors (those who have their own travel accreditation)

Here’s the big picture you need to know about self-employed advisors. Over time, the number of self-employed advisors has been growing exponentially, while the number of storefront travel agencies has decreased over time.

In particular, hosted advisors have become the leading path to bringing new talent to the travel agency distribution channel.

We write research reports on both the hosted and independently-accredited travel advisor segment. In our 2023 report, full-time hosted advisors with 3+ years of experience earned $60,146 on average and their independently-accredited counterparts earned $76,252.

Why the income drop for hosted advisors? We know a big factor that influences how much a travel agent makes is their experience level. Hosted advisors are more likely to be newer to the industry. The median years of experience for hosted advisors was 5 years , compared to 18 years for independent travel agents.

Owner Deductions (and how it impacts how much self-employed travel agents make)

I want to bring up one last thing that complicates things when it comes to self-employed travel agent salaries. Because why not? You've already read this far! 😊

When we're talking about income for self-employed agents, income/salary numbers can be artificially deflated.

Why? Three things:

• Business owners may not be reporting all of their income. Since cash transactions leave no paper trail for the IRS to follow, many small businesses won't report cash transactions and in not doing so, they lower the income/earnings they report to the government.
• Business owners get write-offs. I can write off my office. I can write off my work trips. I can write off my work phone and meals with colleagues where I discuss business. When I do that, it lowers what I report for my taxable income (ahem, salary) to the IRS. Not only that, but travel agents will vary WILDLY in terms of how much of their income they write off. (Take a look at what travel expenses you can (and can't) write off .)
• Salary and income are separate things for some business structures. Depending on the agency's business structure, the owner may pay themselves a salary (say $45k) but the income of the company may actually be much higher. All the IRS requires with these S Corp business structures is that the owner pays themselves a “reasonable” salary.

Learn about the different types of travel agency business structures here. So, keep those things in mind when you're looking at earning potential.

How Much Do Travel Agents Make? Travel Agent Employees Only

This section on employee travel agent salary is going to give you numbers that will be close to what you can expect if you get hired on at an agency. Travel agent employee salaries have less variance when compared to self-employed travel agents.

For the majority of travel advisor employees, income is not dependent on commissions alone. Here’s a look at the travel agent employee compensation structures.

The set salary of a travel agent employee offers stability not afforded to self-employed advisors. Additionally, employees also often receive benefits and are not subject to the added complexity and expense of paying business taxes.

When looking at travel advisor employees only, HAR’s salary data lands much closer to what the BLS reports. In HAR’s 2023 survey, full-time travel agent employees earned $50,115 .

Employee compensation models play a substantial role when it comes to how much a travel agent employee makes. The graph below takes a look at the average income of the three most common compensation models.

Lesson on that? If you're looking for an employee position at a travel agency, find one that pays salary, plus commission! 😀

How Much Do Travel Agents Make? Corporate Employees & Travel Managers

Corporate travel advisors.

Corporate travel advisors (those who book travel for corporations) typically earn more than those who sell leisure travel. Below offers a look at corporate advisor income compared to leisure advisor income (among FT advisors).

Do you have an interest in becoming a Corporate Travel Agent? You can sink your teeth into a few juicy tidbits of info here: 

• HAR’s article, Breaking into corporate travel
• Our podcast interview (below) with corporate agent Karen Hurlbut:

Travel Managers

Looking ahead on the corporate travel agent career trajectory, Travel Manager/Supervisory positions start with a much higher baseline. Business Travel News (BTN) report profiling Travel Managers/Supervisors' salary working for corporate entities as an in-house advisor (not working for a travel agency). The overall average for a corporate travel manager salary registered at $128,439.

Beyond Travel Agent Salaries, Why Advisors Love Their Jobs

We've looked at travel agent salaries from a whole bunch of different perspectives. You made it through the spinning, twirling madness of data acrobats. 

HAR’s research reports offer a ton of info on travel agent salaries. But ultimately, how much you make as a travel agent depends on a lot of factors, including:

• what type of advisor you are (corporate, leisure, employee, self-employed, etc.),
• what type of travel you sell,
• your experience level,
• hours worked,
• and all that other fun stuff!

While naming one number for a travel agent salary is impossible, there is one thing that is consistent among all the surveys: the majority of travel advisors are happy with their career choice. 

HAR’s 2023 Hosted Travel Advisor Survey indicated that 95% of advisors would choose to become a travel advisor again if given the choice.

Corporate travel managers taking BTN’s survey were a bit more lukewarm in response to income satisfaction. 48% of travel managers reported their earnings were equitable, 12% felt “well compensated,” and 41% felt their salary was “low for responsibilities.”

And here’s the thing to remember about being in the travel industry. It goes beyond dollars.

Many advisors report that the primary benefit of working in travel is rooted in a personal passion for travel and the ability to share their love of travel with others.

Additionally, advisors often have access to great travel experiences they may not otherwise via familiarization trips or travel advisor rates for those who reach sales thresholds or meet requirements. 

In general, positions in travel offer a lower salary than other industries. But here’s the kicker, occupations in other industries don't include travel benefits and working in travel !

Interested in Becoming an Advisor? Here’s Where to Start

This leads us to the question of what type of travel advisor career you’d like to pursue.

Do you want to become a self-employed travel advisor so you can have the creativity to book the type of travel you love and the flexibility to be your own boss? Or do you want the structure of 9-5 with benefits and the income security of a travel advisor employee?

Employees at a travel agency may have a salary cap if their compensation model is strictly hourly/salary (about 42% of employees), but for those who own their own business, the sky's the limit. Plus, it's hard to put a price on visiting beautiful places, touring the newest properties, and the freedom and flexibility to work anywhere that goes with owning your own home-based travel agency.

How do you decide what type of travel you want to sell? Do you want to do leisure or corporate? If you do leisure, which types of travel agent niches are the most lucrative? If you go the corporate route, how do you break into booking business travel ? 

💕 If you're thinking of joining the industry, here are a few resources you're gonna love: 💕

• Starting a travel agency from home article
• Free 15-page travel agency business plan template
• HAR's nifty course on how to start a travel agency! (free trial)

We’re here to help! If you have questions about what route to take or how to get started, give us a holler in the comments or reach out to us at [email protected] .

• https://www.bls.gov/oes/current/oes413041.htm ↩
• Source: https://www.bls.gov/oes/current/oes413041.htm ↩

About the Author

Steph grew up in the travel industry. She worked with thousands of agents in her role as a former host agency director before leaving in 2012 to start HAR. She's insatiably curious, loves her pups Fennec and Orion, and -- in case you haven't noticed -- is pretty quirky and free-spirited.

If you’re looking for Steph, she leaves a trace where ever she goes! You can find her on Facebook, Instagram, LinkedIn and Pinterest as 'iamstephly'. 🙂 She doesn't do TikTok as no one would ever see her again.

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THE JOURNAL

Travel Advisor Resources

How Much Do Travel Agents Make? Fora’s Full Guide

The Modern Travel Agency

Fora Travel

https://www.foratravel.com/the-journal/how-much-do-travel-agents-make

How much do travel agents make? What factors go into how much a travel agent — or as we prefer, travel advisor — earns? We’re telling all. 

Alternatively, you can learn exactly how much you can make by becoming a Fora Advisor . Sign up today and we’ll answer all your questions. 

First, is there a high demand for travel agents? (Hint: yes!)

And demand is growing. Since travel restrictions were lifted after the COVID-19 pandemic, more people than ever are going on vacations and business trips (check out jobs where you travel ) — more importantly, they’re smarter about how they go about it. And there’s no better way to book a trip than to use a travel advisor to get awesome perks, deals and the kind of personal touches that turns a good trip into a great one. 

(Wondering how to become a travel agent ? Our guide has you covered.)

How do travel agents get compensated?

There are a few different ways travel advisors earn income, and the source typically depends on the service. Here’s how it breaks down.

(Wondering about startup and upkeep costs? Check out our guide to how much it costs to become a travel agent .)

Travel partners (or suppliers, in industry lingo) pay commissions: think hotels, travel insurance, rental cars, cruise incentives, tours…

Image courtesy of Turtle Bay Resort

A large portion of a travel advisor’s income comes from commissions, which are a percentage — usually between 10 and 15 percent — of whatever service their client is benefiting from, be it a hotel reservation, travel insurance and so on. (Here are 5 types of bookings you can make as a Fora Advisor that aren’t hotels .)

Suppliers, such as hotel brands, cruise lines and rental car providers pay these commissions; and Fora Advisors don’t charge their clients for commissionable services. In other words? Fora Advisors get paid, and their clients don't have to pay anything extra.

The cool thing is that many of the best hotels and services know that happy travel advisors will send new clients back, so the suppliers will throw in complimentary perks to sweeten the deal. This is why Fora Advisors can offer the same rate as an online travel agency for a hotel room at, say, Virgin Hotels New Orleans (one of the most unique places to stay in New Orleans , by the way), yet offer cool extras for their clients at no additional cost. 

Our guide to how much do travel agents make per booking gets into the details of the process if you’re curious.

Clients pay planning & service fees: non-commissionable bookings, vacation packages & custom itineraries…

Besides commissions, planning and service fees are the other major sources of income for travel advisors. 

Why might advisors charge fees? In most cases, an advisor may charge a fee to develop a custom itinerary for a client. In this case, the client compensates the advisor for their time, much in the same way one would pay a financial advisor. 

At Fora, it’s generally up to the advisor to decide how much to charge (if at all) for custom itineraries.

How much do travel agents make exactly? It depends

There’s no simple answer to this question, because Fora Advisors have the flexibility to work as much or as little as they want. Some treat their advisor position as a travel side hustle , only spending a few hours per month on booking rooms for friends and family, while others make a very lucrative living. 

Can you make ‘good’ money as a travel agent? You bet

Is being a travel agent worth it ? Fora Advisors will say yes. Many top Fora Advisors earn six figures per year. Again, when you join Fora, you can work as much or as little as you'd like, so the money earned will vary, but regardless, we'll teach you how to maximize your earnings.

Ready to start your lucrative career in travel? Become a Fora Advisor today .

What’s the average travel agent salary in the USA?

We can’t speak for all travel agencies, but some of the top Fora travel advisor salaries are measured in seven figures. And while such a salary is quite a bit above average, these top earners put in a lot of work, and have been doing this for a while.

On the flip side, plenty of Fora Advisors treat their travel business like a side hustle on top of their day job, earning an extra couple of hundred to several thousand dollars per month.

Factors that might affect how much a travel agent makes

A lot of factors go into how much travel agents make per month. Here are some of the most common.

Remote vs. brick-and-mortar travel agencies

There are a lot of advantages to becoming a travel agent online , but the biggest might be the substantial difference in overhead. 

Travel agents who work from brick-and-mortar establishments have to pay rent or property taxes for office space. Remote travel agents only have to worry about internet connection and a comfy spot to sit.

In either case, you have to factor in your expenses when calculating how much you’re making as a travel agent, and remote agents have a clear advantage.

Independent vs. employed travel agents

Let's break it down. There are essentially three different types of travel agent jobs .

Employed travel advisors — that is, advisors who work for a company that sells travel — typically earn base pay, but there are a lot of trade-offs that make this business model less attractive to the advisor. Most importantly, there may be caps on the number of clients you have and / or reduced commissions that severely impact your bottom line. 

One potential positive: marketing resources may be available through the company, but oftentimes, they’re not exactly modern in their approach (unlike Fora's!). And finally, employed travel advisors generally have to adhere to a traditional nine-to-five schedule — with little flexibility.

Fully independent travel advisors, on the other hand, can enjoy all the flexibility they want. But, as business owners, they also have to consider things like licensing fees, marketing materials, business insurance and so on that employed advisors don’t have to worry about. These fees and extra expenses can dampen profit margins, and can be prohibitive for prospective advisors who don’t necessarily want to risk the startup costs. 

Our guide on how to start a travel agency from scratch provides more details, but we’ll be frank: there’s a much easier path to making great money as a travel agent.

The third option (and sweet spot)? Join Fora. Fora Advisors are technically independent travel agents — sometimes referred to as independent contractors — except they operate under Fora’s licenses and have access to an incredible wealth of resources (including extensive travel agent training ).

Plus, thanks to Fora's global network of travel partners, our advisors unlock tons of exclusive client perks at thousands of hotels. 

Want to learn more? Here’s how to become an independent travel agent through Fora. 

In a literal sense, how do travel agents get paid?

Across the industry, travel advisors are paid via the old-school, commission-check-in-the-mail method. At Fora, travel advisors are paid via direct deposit. And our advisors don't have to chase down their commission payments. We take care of all that.

Read about how travel agents get paid for more details.

Are there ways to maximize the earnings a travel agent makes?

Certainly. How much a travel agent makes depends heavily on factors like their niche, host agency (if applicable) and — of course — travel planning skills.

Can’t wait to start your travel career? Become a Fora Advisor .

1. Consider adopting a niche

A niche can go a long way in boosting how much a travel agent makes because it gives them a focus. Rather than trying to be good at everything, niche travel agents become great at only one or two aspects of travel — at least to start. This allows them to build a wealth of knowledge in their niche that will impress clients, potentially drawing in business from new clients seeking a similar trip. 

At Fora, there’s no limit to the type of niches an advisor adopts. You could specialize in selling cruises, Disney vacations, trips to a certain location (such as Las Vegas or Barcelona) — whatever you’re most passionate about.

(BTW: learn how to become a cruise travel agent or how to become a Disney travel agent .)

2. Expand your partnerships with hotel reps, tour operators and other travel-related services

Image courtesy of The Rubens at the Palace

Incentives like VIP hotel perks — complimentary hotel upgrades, meals, etc. — give travel advisors an edge over online travel agencies (OTAs) like Booking.com. As such, expanding these partnerships allows travel advisors to offer a wider range of trip benefits while remaining competitive. 

Fora Advisors can unlock awesome perks for their clients at over 4,500 hotels around the world and counting. And Fora’s HQ is constantly working to expand its network of partnerships.

3. Work with a travel company that cares about your success

This may be a shameless plug, but our advisors will back us up on this one. Just check out our advisor-sourced guide to the best reasons to become a Fora Advisor . 

In any case, your choice of host agency is critical. Plenty of old-school agencies essentially throw their advisors into the wild, only stepping in if sales quotas aren’t met.

At Fora, we offer unwavering support to all our advisors, plus loads of awesome resources, including a bevy of marketing materials, thorough travel agent training and access to an engaged community filled with travel experts. 

Here are a few insider tips for how to be a successful travel advisor . 

4. Give your clients the star treatment (because thoughtful advisors will get repeat business)

Possibly the most important factor affecting how much a travel agent makes: their customer service skills. 

The simple truth is that clients will only use your services if you actually help them. Putting the time and effort into making sure your clients have an amazing experience will pay dividends later. Not only will you likely win their future business, but you could win the business of their family members, friends and peers, too. 

(Read about how travel agents get clients .)

5. Keep at it: being a travel agent can be stressful, but so worth it

Finally, patience and dedication have a dramatic effect on how much travel agents make. 

Chances are, you’re not going to start with a dozen clients planning 20 trips. It takes a lot of time and effort to get to that point, but if you can, you’ll find that travel planning can be a very rewarding career. 

Need to know more? See what it takes to become a travel agent .

How much do travel agents make? Ask (or become) a Fora Advisor

Ultimately, the best way to find out how much you can make as a travel agent is to try it out for yourself. Sign up to become a Fora Advisor today .

Not quite ready? Check out these travel advisor resources, too:

How to Market Your Travel Business Like a Pro: Tips from the Experts  

How to Become a Luxury Travel Agent: the 2023 Guide  

Travel Agent Certification: Options and FAQs  

Debunking 3 Myths about Becoming a Travel Advisor  

A Window into Fora's Certified Training   

Book a Cruise With a Virgin Voyages Travel Agent   

Why Group Bookings Are Great: Tips from an Expert

Are you the go-to person for travel tips?

Transform your passion for travel into your dream job. We'll set you up with everything you need to succeed as a travel advisor. From training to top-notch tech, marketing assets, community, commission tracking & payments (and more), we've got you.

How to Become a Travel Agent—Because, Believe It or Not, the Industry Is on the Rise

By Scott Bay

There’s a reason “how to become a travel agent” has been a continuously trending search phrase on Google—it is a career path that offers a flexible work environment and schedule, ample travel opportunities, and an immersion into a supportive world-wide industry. It's a surprise to some in 2023: Once the internet became widely available, it was largely believed that needing a travel agent was obsolete. However, even though the brick-and-mortar agencies with punny names in strip malls have vanished, the career is on-the-rise .

New software options are making it easier than ever for people to make money planning trips, either as a side hustle or as a full-time business. That’s why Cherikonda, India-based stay-at-home mother, Maya Kapoor-Miller, decided to enter the professional world as a travel agent this year, at 31. “I knew nothing about the travel industry prior to signing up,” says Kapoor-Miller, who decided to use San Francisco-based booking platform Dreamport to establish her online travel advisor business. “It is my first business in life, and the only one that you can start with no investment.”

But there's also a rise in demand. When people ventured back into the world after the pandemic, travel agents saw an overwhelming amount of business . And that momentum hasn’t stopped—when travel is complicated, like it was in 2020 and 2021, travelers turned to professional trip planners to create a seamless vacation. For better or worse, traveling has remained complicated and chaotic, with new rules being implemented (like Americans needing to pay a fee to visit Europe in 2024 ) and airline strikes and staffing issues. Offloading all of the nitty-gritty details to someone else is more appealing than ever.

For those entering the field, there's also the age-old motivator: a love of travel. 

Shelton Ellis, who is based in North Carolina, recently saw these opportunities and left behind more than 20 years in public relations and global advertising to turn his passion into a career. “I was born with a wanderlust that would wear Rick Steves out,” Ellis says. “I decided to take the leap and follow that lifelong yearning. Transitioning into this role was really about learning how to monetize what I'm passionate about.”

Whether you are looking for a new career path or a lucrative side-hustle—or simply curious about those taking the plunge—here’s how to become a travel agent, from the qualifications and education required, to anticipated earnings, according to those who have made the shift in the past year. 

What exactly does a travel agent do?

Travel agents, or travel advisors (the term is mostly interchangeable), manage everything that goes into a trip for their clients: the flights, car transfers, accommodations, restaurant reservations, and more—they even inspire the itinerary. The reason people turn to travel agents, aside from having a helping hand during any travel chaos , is also to tap into the travel agent’s first-hand knowledge of destinations, and their industry partnerships, which often lead to perks such as hotel upgrades, ideal airplane seats, and experiences that can’t be found on a search engine.

“You have to remember that as a travel agent, you will be a guide for people during their happiest moments—family reunions, weddings , baptisms, and once-in-a-lifetime experiences that people have dreamt of,” says Kapoor-Miller. “It has been one of the most rewarding aspects of being a travel agent. You navigate people, inform them, and help them choose.”

So, how do you become a travel agent?

There are many ways to become a travel agent, from joining an existing travel agency , to starting an independent business from the ground up. Others are opting for one of the buzziest start-ups in the travel industry, Fora . When it launched in 2021, the software company, which trains and provides search engine-optimized profile pages to advisors—at one point had a waitlist of over 30,000 people eager to begin a part-time gig. Travel photographer and Condé Nast Traveler contributor Amanda Villarosa is currently in the process of joining.

“I'm the person that friends and family come to for travel recommendations, tips and tricks, and general travel advice,” says Villarosa. “After discovering Fora and looking into it, I realized that it could be the perfect side-hustle, considering I'm already so involved in the industry.”

With additional flexibility, Villarosa was able to move from New York City to splitting her time between Denver and Los Angeles . She says that the sign-up was quite straightforward. “You're given a dedicated Fora email and have access to advising tools and fellow Fora advisors,” she says. “The training is in the form of Zoom meetings and videos, which you have the option to watch at your own pace. Once completed, you take a certification quiz and you're on your way to advising.”

The other ways in are slightly more involved. To begin an independent practice, you go about it like many other businesses. You will have to create an LLC, establish a business name, cultivate marketing materials, build a website, find clientele, and more.

Ellis found something in the middle, choosing to connect with an established travel agency. “Don't be afraid to reach out to an agency looking to take on new advisors and is willing to mentor," says Ellis. "I was fortunate to learn so much from Annie Chambers, the owner of Crafted Escapes , who has seven years in the business.” He now knows the ropes on everything from using itinerary-building software to destination-specific training, to the sales and marketing aspects of the trade.

Is there required education or qualifications?

Ellis says that there's no certification, per se, required to become a travel advisor, but there are countless training courses available like Departure Lounge ’s classes on navigating the industry through hotels and tour operators. He said it’s also important to stay on top of travel trends. Ellis recently completed travel agent training programs provided by premier cruise lines such as Virgin Voyages , Ritz-Carlton Yachts , and Cunard to help agents sell their products more accurately.

How much does a travel agent make?

What a travel agent earns depends on how many trips they successfully book for their clients. The entire model is commission-based, meaning agents earn a percentage of the total cost of the vacation they orchestrate. Many travel advisors choose to charge a flat-rate planning fee in addition to their commission, but balance is key—if you charge a high planning fee, it could lead to potential clients going elsewhere.

Laura Kiniry

Blane Bachelor

Stacey Lastoe

Fora ’s website states that “some of our full-time, expert advisors earn well into the six figures (or beyond).” So a lucrative career may be on the horizon, for those who are able to build a robust client base and excellent industry connections.

How much you make can also depend on where you live around the world. “I am being paid in dollars,” says India-based Kapoor-Miller. “So the currency fluctuations of the local exchange rate are not something I am worried about.”

What are the key skills required to become a travel agent?

“Travel agents need a mix of customer service, communication, destination knowledge, organizational, and problem-solving skills,” says Kapoor-Miller. “But I would say that adaptability, flexibility, curiosity, and cultural sensitivity top them all—you have to put yourself in other's shoes, and understand the requirements, hopes, and expectations of your clients along with any worries and questions they may have.”

It’s vital to have a passion for traveling, even the aspects of the process that aren’t as exciting, such as learning about new airline routes, train schedule updates, and industry news. “It can be an information-heavy hustle, and I believe it's important to be excited about it as that energy definitely transfers to your clients and partners,” Villarosa says.

Should travel advisors choose a specialization?

Many travel advisors have found success through becoming an expert in a few types of travel and destinations. “It's important to become an authority and learn as much as you can through personal experiences and continuing education,” says Ellis. “As a proud member of the LGBTQIA+ community , an avid snow skier, and scuba diver, I know not only the popular destinations but others that are off the beaten path, equally safe and adventurous for all travelers.” This helps travel agents establish a competitive edge, and hopefully convince potential clients to choose them for their expertise.

What are the benefits of being a travel agent?

“Flexibility tops them all,” says Kapoor-Miller. “And the ability to start without industry knowledge. If you worry that you are too old for this job, the good news is that this is a job you can enter and enjoy at any age.”

Another great perk is the "Familiarization trip,” says Ellis. “Tourism boards and hotels invite agents to visit and familiarize themselves with a particular country and its properties. After all, any accomplished salesperson should learn everything they can about their products first-hand...even if they're in Bora Bora.” It's hard work, but someone's got to do it. 

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Travel Manager Salary in the United States

Travel Manager Salary

How much does a Travel Manager make in the United States? The average Travel Manager salary in the United States is $110,192 as of March 26, 2024, but the range typically falls between $91,296 and $127,307 . Salary ranges can vary widely depending on many important factors, including education , certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target. 

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Travel Manager - Physical Therapist - $3,330 per week

Core Medical Group - Elma, WA

Global Account Manager

World Travel Inc. - Exton, PA

CORPORATE TRAVEL CONSULTANT - AFTER HOURS

ADTRAV Travel Management - Fernandina Beach, FL

Travel Nurse RN - Manager - $2,528 per week

Nurse First - Gardner, MA

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What skills does a Travel Manager need?

Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.

Customer Service: Customer service is the provision of service to customers before, during and after a purchase. The perception of success of such interactions is dependent on employees "who can adjust themselves to the personality of the guest". Customer service concerns the priority an organization assigns to customer service relative to components such as product innovation and pricing. In this sense, an organization that values good customer service may spend more money in training employees than the average organization or may proactively interview customers for feedback. From the point of view of an overall sales process engineering effort, customer service plays an important role in an organization's ability to generate income and revenue. From that perspective, customer service should be included as part of an overall approach to systematic improvement. One good customer service experience can change the entire perception a customer holds towards the organization.

Futures: Futures are derivative financial contracts obligating the buyer to purchase an asset or the seller to sell an asset at a predetermined future date and set price.

PowerPoint: A computer software created by Microsoft which allows the user to create slides with recordings, narrations, transitions and other features in order to present information.

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Job Description for Travel Manager

Travel Manager directs the operation of the company's travel services. Administers and monitors the travel policies, guidelines, and budget to deliver efficient travel arrangements. Being a Travel Manager prepares periodic budget and utilization reports. Provides guidance to employees about travel requirements including visa, medical, and special conditions. Additionally, Travel Manager may require a bachelor's degree. Typically reports to a manager or head of a unit/department. The Travel Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Travel Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes. (Copyright 2024 Salary.com)... View full job description

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Travel Manager Pay Difference by Location

Travel Manager salary varies from city to city. Compared with national average salary of Travel Manager, the highest Travel Manager salary is in San Francisco, CA, where the Travel Manager salary is 25.0% above. The lowest Travel Manager salary is in Miami, FL, where the Travel Manager salary is 3.5% lower than national average salary.

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Travel Manager Salary by Global Country

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Skills associated with Travel Manager: Budget Administration , Travel & Expense Software , Travel Arrangement Software , Vendor Selection ... More

Recently searched related titles: Destination Manager , Global Travel Manager

Jobs with a similar salary range to Travel Manager : Corporate Travel Manager , Travel Agency Manager , Business Travel Sales Manager

Salary estimation for Travel Manager at companies like : Victoria Nursing Home , Pfizer Innovative Health , Ralph Sellers Chrysler Dodge Jeep Hyundai

Jobs with a similar salary range to Travel Manager : Tour Director , Tour Leader

10 Best Jobs That Allow You to Travel

These best travel jobs allow you to build a fulfilling career while traveling domestically or internationally.

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Satisfy your wanderlust with these travel jobs.

Getting a 9-to-5 job doesn't mean you have to put your dream of traveling the world on hold. Many professions nowadays not only provide financial stability but offer the exciting perk of frequent travel. Let's explore some of the best jobs that allow you to build a fulfilling career while satiating your wanderlust.

We've taken the top travel jobs from the U.S. News 100 Best Jobs rankings. These jobs are described by the Bureau of Labor Statistics as having a travel component.

10. Cartographer

Median salary: $71,890 Expected job growth by 2032: 5%

Cartographers collect data to create detailed geographic maps. They use advanced tools like geographic information systems, or GIS, for spatial analysis, ensuring accuracy in representing terrain, features and other information. Although cartographers spend much of their time in offices, specific jobs may require extensive travel to locations that are being mapped.

Learn more about cartographers .

(Caiaimage | Paul Bradbury

9. Public Relations Specialist

Median salary: $67,440 Expected job growth by 2032: 6%

Public relations specialists' main job is to generate positive publicity for their clients and help them maintain a good reputation. They can work in various industries, including corporate, government, nonprofit or agency settings. As a public relations specialist, you may travel often to engage with the media, attend events and build relationships with stakeholders.

Learn more about public relations specialists .

8. Construction Manager

Median salary: $101,480 Expected job growth by 2032: 5%

Construction managers oversee construction projects from start to finish, collaborating with architects, engineers and contractors to ensure projects adhere to budgets, timelines and quality standards. Since construction managers often manage several projects simultaneously, they may need to frequently travel among sites.

Learn more about construction managers .

7. Sports Coach

Median salary: $44,890 Expected job growth by 2032: 9%

Sports coaches help athletes develop to their full potential and reach maximum performance. The travel frequency for sports coaches, especially in major leagues like the NFL and NBA, is high. These coaches often accompany their teams to away games in different states, which means they spend lots of time on the road.

Learn more about sports coaches .

6. Flight Attendant

Median salary: $63,760 Expected job growth by 2032: 11%

Flight attendants travel wherever an aircraft goes, ensuring the safety and comfort of passengers. They also communicate with pilots regarding flight details and cabin conditions.

Flight attendants' travel frequency depends on factors such as their seniority and the airline's scheduling policies. Junior flight attendants often have less control over their schedules and may work more weekends and holidays.

Learn more about flight attendants .

(Getty Images) |

5. Sales Manager

Median salary: $130,600 Expected job growth by 2032: 4%

Sales managers are responsible for directing an organization’s sales team. Some of their duties may include setting sales goals, analyzing data, developing training programs for sales representative and addressing any changes necessary to meet customer needs. Depending on the company, sales managers may have to travel to national, regional or local offices and attend in-person customer meetings.

Learn more about sales managers .

4. Operations Research Analyst

Median salary: $85,720 Expected job growth by 2032: 23%

Operations research analysts use advanced techniques, such as data mining and mathematical modeling, to develop solutions that help organizations operate more efficiently. They help businesses solve a wide range of problems, including supply chain optimization, production planning and inventory management.

Although operations research analysts typically spend their time in offices, they may travel occasionally to meet with clients.

Learn more about operations research analysts .

3. Management Analyst

Median salary: $95,290 Expected job growth by 2032: 10%

Management analysts, also known as management consultants, are experts who specialize in helping companies improve efficiency and increase profits. How often management analysts travel depends on the company they work for and their current projects. However, those who pursue a career in management consulting can expect to travel quite frequently to meet with clients.

Learn more about management analysts .

2. Marketing Manager

Median salary: $140,040 Expected job growth by 2032: 7%

Marketing managers gauge the demand for a product and help develop a marketing strategy that fits. Depending on their company’s needs, marketing managers may travel throughout the country or worldwide to meet with clients and attend conferences.

Learn more about marketing managers .

Median salary: $113,990 Expected job growth by 2032: 23%

Actuaries assess and manage financial risks using mathematical and statistical models. They often work in industries such as insurance, finance and retirement planning, determining the likelihood of events and their financial impacts.

Travel frequency for actuaries varies depending on the employer and their specific job role, but some may travel occasionally to attend meetings or meet with clients.

Learn more about actuaries .

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How much can you make in the military? US officers can earn a $220K salary plus some pretty generous benefits

• Base pay is the same across the military but can increase significantly as you move up the ranks.
• Military personnel can get other tax-free allowances for housing and meals.
• Other benefits include comprehensive healthcare, discounted education, and hefty signing bonuses.  

Most people don't turn to government jobs for high pay — unless they're considering joining the military.

Military service can offer a solid base pay , especially as you rank up. But the full compensation package of active military personnel goes beyond annual salary.

BI talked to various branches in the Department of Defense, including the Navy, Marine Corps, Army, National Guard, and Air Force, as well as military personnel across these branches, to decode the often complex military compensation packages.

Officers can earn a $220k salary

All active duty military personnel adhere to the same pay scale and ranking system for base pay, regardless of which branch they serve in.

The basic pay scale is mainly split into two categories: enlisted members and officers. Enlisted members are ranked from E1-E9 and officers are ranked from O1-O10.

Some military members also receive special pay on top of their base pay if they hold a military specialty or qualification, or are based in a high-risk location. For example, an E5 nuclear specialist in the military receives an extra $150 a month. In the Space Force, specialty personnel get paid in increments of $75 to $450 per month, according to a spokesperson.

An enlisted service member with an E-1 ranking receives $2,017.20 per month in basic pay, according to the DoD 2024 basic pay table. Usually, E1-E4 members are living in the barracks so they have little to no expenses.

Service members receive a routine pay increase about every two years depending on their rank, but promotions can vary and it depends on evaluations, time spent in the military, and the specific branch. For example, if you're in the Navy, you may need to take exams to get promoted. To become an officer, you have to have a college degree.

A new officer's basic pay begins at about $3,826 per month, while a more senior officer with a 0-5 rank with 10 years of service will earn $9,153 per month. Although this rate is listed in the basic pay chart, it often takes 10 or more years to reach this rank.

An O-9 or O-10 officer can make up to about $18,491 per month, which comes out to about $221,900 per year. The earliest you can make that amount is after 20 years of service if you make it to the top ranking, which is difficult to achieve.

Paychecks also include tax-free allowances

Basic pay serves as the primary compensation for service members, but they also get several tax-free allowances on their paychecks.

Basic Allowance for Housing, or BAH, is one of the most common tax-free allowances. Service members start getting BAH when they reach E-5 or E-6, get married, or have kids. BAH rates are determined by the Department of Defense and are based on housing research and market analysis. They typically increase each year.

Service members receive amounts depending on their rank, number of dependents, and cost of living in their location. For example, an E-5 with dependents in San Diego receives $3,882 per month in BAH, according to Veteran.com .

Service members outside the US may also receive an additional overseas housing allowance to incentivize military members to serve internationally.

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Military personnel may also receive Basic Allowance for Subsistence, or BAS, which is meant to offset the cost of their meals. If they qualify, enlisted members get about $460 a month in BAS, according to the Department of Defense's Finance and Accounting Service.

There are various other allowances that depend on specific circumstances, like clothing allowances for uniforms or family separation allowances for service members who serve a tour of duty.

There can be big bonuses

The US military hands out signing bonuses as a recruiting tool to accelerate and fill certain gaps.

A typical enlistment bonus can range from $1,000 or $2,000, according to an Army spokesperson.

Some programs pay up to $50,000 for enlistment bonuses offered to those entering a key specialty like cyber military intelligence, according to an Army spokesperson.

The military also pays retention bonuses that target critical specialties. Some officers can receive as high as a $245,000 bonus over a 7-year contract. Bonus amounts are dependent on qualified officer types and when they sign the contract in their careers.

The dispersal of funds depends on the service designator program, a Navy spokesperson said. While some branches may give 50% upfront and disperse the rest over five years, others may disperse it evenly within the contract period.

The majority of the bonuses are taxable, with the exception of bonuses given to service members in a non-taxable zone, like Bahrain.

Common positions that receive bonuses include pilots, nuclear sailors, and service warfare officers, according to a Navy spokesperson.

Free education, free healthcare, and a pension

The military offers large education benefits with the Post-9/11 GI Bill, which helps service members and their families pay for some of — or in some cases all of — the costs for college, grad school, and other training programs.

If you meet the 36-month requirement, you can get full tuition paid at a public school or up to $27,120.05 at a private institution. You may also be eligible for a housing allowance, according to the US Department of Veteran Affairs. You can also get up to 90% of education costs covered if you've served under 36 months.

Service members also qualify for the Blended Retirement System after 20 years of service. The retirement plan offers a traditional pension, which includes roughly 40% of pre-retirement pay calculated by multiplying 2% by their years of service by their highest 36 months of basic pay.

The system also offers a Thrift Savings Plan, which is a government-run 401(k) account, similar to a civilian retirement plan. It allows members to invest their money with a 1% contribution after 60 days of service. The government will also match contributions up to 4% of basic pay starting the second year. TSP can be accessed even if you don't complete 20 years of service.

Active duty service members, their families, and retirees also receive free medical and dental care through Tricare, the military health care program. With Tricare, military members have no premium charges for coverage, and no out-of-pocket costs for medical care or prescriptions.

Service members who serve 40 years in the military qualify for a yearly pension with their full salary.

As a service member, you'll also be eligible for a number of other benefits like discounted commissary and exchange at grocery stores and department stores. The military also covers the cost of moving if you're deployed to a different location.

Do you work in the military and want to share your story? Email the author at [email protected].

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Business travel is back—jump in with these travel essentials.

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It’s time to leave your work-from-home set up and not just for a stint into the office. Business travel is once again trending and many of us have not restocked our travel bags in years. Now is the perfect time for a travel closet refresh and these items will help you look your best and be better prepared for that next official meeting.

Arrive in style with this suit

A terrific wrinkle-free suit from Bonobos

Bonobos is well known for offering key wardrobe pieces that can be easily styled and customized. An excellent choice for business travel is the Jetsetter stretch wool suit. The tailoring looks great and the material—97% wool, 3% stretch—prioritizes comfort. This all-season suit features modern notch lapels, double-button placket, double vent, non-functioning button cuffs, Bemberg lining and an interior passport pocket. You can choose between slim, regular and athletic fit and a host of colors. The wrinkle-resistant fabric guarantees you will look terrific upon arrival.

A stylish choice from Veilance

A multi functional work friendly dress from Arc’teryx

While you may shop Arc’teryx for its outstanding outdor gear, its Veilance line is geared towards fashionable urban dwellers. A perfect piece that can transition from day to night is the Icosta dress. This new wardrobe favorite offers comfort, performance and lots of extra style. The stretch polyester weave makes it easy to move around in and its moisture wicking quality will help you stay cool in stuffy meeting rooms. Small pockets are a nice, welcome touch and ultrasonic finishing throughout provides clean lines and seamless luxury.

The Surface Pro 9

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An ideal laptop from Microsoft

If it’s time to upgrade your laptop, Microsoft’s Surface Pro 9 is a great choice. The Surface Pro 9 provides terrific laptop performance and up to 19 hours of battery life for long workdays. It can also be used as a tablet and provides an ideal screen for a late-night movie in your hotel room. Another plus—it weighs less than two pounds. You can customize the device and keyboard with multiple colors and materials. And if AI is on your wish list, Microsoft’s Copilot is easily integrated into this newest Surface device.

A fashionable backpack

A sleek backpack from Thule

It is definitely time to update your backpack. The Thule Subterra 2 21L backpack is perfect for the modern traveler; it combines a streamlined look, numerous features and storage compartments for all your needs. Inside, you will find padded laptop and tablet sleeves to ensure that your tech stays safe. And an interior organization section keeps pens, chargers, keys and other essentials in place. A back “security” pocket allows you to keep your passport and wallet hidden, but easy to access. As an added bonus, the bag is bluesign® certified, meaning it is manufactured with the environment in mind.

Durable and stylish travel jewelry

Designer travel jewelry from D. Louise

If you want to look stylish, but don’t want to tote your authentic gold and diamond pieces with you when you travel, then consider a purchase form D. Louise. This British company makes incredibly fashionable pieces that are appropriate for business meetings and adventure treks. The pieces are gold-plated stainless steel and use a coating process that is 10 times stronger than standard gold plating and is environmentally friendly. This is jewelry that you can confidently swim and work out in. All pieces are guaranteed not to fade or tarnish. In addition, the packaging is sustainable and the company plants a tree for every order placed.

Cozy wool slippers

Get cozy with these wool slippers from Glerups

This Danish company has been making environmentally friendly wool footwear for decades. Wool is naturally temperature regulating, odor-resistant and breathable and these Glerups come in multiple styles and colors. Stay comfortable during long flights or in your hotel room with these extremely lightweight wool slippers. They can be ordered with leather or rubber soles and are also ideal for a quick trip to breakfast buffet. The company uses wool that is carefully sourced from Danish Gotland sheep and sheep from New Zealand on farms committed to regenerative agriculture.

Multi-purpose sunglasses

Versatile sunglasses from ROKA

You can look terrific and obtain outstanding features with the newest sunglasses from Roka. The Oslo 2.0 includes upgraded hinges, temples, and GEKO™ grip placement. These features help to create a better fit during all activities. You can gain sun protection while navigating any city and also use these during an outdoor run or a trip to the beach, so there is no need to pack multiple pairs of sunglasses. ROKA glasses come in multiple colors and lens options and are customizable. Try them on virtually to see which you prefer.

A favorite travel pillow

A favorite neck pillow from Turtl

If you struggle to get comfortable on those longer flights, consider the Turtl. This innovative neck pillow might just allow you to get a bit of a rest before your arrival. The Turtl comes in four colors and offer multiple benefits. There is complete support for your head, so you won’t bump into your seatmate and it has been demonstrated to relieve stress on your spine and muscles. The soft fleece fabric will help you feel comfy as you nod off.

Protect your phone in style

Magsafe phone case from Otterbox

The Symmetry Series soft-touch phone case is an ideal travel companion. It provides durable protection so you don’t need to worry if you accidentally drop your phone (3 times as many drops as the military standard.) The ultra slim design means it is easy to slip in and out of pockets and the soft touch material makes it easy to grip. The case comes equipped with built in magnets that lets you charge your phone from any MagSafe charging device.

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School of Business graduate program surges in top rankings

A U.S. News & World Report methodology change rewards schools for job placement, graduate earnings

The UC Riverside School of Business increased 20 positions in a U.S. News & World Report 2024 graduate school ranking released this week. UCR’s business school was the benefactor of a methodology change this year that places greater emphasis on post-graduation earnings and how quickly graduates found jobs.

The School of Business’ Master of Business Administration program ranked No. 90 on the business school list, released Tuesday, April 9. Though 506 accredited institutions were canvassed, only 124 U.S. graduate-level business programs provided sufficient information on post-graduation earnings and job placements to merit inclusion on the U.S. News list.

“The school’s ascent in the rankings is a testament to its strategic initiatives, such as the expansion of its facilities and the enhancement of its academic offerings, which align with the evolving demands of the global business landscape,” said Rami Zwick, associate dean of graduate programs for the School of Business.

The rankings released this week are based in part on reputational surveys sent to more than 15,000 academics and industry professionals, including corporate recruiters. In the surveys, deans, program directors, and senior faculty are asked to judge the academic quality of a program.

In addition to the surveys, scoring factors selectivity — gauged by graduate exam test scores; undergraduate GPA, and acceptance rate. About half of the score is based on a change this year that places greater emphasis on earnings — assessing post-graduate salaries by profession — and successful job placement. The revised job placement metric rewards business schools when their graduates get jobs quickly — either when they graduate or within three months of graduation.

Separately, the business school’s part-time MBA program was ranked No. 73, an increase of three positions from the past year. That ranking was among 269 universities.

In fall 2024, the School of Business will mark the 55th anniversary of its founding and the 30th anniversary of the A. Gary Anderson School of Management with the opening of a new 63,400-square-foot academic building .

UCR’s School of Education was ranked No. 86 out of 237 positions in the graduate school rankings, which considered only doctoral-level education programs. Last year, the school ranked No. 80.

The education rank is based on research expenditures; assessments by education-school and graduate-school deans and by professionals including recruiters and school superintendents; total degrees awarded; student-faculty ratio; faculty awards; and selectivity, measured by acceptance rates.

U.S. News this week postponed publication of its rankings for medical and graduate engineering programs after some universities questioned the rankings methodology for those programs.

U.S. News & World Report, the standard-bearer among college rankings, publishes its anticipated undergraduate rankings every fall. In the most recent rankings, released in fall 2023, UCR climbed 13 positions to No. 76 overall among U.S. private and public universities. UCR was ranked No. 2 nationally in social mobility, which considers the degree to which a university elevates its graduates to a higher standard of living. 

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Money latest: American Express announces two big changes to credit card

Two changes to British Airways credit cards - which help customers collect Avios points towards flights - are coming. Read about this and the rest of today's consumer and personal finance news in the Money blog, and tell us your thoughts on any of the stories we cover in the form below.

Friday 12 April 2024 20:30, UK

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UK lenders have seen a rise in defaults on mortgages and credit cards - with the trend expected to continue in the coming months, according to a survey.

A poll of banks and building societies by the Bank of England reveals lenders reported higher default rates on secured loans and unsecured lending in the three months to the end of February.

The rates for mortgages, credit cards and other loans, as well as loans to small to medium businesses, are all expected to rise in the next quarter.

The BoE carries out the survey every quarter as part of its role to maintain financial stability.

It also revealed increased demand for borrowing, with this also expected to climb during the three months to the end of May.

Karim Haji, global and UK head of financial services at KPMG, said the latest BoE data suggests "a more positive economic outlook hasn't fed through to household finances yet".

"Defaults across all unsecured lending increasing over the same three-month period indicates many people are still struggling to meet their day-to-day costs. Lenders will need to be vigilant and continue to offer support for borrowers in the interim," he said.

By  Sarah Taaffe-Maguire , business reporter

Poor software and bias toward making only small, sequential changes is one of the reasons economic forecasters at the Bank of England failed to predict and prepare for the cost of living crisis, brought about by high inflation, according to a "once in a generation" review.

The review announced last year was undertaken by the former head of the US central bank, known as the Fed, and said the quality of the Bank's economic expectations "deteriorated significantly in the past few years" due to out of date software and "excessive incrementalism".

Though the "unusually large forecasting errors" were said to be "probably inevitable", according to the review, conducted by Dr Ben Bernanke.

The problem was not unique to the Bank, rather something all central banks and private forecasters suffered from, it said.

Read the full story here...

After the UK airports with the worst delays were revealed earlier today (see post at 1.15pm), we've been looking at your rights.

If you're unlucky enough to get stuck at an airport due to a flight delay, you may wonder if you're entitled to any compensation.

The good news is you may be - in certain circumstances.

First, it's important to know what flights are covered by consumer law. These are: 

• Any flight leaving a UK airport
• Flights operated by a UK/EU airline arriving at a UK airport
• Flights operated by a UK airline only arriving at an EU airport

When will I be entitled to help? 

You'll qualify for support if a short-haul flight under 932 miles (1,500km) is pushed back by two hours. 

This rises to three hours for journeys up to 2,175 miles (3,500km).

For long-haul flights going any further than this, four hours or longer counts as a significant delay.

What support will I get?

Under UK law, airlines must give passengers who are affected by a delay of at least two hours:

• A reasonable amount of food and drink (usually provided in the form of vouchers)
• Refunds for the cost of two free phone calls, faxes or emails
• Accommodation for passengers stranded overnight (usually in a nearby hotel)
• Transport to a hotel - or their home

Will I get compensation?

Usually, airlines have to provide compensation if a person's flight arrives more than three hours late.

The exception to this is when there are air traffic control problems or extreme weather, as these issues aren't their fault.

If you agree to travel on a later flight, the airline is no longer obliged to offer food, drink or accommodation while you wait.

Thankfully, you are entitled to a full refund if you decide to abandon your journey after five hours of delays.

The length of your flight affects how much you are entitled to:

• Short-haul flight - £220
• Medium-haul flight - £350
• Long-haul flight - £520 if the flight arrived more than four hours late, £260 for a delay of between three to four hours

What if I'm about to travel?

Transfer passengers who end up missing a connecting flight because their first plane was delayed are entitled to a service back to their original departure point.

But things get a little more complicated for passengers on package holidays - especially if they decide not to travel on a delayed outbound flight.

The CAA's guidance says: "You may lose your holiday too, so we recommend you contact your package organiser or the airline for further information.

"If you still want to travel then your airline must get you to your destination. You might have to be patient while they rearrange transport and rebook passengers, but the law says they must get you there."

What if my flight is cancelled? 

You're entitled to a refund or replacement flight if yours is cancelled. Your rights to assistance are the same as if your flight is delayed.

If the reason for the cancellation was within the airline's control, and it was made with no more than 14 days' notice, then depending on the timings of the new flight offered you could also be entitled to compensation.

You'll be able to claim £110 and £520 depending on the length of the route and timings of the new flight.

Drivers are still feeling the strain of rising insurance premiums - but there are signs of a slowdown, according to one index.

New figures from insights firm Consumer Intelligence suggest the average quoted price of car insurance rose by 56.4% in the year to February.

This was the third-highest annual increase since its records began in 2012 - but in slightly better news for motorists, it marked a lower annual rise than the 67.2% recorded in November.

And there was only a slight rise of 0.5% when looking at the three months to February - the lowest quarterly increased since November 2021.

Drivers most commonly received a quote between £500 and £749 in February, Consumer Intelligence said. It analysed the average of the five cheapest offers from price comparison websites.

Max Thompson, the firm's insurance insight manager, said big insurance brands made "competitive movements" to reduce premiums at the start of the year.

"However, some of this was unwound in February indicating it may have been more of a tactical move than a long-term trend," he added.

Jonathan Fong, manager of general insurance policy at the Association of British Insurers, said insurers were "aware of the financial challenges customers are facing" and were working to keep prices affordable.

"Our motor premium tracker is the only collection based on the price customers pay for their policy, rather than quotes, and shows that the average motor premium increased by 25% last year to £543.

"This was largely driven by above inflation increases in the cost of repairs, thefts and replacement cars."

The Abu Dhabi-backed vehicle that had been on the brink of buying The Daily Telegraph is in detailed talks with Whitehall officials about the structure of an onward sale of the newspaper. 

Sky News has learnt that RedBird IMI is negotiating with the Department for Culture, Media and Sport about whether it can convert a call option which constitutes the right to take ownership of the Telegraph and Spectator into shares in the assets prior to their purchase by a new owner.

Read the exclusive story by our City editor Mark Kleinman ...

The telecoms entrepreneur who turned Daisy Group into one of the industry's most successful private companies is closing in on the latest in a string of significant takeover deals.

Matthew Riley, Daisy's chairman, has orchestrated a £215m deal to acquire 4Com , a provider of cloud communications services to more than 17,000 corporate customers, Sky News understands.

City sources said the deal was expected to be signed within days and was likely to hand 4Com founder Daron Hutt a windfall worth more than £100m.

Read the full story here ...

The Financial Conduct Authority has told motor finance firms they need to put funds aside as it continues a probe into the sector.

The City regulator also said many firms are "struggling to promptly provide the data we need" for the investigation.

A review was launched by the FCA earlier this year into whether people could be owed compensation for being charged too much for car loans, following a high number of complaints on historic agreements.

American Express has announced two major changes to its British Airways credit cards which help customers collect Avios points towards flights.

From November, the amount that BA Amex and BA Amex Premium Plus card holders will need to spend every year to get "two-for-one" companion vouchers will rise to £15,000.

That's a £3,000 rise in the minimum annual spend for Amex customers and £5,000 for Amex Premium Plus.

The companion vouchers mean customers can grab a second seat for someone travelling on the same flight, or a 50% discount on the Avios price of a solo flight.

That's not the only change, however, as American Express is also hiking the annual fee for its Amex Premium Plus card from £250 to £300 - an inflation-busting 20% increase.

The fee increase applies from today for new applicants. Existing cardholders will be hit with the rise for renewals from 1 August onwards.

Meanwhile, the US bank said the qualifying spend for companion vouchers will start from 1 November regardless of when membership is renewed.

That means some current customers may need to race to hit the lower minimum spend by 31 October.

American Express told consumer champion Which? that it occasionally makes changes to cardholders' account terms. A spokesperson said the companion voucher "remains an industry-leading credit card benefit", while both cards "continue to provide great value for customers".

Greece has announced a scheme to give "free" holidays to tourists affected by the wildfires that ravaged Rhodes last summer.

More than 20,000 tourists and locals were forced to flee homes and seaside hotels after blazes fanned by strong winds broke out on the island and burned for days in July 2023.

Greek Prime Minister Kyriakos Mitsotakis vowed  last year to offer a one-week free holiday in Rhodes to those whose holidays were cut short.

The country's government has now officially launched the "Rodos Week" scheme, which offers an e-voucher of between €300 and €500 compensation for a week's stay.

The general secretary of Greece's tourism ministry  told  The Guardian that it has been a "very complicated process not least, I think, because we’re the first country in the world to do this".

The amount holidaymakers can claim depends on the rank of the hotel they were originally staying in.

E-vouchers can be claimed during two phases: between now and May 31, and from 10 October to 11 November.

Only those who stayed in hotels are eligible for the scheme, the government said, with Airbnb accommodation excluded.

Yannis Papavasiliou, head of the island's union of hoteliers, said there has been good take up already with over 5,000 holidaymakers enrolling, according to The Guardian.

The airport where you're likely to face the longest delays has been revealed as one of the UK's biggest.

London Gatwick replaced Birmingham to top the list for 2023, with its departures nearly 27 minutes behind schedule, according to Civil Aviation Authority (CAA) data.

The West Sussex airport, the second-busiest in the UK behind Heathrow, was hit by air traffic control shortages across Europe last year and also had similar problems in its control tower.

In a statement, Gatwick said it was "working closely with our airline partners to improve on-time performance".

"The majority of cancellations are caused by poor weather, airspace constraints across Europe and inefficient third party ground operations," it said.

Luton airport followed with an average delay of almost 23 minutes, while Manchester took third place at nearly 22 minutes.

In contrast, holidaymakers flying from Belfast City (George Best) had the best experience, with the typical delay there just 12-and-a-half minutes in 2023.

Across all airports, the average delay was almost 20 minutes and 42 seconds - though this fell from 23 minutes and 12 seconds the previous year amid a boom in travel after the pandemic.

CAA director Tim Johnson said the aviation sector needed to "focus on resilience" before summer comes to "keep passenger disruption to a minimum".

All scheduled and chartered departures from UK airports with at least 1,000 outbound flights were included in the analysis, with cancellations excluded.

Naomi Leach, deputy editor of Which? Travel, said the latest figures point to "millions of passengers" experiencing "unacceptably long hold-ups last year".

"This cannot be allowed to become the new normal."

But the Airport Operators Association argued that data doesn't show "any of the context around operating in a global environment".

"Airports work extremely hard to minimise delays while providing a positive, safe and secure experience for passengers," it said.

We've all heard consumer advice that's repeated so often it almost becomes cliché. So, every Friday the Money team will get to the bottom of a different "fact" and decide whether it's a myth or must.

This week it is...

'You can't get a mortgage with a bad credit rating'

Just how important is keeping on top of your credit score when it comes to buying a home?

For this one, we've got the help of  Emma Steeley , chief executive at borrowing platform Aro. 

"The honest answer is that a bad credit rating can stop you from getting a mortgage, and a poor rating can throw some serious hurdles in your path," Emma says. 

"Despite this, it's not the end of the road if your credit rating isn't as rosy as you'd like it to be."

What counts as a bad credit score?

"In the worst-case scenario, this will likely mean you've defaulted on or missed payments, and debt has been escalated to the stage where legal action has been initiated," Emma says. 

An applicant left with a credit score below 325 is considered "poor" or even "very poor" by Equifax. 

A game of risk for lenders

Before we talk about what your credit score will do to an offer rate, it's important to understand the impact that the loan-to-value (LTV) ratio can have on this too, as it heavily influences the interest rate offered by lenders.

Your LTV ratio is used by lenders to decide how risky it is to lend you the money to buy your home. It compares how much of the property you will own - ie, how much deposit you can put down in relation to the property’s value - to how much they will need to lend to you to make up the difference.

"The lower your LTV ratio, the better the mortgage rate you're likely to be offered - the higher the LTV, the higher the risk for the lender," Emma says. 

"A higher credit score can help mitigate the impact of a high LTV, potentially resulting in a more favourable interest rate."

What to do if you have a poor credit score

The obvious answer here is to try to improve your credit score, by building your file with credit builder loans and/or secured cards.

"While the options may be limited and less favourable for those with 'poor' credit scores, they do exist," Emma says. 

Those are usually longer or more expensive deals, however. 

The good news is most lenders don't solely use credit scores as a measure of creditworthiness. 

"Best practice will see lenders using a blended scorecard, that overlays behavioural data and back book financial performance with credit data to get a much more accurate assessment of an individual's payback ability," Emma says. 

However, for people with a "very poor" rating (below 226, according to Equifax), the number of offers you are likely to receive shrinks to almost zero.

Myth or must?

It's undeniable that a good credit score gives you more flexibility when it comes to getting a mortgage. 

"Importantly, credit scores can be improved," Emma says. 

"Those who take a proactive approach to managing their finances and understand how to rebuild their credit score will find themselves presented with a wider array of loan options."

A good credit score is a money must. 

Messy neighbours can slash tens of thousands of pounds off the value of your home, according to new research.

A survey of estate agents by Churchill Home Insurance found that more than four in five (82%) believe it's important for homeowners to chat to their neighbours about their poorly maintained property before putting the house on the market.

Some 22% said an overgrown garden is likely to have the biggest impact, while 20% said rubbish or junk in the driveway or front garden could affect the cost.

Overflowing gutters (20%), several cars parked on or around the property (19%) and garden ornaments and statues (18%) also cut the value of neighbouring homes, estate agents said.

The research also revealed that some sellers deliberately time viewings to make their houses seem more attractive, avoiding issues next door such as loud music or pets - or even avoiding the neighbours altogether.

Sarah Khan, head of Churchill home insurance, said: "First impressions count when it comes to selling homes, with the sale price often negatively impacted when the neighbouring property looks scruffy.

"Investing a few hundred pounds in a gardener to tidy up next door's front garden could pay huge dividends when it comes to selling your home, a win-win for both you and your neighbour." 

What do estate agents say? 

We spoke to people in the industry about the risk of having messy neighbours when it comes to moving - and what their advice is for those seeking to avoid any effect on their sale.

James Stevenson, south and south west area director at Foxtons,  agrees it can make the process more difficult.

"Gardens that are unkept or full of clutter, pavements and frontages that have fallen into disrepair or where your neighbours are showing little care for their property are all a negative flag for buyers," he said.

"Additionally, any disruption that has become a neighbourly dispute must be declared to prospective buyers, so it's always better to have a great relationship with your neighbours and try to resolve any existing issues amicably."

Messy neighbours are "frustrating" at any time, but become a "more pressing issue" when it comes to putting a home up for sale, says  Sarah Cull, senior associate director Strutt & Parker Salisbury.

"Before you get your own gardening shears out, the first step should always be to try to have a frank conversation with your neighbour - you can even explain that you're looking to sell and you want to give prospective buyers the best first impression possible."

If a friendly chat doesn't do the job, Sarah suggests heading to a local garden centre to pick up some screening.

"Where the neighbour's garden is considered a nuisance - for example there's lots of rubbish which could attract pests, or weeds are damaging groundwork - then you can report it to your local council," she added.

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U.S. Employers Added 303,000 Jobs in 39th Straight Month of Growth

The March data increased confidence among economists and investors that robust hiring and rising wages can continue to coexist while inflation eases.

• Share full article

Monthly change in jobs

+303,000 jobs

+300,000 jobs

March ’23

March ’24

By Talmon Joseph Smith

Another month, another burst of better-than-expected job gains.

Employers added 303,000 jobs in March on a seasonally adjusted basis, the Labor Department reported on Friday, and the unemployment rate fell to 3.8 percent, from 3.9 percent in February. Expectations of a recession among experts, once widespread, are now increasingly rare.

It was the 39th straight month of job growth. And employment levels are now more than three million greater than forecast by the nonpartisan Congressional Budget Office just before the pandemic shock.

The resilient data generally increased confidence among economists and market investors that the U.S. economy has reached a healthy equilibrium in which a steady roll of commercial activity, growing employment and rising wages can coexist, despite the high interest rate levels of the last two years.

From late 2021 to early 2023, inflation was outstripping wage gains, but that also now appears to have firmly shifted, even as wage increases decelerate from their roaring rates of growth in 2022. Average hourly earnings for workers rose 0.3 percent in March from the previous month and were up 4.1 percent from March 2023.

Wage growth continues to slow

Year-over-year percentage change in earnings vs. inflation

+4.1% in March

+3.2% in Feb.

Consumer Price Index

Avg. hourly earnings

“The vanishingly few areas to criticize this labor market are melting away,” said Andrew Flowers, the chief labor economist at Appcast, a recruitment advertising firm.

Some have worried that as the booming labor market recovery gave way to a milder expansion, job growth would mostly narrow to less cyclical sectors like government hiring and health care. Gains in health care — including hospitals, nursing and residential care facilities and outpatient services — led the way in this report. But job growth, for now, remains broad-based.

The private sector added 232,000 jobs overall. Construction added 39,000 jobs in March, about twice its average monthly gain in the past year. Employment in hospitality and leisure, which plunged during the pandemic, continues to bounce back and is now above its February 2020 levels.

The “continued vigor,” said Joe Davis, the global chief economist at Vanguard, has come from “household balance sheets bolstered by pandemic-related fiscal policy and a virtuous cycle where job growth, wages and consumption fuel one another.”

President Biden declared the report a “milestone,” noting that the economy has created 15 million jobs since he took office and began a set of programs meant to boost growth. “We’ve come a long way, but I won’t stop fighting for hard-working families,” he said in a statement.

Hiring jumped across industries

Change in jobs in March 2024, by sector

+88,000 jobs

Education and health

Leisure and

hospitality

Construction

Manufacturing

Leisure and hospitality

Business services

Data analysts note that better-than-expected gains in business productivity and work force participation have added fuel, too. Recent data from the Bureau of Economic Analysis shows corporate profits at a record high.

Officials at the Fed, which rapidly raised interest rates in 2022 and early 2023 to combat inflation, have expressed cautious optimism that they are approaching their goals of low unemployment and more stable prices.

Inflation has fallen drastically from its peak of 7.1 percent, according to the Fed’s preferred measure . But it ticked up in February to 2.5 percent, still a half-percentage point away from the Fed’s target. And some worry that rising oil prices or geopolitical chaos could upend the delicate state of affairs.

Reasons for caution go beyond global events.

Guy Berger, director of economic research at the Burning Glass Institute, which studies the labor market, noted that though layoff rates are near record lows, other data on hiring was “consistent with an unemployment rate just under 5 percent” based on past business cycles.

And some labor economists believe that elevated borrowing costs for consumers and businesses, which were steered higher by the Fed, are poised to crack certain parts of the economy the longer businesses have to live with them.

Nancy Vanden Houten, lead U.S. economist at the advisory firm Oxford Economics, said that the strong job growth need not deter the Fed from lowering interest rates — something it is projected to do three times this year — and adding a layer of insurance to the ongoing business expansion.

“The Fed does not need to see a weak labor market to begin cutting rates but will be guided by readings on wage growth and inflation, which we expect to show more progress toward the central bank’s objectives in the next few months,” she wrote in a research note.

Even as narratives about the U.S. economy among top experts have waffled between jubilant relief and stubborn concern that the best of this business cycle was finished, in the aggregate the labor market has consistently been vibrant since 2022; almost uneventfully so.

But the underlying details do provide insights into potential shifts that may affect the mix of hiring and commercial activity going forward.

Employment growth in sectors like professional and business services, finance and information remains soft. Daniel Zhao, the lead economist at the career site Glassdoor, pointed out that these three sectors collectively added just 10,000 jobs in March — a fresh indication of how white-collar employers have grown much more picky since their hiring spree during the pandemic.

“Companies are hiring selectively, prioritizing quality over quantity,” said Tom Gimbel, the chief executive of the LaSalle Network, a Chicago-based staffing and recruiting firm.

The upside is that those workers are the most likely to be high earners in the first place; homeowners with low-cost, fixed-rate mortgages shielding them from rental inflation, and investors whose portfolios have been on an eye-popping bull run since fall.

Lower-wage earners, for their part, are experiencing a job market less hot than a couple of years ago, when switching jobs in search of better pay and benefits frequently garnered double-digit percent raises. The market is, however, still providing opportunities for earnings growth not seen since the late 1990s, according to key Fed measures .

In an interview with Bloomberg in March, Liz Everett Krisberg, the head of the Bank of America Institute, noted a crucial overarching reality for households: The monthly median value of savings and checking balances is more than 40 percent higher than in 2019 for all income levels tracked by the bank.

Delinquencies are on the rise for subprime borrowers of cars and credit cards. But the overall percentage of household disposable income going to debt payments is still below its prepandemic low .

Mark Zandi, the chief economist at Moody’s Analytics, has been among the more bullish financial commentators since recession concerns grew in 2022.

But a year ago, when the regional banking system began to tremble a bit from interest rate shocks, he grew more worried. Mr. Zandi advised his son, an entrepreneur, that he was unlikely to get a line of credit because bank lending was probably about to tighten.

“He knocked on JPMorgan Chase’s door and they gave him a line of credit within two hours,” Mr. Zandi said with a laugh. “And, you know, it was a pretty sizable line.”

That turn of events is emblematic of a little-noticed shift in business conditions. Since the middle of last year, when economic growth greatly exceeded forecasts, the share of banks tightening lending to small businesses has eased substantially. That trend is in line with an emerging conviction among business leaders that a downturn is not imminent, and a potentially elongated expansion makes betting on upstart firms more attractive.

Frustration with the cumulative rise in prices over the last three years continues to agitate consumer sentiment. But consumers and businesses, in many ways, are still in healthy shape overall, said Daniel Alpert, a senior fellow in financial macroeconomics at Cornell Law School and a founding managing partner of Westwood Capital, an investment bank.

“Were it not for the post-pandemic inflation spike and high interest rates,” he said, this economy “would be hailed as one of the greatest turnarounds in history.”

Talmon Joseph Smith is a Times economics reporter, based in New York. More about Talmon Joseph Smith