In many businesses, the job titles “chief marketing director” and “marketing vice president” are synonymous. Though some jobs are listed as “Vice President of Marketing,” the salaries given are commensurate with what a chief marketing director makes. So, what are those salaries?
Salary Requirements
Corporations hire these individuals to oversee all aspects of marketing the company services or products; some of them work internationally. They work in supervisory positions with individuals and teams. Vice presidents of marketing usually must have at least a bachelor’s degree, though a master’s is preferred, and often corporations ask for a minor or a second degree in the industry where the executive works. For these reasons, their compensation usually is a generous salary in combination with incentives like market shares and bonuses.
Salaries Vary by Industry
Investment firms and other financial institutions, as well as software companies, pay more than other industries. The health care field, when looked at independently, is one of the lowest paid with vice presidents of marketing earning a salary of just under $50,000 a year. Pharmaceuticals, on the other hand, are one of the highest paying industries. The base pay for a vice president of marketing in pharmaceuticals is listed by Quirks as $200,000. There is an average bonus of $54,200 and incentives of $55,333 for a total salary of $309,533. The insurance industry rates high for salaries as well. That base salary is $178,600 with a bonus of $8,400 and incentives of $78,750.
Salaries Vary by Location
What marketing vice presidents earn depends upon the region where they work. In Connecticut, Massachusetts, Rhode Island and much of the northeast, the average base salary is $159,455. There is an average bonus of $46,125 and incentives of $32,167 for a total of $237,746. In the southern states salaries are considerably lower, with the average base pay listed as $75,000. Bonuses are listed as $5,000 and there were no listed incentives. That makes the average salary for a VP of marketing $80,000. Vice presidents of marketing who work an international arena fare better. For a business based in Asia, the base salary is $300,000, the bonus is $65,000 and the incentives are valued at $135,000 making the salary $500,000.The base salary for the Burger King Vice President of Marketing is listed as $252,654.
Another Factor in Setting Salaries is Education
Most employers prefer a master’s degree in business and a dual degree, a minor or a certification in the industry in which he works. In addition, most vice presidents of marketing must have experience in the marketing field. A recent listing at “The Ladders” was for a vice president of marketing at an electronics firm. The position require a bachelor’s degree in business but a master’s degree was preferred. In addition, the applicant must have fifteen years’ experience in marketing.
Vice presidents of marketing are highly-paid professionals. Their salaries increase with the amount of education and experience they bring to the job. Depending upon where you work, you might earn any salary from $50,000 to half a million dollars annually.
Additional resource: What Can I Do With a Degree in Marketing?