Business Development Associate Salary
The average Business Development Associate in the United States can expect to rake in roughly $48K per year. Overall incomes of Business Development Associates — including $17K bonuses, $15K profit sharing proceeds, and $25K commissions on the more lucrative end — generally ranges between $33K and $84K. Residence is the main element affecting pay for this group — tenure and the specific company are driving factors as well. Work is enjoyable for Business Development Associates, who typically claim high levels of job satisfaction. Women Business Development Associates who took the survey just slightly outnumber men. A large number enjoy medical while the greater part get dental coverage. Vision coverage is also available to over one-half. This snapshot results from replies to PayScale's salary survey.
Job Description for Business Development Associate
Business development associates help increase growth and sales for their company. The field in which they work may vary, including everything from information technology (IT) to marketing to engineering. Much of the position is focused on developing strategies to build new client relationships while maintaining existing relationships.Read More...
Business development associates analyze the potential for growth opportunities within their business. They closely monitor and work with departments that would be impacted by the implementation of their strategy, including research and development (R&D), production, marketing, and sales. Based on their analysis, they develop a business plan, mapping how the company can increase net income. Some of the data produced and monitored by business development associates include reasons for gains and losses (with regard to clients), opportunities available to market and sell to a client, the top performers in sales, and the services and products that the company offers that specific clients may be seeking.
Business development associates monitor clients and identify opportunities for attracting, selling to, and retaining a relationship with that client. Based on these numbers and reports, the business may change or redirect their marketing and sales strategies.
Business development associates typically hold bachelor’s degrees (or higher) in business management, accounting, or a related field. They may also have experience in sales. Business development associates are expected to have some background with the strategic planning, sales, marketing, and finance. Many business development associates can work their way up to this position by starting in a sales or marketing position.
Business Development Associate Tasks
- Develop, execute and evaluate new plans for expanding increasing sales.
- Document all customer contact and information.
- Supervise implementation, advocate for the customer's needs, and communicate with client.
- Identify, prioritize, and reach out to new business categories, partners and opportunities.
Common Career Paths for Business Development Associate
Business Development Associates may progress into high-paying roles like Business Development VP, where median compensation is $147K annually. Business Development Managers or Business Development Directors are common next-step roles for Business Development Associates moving up in their careers; annual pay for Business Development Managers is $29K higher on average, and it's $63K higher for Business Development Directors.
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Popular Employer Salaries for Business Development Associate
Pay for Business Development Associates is best at Corporate Executive Board (CEB), which offers a median salary of $45K. However, the highest reported salaries don't seem to be much higher than the lowest ones; the pay range here runs from $39K to $56K.
Popular Skills for Business Development Associate
Survey respondents exploit a significant toolbox of skills in their work. Most notably, skills in Business Analysis, Data Analysis, New Business Development, and Powerpoint are correlated to pay that is above average, with boosts between 7 percent and 10 percent. Skills that seem to negatively impact pay include Marketing Communications, Microsoft Word, and Microsoft Office. Those educated in Business Development tend to be well versed in Sales and Market Research.
Pay by Experience Level for Business Development Associate
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $48K; however, individuals with five to 10 years of experience bring in $62K on average — a distinctly larger sum. Business Development Associates claiming one to two decades of experience make an estimated median of $61K. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $58K.
Pay Difference by Location
Business Development Associates will find that Atlanta offers an impressive pay rate, one which exceeds the national average by 15 percent. Business Development Associates will also find cushy salaries in San Diego (+14 percent), San Francisco (+13 percent), New York (+10 percent), and Houston (+5 percent). With compensation 15 percent below the national average, Dallas is not known for hefty paychecks and actually represents the lowest-paying market. Below-median salaries also turn up in Arlington and Austin (12 percent lower and 8 percent lower, respectively).
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