Vice President (VP), Business Development Salary
Average pay for a Business Development VP in the United States is considerable, rounding six figures at $131K per year. In the world of Business Development VPs, total cash compensation ranges from $80K on the lower end to $244K on the higher end; this includes bonuses that reach $61K and profit sharing that approaches $37K in rare cases, with some high rollers snagging commissions as high as $81K. Geographic location and career duration each impact pay for this group, with the former having the largest influence. Male Business Development VPs are far more common among survey respondents than their female counterparts, who typically comprise less than one-third of the field. Job satisfaction is reported as high by the vast majority of workers. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to more than half. The data in this summary comes from the PayScale salary survey.
Job Description for Vice President (VP), Business Development
One of the major responsibilities for vice presidents of business development is developing and executing company sales and marketing plans, including implementing new ideas and tools for the company. They provide direction and planning for the company and oversee the workings of the company. A vice president of business development must work closely with a team of salespeople, management and lower-level employees.Read More...
Vice presidents of development must secure contracts with new customers, as well as manage ongoing contracts. They also write proposals for new and existing clients, identify and set company goals, and create plans to achieve goals. Vice presidents of development must develop and maintain a network of contacts within and outside of the company. These professionals generally work a standard 40-hour week during business hours in an office setting, although they may travel for business occasionally.
Vice presidents of development typically are required to have a bachelor’s degree in a relevant field such as business administration or marketing; an MBA is preferable. Several years of management experience is preferred. Vice presidents of development also must be collaborative individuals with strong interpersonal skills. They must be motivated, ambitious and possess exceptional communication skills, both written and verbal. Strong negotiation skills are also required, and they must be analytical problem solvers. They must have demonstrated leadership ability and a well-rounded knowledge of the company in order to effectively carry out their duties.
Vice President (VP), Business Development Tasks
- Oversee the formation of business partnerships and negotiation of contracts.
- Lead company's planning and execution of strategies to increase sales and company growth.
- Manage business development and sales staff.
Common Career Paths for Vice President (VP), Business Development
Though some Business Development VPs move into positions like Senior Vice President of Sales (where the average salary is $193K), this progression is not the norm. However, Business Development VPs typically graduate to Presidents or Chief Executive Officers.
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Popular Skills for Vice President (VP), Business Development
Survey results imply that Business Development VPs deploy a deep pool of skills on the job. Most notably, facility with Strategic Planning, Business Strategy, and Strategy Development are correlated to pay that is significantly above average, leading to increases of 21 percent, 17 percent, and 13 percent, respectively. Skills that pay less than market rate include Technical Sales, Sales, and Team Leadership. Most people who know Sales also know Sales Management. Most people familiar with Business Development also know New Business Development, Sales Management, and Contract Negotiation.
Pay by Experience Level for Vice President (VP), Business Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Business Development VPs, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Large paychecks, which sit comfortably in the six-figure range, are handed out almost immediately; professionals who have less than five years' experience report earning a median of $101K per year. Business Development VPs who work for 10 to 20 years in their occupation tend to earn about $161K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $173K on average.
Pay Difference by Location
With a pay rate for Business Development VPs that is 39 percent greater than the national average, San Francisco offers a comfortable salary for those in this profession. Business Development VPs will also find cushy salaries in San Jose (+37 percent), Boston (+27 percent), Seattle (+25 percent), and San Diego (+17 percent). Denver is the lowest-paying area, 9 percent south of the national average. Los Angeles and Atlanta are a couple other places where companies are known to pay below the median — salaries are 3 percent lower and 2 percent lower, respectively.
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