Vice President (VP), Business Development Salary
Salaries for Business Development VPs in the United States are generous, with average pay above six figures ($132K) per year. Total cash compensation to Business Development VPs bottoms out near $80K and approaches $243K on the high end; the biggest paychecks include approximately $60K from bonuses and almost $39K from profit sharing. 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. The majority of workers are highly satisfied with their job. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The data for this snapshot was collected from individuals who took PayScale's 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
While not commonly seen, Business Development VPs who transition into a Senior Vice President of Sales position may see a rise in pay. The median salary for Senior Vice Presidents of Sales is $192K per year. However, becoming a President or Chief Executive Officer is a more frequent transition for Business Development VPs.
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Popular Skills for Vice President (VP), Business Development
Survey respondents exploit a significant toolbox of skills in their work. Most notably, skills in Strategic Planning, Business Strategy, Strategy Development, and Product Development are correlated to pay that is above average, with boosts between 15 percent and 18 percent. At the other end of the pay range are skills like Technical Sales, Strategic Marketing, and Sales. Those familiar with Business Development also tend to know New Business Development, Sales Management, and Contract Negotiation. Most people familiar with Sales also know Sales Management.
Pay by Experience Level for Vice President (VP), Business Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Business Development VPs who reported more years of relevant experience also reported higher earnings. Relatively untried employees who have less than five years' experience make $100K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $135K. Business Development VPs with one to two decades of relevant experience report an average salary of approximately $160K. More than 20 years of experience mean a somewhat bigger median paycheck of $171K, but it's not much more than what less experienced people make.
Pay Difference by Location
Surpassing the national average by 47 percent, Business Development VPs in San Francisco receive some of the highest pay in the country. Business Development VPs will also find cushy salaries in San Jose (+40 percent), Boston (+23 percent), Seattle (+21 percent), and Philadelphia (+17 percent). The smallest paychecks in the market, 5 percent south of the national average, can be found in Denver. Not at the bottom but still paying below the median are employers in Los Angeles and San Diego (2 percent lower and 1 percent lower, respectively).
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