Vice President (VP), Research & Development Salary
Wages for VPs of Research & Development in the United States are generous, with average pay above six figures ($156K) per year. Including potential for bonuses and profit sharing — peaking near $78K and $41K, respectively — total cash payment to VPs of Research & Development can bottom out near $105K or peak near $277K depending on individual performance. Career duration is the biggest factor affecting pay for this group, followed by geography. Nearly all enjoy medical while most get dental coverage. Vision coverage is also available to a strong majority. For the most part, VPs of Research & Development enjoy their work and report high levels of job satisfaction. Making up 79 percent of those who took the survey, male VPs of Research & Development greatly outnumber their female counterparts. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Vice President (VP), Research & Development
A vice president (VP) of research and development (R&D) is an executive who oversees and supervises all development and innovation efforts by a company. They work to recruit product development team leaders to handle these efforts and directs R&D teams with budget approvals, scheduling, and deadline management. The VP also works with other teams within the company — such as sales, marketing, engineering, and manufacturing — to bring new products from the research and development side to market or implementation within the organization.Read More...
Usually a board-level executive, the VP of R&D typically spends much of their time directing R&D teams rather than performing hands-on supervision. The VP usually receives progress reports and conducts regular meetings with team leaders at a middle-management level. They assess the efforts of R&D teams, adjust scheduling and personnel, and help steer research efforts. The VP helps create an environment that fosters innovation in developing new products, creating improvements on existing products or services, or even developing new processes and technology for the organization to improve efficiency.
As an upper-level executive within a company, a vice president for research and development typically needs at least a bachelor's degree in some scientific, business, or engineering discipline, with many companies preferring individuals with master's degrees in business administration. The VP typically works within his or her own office and has an administrative staff he or she directly supervises. As a supervisor of a department that may consist of many teams, the VP of R&D should expect that travel will be a regular part of his or her job as well.
Vice President (VP), Research & Development Tasks
- Develop and direct the design and development of new products and the improvement of existing products.
- Work with members of the senior management team to further department and company goals.
- Provide leadership and develop objectives for the Research and Development (R&D) department.
- Obtain funding for existing and future Research and Development (R&D) projects.
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Popular Skills for Vice President (VP), Research & Development
VPs of Research & Development typically list a handful of skills they use on the job. Most notably, skills in Product Development, People Management, Project Management, and Strategic Planning are correlated to pay that is above average. Skills that pay less than market rate include Strategic Planning, Project Management, and People Management. Most people skilled in Product Development are similarly competent in People Management.
Pay by Experience Level for Vice President (VP), Research & Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of VPs of Research & Development. Those in the early stages of their career can expect to make around $112K; however, individuals with five to 10 years of experience bring in $171K on average — a distinctly larger sum. VPs of Research & Development claiming one to two decades of experience make an estimated median of $174K. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $187K on average.
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