Vice President (VP) of Product Development Salary
Commissions comprise a big part of overall income for VPs of Product Development. The median take-home amount in this area is around $157K, and on average, just under three-fifths of that final number comes from commissions. With some bonuses approaching $56K and certain profit sharing proceeds approaching $50K, overall incomes of VPs of Product Development spread between $95K and $247K depending on individual performance. Location is the biggest factor affecting pay for this group, followed by career length. Most VPs of Product Development report high levels of job satisfaction. Nearly all enjoy medical while most get dental coverage. Vision coverage is also available to the larger part. Generally, women make up less than a third of all VPs of Product Development who answered the questionnnaire. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
|Salary||$90,299 - $210,950|
|Bonus||$5,000 - $55,956|
|Profit Sharing||$993 - $50,335|
|Total Pay (||$95,374 - $247,263|
Job Description for Vice President (VP) of Product Development
Vice presidents (VPs) of product development are usually members of the upper-management team within an organization. This position is classified as a technology job and usually reports to the chief technology officer, the chief engineering officer, or another department leader. Vice presidents of product development usually have many employees who work under them and a group of managers who report in directly to them. Individuals in this position are responsible for managing all product development activities undertaken by the product development team. The objective of this position is to ensure that the product development team meets the needs of the organization and satisfies all customer requirements.Read More...
Typically a vice president (VP) of product development is responsible for developing product plans, creating top-level product schedules, determining and scheduling product delivery milestones, working on any departmental development issues, ensuring on-time delivery of all scheduled milestones and product requirements, and delegating work to the product development team.
The vice president of product development may work in a number of fields, including manufacturing, technology, construction, and education; however, this type of position is more often seen in technology organizations. Vice presidents of product development work with employees at varying levels of responsibility in the organization including upper management, developers, engineers, architects, supply chain personnel, product and program managers, and accounting personnel. This is generally a full-time position that takes place in an office setting.
This position generally requires a bachelor's degree in business, computer science, engineering, management, or a related field. A master's degree is strongly preferred. A minimum of 10 to 12 years' experience in a related position is required. Demonstrated team management experience, strong written and oral communication skills, and good interpersonal skills are required as well.
Vice President (VP) of Product Development Tasks
- Lead product development and production teams from initial inception to final product.
- Guide product placement and pricing strategies.
- Ensure that products meet the brand standards as well as consumer needs.
- Conduct technical, competitive, and trend analysis to identify and evaluate potential products.
Common Career Paths for Vice President (VP) of Product Development
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Popular Skills for Vice President (VP) of Product Development
VPs of Product Development seem to require a rather large skill set. Most notably, skills in Product Management, Software Development, Strategic Project Management, and Business Development are correlated to pay that is above average, with boosts between 6 percent and 12 percent. Skills that are correlated to lower pay, on the other hand, include Product Marketing, Data Analysis, and Presentation. Those proficient in Product Development are, more often than not, also skilled in Project Management and Business Development.
Pay by Experience Level for Vice President (VP) of Product Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many VPs of Product Development, more experience generally translates to higher pay. Substantial, six-figure paychecks show up early in this area; folks who have worked for fewer than five years report earning a median of $118K. For VPs of Product Development, 10 to 20 years of experience on the job amounts to an average salary of $164K. VPs of Product Development with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $183K.
Pay Difference by Location
Surpassing the national average by 56 percent, VPs of Product Development in San Jose receive some of the highest pay in the country. VPs of Product Development can also look forward to large paychecks in cities like Seattle (+39 percent), Atlanta (+32 percent), Boston (+29 percent), and San Francisco (+13 percent). Portland is the lowest-paying area, 19 percent south of the national average. Employers pay around 17 percent less in Dallas and 13 percent less in Denver, below-median salaries for those in this field.
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