Vice President (VP) of Product Development Salary
A big portion of take-home pay for VPs of Product Development — slightly less than three-fifths, in fact — arrives through commissions. This profession's median overall income is approximately $156K. Overall cash earnings for VPs of Product Development stretch from $96K on the lower end to $244K near the top, and the heftiest packages can encompass around $53K from bonuses and $63K from profit sharing. Location and career duration each impact pay for this group, with the former having the largest influence. Job satisfaction is high and work is enjoyable for most VPs of Product Development. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to more than half. Most VPs of Product Development survey respondents are men (75 percent). The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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.
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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, Strategic Project Management, Business Development, and Product Development are correlated to pay that is above average. Skills that pay less than market rate include Presentation, Product Marketing, and Data Analysis. Those familiar with Product Development also tend to know 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.
Experience is an important factor influencing the compensation of VPs of Product Development. Six-figure salaries are not unusual for those just entering the occupation — survey respondents with less than five years' experience under their belts report receiving an average of $115K per year. People with 10 to 20 years of experience make an average of about $162K in this role. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $188K.
Pay Difference by Location
San Jose is home to an above-average pay rate for VPs of Product Development, 56 percent higher than the national average. VPs of Product Development will also find cushy salaries in Seattle (+39 percent), Atlanta (+31 percent), Boston (+20 percent), and San Francisco (+12 percent). Portland is the lowest-paying area, 19 percent south of the national average. Employers also pay below the national average in Dallas (17 percent lower) and Denver (13 percent lower).
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