Vice President (VP) of Product Development Salary
In a profession for which the median take-home is approximately $159K, just over two-fifths of overall earnings for VPs of Product Development arrives through commissions. Total incomes of VPs of Product Development incorporate potential for, in a few cases, more than $59K from bonuses and close to $51K from profit sharing; these performance components cause packages to range between $98K and $251K. Location is the biggest factor affecting pay for this group, followed by career length. For the most part, VPs of Product Development enjoy their work and report high levels of job satisfaction. Generally, women make up less than a third of all VPs of Product Development who answered the questionnnaire. Nearly all report receiving medical coverage from their employers and most collect dental insurance. This snapshot results from replies to PayScale's salary survey.
|Salary||$92,071 - $217,071|
|Bonus||$4,973 - $58,685|
|Profit Sharing||$1,007 - $50,684|
|Total Pay (||$97,892 - $251,017|
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.
Vice President (VP) of Product Development Job Listings
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, Business Development, Strategic Project Management, and Software Development are correlated to pay that is above average, with boosts between 6 percent and 12 percent. Skills that seem to negatively impact pay include Product Marketing, Data Modeling, and Media / Public Relations. It is often found that people who know Product Development are also skilled in Project Management and Business Development.
Pay by Experience Level for Vice President (VP) of Product Development
Pay by Experience for a Vice President (VP) of Product Development has a positive trend. An entry-level Vice President (VP) of Product Development with less than 5 years of experience can expect to earn an average total compensation of $119,000 based on 45 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Vice President (VP) of Product Development with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $139,000 based on 138 salaries. An experienced Vice President (VP) of Product Development which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $165,000 based on 246 salaries. A Vice President (VP) of Product Development with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $184,000 based on 163 salaries.
Pay Difference by Location
San Jose is home to an above-average pay rate for VPs of Product Development, 54 percent higher than the national average. VPs of Product Development can also look forward to large paychecks in cities like Atlanta (+30 percent), Seattle (+29 percent), Boston (+29 percent), and Salt Lake City (+13 percent). Compared to the national average, Portland VPs of Product Development have considerably lower salaries, 21 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. Below-median salaries also turn up in Dallas and Chicago (18 percent lower and 13 percent lower, respectively).
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