Vice President (VP) of Product Development Salary
A big portion of take-home pay for VPs of Product Development — just over two-fifths, in fact — arrives through commissions. This profession's median overall income is approximately $159K. In the world of VPs of Product Development, overall income ranges from $98K near the bottom to $255K at the top; this can include more than $61K from bonuses and more than $50K from profit sharing in exceptional cases. Geographic location is the biggest factor affecting pay for this group, followed by career duration. Male VPs of Product Development are far more common among survey respondents than their female counterparts, who typically comprise less than one-third of the field. Nearly all enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. The majority of workers are highly satisfied with their job. The figures in this rundown are based on the results of PayScale's salary questionnaire.
|Salary||$94,373 - $219,867|
|Bonus||$4,922 - $61,277|
|Profit Sharing||$970 - $49,886|
|Total Pay (||$98,370 - $255,202|
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. (Copyright 2017 PayScale.com)
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 report using a large range of skills on the job. 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 are correlated to lower pay, on the other hand, include Product Marketing, Data Modeling, and Media / Public Relations. For most people, competency in Product Development indicates knowledge of 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
Home to some of the best pay for VPs of Product Development, San Jose offers exceptional salaries, 54 percent above 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). One of the biggest compensable factors for VPs of Product Development is geography, with workers in Portland earning a whopping 21 percent below the national average. A couple other locations with smaller-than-average paychecks include Dallas (18 percent lower) and Chicago (12 percent lower).
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