Exploring Salaries: How Much Does a Business Development Manager Make?
The role of a Business Development Manager (BDM) is crucial to the success of any organization. They are responsible for identifying and creating opportunities for growth, building and maintaining strong relationships with clients and suppliers, and driving revenue for the company. It’s no surprise that the salary of a BDM is highly sought after and a topic of interest for many.
So, how much does a Business Development Manager make? According to the United States Bureau of Labor Statistics, the median annual salary for a BDM in 2020 was $126,640. However, salary can vary based on a variety of factors including industry, employer, location, and experience.
Salary by Industry
The industry in which a BDM works can greatly affect their salary. According to Glassdoor, the following industries are known to offer the highest salaries for BDMs:
1. Information Technology (IT) – With the rise of digital transformation and the increasing need for technological solutions in businesses, BDMs in the IT industry have a median salary of $144,000.
2. Manufacturing – BDMs in the manufacturing industry have a median salary of $137,000 as they are responsible for finding new markets and developing better ways to produce goods.
3. Finance – BDMs in the finance industry have a median salary of $132,000 as they drive business growth through acquiring new clients, managing partnerships, and creating new business opportunities.
Salary by Employer
The employer also plays a significant role in determining the salary of a BDM. Large companies and corporations tend to offer higher salaries. According to Payscale, the following employers are known to offer the highest salaries for BDMs:
1. Amazon – BDMs at Amazon have an average salary of $155,000, making it one of the highest paying employers in this industry.
2. Salesforce – BDMs at Salesforce earn an average salary of $140,000.
3. Goldman Sachs – The investment bank offers a median salary of $141,000 for BDMs.
Salary by Location
Location is another key factor in determining the salary of a BDM. In general, metropolitan areas with high business activity tend to pay higher salaries than less populated areas. According to Zippia, the following states have the highest average salaries for BDMs:
1. New York – With a median salary of $147,000, New York is the highest paying state for BDMs.
2. Virginia – BDMs in Virginia earn an average salary of $133,000.
3. Texas – With a median salary of $129,000, Texas is another state that offers high salaries for BDMs.
Conclusion
In conclusion, the salary of a Business Development Manager varies based on a number of factors such as industry, employer, location, and experience. Keeping up with these trends and understanding the market can help BDMs negotiate better salaries and find positions that best suit their skills and needs. To sum up, the role of a Business Development Manager requires a diverse skillset and carries immense responsibility, and the salary is certainly reflective of the value they bring to an organization.
