What is the Average VP of Business Development Salary in 2021?
As you embark on your professional journey, you might wonder how much you can make in different roles. One such role that often comes to mind is that of a VP of Business Development. In this article, we’ll explore the average salary that you can expect in this role in 2021.
The Basics of a VP of Business Development Role
A VP of Business Development is a senior executive in an organization responsible for developing and implementing strategies to increase revenue and market share. The role involves identifying new business opportunities, building relationships with partners and clients, negotiating deals, and aligning business development goals with the broader organizational objectives.
The Average VP of Business Development Salary in 2021
According to data collected by Payscale, the average VP of Business Development salary in the United States is $147,024 per year. The salary ranges from $90k to $227k per year, depending on factors such as years of experience, skills, education, and industry.
In terms of industries, the highest-paying industries for VP of Business Development roles are technology, finance, and healthcare. Within the technology industry, companies in the software and internet sectors tend to pay the highest salaries. In contrast, the lowest-paying industries for VP of Business Development roles are retail and hospitality.
Factors Influencing VP of Business Development Salary
The salary of a VP of Business Development depends on various factors that can increase or decrease the earning potential. Some of these factors include:
Years of Experience
Experience is a critical factor in determining the salary of a VP of Business Development. Payscale data indicates that a VP of Business Development with less than five years of experience can expect an average salary of $115,000 per year, while those with more than twenty years of experience can earn up to $200,000 per year.
Skills
Certain skills can increase the earning potential of a VP of Business Development. For instance, those with skills in strategic planning, negotiation, and sales can make higher salaries than those without these skills.
Education
While a bachelor’s degree is often the minimum requirement for a VP of Business Development role, having a master’s degree or an MBA can significantly increase the earning potential. According to Payscale, those with an MBA can earn up to 25% more than those with just a bachelor’s degree.
Conclusion
In summary, if you’re considering a career as a VP of Business Development, you can expect an average salary of $147,034 per year in 2021. However, your earning potential is influenced by various factors, including years of experience, education, industry, and skills. By keeping these factors in mind, you can negotiate a fair salary and enjoy a successful career as a VP of Business Development.
