Business Development Manager Salary Miami
Business Development Manager Salary Miami – Interesting topic, challenging work, work environment, growth potential, benefits… these are some of the things that product management professionals consider when they take or stay at a job. But for many product managers, salary is a big factor in whether they will accept an offer or not.
For employees, job hunters, and hiring managers, it’s important to have good information when planning salaries for any job. It is especially important for product management. As there may be fewer employees doing those jobs than there are engineers or salespeople, for example.
Business Development Manager Salary Miami
That’s why corporate foundations are very helpful for all parties involved. Using this data, everyone can understand what is right versus wrong. The data paints a more complete picture of the full range of compensation packages offered to product management professionals at various job levels and positions.
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Salary-related information was collected from respondents for the 2021 Annual Market Management Report. Now everyone from aspiring market managers to seasoned veterans to executive directors has access to this benchmark data. This information is powerful for job applications and offer letters.
Note that the numbers in this article are specific to product management professionals in the United States. It is important to note that on average the US market manager salary is higher than in any other market.
Newly minted product managers in their first two years on the job make $74,000 per year on average. Those with two-to-five years of experience earn an average of $88,000 annually.
Going beyond that first five years results in a big jump in pay. Employees with 6-10 years of product management experience make an average of $116,000 per year. While those with 10-15 years of experience receive an annual salary of $134,000 on average.
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Those with the most years under their belt are also surprisingly the people bringing home the biggest paychecks. Market professionals with 15+ years of experience make an average of $154,000 each year in the United States.
The pay gap between male and female workers doing similar jobs is an issue across the workforce. Women have faced an uphill battle to get fair compensation. This is sadly the case for product management, as well. Men on average make 7% more than women in product management.
The uneven gender divide makes it even higher, as women take 36% of senior roles while men take 64%.
It is not always the case that men hold a disproportionate number of product management jobs. At one point, it almost split even.
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However, more organizations have placed an increasing value on technical product management and product managers with computer science degrees. Since women still outclass men when studying computer science in college, the men who are proving it have gotten better and more in the market.
Although women actually outnumber men in lower positions of product management, things tend to change after the five-year mark. Men started holding the majority of roles. Since women drop out of the discipline faster than their male counterparts, they are rarely seen in senior positions.
41% of women leave engineering after ten years while only 17% of men leave in the same period. This leads to a crop of candidates for high-paying positions that is turning out to be more male.
Examining actual market management pay data, on average women make 7% less than men at this point in the U.S. This difference starts right out of the gate. On average most female product managers make 7% less than their male counterparts.
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After that, things become more balanced. Women only make 2% less than men during three to five years and 3% less during six to ten years.
The most noticeable gap is during the critical period of 11-15 years. This is where the gap is 9% during the period when women are most likely to leave the market management.
Product management and technology in general are also not exempt from systemic issues perpetuating race-based inequality. For the same types of work, Asian professionals continue to make the most, followed by white workers and then Hispanics, with black workers the least.
Just like real estate, where someone works (or where their company is located) can make a big difference in their paychecks.
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Some of this compensation is based on cost of living. But it is driven more by the competition for talent. Tech giants find themselves fighting over competitors and driving compensation.
The city that never sleeps is also the city that pays the highest market management salary. New York City is 129% above the national average. The Bay Area is not far behind, as San Francisco-based product managers earn 80% more on average. Seattle (49% more), Boston (48% more), and Los Angeles (43% more) round out the five highest-paying markets.
What remains to be seen are the results of two major trends that began in 2020 and will continue in the coming years. The first has been the shift to flexible work environments and remote-first mindsets among many tech companies.
While the pandemic accelerates this effort, more companies will look for talent wherever they can find it. But you may be less inclined to hand out premium wages to workers in more expensive areas. For example, Facebook, Twitter, Stripe, and VMWare are happy to support their employees moving outside of Silicon Valley, but those moves will come with salary reductions.
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Another shoe to drop is the quick exit of companies from these expensive positions. Oracle, Tesla, and Hewlett Packard are scouring the Bay Area for Texas, while Miami is also vying for California and New York companies to head South for more than Spring Break. Cheaper prices and lower taxes are obvious draws. But the impact on rank-and-file payments is still up in the air for those who move and those who fall behind in more expensive markets.
The “household names” of the tech world pay tribute to their employees. The rate of market managers is no different. Product management professionals at Uber, Google, Microsoft, Airbnb, and Slack have average salaries over $200,000 a year.
But not every well-known company is necessarily to make big money bags of money. For example, the average product manager at Adobe makes “only” around $132,000 per year. Even a product manager at Dell brings home an average of $120,000 per year. While all companies considered are less, it is an important reminder that stock management compensation is very company specific.
It’s also important to remember that part of the reason famous tech giants pay so much is because of their positions. They are in more expensive markets because of their constant competition against other top companies for premium talent. It doesn’t hurt that they always flow with money and are still in a state of growth, which often leads to free spending on salaries.
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But also remember that bigger is not always better. When companies are really big each product manager doesn’t always have much of an impact on the bottom line. Therefore, they cannot be valued as they can be in a small company where they can play a big strategic role. So, as with everything, it depends on the individual situation.
A bachelor’s degree offers many benefits for anyone pursuing a product management career. Yet only 43% of product management professionals have a graduate degree. Those numbers inch slightly higher when evaluating senior management roles, where 48% boast two or more degrees.
That’s not to say, however, that those with graduate degrees don’t pursue marketing management roles. In fact, 7% of Harvard Business students go into product management. But most market jobs don’t require a graduate degree. These degrees are often listed as “preferred,” “preferred,” or “optional” in many job descriptions.
In addition to their regular salaries, some product managers see an annual bonus as part of their overall compensation. 44% of our survey respondents reported receiving a gift, with the average amount coming out to $3,000 per year.
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While this is not an insignificant amount of money, it is not as much of a deciding factor for stock management as it may be for those in sales or working in surplus-heavy industries like financial services.
Of course, the appeal for many tech companies is the appeal of equity. But since stock options are not a sure thing, they should not be considered part of the package until the company goes public.
If this article makes you sad that your salary as a product manager is stagnant or unpaid, you don’t need to quit your job immediately or start hunting for a new role. With a data-driven argument, you can largely give a rise in your current place of employment if the political and economic environment is amenable to such a question.
The market manager rate you settle on when you first get hired will determine your financial trajectory as long as you work in the same field. It is very difficult to get a promotion once you are already on the payroll.
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So, whenever you consider your options and pursue other opportunities, make sure you are negotiating
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