Business Development Manager Salary Texas
Business Development Manager Salary Texas – Interesting subject matter, challenging work, work environment, growth potential, benefits…these are just some of the factors that product management professionals consider when hiring or staying there. But for many product managers, salary is a big factor in whether they accept an offer.
It’s important for employees, job seekers, and hiring managers to have good information when considering the salary of any job. This is especially important for product management. Because there are far fewer workers performing these functions than, for example, engineers or salespeople.
Business Development Manager Salary Texas
Therefore, industry benchmarks are very useful for all participants. Using this information, everyone can understand what is reasonable and fair. The data reflects the full range of compensation packages offered to product management professionals at various career stages and locations.
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For our 2021 annual State of Product Management report, we collected salary-related information from respondents. Now these benchmarks are accessible to everyone from aspiring product managers to seasoned veterans to executive leaders. This information is powerful for career decisions and recommendation letters.
Note that the numbers in this article refer to product management professionals in the United States. It’s worth noting that the average product manager salary in the US is higher than in any other market.
Newly appointed product managers earn an average of $74,000 per year during their first two years on the job. Those with two to five years of experience earn an average of $88,000 per year.
Getting past the first five years brings a huge jump in salary. Workers with 6-10 years of product management experience earn an average of $116,000 per year. And those with 10-15 years of experience earn an average annual salary of $134,000.
Position Title: Business Development Manager (bdm) Department: Business Development. Reports To: Vice President, Business Development
Those who live the longest are, surprisingly, the people who take home the biggest paychecks. Product specialists with 15+ years of experience earn an average of $154,000 annually in the United States.
The wage gap between male and female employees performing similar functions is a problem throughout the workforce. Women faced an uphill battle to get fair compensation. Sadly, this remains the case for product management as well. On average, men work 7% more than women in product management.
This uneven gender split gets worse the further you go, as 36% of top roles are held by women, compared to 64% by men.
It wasn’t always the case that men occupied a disproportionate number of product management jobs. At one point, it was almost equally divided.
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However, more organizations are placing higher value on technical product management and product managers with computer science degrees. As women still lag far behind men when it comes to studying computer science in college, male applicants are making good progress and increasing their market share.
Although women outnumber men in the junior ranks of product management, that all changes after the five-year marker. Men begin to fill most of the roles. Because women leave the discipline earlier than men, they are less often found in senior roles.
41% of women leave tech after ten years, compared to 17% of men. This leads to an increase in applicants for high-paying senior positions.
Examining the actual salary data for product management, on average, women in the US earn 7% less than men in this field. On average, most female product managers make 7% less than their male counterparts.
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After that, things become a little more fair. Females are 2% less likely than males between the ages of three and five, and 3% less often between the ages of 6 and 10.
The most noticeable gap is between the crucial 11-15 years. Here, the gap is 9% during the period when women are likely to leave product management.
Product management and technology in general are not exempt from systemic issues that perpetuate race-based inequality. For the same job types, Asian professionals earn the most, followed by white workers, followed by Hispanics, and black workers the least.
Just like real estate, where someone works (or where their company is headquartered) can make a big difference in their salary.
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Part of this compensation is based on cost of living. But this is driven by competition for talent. Tech hotbeds vie for candidates and raise compensation.
The city that never sleeps is also the city that pays the highest salaries for product management. New York City is 129% above the national average. The Bay Area isn’t far behind, as product managers in San Francisco earn 80% more on average. Seattle (49% more), Boston (48% more) and Los Angeles (43% more) round out the top five paying markets.
The consequences of two important trends that started in 2020 and will continue in the following years are to be seen. The first is the shift to a more flexible work environment and remote-first mindset of many tech firms.
While the pandemic has accelerated this movement, more companies are looking for talent anywhere. But workers in more expensive areas may be less likely to pay premium wages. For example, Facebook, Twitter, Stripe and VMWare are happy to support their workers moving outside of Silicon Valley, but these moves come with reduced wages.
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The other shoe on the bottom is the rapid exodus of firms from high-value locations. Oracle, Tesla and Hewlett Packard are decamping the Bay Area for Texas, while Miami is making a play for California and New York firms to head south for more than spring break. Lower costs and lower taxes are an obvious attraction. But the impact on wages for rank-and-file employees is still up in the air for those who move, as it is for those who stay in more expensive markets.
The “household names” of the tech world reward their employees. The salaries of product managers are no exception. The median salary for product management professionals at Uber, Google, Microsoft, Airbnb, and Slack is over $200,000 per year.
However, not every well-known company necessarily disposes of large bags of cash. For example, the average product manager at Adobe makes “only” around $132,000 per year. Even a product manager at Dell takes home an average of $120,000 a year. While all of these outshine less focused firms, product management compensation is reminiscent of a company’s distinctiveness.
It’s important to remember that part of the reason the well-known tech giants charge so much is their location. They are located in more expensive markets due to constant competition with other top firms for premium talent. It doesn’t hurt that they’re usually flush with cash and still in growth mode, which often leads to more spending on payroll.
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But remember that bigger is not always better. When companies are really big, the individual product manager doesn’t always have that much impact on the bottom line. As such, they may not be valued as much as a smaller firm, which may have a larger strategic impact. So, like all things, it depends on the individual situation.
A bachelor’s degree is often off the table for anyone pursuing a career in product management. However, only 43% of product management professionals have a master’s degree. These numbers are slightly higher when assessing senior management roles, where 48% boast two or more degrees.
But that’s not to say people with these degrees won’t fill product management roles. In fact, 7% of Harvard Business School graduates go into product management. But most product jobs don’t require a master’s degree. These degrees are usually only listed as “preferred,” “preferred,” or “optional” in most job descriptions.
In addition to their regular salary, some product managers see an annual bonus as part of their total compensation. 44% of our survey respondents said they received a bonus, with an average of $3,000 per year.
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While that’s not a lot of money, it’s usually not a determining factor in product management for those who work in sales or other industries that require bonuses, such as financial services.
Of course, what’s attractive to many tech companies is equity interest. But because stock options are not vested, they should not be considered part of the package until the company goes public.
If this article has left you frustrated that your salary as a product manager has stagnated or you’re underpaid, there’s no need to immediately quit your job or hunt for a new role. With an evidence-based argument, you can lobby for a raise in your current workplace if the political and economic environment is conducive to such a demand.
A product manager’s salary when you’re first hired will determine your financial trajectory throughout your tenure. It’s harder to get a raise once you’ve already made it.
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So, as you think about your options and look for other opportunities, remember that you are negotiating
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