Are you a business development manager in Chicago curious about your earning potential? The average business development manager salary in Chicago is $86,472 per year, according to Payscale.com. However, various factors can either increase or decrease your income.
1. Industry
Your industry significantly impacts your pay. Business development managers in the technology industry earn an average salary of $98,215 per year, whereas those in the manufacturing industry earn an average of $85,775.
2. Experience
The more experience you have, the more you are likely to earn. Entry-level business development managers typically earn an average salary of $59,000 per year. However, as you gain experience, your pay increases to an average of $110,000 per year.
3. Company size
Larger companies generally pay higher salaries than smaller ones. Business development managers in companies with over 1,000 employees earn an average of $97,000 per year, while those in companies with under 50 employees earn an average of $70,000.
4. Education
Higher education levels can lead to higher salaries. Business development managers with a bachelor’s degree earn an average of $82,000 per year, while those with a master’s degree earn an average of $102,000 per year.
5. Location
Lastly, your location can also impact your pay. Business development managers in cities with a higher cost of living tend to earn higher salaries to compensate. For example, in Chicago, business development managers earn 9% more than the national average.
Overall, the average business development manager salary in Chicago is affected by various factors, including industry, experience, company size, education, and location. As a business development manager, it’s crucial to research these factors and negotiate your pay to ensure you are receiving fair compensation.
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