The Average IT Business Development Manager Salary: Is It Competitive Enough?
Business development managers are responsible for driving revenue growth and creating opportunities for new business, which is a critical function for any IT company. IT companies need their business development managers to be highly effective, persuasive negotiators who can identify and close deals that generate revenue. Given their importance, what is the average salary range for IT business development managers, and is it competitive enough?
To provide context, the national average salary for a business development manager in all industries is $75,930 per year. However, the IT industry differs significantly, with the average salary for IT business development managers far exceeding the national average.
According to Glassdoor, the average IT business development manager salary in the United States is $98,193 per year. This salary may vary depending on experience, location, and other factors such as the size of the company, industry, and the specific business development role.
The salary ranges from $58,000, at the lower end of the scale, to $155,000 at the higher end, with a typical range of $82,000 – $125,000. These figures reflect a range of salaries that includes entry-level roles and those that are more senior, with more extensive experience and responsibilities.
One critical factor that influences salary level is the location. Salaries in tech hubs, such as San Francisco and New York City, are notably higher than those in smaller cities. According to Glassdoor, the average IT business development manager salary in San Francisco is $132,889 per year, while in New York, it is $126, 117 per year.
Another factor affecting salary levels is experience and expertise. New, inexperienced business development managers generally earn lower salaries than their more experienced and proficient counterparts. Those who hold certifications or professional designations in a relevant field may command higher salaries.
Are IT business development manager salaries competitive?
In determining whether IT business development manager salaries are competitive, it is essential to compare with salaries in comparable roles in other industries. According to Glassdoor, the average salary for a sales manager in the health care industry is $93,508, while the average salary for a sales manager in the financial services industry is $118,555.
Given that these industries have lower average salaries than IT, it appears that IT business development managers are being paid a competitive salary. Additionally, IT business development managers play a pivotal role in driving revenue, so it is fair to expect a more significant salary to compensate for their efforts.
In conclusion, IT business development managers are essential to the growth and revenue of an IT company. Their salaries reflect the critical nature of their roles, with an average salary range of $82,000-$125,000 per year. Additionally, when compared to other industries, IT business development manager salaries appear to be competitive. Salaries will depend on factors such as experience, location, and education, with more experienced and qualified managers commanding higher salaries.
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