Question

Topic: Career/Training

Salary

Posted by Anonymous on 2/16/2010 at 5:45 PM ET 250 Points
I hesitate to ask this question for two reasons. First, sometimes when someone inquires about salary, people attack them and accuse them of being interested in a career for mainly financial reasons. Second, salary information can be highly variable, so it's not always easy to get good information.

Nevertheless, I am asking, what kind of salaries can one expect in marketing? I assure you that I would never base a career decision solely on salary, and that I'm honestly considering marketing as a career because from what I know about it, it sounds interesting, rewarding, and exciting. Furthermore, I'm also interested in other careers, so relative salary differentials may play a role. I understand that salary can vary widely within marketing. However, I'm curious how common/rare it is to find jobs that pay $100K-$200K in marketing? What education and experience are usually needed to reach this level? What marketing careers/areas generally offer the opportunity to make such a salary?

Again, I assure you I am not basing my decision solely on this information. Rather, I'm just curious what jobs are available in that salary range, in order to draw a comparison with other careers I'm interested in. As I learn more about marketing and what careers I'm interested in, this information will aid me in making the best career decision.

Thanks in advance.
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RESPONSES

  • Posted by Gary Bloomer on 2/16/2010 at 6:29 PM Accepted
    Dear pokeronomist,

    Hmm. Senior marketing positions can pay all kinds of salaries. For big outfits, $150K is not rare, but it's something that's earned, not just given to newcomers. Category can play a huge role too. No one works for a non profit to get rich.

    You'll find a handy graphic of grades and ranges here: https://www.payscale.com/research/US/Job=Marketing_Director/Salary

    But here's the rub. What YOU think you're worth and what
    your BOSS thinks you're worth are two different things. To many bosses, it's not what they pay their staff, it's what those staff cost the company.

    No one fresh out of college is going to stroll into a $150K role
    With a zero to a year under your belt, entry level salaries are roughly 30 - 40K. With 1 to 4 years, things climb a little to $45 - 60K. Again, think of the value you bring, not only to your boss,
    but to his or her clients, shareholders, and so on.

    Yes, qualifications can help, but an MBA with no experience will NOT out smart a driven, focused, market-minded non MBA with 5 years under their belt. Work ethic trumps talent and, often it also trumps qualifications.

    The money isn't everything. Yes, it can help, but as you go up the salary ladder, more is expected and the pressure increases. Been there. The grass over there on the sunnier slopes? It's not always as green as it looks.

    I hope this helps.

    Gary Bloomer
    Wilmington, DE, USA
  • Posted on 2/16/2010 at 8:04 PM Author
    Thanks Gary. As always, your post was insightful.

    For the record, I'm completely aware that you don't earn that kind of money without experience. I'm just wondering how common/rare those kinds of jobs are with 5, 10, 20 years experience. I also realize there's no guarantee in terms of education or experience, when it comes to making that kind of money. Again, just curious how common/rare those salaries are, for someone with passion and experience.

    You said some categories within the industry are higher paying. Do you mind if I ask which ones?
  • Posted by thecynicalmarketer on 2/16/2010 at 8:31 PM Accepted
    As usual, there is little one can add to a Gary response, but I will offer this tidbit.

    Pick a field you love first, and chase the dollars second. It's the only way you will keep your passion and be able to demonstrate the work ethic that Gary talks about.

    For me, it was technology. I've loved electronics since I was a kid. The excitement of new developments in computers and networking keep me on the job 9-10 hours a day and thinking about it the other 6-7.

    Best of Luck, JohnnyB
  • Posted by Peter (henna gaijin) on 2/16/2010 at 8:33 PM Accepted
    Adding to what Gary said, check out salary.com. You can plug in a variety of variables (title, location, experience, etc.) and see what it says.
  • Posted by Gary Bloomer on 2/16/2010 at 8:45 PM Accepted
    Dear pokeronomist,

    The highest paying categories would be: banking and investing; insurance; Fortune 500 companies; educational marketing (ivy league schools), major museums and art galleries; big pharma; green and renewable energy; electronics, high tech, and nano tech companies; alcohol and tobacco companies; oil, gas, and nuclear companies; big health care (insurance and hospitals); luxury cars, jewelry, and clothing lines; entertainment, travel, and leisure (movies, hotels, resorts, casinos, airlines, cruise lines etc.); major retail; and other natural resource companies (gold, platinum, diamonds, bauxite, silver, copper etc.).

    Will this do as an introductory list?

    As a general rule of thumb, the bigger the company and the bigger the brand, the higher the stakes.

    I hope this helps.

    Gary Bloomer
    Wilmington, DE, USA
  • Posted by Frank Hurtte on 2/17/2010 at 9:40 AM Accepted
    I will answer your question straight up. There are far more people in marketing making less than the 150K you spoke of. Top executives are at that point, so too are highly specialized folks in larger organizations. Brand managers of successful and large brands make that much and more.

    But lets push this idea forward...
    An observation, with lots of stereotyping and generalities. Sales people as a group make more money than marketing folks. You find lots of local sales guys in the six figure range, and some of these are really only moderately skilled.

    Often times these salespeople are promoted into positions as Directors of Marketing for specific product groups - and they bring their salary levels along with them.

    There is a thougth in general business that somebody who makes a 6 figure salary probably deserves it. And that salary history follows them from job to job.

    Now - to steal from the Olympic hype - get out there and go for the gold.
  • Posted on 2/17/2010 at 12:35 PM Accepted
    Salary should matter to your career decision because a big part of whether you are ultimately happy with your career is whether you feel valued. It is hard to feel valued year after year if your salary will not allow you to purchase a reasonable place to live, a safe mode of transportation and allow you to have a family without living paycheck to paycheck.

    But, salary should not be the ONLY reason you choose a certain career path. There should be a substantial amount of desire to work in the field as well.

    Too many people choose a career path or a major in college without any realistic idea of how they will live on the income from that choice. You should consider both salary potential and what you enjoy doing.


  • Posted by matthewmnex on 2/18/2010 at 8:19 PM Accepted
    Take a har look at industry sectors rather than at marketing in geneal.

    A VP of marketing at Citibank for instance is definitely not making the same 'package' (the whole ball of wax) as a VP of marketing at a small internet startup in UK for instance even if the title, the work and the responsibility are similar.

    As Gary mentioned, financial institutions tend to reward well. It all comes down to what the company can afford to pay rather than the actual job done.

    marketing is a very very general term so define for yourself first of you want to work for a big retail brand such as Nike or Coke, in teh airline industry? hospitality (typically low pay) or financial sevices or law for instance.

    Once you have an idea of the sector you like, then you will have a better idea of the income levels and growth potential.

    Good luck.

    Matthew
  • Posted on 2/19/2010 at 8:48 AM Author
    Matthew,

    The sectors that are most intriguing to me are: banking and investing (and possibly insurance), clothing lines, and retail related to clothing (Macy's, Nordstrom, etc.). I'm not saying these are the only sectors that interest me, just that they're the most appealing off the top of my head.
  • Posted by Gary Bloomer on 2/20/2010 at 9:27 AM Accepted
    Dear pokeronomist,

    Johnny B.'s advice to fall in love with a sector FIRST, and to THEN think about the money is bang on. Heed his every word.

    If banking and investing are at or near the top of your list, you might want to look at the archives of the International Journal of Bank Marketing, which you'll find here:
    https://www.emeraldinsight.com/Insight/viewContainer.do?containerType=Journ...

    There is a fee to access each edition and you'll find more information about the publication here: https://info.emeraldinsight.com/products/journals/journals.htm?PHPSESSID=i3...

    I hope this helps.

    Gary Bloomer
    Wilmington, DE, USA

  • Posted on 2/20/2010 at 9:51 AM Author
    On a related note, how useful is work experience in the industry you do marketing for? I'm not only interested in financial services marketing, but also in financial services in general. A job on the investment team of a financial services firm or insurance company would interest me, and if I can get such a job after graduation, I'll probably take it. Let's say after 3-5 years, I realize I'd be happier on the marketing side of financial services. Will it be hard to make the switch? Or do employers generally love people that have non-marketing experience in the industries/sectors they do marketing for?

    (By the way, thanks for the link's Gary B.)
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