A higher earning potential is usually one of the motivations to earn an MBA degree. It’s clear that this advanced education can be a significant investment in future earnings, but what about an MBA with a concentration in marketing?
To understand the value of this degree, one can look at the salary potential of one of the most popular occupations for graduates: marketing manager. While an individual’s region, industry and experience all have a bearing on salary, Glassdoor places the average salary for marketing managers at $80,673 per year, as of May 2018.
What Does a Marketing Manager Do?
The role of a marketing manager could vary some by department or specialty, but, in general, a marketing is responsible for planning and executing marketing campaigns and strategies. Marketing managers may be involved in other areas such a pricing and product development. There are various types of marketing management specialties including product marketing, brand management and digital marketing.
How Region Affects Pay
Where marketing managers live and work can also affect their earning potential. PayScale found that marketing managers in San Francisco, California, make 30 percent more than the national average. On the other hand, marketing managers in Denver, Colorado, earn about 2 percent less than the national average. Students who want to assess their own earning potential should research the geographic regions where they want to work.
The U.S. Bureau of Labor Statistics compared marketing manager salaries in different industries and found some significant differences. Marketing managers who want to maximize their earnings should look for jobs in securities and commodities, oil and gas, financial investments, and computer manufacturing. In the securities and commodities industry, the average salary for marketing managers is $181,000 per year.
As is true of most fields, the more experience you have, the higher the pay. The marketing manager role is often an entry-level position for candidates with MBAs. From there, many professionals go on to become marketing directors and vice presidents of marketing. The median yearly pay for VPs is $143,065, per PayScale data as of April 30, 2018, and the top earners in this area nearly $200,000 in base pay.
Companies in various industries hire marketing managers, with pay frequently being a function of company size. For example, large companies like Intel Corporation and Microsoft offer some of the highest earnings for marketing managers, per PayScale data from April 2018.
While looking at one’s earning potential is a good starting point, it’s important for MBA students to consider the various factors that affect their career trajectory and compensation, both short- and long-term.
First, understand the average base pay and bonuses that marketing managers receive based on the geographic region and the industry. Then look at the potential for growth in the next five years. What career path would you like to take and will it help you meet your goals, from a role perspective as well as a salary perspective? Taking these factors into consideration can help you map a path for yourself that leads to the job satisfaction and compensation you desire.
Learn more about the SOU online MBA program with a Concentration in Marketing.