Marketing managers are responsible for planning, implementing, and monitoring marketing campaigns that promote a company’s products or services. They work closely with sales, advertising, and public relations teams to develop strategies that increase brand awareness, generate leads, and drive sales. But is marketing manager a high-paying job?
According to data from the Bureau of Labor Statistics (BLS), the median annual wage for marketing managers in the United States was $135,900 as of May 2020. This is significantly higher than the median annual wage for all occupations, which was $41,950 during the same period.
However, it’s important to note that the salary of a marketing manager can vary widely depending on several factors, such as industry, location, experience, and education. Here are some of the factors that can affect a marketing manager’s salary.
Marketing managers work in a wide range of industries, from healthcare and technology to retail and finance. The industry in which a marketing manager works can have a significant impact on their salary. For example, according to BLS data, marketing managers who work in the computer systems design and related services industry earned a median annual wage of $157,770 in May 2020. By contrast, marketing managers who worked in the management of companies and enterprises industry earned a median annual wage of $131,070 during the same period.
The location in which a marketing manager works can also affect their salary. Marketing managers in certain cities or states may earn more due to factors such as cost of living or industry demand. For example, marketing managers in San Francisco, California, earned a median annual wage of $183,070 in May 2020, while marketing managers in Jacksonville, Florida, earned a median annual wage of $106,030 during the same period.
As with most professions, the more experience a marketing manager has, the higher their salary is likely to be. According to PayScale, the average salary for a marketing manager with less than one year of experience is $52,000, while the average salary for a marketing manager with 20 or more years of experience is $118,000.
Marketing managers typically have a bachelor’s degree in marketing, advertising, or a related field. However, some employers may prefer or require a master’s degree in marketing or business administration. According to PayScale, marketing managers with a master’s degree earn an average of 11% more than those with a bachelor’s degree.
In addition to these factors, other skills and qualifications can affect a marketing manager’s salary. For example, marketing managers who are skilled in digital marketing, data analysis, and project management may be more in demand and therefore able to command higher salaries.
In conclusion, while the salary of a marketing manager can vary depending on several factors, it is generally considered a high-paying job. Marketing managers who work in certain industries or locations, or who have significant experience or education, may be able to earn even higher salaries. If you are interested in a career in marketing management, it’s important to do your research and consider all of the factors that can affect your salary before making a decision.