To drive business growth, business development executives play a crucial role, and in exchange, they grab a premium salary package. They identify new market segments and potential customers to increase revenue and accomplish financial objectives. If this competitive job role also appeals to you and you want to know how much you can earn after completing your degree, you stopped at the right place. In this article, I have covered business development executive salary ranges based on their job role, experience, and other factors. I have also included tips on how you can advance your packages in India. Without further ado, let's get started.
Who is a Business Development Executive?
The people who primarily drive business sales are the business development executives. They must monitor industry developments, find new customers, persuade current ones, and watch market trends to generate business sales. They are in charge of managing the company's business development process. Professionals work closely with management teams and other corporate officials. Furthermore, business development executives interact with new business partners and nurture current client ties.
Business Development Executive Salary in 2024
The typical pay range for an experienced business development executive in 2024 is $34,398 - $135,430. This is only an estimate, and it can change according to your professional history, where the company is located, your skills, etc. Additionally, this range can be further enhanced by any other appropriate higher degree like Business Management courses or certifications. Given their demanding jobs, it is advantageous for individuals to obtain specialized credentials to earn more significant compensation.
IndeedAverage Salary
Basis | Business Development Executive Salary (Source: Glassdoor) |
Per Hour | $29.27 |
Per Month | $4,832 |
Per Year | $68,253 |
Business Development Executive Salary: Based on Experience
Beginner: Business Development Executives with limited work exposure typically make less money. The business development executive salary for freshers in this sector typically ranges from $34,398 - $60,000. Considering their job duties, they also play an essential part in promoting business growth by creating leads, maintaining open lines of communication with stakeholders, and developing proposals or sales materials to demonstrate products or offerings to potential customers.
Intermediate: Unlike new and inexperienced professionals, intermediate business development executives, on the other hand, have gained good experience and knowledge. They take on more enormous job responsibilities, lead projects or initiatives, and help businesses accelerate their development. They are primarily responsible for settling contracts, developing strategies, and dealing with clients. In India, the business development executive salary at the intermediate level ranges between $60,000-$90,000
Advanced: A well-experienced BDE with advanced certifications may make between $90,000-$135,430 annually. Business development executive salary per month may range between $6500-$9589 for advanced positions. With more experience and expertise, they can even expect and gain more. Their established ability to generate more revenue, open new avenues, develop worthwhile relationships, and successfully broaden market reach justifies this premium salary package. They play a significant role in businesses because they monitor emerging opportunities and help businesses mitigate challenges.
Business Development Executive Salary: Based on Location
1. India
City | Business Development Executive Pay( IN Year) (Source: Glassdoor) |
Bangalore | INR 6,87,862 |
Mumbai | INR 4,76,829 |
Delhi-NCR | INR 4,96,000 |
Pune | INR 5,06,175 |
2. US
City | Top Companies | Average Salary (USD) (Source: Indeed) |
New York | Goldman Sachs, JPMorgan Chase, Google | $120,000 |
San Francisco | Facebook, Salesforce, Google | $130,000 |
Seattle | Amazon, Microsoft, Boeing | $110,000 |
Los Angeles | Disney, SpaceX, Snapchat | $105,000 |
Chicago | Boeing, Motorola Solutions, Groupon | $100,000 |
3. UK
City | Top Companies | Average Salary (Source: Glassdoor) |
London | Barclays, BP, HSBC | £60,000 - £80,000 |
Manchester | BBC, PwC, Deloitte | £45,000 - £55,000 |
Birmingham | Jaguar Land Rover, KPMG, HSBC | £40,000 - £50,000 |
Edinburgh | Royal Bank of Scotland, Scottish Power, Standard Life Aberdeen | £45,000 - £55,000 |
Bristol | Airbus, Rolls-Royce, Hargreaves Lansdown | £45,000 - £55,000
|
4. Australia
City | Top Companies | Average Salary (AUD) (Source: Indeed) |
Sydney | Atlassian, Macquarie Group, | $120,000 - $150,000 |
Melbourne | CSL Limited, BHP, NAB | $110,000 - $140,000 |
Brisbane | Suncorp Group, Boeing Australia | $100,000 - $130,000 |
Perth | Woodside Petroleum, BHP | $100,000 - $140,000 |
Adelaide | Santos, OZ Minerals | $90,000 - $120,000 |
Canberra | Australian Government, | $100,000 - $130,000 |
| Department of Defence |
|
5. Canada
City | Province | Top Companies | Average Salary (CAD) (Source: Indeed) |
Toronto | Ontario | Shopify, RBC, TD Bank, Bell Canada | $85,000 - $120,000 |
Vancouver | BC | Amazon, Microsoft, Telus, Lululemon | $80,000 - $110,000 |
Montreal | Quebec | Bombardier, CGI, Desjardins, Ubisoft | $70,000 - $100,000 |
Calgary | Alberta | Suncor Energy, Enbridge, Husky Energy | $80,000 - $120,000 |
Ottawa | Ontario | Shopify, Adobe, Ciena, Blackberry | $75,000 - $110,000 |
Edmonton | Alberta | University of Alberta, Alberta Health Services | $75,000 - $110,000 |
6. Singapore
City | Top Companies | Average Salary (SGD) (Source: Indeed) |
Singapore | Google, Facebook, DBS | $90,000 - $150,000 |
Jurong East | IBM, Shell, Micron | $80,000 - $120,000 |
Changi | SATS, SIA, ST Aerospace | $70,000 - $100,000 |
Tampines | OCBC, Singtel, IBM | $75,000 - $110,000 |
Woodlands | Seagate, HP, Broadcom | $75,000 - $105,000 |
Business Development Executive Salary: Based on Job Roles
Job | Salary (Source: Glassdoor) |
Entry-Level Business Development Associate | $41,000-$91,000 |
Business Development Manager | $49,000-$148,000 |
Senior Business Development Director/VP | $117,00-$267,000 |
Business Development Consultant | $32,000-$105,000 |
Factors Affecting Business Development Executive Salary
1. Location
The cost of living and some regional economic factors exert great influence on the salary of an executive in a business development job. Due to the high cost of living and vibrant business ecosystem, BDEs in Bangalore and Mumbai can expect more lucrative salary packages. On the other hand, variations in places with the lowest cost of living, such as Chennai, are comparably low.
2. Industry/Employer/Company
Company size and employer's profile and reputation are critical determinants in salary variance. Industries with higher revenue potential often offer high salaries. For example, BDEs in the technology sector earn a hefty salary package than those in the retail industry, where margins tend to be tighter. Next, an employer's reputation and financial soundness offer rapid career advancement and more modest packages.
3. Experience
Good work experience in a reputable company is one major factor that significantly influences the earning potential of business development executives. BDEs who have accumulated 6 to 9 years of experience can earn approximately INR 10,00,000 per year or more. Though the salary range for business development executives at entry level is likewise moderate, individuals, after gaining work experience along with a few advanced courses like KnowledgeHut Business Management courses, can improve their chances of landing higher paycheck opportunities.
4. Demand and Supply
Demand-supply graphs also play pivotal roles in business development executive job salary variances. Industries like technology-seeking tend to be more competitive and to grab top talent, and they often pay higher compensation packages. On the other hand, sectors with an oversupply of candidates offer fewer job opportunities and downward pressure on pay.
5. Credentials/Certifications
Having relevant certifications can significantly bolster your career prospects and salary potential. These certifications demonstrate a comprehensive understanding of business development principles and best practices, presenting you as a competent BDE in front of employers.
6. Skills
Skill sets also play a great role in shaping the salary. To command premium salaries, aspirants must groom their negotiation and communication skills. Furthermore, analytical thinking proficiency in multiple languages facilitates relationship-building with stakeholders from other cultures. Emerging from these skills, you can easily command a premium paycheck.
How to Improve Business Development Executive Salary?
1. Skills
Seeking high compensation, BDEs need to cultivate a diverse skill set. This may include negotiation skills, interpersonal and communication skills, strategic thinking, and much more. By exhibiting proficiency in these skill sets, BDEs can easily achieve competitive financial rewards.
2. Certifications
For salary advancement, you should hold industry-recognized certifications. There are several certifications available in the market, like Certified Sales Professional, Certified Business Development Professional, etc., which can assist you in getting a multifaceted grasp of the business development field, enabling you to be a highly sought-after candidate for the BDE post.
3. Degrees
Advanced degree programs like MBA provides you with comprehensive knowledge in various aspects of business management like finance, marketing, etc. Hands-on training is also a crucial part of these courses that can provide you with real business exposure and offer opportunities to connect with industry leaders. All of these factors influence your expertise and strategic thinking, which helps you acquire an attractive pay package.
4. Experience
Solid work experience also enhances your earning potential. Experienced BDEs take on bigger job responsibilities and help businesses accelerate their development, which brings them great package opportunities.
Why are Business Development Executives Paid So Much?
Considering their demanding job role and assisting in business growth, BDEs receive adequate salaries. Take a look at the factors that lead to these generous salaries:
- Drive Business Growth: Business development executives are the main forces behind the generating of enormous amounts of income. Their multifaceted duty includes seeking out new and lucrative business prospects, keeping an eye on market trends, pursuing new clientele, and other tasks that directly impact the company's bottom line. These observable financial outcomes provide a strong justification for high pay.
- Safeguarding Business from Risks: Risk and uncertainties are an integral part of every business. In the process of identifying and mitigating these risks attached to business, BDEs play a crucial role. Leveraging fail-proof strategies and industry expertise, they safeguard business investment, and in return, they take handsome compensation.
- Develop long-term connections: BDEs also play a crucial role in building and maintaining connections with partners, stakeholders, and other parties. Their interpersonal skills, active listening abilities, and other qualities contribute to the development of long-term partnerships, which leads to greater success. These abilities enable businesses to prosper in a changing global environment.
Conclusion
Competitive business development executives, with their strong skills and advanced certifications, can help any industry grow, gain more business, expand market segments, and drive growth. Playing such a demanding job role justifies the premium salary they receive. If you have made it to the end of the article, I will take it as you are interested in building a career in the field. I would suggest you upgrade your skills and knowledge by adopting cutting-edge courses with certifications, increasing opportunities to grab a good package in this performance-oriented role.
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