How Much Does a Marketing Manager Make? Exploring the Salary of Marketing Managers in Different Industries

Introduction

Marketing managers are responsible for planning and executing marketing strategies to help organizations reach their business goals. They play an integral role in the success of a business, as they are tasked with managing campaigns, coordinating promotional activities, and developing pricing strategies. With so many responsibilities, it’s no surprise that marketing managers command a high salary. But exactly how much does a marketing manager make? This article aims to answer this question by exploring the average salaries of marketing managers in different industries, factors that influence their salary, and notable salaries of top-level marketing managers.

Comparing Average Salaries of Marketing Managers in Different Industries

According to the Bureau of Labor Statistics (BLS), the median annual wage for marketing managers was $134,290 in May 2019. The lowest 10 percent earned less than $66,100, while the highest 10 percent earned more than $208,000. While these figures provide a good indication of the average salary of marketing managers, there can be significant differences in salaries depending on the industry.

Overview of Salaries of Marketing Managers in Different Sectors

In general, marketing managers working in the professional, scientific, and technical services sector have the highest salaries, with an average annual wage of $171,710. This is followed by those working in finance and insurance ($157,810) and information ($154,820). On the other end of the spectrum, marketing managers working in state and local government ($94,480) and religious organizations ($72,800) tend to earn lower salaries.

Examining the Highest & Lowest Paying Industries for Marketing Managers

The highest paying industry for marketing managers is software publishing, with an average annual wage of $203,510. Other high paying industries include computer systems design and related services ($183,100), management consulting services ($182,470), and securities and commodity contracts intermediation and brokerage ($177,590). On the other hand, the lowest paying industries for marketing managers are social advocacy organizations ($61,310) and amusement parks and arcades ($64,850).

Exploring Factors That Impact a Marketing Manager’s Salary

It’s important to note that the salary of marketing managers can vary significantly based on a number of factors, including education, experience, location, and job responsibilities.

Education

Generally speaking, the higher the level of education a marketing manager has, the higher their salary will be. According to a survey conducted by the American Marketing Association, those with master’s degrees earned an average of $85,000, while those with bachelor’s degrees earned an average of $60,000. In addition, those with doctoral degrees earned an average of $92,000.

Experience

Experience also plays a major role in determining the salary of a marketing manager. According to the BLS, marketing managers with 1 to 4 years of experience earned an average of $76,570, while those with 5 to 9 years of experience earned an average of $98,340. Those with 10 to 19 years of experience earned an average of $117,430, while those with 20 or more years of experience earned an average of $136,360.

Location

The location of a marketing manager’s job can also affect their salary. For example, according to the BLS, the highest paying states for marketing managers are New York ($162,160), Massachusetts ($159,250), and California ($153,030). Meanwhile, the lowest paying states are Mississippi ($82,440), Iowa ($83,770), and Wyoming ($84,840).

Job Responsibilities

Finally, the job responsibilities of a marketing manager can also influence their salary. For example, those who are responsible for overseeing the entire marketing department may earn more than those who are only responsible for overseeing one aspect of the department. Additionally, those with more specialized roles such as digital marketing, content marketing, or social media marketing may earn higher salaries than those with more general roles.

Researching the Pay Increase for Experienced Marketing Managers

In addition to the factors mentioned above, there are other factors that can influence the salary of an experienced marketing manager. For instance, research from the Institute of Public Relations found that marketing managers with 15 to 20 years of experience earned an average of $125,000, while those with 21 to 30 years of experience earned an average of $133,000. This indicates that experienced marketing managers can expect to receive a pay increase as they gain more experience.

Overview of Salary Increases for Experienced Marketing Managers

The research also found that experienced marketing managers can expect to see their salaries increase even further as they move up the career ladder. For example, those with senior-level positions earned an average of $142,000, while those with director-level positions earned an average of $144,000. Furthermore, those with executive-level positions earned an average of $164,000.

Examining the Different Career Paths for Experienced Marketing Managers

In addition to these salary increases, experienced marketing managers can also expect to receive additional benefits such as bonuses, stock options, and other incentives. Furthermore, they may also have the opportunity to take on leadership roles, such as becoming a marketing director or vice president, which can lead to even higher salaries. Ultimately, experienced marketing managers can benefit from a variety of career paths that can lead to increased job satisfaction and higher salaries.

Examining How Location Affects a Marketing Manager’s Salary

Location is another factor that can influence the salary of a marketing manager. For example, research from the BLS found that the highest paying metropolitan areas for marketing managers are San Francisco-Oakland-Hayward, CA ($187,530), Santa Rosa, CA ($186,970), and Bridgeport-Stamford-Norwalk, CT ($174,240). Meanwhile, the lowest paying metropolitan areas are Springfield, IL ($76,190), Lawton, OK ($77,540), and Binghamton, NY ($81,080).

Overview of Average Salaries by Region

The research also found that marketing managers in the Northeast tend to earn higher salaries than those in other regions. For instance, the average salary for marketing managers in the Northeast is $148,450, compared to $139,040 in the West, $122,100 in the Midwest, and $118,280 in the South.

Examining Changes in Salary Based on Cost of Living

In addition, cost of living can also influence the salary of a marketing manager. For example, marketing managers in San Francisco tend to earn higher salaries than those in other cities due to the higher cost of living in the area. Similarly, marketing managers in New York City tend to earn higher salaries than those in other parts of the country due to the higher cost of living in the city.

Highlighting Notable Salaries of Top-Level Marketing Managers

Finally, it’s worth noting that the salaries of top-level marketing managers can be significantly higher than the average. For example, according to Glassdoor, the average salary of a Chief Marketing Officer (CMO) is $170,000, while the average salary of a Vice President of Marketing is $143,000. In addition, the average salary of a Director of Marketing is $118,000, while the average salary of a Senior Marketing Manager is $90,000.

Overview of Salaries of Top-Level Marketing Managers

Furthermore, the salaries of top-level marketing managers can vary significantly depending on the company. For instance, according to Glassdoor, the highest paying companies for CMOs are Facebook ($346,000), Amazon ($323,000), and Apple ($320,000). Meanwhile, the highest paying companies for Vice Presidents of Marketing are Microsoft ($242,000), Oracle ($235,000), and Walmart ($213,000).

Examining the Highest Paid Marketing Managers

Lastly, some of the highest paid marketing managers are those who work for large companies or have extensive experience in the field. For instance, according to a report from Forbes, the highest paid marketing manager in 2018 was Marc Pritchard, who earned $18 million as the CMO of Procter & Gamble. Other notable names on the list include John Costello, who earned $12.5 million as the CMO of Dunkin’ Brands Group, and Debra Berman, who earned $9.1 million as the CMO of Marriott International.

Conclusion

Overall, it is clear that the salary of a marketing manager can vary significantly depending on a variety of factors, including experience, education, job responsibilities, and location. Generally speaking, marketing managers in the professional, scientific, and technical services sector tend to earn the highest salaries, while those in state and local government and religious organizations tend to earn lower salaries. In addition, experienced marketing managers can expect to see their salaries increase over time, while those in certain locations may be able to command higher salaries due to the cost of living. Finally, top-level marketing managers can earn significantly higher salaries than the average, with some earning as much as $18 million per year.