Each year I analyze the results of self-reported salary information to get a current understanding of average compensation levels across the Medical Technology industry. In this blog I’ve analyzed salaries in the Medical Device space. I have the data broken out by four different levels of marketing positions and by company size. The intent is to provide select clients with real-time bench-marking information that can help their organization stay current as they attempt to attract and retain key employees. This is information provided by real marketing personnel working in the Medical Device industry in 2013, in contrast to syndicated data gathered from surveys of job-band salary ranges, which are not based on individual’s salaries and are typically published 6-12 months after they are reported.
The four levels of marketing positions I’ve analyzed are:
1. Product Managers, Associate Product Managers or other titles assigned to personnel with less than five years of upstream or downstream marketing experience
2. Sr. Product Managers, Product Managers or other titles assigned to personnel with five or more years of marketing experience who are individual contributors and working in a role that is not intended to have direct reports.
3. First-line Marketing Managers, Associate Directors or Directors. These are people who have or will have direct reports assigned to them.
4. Senior Directors, Vice Presidents or other titles of personnel who lead the marketing function of an organization. These positions do not include Sales, Business Development, Managed Care or other functions that typically report into the C Suite.
Employers are defined as “Large” if they generate 1B or more in annual revenue and / or have more than 5000 employees.
Results:
Marketing Level I
Associate Product Managers, Product Managers and other junior-level, individual contributors with fewer than five years of marketing experience in the Medical Device industry. The average base salary for Level I marketers in 2013 was $98,145. Among large employers the average was $102,870, and among small and mid-size employers the average was $92,913.
Marketing Level II
Sr. Product Managers, Product Managers and personnel with five or more years of marketing experience who are senior-level, individual contributors and working in a role that is not intended to have direct reports. The average base salary for Level II marketers in 2013 was $129,289. Among large employers the average was $131,111, and among small and mid-size employers the average was $125,101.
Marketing Level III
First-line managers, including Group Marketing Managers, Associate Directors and Directors – these are marketing managers who have or will have direct reports assigned to them. The average base salary for Level III marketers in 2013 was $162,183. Among large employers the average was $166,143, and among small and mid-size employers the average was $157,773.
Marketing Level IV
Senior Directors, Vice Presidents or other personnel who lead the marketing function of an organization. They are not responsible for Sales, Business Development, Managed Care or other functions reporting into the Chief level. The average base salary for Level IV marketers in 2013 was $209,536. Among large employers the average was $221,417, and among small and mid-size employers the average was $200,625.
ANALYSIS
As in prior years there was a roughly 30K gap in the average base salaries among subsequent marketing levels. Across all levels salaries have risen 3-4% higher than 2012, and there continues to be a gap between salaries paid by large-cap companies versus their smaller counterparts. We did not see a significant difference in average salaries paid by employers in relatively high cost of living areas vs. those in more affordable areas, including within those larger companies that have locations in both high and low-cost areas.
In subsequent blogs I will provide similar salary information about marketing positions in the biopharmaceutical and diagnostics industries.