Marketing is a popular field of study among business students, but you may wonder what kind of salary to expect after graduation. There are several well-paying roles in the marketing field, with management jobs topping the list. Some of the highest-paying non-management jobs in marketing are predictable, like marketing specialist, while others, like management analyst, may come as a surprise.
Management Jobs in Marketing
The best salary you will find in the marketing field is in management roles. The United States Bureau of Labor Statistics (BLS) reports a $132,620 median annual salary for the collective occupation of advertising, promotions and marketing managers. However, your job titles within this career matters. Marketing managers make more than $17,000 more than advertising and promotions managers, with a median wage of $134,290 compared to $117,130. In both cases, the wholesale trade industry offers the lowest salaries among top employing industries, paying a median wage of $92,800 for advertising and promotions managers and $126,000 for marketing managers.
For advertising and promotions managers, the industry of advertising, public relations and related services, which accounts for one-third of the workforce, is by far the best-paying, with a median salary of $134,780. Marketing managers see median salaries above $140,000 for in the professional, scientific and technical services industry, management of companies and enterprises the finance and insurance industry. Combined, these industries account for almost half of all marketing manager roles.
Due to the close relationship between marketing and sales, earning a marketing degree can also prepare you for sales manager roles. The median salary for this manager role is $124,220, according to the BLS.
Market Research Analysts and Marketing Specialists
Among the largest occupations in this career field is market research analyst and marketing specialist. Together, these two related career paths account for 596,450 jobs in the United States. The median wage for these occupations is $71,450, according to the BLS.
There are crucial differences between these two job roles. The primary duty of a market research analyst is to use data to make decisions about business markets and marketing. They gather and analyze this information to determine which products and services a company should offer, what prices it should charge and which consumers are likely to purchase the company’s products.
Marketing specialists, on the other hand, are involved in creating the campaigns companies use to promote themselves and their products and services. Their job is less analytical and more creative in nature. However, marketing specialists still need the skills to understand the costs of campaigns and to quantity campaign performance.
Marketing specialists can hold a variety of different job titles, including digital marketing specialist, brand management specialist, marketing communications specialist and many more.
IMAGE SOURCE: Pixabay, public domain
Management consulting may be an unexpected career path for a marketing major, but it is also a profitable one. Management analysts and consultants are business professionals who observe a company’s operations to look for ways to improve processes, productivity and financial performance. Because management consultants are typically outsiders, contracted and brought in through consulting firms or as self-employed experts, they can offer a fresh perspective on a company’s current practices.
Being a management analyst usually requires some combination of business education and work experience. Marketing is one of many possible fields of study that can prepare you for this career, according to the BLS. As a management analyst, you would draw from the skills you learned in your college marketing degree program and practiced during your years of work experience, such as your knowledge of marketing strategy and consumer psychology. This expertise will allow you to consult on marketing-specific matters, but the core business courses you took as part of your college curriculum also prepare you to analyze and solve problems in other areas of business, as well.
Management analysts earn a median wage of $82,450. The best-paying industry, professional, scientific and technical services, awards a median salary of $87,840. The median wages for the management of companies and enterprises industry and the finance and insurance industry are $82,970 and $81,740, respectively. Among the top employing industries, the government pays the lowest, with a median salary of $78,190.
The BLS reports that 17 percent of management analysts are self-employed, which makes this career path especially appealing for marketers who aspire to entrepreneurship.