MARKETING SALARY: WHAT YOU'LL EARN
Once you complete your marketing degree program your salary options are as wide open as the field itself.The variation among actual marketing salaries can be significant; different specialties can have such vast salary differences that one marketing career can pay almost double another. Specialization particularly boosts marketing degree salary ranges at the mid-level of a marketing career path. A general brand manager will make about $5,000 less than a package design manager, even though package design is only one part of a brand manager's responsibilities. Marketing salaries at the highest levels of a marketing professional's career only tell part of the story. Stock options, bonuses, benefits and other company perks can increase the base salary by 10 percent or more.
Here are some statistics on salaries, job growth, and employer types for marketing professionals.Sources: U.S. Bureau of Labor Statistics Occupational Outlook Handbook, 2014-15 Edition; Salary.com January 2014, Brand Manager; Marketing Specialist; Media Coordinator.
*The salary information listed is based on a national average, unless noted. Actual salaries may vary greatly based on specialization within the field, location, years of experience and a variety of other factors. National long-term projections of employment growth may not reflect local and/or short-term economic or job conditions, and do not guarantee actual job growth.
WHAT IS MY EARNING POTENTIAL?
As with almost all careers, the higher degree you hold, the higher your salary: A can add $2,000 to $5,000 or more per year in earning potential, while an MBA can add yet another $7,000 to $11,000, though many MBAs start out in higher-level management jobs with more responsibility, and consequently earn a larger salary.
The BLS reports that the upper 10 percent of marketing managers earned more than $187,200, as did managers in advertising and promotions. Market research analysts in the top ten percent earned more than $113,500.
IS THERE DEMAND FOR THIS CAREER?
According to the U.S. Bureau of Labor Statistics, the demand for marketing is expected to grow about as fast as average for all occupations. However, job growth will vary by the area of marketing in which you choose to specialize, as well as where you work. For example, newspaper publishing—a top employer of advertising managers—is on the decline, while electronic media outlets are expected to see employment growth.
WHAT IS THE JOB GROWTH FOR THE FIELD?
Take a look at how some of the marketing occupations compare as far as job growth:
Job Outlook Comparison Through 2022
Sales Management—8 percent, as fast as average
Public Relations Management—13 percent, as fast as average
Advertising Management—12 percent, fast as average
Market Research Analyst – 32 percent, much faster than average
Marketing Management—13 percent, as fast as average
Source: U.S. Bureau of Labor Statistics’ 2014-15 Occupational Outlook Handbook
HOW MUCH COMPETITION WILL I FACE FOR A JOB?
The job market for those in marketing is intensely competitive and where at one time a bachelor's degree might have been sufficient to enter the field, more and more employers are looking for master's degree-or MBA-holders. In some fields, such as market research analyst, a master's degree may be required. Advertising managers who can navigate the digital world should have an advantage when it comes to finding a job, says the BLS.
WHAT KINDS OF COMPANIES HIRE MARKETERS?
Here are the most common places where business administration professionals can be found according to the BLS:
Sales Managers
Retail trade—20 percent
Wholesale trade—20 percent
Manufacturing—13 percent
Finance and insurance—10 percent
Management of companies—8 percent
Advertising & Promotions Management
Advertising and public relations agencies—24 percent
Information agencies—6 percent
Management of companies—8 percent
Retail trade—7 percent
Marketing Management
Professional and technical services—19 percent
Manufacturing—12 percent
Management of companies—16 percent
Finance and insurance companies—12 percent
Wholesale trade—9 percent
HOW DO I ADVANCE IN MY MARKETING CAREER?
The ability to spot and analyze trends to determine creative marketing strategies for clients is essential, but education is still the best way to advance up the ladder. A marketing manager may enter the field with a bachelor's degree, but earning a master's could increase your career options and give you access to senior management and administrative roles. If you want to be considered for that great promotion, you might want to think about one (or both) of these tips:
Get onboard the digital media wagon—it’s here to stay so learn to use Adobe Creative Suite or other digital media software.
Get certified—earning certification shows potential employers that you are a professional in the field, and may play a role in employment decisions or promotions. The Public Relations Society of America offers professional certification based on years' experience and passing an exam and the Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts.
To learn more about the education required for a career in marketing, research your options, andWHAT DEGREE LEVELS ARE AVAILABLE?
find marketing degree programs
Associate's Degree Programs
Associate's degrees in marketing are available, though generally, this degree level won’t do more than help you land an entry-level job, such as a marketing office assistant or media assistant. That said there are associate's degree programs available both in traditional schools as well as online in such areas as Internet marketing, marketing and sales, and fashion marketing. However, most careers in marketing will require at least a bachelor's degree to competitively enter the field.
Bachelor's Degree Programs
Graduates who earn a bachelor degree in marketing typically come away with an understanding of the relationship between agencies and their customers as well as trends within the field itself. BA in marketing programs typically includes comprehensive classes about core marketing principles, business communication and the general business landscape.
As an example of a typical course load, Post University offers the following program of undergraduate courses for Bachelor of Science in Business with a concentration in Marketing:
Examples of Core Courses
Managerial Communications: This course provides instruction in organization and construction of the written, technological, and oral communication used in modern business.
Macroeconomics: Students will examine the fundamental analytical structure of a macro economy and become familiarized with the problems of employment, inflation, interest rates and business cycles.
Principles of Marketing: This course examines the basic marketing principles practiced by modern organizations including product development, distribution, promotion and pricing.
Principles of Management: Students will be introduced to the principles of management examining their application in public and private, profit and non-profit organizations.
Principles of Finance: This course examines the role of finance in relation to other business operations and within the financial community.
Principles of International Business: This course familiarizes students with the multidimensional macro-environment of international business and teaches them the tools necessary for the analysis and evaluation of diverse problems within that environment.
Business to Business Marketing: This course will include an overview of raw materials suppliers, manufacturers and middlemen as well as the basics of industrial demand, marketing intelligence systems and analysis, product and service best practices.
Marketing Research: Students will learn basic statistical analysis of research findings and about the various tools and techniques used by managers of marketing research.
Consumer Behavior: This course will discuss best practices and practical marketing applications with a customer focus. It will also analyzes motivation, personality and perception, learning, attitude formation, and the importance of group dynamics, social class and culture on behavior in the marketplace.
Master of Business Administration (MBA) and Master’s Degree Programs
Both an MBA with a concentration in marketing and a marketing master's degree will prepare you for marketing leadership positions across any number of business industries. While each track offers advanced training in marketing and managerial concepts and practices, they each have a distinct objective:
A marketing MBA trains you to develop a broad set of business skills that you will be able to apply and transfer to other business arenas.
The highly specialized marketing master's takes a less general path by offering students the opportunity to focus almost exclusively on marketing-related issues.
Your marketing MBA or master's in marketing will be instrumental in helping you achieve a position of leadership in your career. Many people with these advanced degrees become market research analysts, sales/territory managers, public relations managers, advertising managers and product managers.
WHAT CERTIFICATION WILL I NEED?
In general, you are not required to be certified in marketing management positions; however there are some professional certifications available. Earning certification shows potential employers that you are a professional in the field.
The Public Relations Society of America offers professional certification based on years’ experience and passing an exam
The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts
The American Marketing Association recommends the Professional Certified Marketer (PCM) credential, which demonstrates that you have mastered essential marketing practices and stay current in your professional knowledge, as well as follow high professional standards on the job
WHAT WILL I LEARN IN MY COURSES?
Course work for a marketing bachelor's degree covers such specialized subjects as these:
Current trends and practices in marketing products and services
Applied marketing research
Sales and sales management issues
Marketing communication
Students are also usually required to take a number of core business classes, in such subjects as economics, finance and general management. Additionally, most programs allow room for electives and require an array of general education courses, such as literature, math and psychology.
Course work for a marketing master's is typically comprised of the detailed study of marketing research and strategy, advertising, consumer behavior and psychology, communication, and sales research and management. Master's in marketing classes also cover entrepreneurial marketing, multinational management and nonprofit marketing.
The curriculum for an MBA marketing degree generally involves corporate management and business strategy, organizational behavior and design, leadership training, and in-depth discussions of marketing methods and research as they relate to general management.
The American Marketing Association stresses five basic ethical values that should be adhered to by all professionals entering the field of marketing, and which should be instilled during your program training:
Honesty—be forthright in dealing with customers and stakeholders
Responsibility—accept the consequences of marketing decisions and strategies
Fairness—balance the needs of the buyer with the interests of the seller
Respect—acknowledge the basic human dignity of all stakeholders
Transparency—create a spirit of openness in marketing operations
Citizenship—fulfill the economic, philanthropic and societal responsibilities that serve stakeholders
HOW LONG WILL IT TAKE?
Depending upon your level of dedication, marketing majors can take the following time to complete:
Associate's degree programs, which provide entry-level opportunity, usually take two years
A bachelor's degree program takes four years
Master's degree programs and MBAs generally require one to two years
ARE ONLINE PROGRAMS AVAILABLE?
Yes, online bachelor's degree programs in business with a specialization in marketing are readily available. Online program curriculum includes general business classes as well as marketing-specific courses which will culminate in your earning your bachelor's degree online. Online MBA and Master's programs with a specialization in Marketing are also widely available.
HOW MUCH WILL MY EDUCATION COST?
Bachelor's degree programs vary depending upon the institution you attend. According to College Board's Trends in College Pricing 2013-2014, the average annual cost* for a four-year, public institution runs around $8,893 for in-state tuition and $22,203 for out-of-state-tuition.
The average annual cost for a four-year private non-profit school is $30,094 and $15,130 for a private for-profit school.
Master's degree program tuition at in-state public institutions cost an average of $7,750 annually, and doctorate program tuition cost $9,804 annually at in-state public institutions.
At a school-specific level, Post University's online Bachelor of Science in Marketing tuition rate is $525 per credit hour, while Capella University offers the same degree online at $290 - $350 per credit hour for their 180 credit hour total program.
Master's degree program tuition at in-state public institutions cost an average of $7,606 annually, and doctorate program tuition cost $9,539 annually at in-state public institutions.
*Cost of tuition and fees only. Prices do not reflect books, room and board.
Attending an accredited school may allow you to apply for financial aid, whether the school you select is a traditional classroom or online program.
ARE THERE PREREQUISITES?
Undergraduate: A strong college preparatory high school education is a good start for any business degree program. Courses in English, writing, communications, business and social sciences are recommended, but to get a jump on the competition, Marketicity.com suggests taking classes in the following subjects if you’re interested in pursuing a career in marketing, advertising or PR:
Take courses in social media
Practice blogging
Learn about content management systems and digital media software
Learn the AP style guide
Graduate: A completed, four-year bachelor's degree in business administration with a specialization in marketing or a related field will prepare you for graduate school.
GRE and GMAT: The Graduate Record Examination (GRE) or Graduate Management Admission Test (GMAT) is not required for admission to degree programs in the U.S. However, you may submit a score for review with your admission materials.
WHAT ACCREDITATION IS THERE FOR MY PROGRAM?
Accreditation shows that an institution or program meets standards of quality set forth by an accrediting agency, and that it is committed not only to meet those standards but to continuously seek ways in which to improve the quality of education and training provided. There are two types of educational accreditation: institutional and specialized.
The three main specialized accreditors for marketing degree programs include:
The Association to Advance Collegiate Schools of Business (AACSB): AACSB International accredits degree programs in business administration and accounting at bachelor’s, master’s and doctorate levels
Accreditation Council for Business Schools & Programs (ACBSP): ACBSP accredits business, accounting and business-related programs at the associate, bachelors, masters and doctorate degree levels worldwide
International Assembly for Collegiate Business Education (IACBE): The IACBE accredits business programs that lead to associate, bachelors, masters and doctorate degrees. It does not accredit institutions that only offer associate degrees in business
Institutional accreditation is provided by regional and national associations of schools and colleges, such as The Higher Learning Commission. Institutional accreditation is provided by regional and national associations of schools and colleges. There are six regional associations, each named after the region in which it operates (Middle States, New England, North Central, Northwest, Southern, Western). Learn more about accreditation.
WHAT SHOULD EXPECT MY STUDENT-TEACHER RATIO TO BE?
In a traditional classroom setting, the ideal student-teacher ratio is around 14:1 according to U.S. News & World Report’s Best Schools survey.
Online Programs
One classic criticism of online programs is that you're isolated from your teachers and classmates, but the opposite is often true. You may actually interact more with instructors and peers in online discussions, social media venues, and emails, than in a traditional classroom setting. The National Center for Education Statistics ranks the top 64 online universities on a number of factors, including student-teacher ratio. They found a range of 7:1–94:1 for their top 64 not-for-profit and for-profit schools.
