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Income by Job Title
Not surprisingly, the job title commanding the highest income is “Sales Director,” reporting an average total income of $214,528, median $212,500. Respondents who wrote in “VP of Sales” as their title were also placed into this group. “Sales Managers” reported the second highest average earnings at $175,898, and median $165,000.
While it pays to work in management, it’s interesting to note that of those reporting the highest incomes (over $300k), 45% hold the title “Field Sales Rep” or “Territory Manager.” Also noteworthy, the majority (72%) of the field reps earning over $300k are in medical or surgical device sales jobs.
Income by Company
According to the 2013 data, professionals employed by manufacturers earn substantially more than those employed by distributors. The average income reported by those employed by manufacturers is $141,958, the median $125,000. Professionals employed by distributors earn an average income of $112,264, median $95,000. The size of the manufacturer does not seem to affect earnings, but it did impact earnings for those working for a distributor.
Income by Age & Experience
The 2013 survey suggests that experience has more impact on earnings than age. While income increases significantly between the 20-30 and 31-40 age groups, it stays relatively flat among the other age groups. Income steadily rises, however, as the years of experience increase.
It’s interesting to note though, that when years of experience are equal, the younger age group often earns more than the older. For example, in the group with 11-20 years of experience, professionals in their 30s earn more than those in their 40s; those in their 40s earn more than those in their 50s, and those in their 50s earn more than professionals over 60. With some exception, there appears to be more parity in base salaries, indicating the variance often lies in the amount of commission each group earns.
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What do you think? Do these figures reflect your experience? Share the 2013 Medical Sales Salary Report with your network and see if they agree.