If there is one fact most everyone can agree on, it’s that medical sales salaries are enticing. There are very few careers in which someone just breaking into the industry, whether as a recent graduate or making a mid-career shift, can take home a six-figure income. And while it takes a particular personality and skill set to reach the highest earning potential, most medical sales companies will train you right on the job.
Sounds too good to be true.
Well, it is. Kind of. That’s why we’re here to share the truth about the entry-level medical sales salary. In order to reach your sales salary potential, you need to align your goals and ambition with the right medical sales jobs. Let’s get started:
It’s all about that base
Many job seekers make the mistake of looking at the total average compensation a company offers and believing that’s their magic salary number. In reality, the full package needs to be broken down into a number of categories: base salary, commission and bonuses, and benefits.
Some markets offer higher base salaries to entry-level sales reps. This number is generally determined by the cost of living in a particular area, so the base can vary for the same role in the same market in the same industry but in different cities or states. Choosing a company with a high base salary is a great way to give yourself time to build your network, get additional training, and create relationships with new clients.
On the contrary, if you’re a go-getter and you’re determined to see your entry-level medical sales salary soar as soon as possible, you should consider looking for a company in a market that offers high commission and bonus payments. This empowers you to take control of your earnings and push your limits to succeed.
A glaring fact our Medical Sales Salary survey reveals year-over-year is that the size of the company makes a big difference in how much money you take home as a sales rep.
According to our report, small companies offer generous base salaries, but medium-sized companies offer the highest average base pay. Naturally, large companies offer the highest earning potential with their hefty commissions. However, they are also more competitive, so you have to apply yourself to reach those total earnings on an entry-level medical sales salary.
When it comes down to choosing the company that aligns best with your goals, you need to consider how the size of the company will impact your overall satisfaction. While high income is desirable by most standards, the cost of feeling disconnected from a large team could impact your motivation and productivity. Likewise, it may be appealing to join a small local company, but the inability to achieve your salary goals or feel challenged could hold you back in other areas of your life and career.
Not all medical sales jobs are created equal
Some medical sales industries and markets pay more. The catch is, in order to close more sales and earn high commissions, you need to believe in your product. Generally speaking, medical device sales offers a higher total compensation than an industry such as pharmaceutical sales. However, the customer base and work environment are vastly different. You also tend to take home a higher salary and/or base depending on your level of travel from industry to industry.
It’s important you know your comfort level with different products and clients, and scope out the full details of each sales job before you jump at a high-paying opportunity. There are a number of factors to consider when deciding which industry to pursue, such as your personality type, if you’re comfortable in the OR, how quickly and easily you learn new information, and how well you can explain detailed steps and applications.
Ultimately, your entry-level medical sales salary promises to be higher than that of many other careers. The power is in your hands to adequately research and reach for your salary goals.