There is sometimes confusion between Executive VP vs SVP. With that, take a look at their differences in this article and get to know the difference.
The Difference Between Executive VP vs SVP
For an individual who is interested in knowing about the roles and responsibilities of an SVP or an EVP, this article will be helpful.
What is an SVP?
SVP stands for Senior Vice President. An SVP is the highest position in the management team of a company. They are directly responsible to the CEO or the president. They are accountable for the success or failure of the company’s business.
SVPs are responsible for setting up the strategic plan, budget, and other plans for the company. In addition, they also work closely with other departments to ensure that the company is successful.
What is an EVP?
EVP stands for Executive Vice President. An EVP is one level below the C-Suite. The C-Suite refers to the top level of an organization, which consists of the CEO, CFO, EVP, and other key executives (COO, CRO, etc.).
An Executive VP performs the duties of both EVP and SVP. Executives holding this position are responsible for the performance of the company and the health of the employees.
Executive VP vs SVP – The Salary Difference
The salary of an SVP is higher than an EVP. In addition, they are also eligible for bonuses.
According to the data provided by Payscale, the average salary of an SVP is $154,996. On the other hand, the average salary of an EVP is $128,835. The pay gap between them is around 21%.
Executive VP vs SVP – Steps To Be One of Them
A career as an SVP requires a person to work hard and be ambitious. With that, take a look at the following steps on how to be an SVP:
Firstly, you need to have a bachelor’s degree. Some companies prefer those applicants who have a master’s degree.
Secondly, you need to develop your technical and management skills.
Lastly, you need to gain experience and prove your worth in the company. This is essential for you to eventually reach the position of an SVP.
While a creer in EVP requires an individual to have a bachelor’s degree, they are not required to have a master’s degree. However, they need to have good leadership skills. In addition, they also need to be knowledgeable in the business.
Either of the two positions is challenging. Therefore, an individual needs to be prepared to reach the top.
Conclusion
These are the differences between Executive VP vs SVP. To sum it up, an SVP is the highest position in the company while an EVP is one level below the C-Suite.
If you are looking for a career in a company, it would be advantageous to know the roles and responsibilities of an SVP vs EVP. By doing so, you can make a better decision about your career path.
Additionally, you need to pay attention to the salary differences between them. It will help you prepare for your next career move.
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