In this section we will explore the question “is Executive VP higher than VP?” What are the designated duties? How much does an Executive earn compared to a VP?
Let us find out.
Is Executive VP Higher Than VP?
What Does an Executive VP Do?
The executive vice president or EVP is a highly important position within many businesses. While this position has different names in different organizations, its functions are fairly consistent.
The EVP is typically the No. 2 person in an organization, directly below the CEO. They are the one who is in charge of all operations. They oversee all departments within the company and ensure that everything runs smoothly.
The main responsibility of an executive is to provide leadership to the entire organization. This includes setting goals for the business, creating plans to meet those goals, and monitoring progress throughout the company.
Other main responsibilities of an executive include:
- Developing company strategy
- Creating budgets
- Adjusting business operations to meet new challenges
- Providing leadership for the company’s departments and divisions
What Does a VP Do?
A vice president is typically in charge of one specific area within an organization, such as sales or finance.
The VP is usually the head of a department who reports directly to the CEO. They are responsible for all operations within their department and can choose to delegate some tasks to other members of their team.
What is the Difference Between an Executive VP and a VP?
Being at the top of an organization, an executive vice president has more responsibilities than the average vice president. While both positions are important, there are some differences in their job descriptions.
The executive vice president is typically more involved in the overall strategy of the company. They are charged with setting goals and monitoring progress throughout the company.
VP’s, on the other hand, are more involved in the day-to-day operations of their department. While they do not have to deal with the overall strategy of the company, they still have to ensure that their departments run smoothly.
How Much Does an Executive Vice President Earn?
An executive vice president is typically a high-level management position and comes with a higher salary than a vice president.
The average annual salary of an executive vice president in the United States is $187,000 according to the Bureau of Labor Statistics. This figure takes into account salaries from all industries and all cities in the nation.
How Much Does a VP Earn?
The annual salary of a vice president varies depending on the industry and the location. While the average annual salary of a vice president in the U.S. is $158,700, some businesses pay their VPs less, and some pay them more.
It is important to note that most organizations do not have a VP-level position. It is common to find C-level executives with the title of executive vice president or EVP.
However, if you want to know how much you can earn as a VP, consider taking a look at some of the highest paying VP’s in the US:
1) Senior Vice President, Marketing – $462,846
2) Senior Vice President, Finance – $431,146
3) Vice President, Finance – $377,262
4) Vice President, Sales – $373,875
5) Vice President, Customer Service – $364,259
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