How much is the Executive VP salary range? What is the highest salary range nowadays? Check this out for more ideas in pursuing the job title.
Introduction
The Executive Vice President is the highest rank of the executive employees. The Executive Vice President performs duties that are essential in managing the business or company. The salary for this position is usually high as compared to other managerial employees.
Executive VP Salary Range
The salary for an Executive Vice President is usually from US$200,000 to US$1 million as a base salary. The performance bonus and other incentives may increase this amount depending on the career development plan of the individual. To check the exact salary for this position, you must know the factors that determine it.
Factors that Determine Executive VP Salary
Based on research made by a well-known job portal site, it was found out that three factors determine the salary for an Executive Vice President. These factors are:
1. Experience
2. Education and Degree
3. Company Size
Experience
The more experience you have in handling the responsibilities of the Executive Vice President position, the higher is your salary. More than six years of experience can give you a US$250,000 to US$300,000 as your base salary. You can even earn more depending on your performance and promotions.
Education and Degree
The more education and degrees you have, the higher is your salary as an Executive Vice President. If you have a Bachelor’s Degree and attend courses that are related to your position, you can earn a base salary of US$200,000.
Further, if you have a Master’s Degree and attend courses that are related to the operations of the company, you can earn a base salary of US$250,000.
If you have a Ph.D. and attended courses that are related to the operations of the company, you can earn up to US$350,000 as your base salary. Executive Vice Presidents who hold Doctorate Degrees, can earn up to US$500,000 as their base pay.
Company Size
The company’s size is also a factor that affects Executive VP Salary Range. Companies that have more than 500 employees can give more than US$400,000 as of the base pay for an Executive Vice President. Companies that have less than 500 employees can give up to US$300,000 as of the base pay.
Conclusion on The Executive VP Salary Range
Executive Vice Presidents are also known as Presidents-in-waiting. Most of them are candidates for becoming CEOs in the future. This means that they will become leaders of the company.
This is why there is a need for them to be highly educated and experienced in handling the responsibilities of their position. It is also important for them to be familiar with the company’s operations. They must know the company’s strengths and weaknesses so they can maximize profits or minimize losses of the business.
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