Pros and Cons of a Corporate Development Manager Career
A corporate development manager must provide clear and concise goals to a sales and marketing group, while discussing broader goals across departments. Peruse this list of pros and cons to determine if being a marketing manager is for you.
| Pros of Being a Corporate Development Manager |
|---|
| Independent and creative position that gives you a say over your company's direction* |
| Allows you to oversee several development teams* |
| High average salary (about $137,000 as of May 2014)** |
| Chance to interact with the latest products before they're available to the public** |
| Cons of Being a Corporate Development Manager |
|---|
| Management duties may be stressful* |
| Must remain in constant communication between departments and team members* |
| Analyzing market trends requires critical and analytical thinking* |
| May need to work long hours** |
Sources: *O*NET, **U.S. Bureau of Labor Statistics.
Essential Career Information
Job Description
A corporate development manager, also known as a marketing manager according to O*NET Resource Center, monitors the trends associated with a corporation's products or services and helps the corporation establish strategies to find more customers (www.onetonline.org). In addition, the development manager works to maximize the profits of a corporation by figuring out the appropriate pricing for a given good or service. A corporate development manager also leads discussions with sales department heads regarding how to market corporate goods, organize marketing campaigns, analyze market research and incorporate any customer advice or complaints into marketing strategies.
Job Prospects and Salary
According to the U.S. Bureau of Labor Statistics (BLS) in May 2014, the average annual salary of a marketing manager was approximately $137,000, while the median annual salary came out to about $127,000. The top-earning ten percent of workers earned salaries of over $187,000 a year, while the bottom-earning ten percent earned an annual salary of around $66,000 or less. The BLS reported that marketing managers could expect a 9% employment increase from 2012-2022, which was faster than average. This growth was due to a wide range of factors, including the rise of electronic and social media platforms and their marketing uses. Although the job field is competitive, marketing managers usually enjoy high levels of job security once they've joined a company.
Education and Training Requirements
The BLS stated that many corporate development managers hold a bachelor's degree in marketing or a business-related subject. Experience in the field is desired, so the BLS recommended working first as a sales representative and highlighting your experience with communications technology, market research, product promotion or public relations to your supervisors. You could also gain important skills by participating in a marketing-related internship. Showing creative marketing skills, being interpersonal with customers and having excellent time management skills are necessary for both promotion and hiring in this field. O*NET added that you usually must be comfortable working in groups and show confidence when making the final decision about a marketing or development strategy.
What Do Employers Look for?
With competition increasing, some employers increasingly prefer candidates with a master's degree or graduate experience. Candidates need to not only lead sales teams, but also interact with other business departments to communicate broad development strategies. Having an ambitious nature, along with a high level of professionalism, is necessary for the job. The following job postings were available as of April 2012.
- A New York corporate law firm needs a corporate development manager to plan new marketing proposals and research how the firm can expand beyond its current constituents. Candidates need five years of experience in a corporate law setting and must show their knowledge of law.
- A California marketing company needs a corporate development manager to help analyze market trends and propose any client acquisitions. The candidate also needs to communicate with local and subsidiary businesses to track how well goods and services are performing. Applicants must have a bachelor's degree and 2-5 years of experience.
- A Delaware chemicals company needs a manager to handle strategic marketing for industrial clients. The development manager must analyze how the corporation can increase their profits by investing in new markets. The employer is looking for applicants with an MBA and several years of experience.
How to Get an Edge in the Field
Continuing Education
The BLS projected that most jobs in corporate development and marketing would experience an increased need to capitalize on electronic media over print media. Receiving some continuing education related to computer technology, Internet marketing or trends in social media marketing can help show your marketing savvy to employers.
Develop Related Skills
You also might want to develop related skills in leadership and management. Corporate development managers need the assistance of sales representatives and researchers, so allowing the creativity of others to blossom could help produce a potential breakthrough that can lead you to acquiring new clients. According to O*NET, your interpersonal and leadership skills must not only unify the team, but also must encourage members to participate, cooperate and respect each other in the group.
Alternative Careers to Consider
Advertising and Promotions Manager
If you enjoy working on the marketing side of corporate acquisitions, but want to research how to increase demand for a company, you might like a career in advertising and promotions. Advertising and promotions managers help with the creation of products that spark an interest in a company's goods or services. They work with many of the same sales representatives that a corporate development manager may work with, but they focus on a campaign for one particular product. They are anchored more to a budget, since they must sell a set of products in the market instead of attempting to expand the market itself. According to the BLS, advertising and promotions managers earned an annual average salary of about $103,000 in May 2011.
Marketing Research Specialist
If you like marketing, but do not want all the responsibilities of a manager, you can become a marketing specialist or researcher. A marketing specialist is an expert who analyzes and reports on the market trends concerning a product and how well it is performing. They might statistically quantify surveys, sales data, interviews, focus groups and poll results concerning a product. In some work settings, a marketing specialist or researcher may also suggest new sectors or markets that the company can expand to. The BLS reported that the May 2011 annual average salary for a market researcher came out to approximately $67,000.
