Marketing is an excellent choice if you want a lucrative business career. Products and services may come and go, and marketing tools and strategies may evolve, but there will always be the need for marketing professionals to help businesses connect with customers. Likewise, government agencies and non-profit organizations will always need to communicate with the public about their missions and services.
Data from the United States Bureau of Labor Statistics (BLS) says marketing is a fast-growing field, and some marketing jobs are growing much faster than the overall economy. For example, the "Advertising, Promotions and Marketing Managers" job market is growing at 10% through 2031. The demand for "Market Research Analysts" is growing at 19%, while the overall economy is predicted to grow at only 5%. 1, 2, 3
There are many good reasons to get a master's in marketing. Continue reading to learn more about typical career paths and salary opportunities a marketing master's degree can unlock for you.
Factors Affecting a Marketing Professional's Salary
Location, experience, industry and education influence the salary you can expect to earn as a marketing professional. New York, New Jersey and California are among the best-paying locations for marketing managers, with more marketing jobs now available as remote or hybrid positions.4
Technology is the leading sector for salaries. Those working in the professional, scientific, and technical services industry earn the most, with a median salary of $155,470. Marketing managers working in the management of companies and industries earn a median annual salary of $155,030. The finance and insurance, manufacturing and wholesale trade categories round out the BLS list of highest-paying sectors.5
How a Master's Degree in Marketing Raises Your Earning Potential
The National Association of Colleges and Employers reported a difference of nearly $10,000 between average starting salaries for those with marketing bachelor's degrees and master's degree holders in 2022. Their data shows the average bachelor's degree salary at $60,000 and the average master's salary at $69,500, a 16% increase. Beyond the initial boost in your bottom line, earning an advanced marketing degree also puts you on an accelerated growth path by giving you earlier opportunities for management jobs in the field. 6
Marketing Career Paths for Master's Degree Holders
Below are just some of the career paths you can follow with a master's degree in marketing. You will find nuances in job titles and duties from industry to industry and among individual organizations. You could target your career search by looking through the lens of an industry that intrigues you or through the work activities that give you the most professional satisfaction. As you review the job postings in your chosen specialization, you will develop a clearer understanding of the core skills and knowledge you will need.
U.S. News & World Report ranks Market Research Analyst as #4 in its Best Business Jobs listing and #14 in its roundup of the 100 Best Jobs. The ranking is based on a combination of relatively low stress, good salary and work-life balance, a robust job market and robust future growth.7
Core Skills for Marketing Analysts
Marketing analysts' central skills revolve around formulating research questions and methods for finding answers and then effectively communicating the results to organizational stakeholders. Marketing analysts need to be able to use various software packages to manage, query, analyze and communicate strategic product and industry insights as well as the day-to-day measurement of marketing effectiveness.
The SCU Leavey Online Master’s in Marketing degree will help you master the high-demand software and strategic digital skills that will fuel your success, with three marketing core courses directly focusing on those skills. The core classes and additional electives will support your expertise in market analysis, applied marketing analytics, and give you a foundational understanding of marketing technology.
Average Salary for Marketing Analysts
The U.S. Bureau of Labor Statistics says market research analysts earn average salaries of $63,920 per year. Additionally, the job opportunities for this career path are projected to grow much faster than average, with nearly 100,00 job openings predicted through 2031. 8
Digital Marketing Manager
Digital marketing managers plan, manage and evaluate brand and demand generation campaigns across digital media platforms.
Core Skills for Digital Marketing Managers
Digital marketing managers must be able to manage teams, projects and systems to deliver marketing and sales results, which means they need strong communication, interpersonal, problem-solving and project management skills.
They must be adept at digital strategy and brand communications, as well as at monitoring and measuring the results of a marketing program. Digital marketing managers should possess deep knowledge of digital marketing delivery systems and practices, including email, social media, and website content management systems.9, 10
Average Salary for Digital Marketing Managers
The employment website Payscale lists the national average base salary for digital marketing managers as $71,038. while Glassdoor lists the average total compensation at $81,677. Skills in such areas as business analytics, strategy, corporate communications and specific software packages can lead to a higher salary.9, 11
U.S. News and World Report ranks this role #1 in Best Sales and Marketing Jobs, as well as #14 in Best Paying Jobs and #24 in its overall list of 100 Best Jobs. This career path offers a steadily growing and strong job market, The average marketing manager earns a good salary. However, these marketing professionals enjoy slightly lower work-life balance and higher stress than others roles listed here.12
Core Skills for Marketing Managers
In addition to devising and managing marketing campaigns aligning with the overall strategy for a brand, marketing managers may have staff management duties and client-facing responsibilities. They typically interface with managers of other departments, including creative, financial and sales. That requires marketing managers to have strong interpersonal, communication and organizational skills, along with a strong grasp of marketing principles and practices.12
Average Salary for Marketing Managers
As with other roles, the industry in which you work, your education and your experience level will affect your salary. The U.S. Bureau of Labor Statistics says average salaries for marketing managers are $135,030.5
More Senior Marketing Management Roles
More senior job titles within marketing include marketing director, account director, vice president and senior vice president of marketing. Each successive job title comes with additional responsibilities for leading staff, and managing programs and budgets. The chief marketing officer stands at the top of the career ladder in the marketing department.
Chief marketing officers, or CMOs, are part of the executive leadership team of a company, which means they have broad responsibility for setting strategic marketing goals and leading staff to achieve them. The role requires CMOs to have oversight of sales teams or work closely with sales leadership on aligning marketing and sales strategies. The chief marketing officer shares responsibility for achieving corporate financial goals and must be able to analyze and articulate the impact of branding and marketing on achieving those goals. Payscale lists a national average base salary of $178,372 for this role.13
Get the Marketing Degree with the Silicon Valley Advantage
Earn your master's in marketing from the top-ranked Santa Clara University Leavey School of Business. Our Online Master of Science in Marketing, built in Silicon Valley, is respected everywhere, and you can complete the program in as little as a year. The curriculum is guided by a board of advisors who lead marketing innovation and strategy at some of the world's largest companies and taught by forward-thinking faculty who are dedicated to helping you excel. Our marketing graduates are prepared with the strategic and ethical frameworks for effective leadership and the technical skills to create marketing success for their clients and companies. Talk with an Admissions Advisor today about how we can help you become the marketing leader you want to be.
1. Retrieved on December 19, 2022, from www.bls.gov/ooh/management/advertising-promotions-and-marketing-managers.htm#tab-8
2. Retrieved on December 19, 2022, from www.bls.gov/ooh/business-and-financial/market-research-analysts.htm
3. Retrieved on December 19, 2022, from www.bls.gov/news.release/pdf/ecopro.pdf
4. Retrieved on December 19, 2022, from money.usnews.com/careers/best-jobs/marketing-manager/salary
5. Retrieved on December 19, 2022, from www.bls.gov/ooh/management/advertising-promotions-and-marketing-managers.htm#tab-5
6. Retrieved on December 19, 2022, from careers.unc.edu/wp-content/uploads/2022/02/NACE-Salary-Survey_Winter-2022.pdf
7. Retrieved on December 19, 2022, from money.usnews.com/careers/best-jobs/market-research-analyst
8. Retrieved on December 19, 2022, from www.onetonline.org/link/summary/13-1161.00
9. Retrieved on December 19, 2022, from payscale.com/research/US/Job=Digital_Marketing_Manager/Salary
10. Retrieved on December 19, 2022, from glassdoor.com/Job-Descriptions/Digital-Marketing-Manager.htm
11. Retrieved on December 19, 2022, from glassdoor.com/Salaries/digital-marketing-manager-salary-SRCH_KO0,25.htm
12. Retrieved on December 19, 2022, from money.usnews.com/careers/best-jobs/marketing-manager
13. Retrieved on December 19, 2022, from payscale.com/research/US/Job=Chief_Marketing_Officer_(CMO)/Salary