Are you planning to become a business development executive? Do you want to know how much they earn in India?
If you answered yes to those questions, then you’ve come to the right place. Business development executives are among the most important employees for an organization as they help them identify and foster partnerships while generating more sales.
This article will cover the average business development executive salary in India, what factors affect it, and what can you do to earn the top business development salary in India.
What is the Average Business Development Executive Salary in India?
The average business development executive salary in India is INR 2.98 lakh per annum including bonuses, shared profits, and commissions. The salary in this field ranges from INR 1.71 lakh per annum to INR 6.16 lakh per annum.
It’s one of the best jobs for professionals that want to get leadership roles in companies and learn about the industry. With sufficient experience and expertise, you can bag more lucrative roles such as business development manager, assistant sales manager, and inside sales representative.
Also, keep in mind that your business executive salary depends on multiple factors such as your location, employer, and skills. We have discussed how these factors influence your pay in more detail later in the article.
What Does a Business Development Executive Do?
A business development executive is responsible for developing positive business relationships with the clients of their organization. They focus on attracting new clients through marketing and sales techniques to increase sales and generate more revenue.
Business development executives have to constantly find other companies and brands to work with so they can reach out to new market segments and establish joint ventures with the same. All of their activities are focused on enhancing the growth of their firm and facilitating its sales. Business development executives are responsible for researching market trends and competitors to stay up to date with the current industry. They must also brainstorm ideas for creating and launching new products or services.
A business development executive works closely with sales teams and regional sales managers to keep track of the total sales generated. They write business proposals and lead the negotiation of contract terms with other businesses. Business development executives are also responsible for evaluating the risks and benefits of potential business partnerships. As they work with sales teams and managers, they might also have to equip them with the required technical and social skills. They also have to review the customers’ feedback and apply the required modifications.
Due to the unique requirements of this role, a business development executive must have strong written and verbal communication skills, leadership skills, and management skills. They have to build strong relationships with the clients and customers of the business, which is why having good interpersonal skills is a must-have for these professionals.
The work environment of a business development executive depends highly on their employer. For example, a large organization might require a business development executive to travel frequently and work with multiple teams. On the other hand, a smaller organization might only require them to focus on interacting with clients.
Factors Affecting Business Development Executive Salary in India
There are many factors affecting the average business development executive salary in India. You should consider all of these factors before you determine which role is suitable for you. Understanding the impact of such factors will also help you understand how much you can expect to earn when you enter the industry.
The factors that affect the business development executive salary in India the most are:
Let’s discuss each one of these factors in detail:
The amount of professional experience you have as a business development executive would affect your salary the most. New and inexperienced professionals in this sector earn around 18% less than the average whereas highly experienced business development executives earn around 151% more than the average, which is an astounding difference.
A business development executive with less than a year’s experience earns an average pay of INR 2.46 lakh per annum. Similarly, a business development executive with one to four years of professional experience can expect to earn INR 3.01 lakh per annum on average.
With more experience, you can expect to earn substantially more in this industry as business development executives with five to nine years of professional experience earn an average compensation of INR 4.21 lakh per annum. Those with 10 to 19 years of experience in this sector earn an average salary of INR 3.96 lakh per annum while those with more than 20 years of experience get around INR 7.5 lakh per annum.
Where your work can have a huge impact on how much you earn. Even though people don’t usually have a lot of control over the location of their job, knowing how it impacts your salary would certainly help you figure out how much you can expect to earn as a business development executive.
The most lucrative location for business development executives in Bangalore, where they earn around 30% higher than the national average. Other notable cities where business development executives earn more than the national average are Hyderabad (11% higher than the average), Chennai (6% higher than the average), Baroda (28% higher than the average) and Mumbai (3% higher than the average).
Just like there are places where you can earn above-average, there are places that offer less than average pay in this sector. These include Noida (2% less than the average), Chandigarh (30% less than the average), and Kolkata (8% less than the average).
Probably the area you have the most control on is the skills you have. It’s also a highly influential factor in determining your business development executive salary. Having the necessary skills can certainly help you earn a higher salary in this industry.
The most important skill to have as a business development executive is Account Management as professionals with that skill reported to earn a whopping 81% higher than average salaries. After that is Branding which offers 67% higher than the average pay for business development executives. Team Leadership is also a must-have skill for these professionals as it offers 52% higher than the average salaries.
Other prominent skills that offer above-average pay are:
- Presentations (51% higher than the average)
- Pre-Sales (46% higher than the average)
- Contract Negotiation (36% higher than the average)
- Corporate Communications (36% higher than the average)
- Technical Sales (23% higher than the average)
While these skills are the most lucrative, some other skills are highly in demand. For example, client interaction and lead generation are among the most popular skills for business development executives.
Which company you work for also affects your salary heavily. Some companies offer higher than average compensation while some offer better work environments. Knowing about which companies offer the best (and which offer the worst) salaries can help you determine who to work for.
The company which offers the highest salaries to business development executives is Freshworks, which gives an average salary of INR 7.71 lakh per annum to these professionals. Byju’s offers great compensation to business development executives as well as its average pay for these professionals is INR 6 lakh per annum.
How to Earn the Top Business Development Executive Salary in India?
You read in the previous section how different factors affect the business development executive salary. Out of all of those factors, the one you have the most control over is the number of skills you have.
As we saw before, having specific skills can increase your pay in this field exponentially. However, you might ask, “How can I learn those skills?”
The best way to learn the necessary skills such as customer relationship management and team leadership is through a course in management or sales. Taking a course will not only teach you the required skills but will also provide you with a structured curriculum so you can learn efficiently.
At upGrad, we offer multiple courses in management and sales, which would prepare you for the industry and give you the expertise you need to become a skilled business development executive.
Some of the best courses to become a business development executive are:
1. PG Program in Management
Our PG Program in Management lasts for 11 months and offers one-on-one sessions with hiring managers. After completing this course, you can easily apply for business development executive roles. Moreover, your management expertise would allow you to upgrade to senior roles.
2. PG Diploma in Management
This is a 2-year program we offer with the reputed Birla Institute of Management Technology. This course offers three specialisations and teaches you many crucial topics and skills including supply chain management, marketing management, financial management, etc. You only need to have a valid bachelor’s degree to join this program.
3. Job Linked PG Certification in Sales
This is a particularly excellent course for freshers and students. Our Job Linked PG Certification Sales is a 6-month program that teaches you multiple crucial skills for a business development executive including lead generation, communication skills, account management, leadership, interpersonal skills, etc. You must be a graduate to join this program.
Master of Business Administration (MBA)
Getting an MBA will help you become a business development executive easily. It will also help you accelerate your career growth and bag more senior roles as you gain experience. We offer an MBA with the Liverpool Business School. This course lasts only for 20 months and teaches you leadership, business growth strategies, engagement and people performance, marketing strategies, among other important skills. You must have a bachelor’s degree with at least 50% marks and a minimum of two years of professional experience to join this program.
Business development executives use their expertise to help businesses gain more customers and accelerate their growth, which is the primary reason why they earn such handsome pay.
If you’re interested in becoming a business development executive, we recommend taking one of the courses mentioned above. It would help you get a personalized learning experience and learn the necessary skills.
upGrad is an online higher education platform providing industry-relevant programs in collaboration with world-class faculty. It creates a good learning experience anywhere and everywhere through online programs. upGrad offers the students an online MBA in marketing degree from Liverpool Business School and Deakin Business School. Along with these, upGrad offers MBA programs with a specialization in Finance, Operations, Strategy & Leadership, and Executive.
Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.
What kind of salary is expected as a Business Development Executive?
In India in 2021, a Business Development Executive can expect around INR 25,000 per amounting to INR 300,000 per year. This also further depends on the location, industry, and employer. A Business Development Executive’s job requires working with the sales team and focusing on sales growth. It is an important and evergreen responsibility. This makes the role of a Business Development Executive extremely essential as the objective is to grow the company’s business. Also, since it is a performance-oriented role, you have the potential to earn a bonus every year.
What is the highest salary for a Business Development Executive?
A Business Development Executive’s salary in India has huge potential to increase. There are many factors based on which the salary can rise as high as INR 600,000 per year. These factors include the Business Development Executive’s performance in the specific year, educational background, additional skills, and location of the job. When you boost the sales of the company, you can expect a higher bonus from your company. So the main spike in your salary range depends on your performance. However, this should be stated in your package offered by the company.
What kind of work experience as well as education is required to be a Business Development Executive?
Business Development Executive can get a job without any work experience. So entry-level candidates can apply for a Business Development Executive’s role. You can apply for a Business Development Executive’s role after finishing your graduation. However, if you apply as a Business Development Executive with some amount of work experience especially in the field of sales, then you are likely to get a higher salary. Education in the field of marketing with some relevant work experience together will help you get a senior role and a better salary.