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One of the most common questions asked about vice president salaries is how much money one can earn in a private company. The answer is that it depends on the size of the company, because many factors affect vice president salaries in private companies.
Private companies are different from public ones in several ways. One of these differences is that private companies tend to be smaller and therefore pay less than larger public ones. Another difference is that public companies have stockholders who expect them to make a profit, while private companies are often owned by a single person or family who may not care as much about making money as they do about providing jobs for their employees.
Vice president salary in private company
The most common vice president salary in private companies is around $150,000. The average salary for this title is based on data from Payscale as of May 2019.
When it comes to the pay scale for a vice president, there’s no such thing as “typical.” Vice presidents are typically paid more than other employees, but even within that group of high-earners there are big differences between offices and even different companies. For example:
- A company in New York City may pay its vice president upwards of $1 million per year while another in rural Oklahoma might pay close to $75,000 annually;
- An executive who works at a small firm could earn more than one working at a large corporation; and
- Someone who has been promoted into their role after serving as an assistant manager or senior project coordinator might have a higher starting base salary than one who was hired straight out of college or grad school and immediately became an executive position with no prior experience (and thus no previous raises).
Compensation depends, at least in part, on an employee’s level, location and tenure.
When it comes to setting the salary of a vice president, compensation depends, at least in part, on three things: an employee’s level, location and tenure.
- Level refers to whether you’re a senior VP or junior VP. Usually, higher-level positions pay more than lower-level ones. For example, if you’re working in Los Angeles as an SVP and your office is located there, you’ll likely have a higher base salary than someone based in New York who has been working as an EVP for five years versus one year (or less).
Most vice presidents earn over $100,000 per year, with $150,000 being a common number.
The average salary for a vice president of a private company is $120,000. However, this can vary widely depending on location and tenure as well as the level of the job and type of company. So if you’re looking to become a vice president in a private sector organization, here are some factors that will influence how much you earn:
- Location: Vice presidents in large cities tend to make more than those who work in smaller towns or rural areas. This is due to higher cost of living and higher salaries being paid by companies based there. If you’re considering taking up an offer from a company outside your current city or state, talk about whether they will compensate you appropriately for any financial hardship caused by moving away from home.
- Position title: A vice president with ten years experience will usually earn more than someone who has only recently obtained their promotion—and similarly someone with seniority over others within their department may be able to bump up their salary accordingly as well (in addition to receiving bonuses).
There is no easy answer to the question, “what is a vice president’s salary?” The position carries a lot of responsibility and should be compensated appropriately. That’s why it’s important for employers to take the time to learn about the many factors that can affect how much they pay their top-level executives. In this article, we’ve given you some guidance on what those factors are so that you can make an informed decision about your own compensation strategy for Vice Presidents in private companies.