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Outside of banking/finance, what sales jobs are the most lucrative (pay the most, but also allow the best work/life balance)? What are the relative tradeoffs e.g. always on the road, need to cold call, need to meet monthly quotas, etc.
Hello! Thanks for your question about the most lucrative sales jobs. The most useful sources I found to answer your question were Forbes, CBS News, BLS Stats. The short version is that the median total pay for a salesperson is $80,000 (commissions included). In comparison, the median annual pay for Americans in 2013 was $28,031. Below you will find a deep dive of my findings.
SALES JOBS
Technology firms that sell business-to-business products have positions that pay six figures. These companies are interested in individuals with the ability to sell. Glassdoor notes that there are more than 125,000 open sales positions.
Salespersons at SAP, a German technology company that makes software for business, make $235,000 annually (median pay). This includes commissions, stock options and bonuses. In all industries, the median total pay for a salesperson is $80,000. Of that amount, $50,000 comes from salary, and $25,000 from commissions. This number is higher than most professions. According to the Social Security Administration, in 2013, the median annual pay for Americans was $28,031. The following are the highest paying companies for sales jobs (these figures include salary, commissions, bonuses, and stock options):
BEST PAYING SALES JOBS ACCORDING TO FORBES
Forbes released a list of the best and worst paying sales jobs.
In first place came securities, commodities, and financial service sales agents. They make a mean annual salary of $102,510. In second place came sales engineers with a mean annual salary of $101,790. In third place came sales representative, wholesale and manufacturing in technical and scientific products. Their mean annual salary was $85,610, and there were 352,830 employees in this sector. In fourth place came first-line supervisors of non-retail workers with a mean annual salary of $82,890. In the fifth position came real estate brokers with a median annual salary of $82,380. In the sixth place came sales representatives of wholesale and manufacturing (not including scientific or technical products). In the seventh spot came insurance sales agents with a mean annual salary of $63,610. In the eighth spot came sales representatives of services with a mean annual salary of $61,450 . In ninth place came advertising sales agents with a mean annual salary of $57,440. Finally, in the tenth place came real-estate agents with a mean annual salary of $53,140.
A survey conducted by Digiday and SellerCrowd in 2013, found that digital media sales workers generate a median salary of $175,000 each year. Workers with one or three years of experience made a median salary of $115,000. In addition to this they had annual commissions in the range of $20,000 to $145,000. To enter this field, you must know about the latest trends in technology and media. These are constantly changing, but you can start with SEO, rich media ads, banners, and buttons.
PROS AND CONS OF CERTAIN SALES JOBS
In the medical field, MedReps for medical devices make $156,914 per year. Of this amount, $76,029 is their average base salary. For these jobs it is important to have a medical background, either from school or from a previous medical sales field. This career has poor work-life balance, and a lot of extensive travel is necessary to meet with clients. Sales agents work more than 40 hours per week in a stressful environment. Their job turnover rate is high.
Software sales representatives make $111,638. To get into this niche market it is important to have a background or interest in IT. Working at a help desk can teach you how to speak about technical products in layman terms. There is little work-life balance in this career. Sales people are expected to do whatever it takes to close deals, and this might mean working for long hours, late into the night. If you are unable to make sales quotas, these can greatly reduce your earning potential.
In the real estate business, there are also difficulties. Unfair splits at brokerage houses are common. There is a variety of unfair practices. This can lower the morale of a new agent. There also aren't many leads, and agents face high fees from brokerage houses.
Some of the drawbacks of commission plans include stress and low job security. Often a commission plan can lead agents to use high-pressure sales techniques, and these can create an aggressive environment at work. Also, some customers might be scared off, and the reputation of the company might suffer. There is no guarantee of income for employees. A poor economic climate can directly lead to high turnover.
CONCLUSION
To wrap it up, in all industries, the median total pay for a salesperson is $80,000 (commissions included). In comparison the median annual pay for Americans in 2013 was $28,031. Thanks for using Wonder! Please let us know if we can help with anything else!