If you are considering getting into business strategy as your next career, you may be curious about what salary you could expect to make in this role.
According to the U.S.U.S. Bureau of Labor Statistics, the average business strategist’s salary will be $102,100 annually by 2025. This includes both self-employed and salaried workers in the field and workers in local, state, and federal government agencies and public education institutions.
But before we dive into that number, let us look at other facts about the business strategist profession that might interest you.
What is a business strategist?
A business strategist is a person who is responsible for planning, implementing and monitoring business strategies. They work with organizations and individuals to identify issues and develop solutions to help them reach their goals.
There are many different types of strategies that a business strategist can implement, from marketing and sales to distribution. The different types of plans that a business strategist can offer will typically fall into one of three categories:
● Operations strategy: Operations strategy is a set of principles which govern how an organization uses its resources to produce and deliver products or services. Operational strategies focus on improving efficiency, effectiveness, and productivity through cost-cutting measures.
● Marketing strategy: A marketing strategy is a business’s actions to promote and sell its products or services. Marketing strategies are determined by different factors, including the product or service being marketed, the people being dealt with, and the time of year.
● Organizational change strategy: Organizational change strategy is a process of implementing organizational changes. It is usually driven by a need to respond to external or internal forces or a combination of both.
Business strategists design and evaluate existing strategies to see if they are working correctly or need tweaking to meet goals.
The current state of business strategist salaries
The average business strategist’s salary in 2021 is $80,000. The median salary is $60,000, and the lowest 10% of wages are $55,000.
The median salary is $60,000, and the lowest 10% of wages are $55,000. Half of all respondents earn between $55,000 and $90,000.
The upper 50% of earners make between $60,000 and $150,000 per year on average.
Those who worked as a strategy consultant for five years or more earn an average of over $100,000/ year at this point in their career.
The average business strategist salary for 2022
The average salary of a business strategist in 2022 will vary depending on the industry they work in, as well as their level of experience.
As of November, according to Glassdoor, The average salary for a Business Strategist is $72252 per year in U.SU.S.
The factors that affect business strategist salaries
The salary of a business strategist can vary greatly depending on their experience, location, and level of expertise. The average salary for a business strategist in the U.S.U.S. is $72252 -$77,000 (U.S.U.S.) per year. Factors that can affect this include:
- Experience: Someone with more experience will make more money than someone with less experience.
- Location: a strategy consultant in New York City will earn more than one in rural Iowa.
- Level of expertise: a senior-level or executive-level business strategist will make much more than an entry-level worker.
- The industry they work in: Those who work in highly profitable industries such as technology will be able to command higher salaries.
The skills that business strategists need to succeed
Business strategists don’t need to know specific skills to succeed, but they need to be able to analyze the situation and propose a solution. They also need good analytical skills to make data-driven predictions. If you are considering a career in business strategy, you should get some experience working in marketing or sales.
The outlook for business strategist salaries in the future
The average business strategist’s salary is expected to rise by $6,000 in 2025. This was a significant increase from 2018 when wages increased by only $2,000.
The median salary for a business strategist is currently $72252 per year in the U.S.U.S., which is predicted to rise by an additional $6,000 in 2025. This would put the median salary at $1,00,000 in three years.
However, some people are earning much more than that: according to PayScale, the highest-paid employees have an annual income of up to $120,000.
What’s more, you can expect your salary to vary depending on where you live and your industry.
Becoming a business strategist is one way of making good money in today’s economy.
The bottom line is that there is no way to predict what will happen with business strategist salaries in the future. It all depends on your performance, so keeping up with your certifications and continuing your education is essential. While there are many routes into a career as a business strategist, people are still determining what the future will hold. All we can do is work hard to improve our skills and make ourselves attractive prospects for potential employers.