As business becomes more complex and globally-focused, skilled leadership becomes more vital every day. A director of business development helps organizations remain competitive and grow according to plan by identifying, assessing and developing new business opportunities. Setting your sights on a career as a director of business development can be possible when you enroll in an MBA program with a specialization in Management.
According to the U.S. Bureau of Labor Statistics (BLS), employment of top business managers and analysts, including directors of business development, will grow rapidly in coming years. Job growth will occur as business becomes more complex, spurring demand for professionals with specialized skills. The competition for jobs at the highest management level will be strong and candidates with experience and advanced degrees may have an advantage.
Employed in nearly every industry, directors of business development are responsible for seeking out new business opportunities for organizations. They develop, coordinate and implement marketing plans designed to maintain and increase existing business and capture new opportunities.
Often, the director of business development is involved in strategic marketing and operations planning with top executives, setting objectives and methods to reach them. They are keenly aware of organizational growth initiatives regarding regional market and target customer segments, and the company’s potential to meet customer needs with a product or service.
Developing proposals in response to requests for proposals (RFPs) is another important aspect of the director of business development’s job duties. Once new business has been won, the business development director works with other department heads and staff to coordinate account startup and transition service or product delivery.
Additional duties for the director of business development may include delivering sales presentations, conducting seminars and participating in meetings with clients and external vendors or advisors.
Directors of business development usually work in a private office; a 40-hour week is standard. They are often required to travel to conferences and, depending on company size, among satellite offices.
National salary data on PayScale.com, as of December 2010, showed that directors of business development had a median total income of about $126,540 per year, with those in the 25th to 75th percentile earning between $88,912 and $164,172 in total pay.
PayScale.com data also indicated that directors of business development with a master’s degree can earn significantly more than those with only a bachelor’s degree. In fact, based on 75th percentile salary figures, directors of business development with an MBA earned $152,605 per year while those with a BA earned $112,358 per year – a differential of nearly 36%.
The data shows that the top salaries generally go to those with solid experience and the advanced education employers need to remain competitive in a changing global business environment.
Entry requirements for director of business development positions vary; most require at least a bachelor’s degree along with a number of years of experience. Many top employers show preference to candidates with a master’s degree.
Professionals who are seeking a director of business development position can improve their career prospects by enrolling in an MBA program with a specialization in Management. Coursework typically includes managerial economics, international business, financial management and production and business management.
Employers can be confident that professionals who have earned an MBA with a specialization in Management are able to:
Success as a director of business development takes strong business and project management skills, creativity and ingenuity in developing successful strategies, and demonstrated leadership and interpersonal skills. If you possess these traits and are ready to propel your management career, earn a higher income and boost your confidence, earning an MBA with a specialization in Management can help you achieve these goals.