Master's in Marketing Salary: What Pay Can You Expect?

Business is no longer business as usual. Technology has literally transformed everything–including the marketing function.

Now, marketing is even more personalized, more targeted and more interconnected. Businesses, agencies, government entities and other organizations all need top-performing marketers to help them rise above the competition and boost profitability.

Keep reading to learn more about what you can expect from earning a master’s in marketing.

Are Marketers in Demand?

Skilled marketing managers continue to be in demand. In fact, the U.S. Bureau of Labor Statistics (BLS) says that the job outlook for Advertising, Marketing and Promotions Managers is projected to be 10% by 2031, which is double the outlook for all jobs combined.

As for marketing master’s completions, labor marketing analytics firm Lightcast reports that there were 3,177 marketing master’s degree completions in 2021. Top companies hiring for those with marketing expertise include Amazon, Humana and JPMorgan Chase.

According to Lightcast, In 2022 there were 131,818 annual job openings for those with a master’s in marketing, with an expected increase of 16.7% between 2022 and 2032.

Plus, the annual median earnings for these jobs, which range from marketing manager to web and digital interface designers, is $80,800.

Marketing Master’s: What It Means for Your Earnings Potential

Marketing is like many fields in that there is a direct correlation between level education and salary.

According to the U.S. Bureau of Labor Statistics (BLS) reports that worker earnings increase as education levels rise. Those with a master’s degree earn, on average, almost 16% more than those with a bachelor’s degree and 65% more than those with an associate.

And, according to labor analytics firm Lightcast, the salary disparities are even more apparent when comparing education levels for such jobs as chief marketing Officer (CMO), advertising and promotions manager, and marketing manager.
 

What matters most when choosing a master’s program? Compare features, benefits and cost to find the right school for you.

4 Ways a Master’s in Marketing Can Boost Your Salary

1. Job Promotion
One of the biggest reasons to get an MBA in Marketing is to qualify for a promotion and with it a big bump in pay.

2. Incentives
While not all employers offer if, many do give a bonus to employees who earn their master’s degree.

3. New Opportunities
Much like a promotion, a master’s degree can qualify you for a higher-level role at a new organization. Along with the new title often comes a new, better salary.

4. Bigger Piece of the Pie
Management and executive level positions often feature a base play plus percentage of earnings incentive. A master’s degree can help set you up to earn higher percentages and additional incentives.

Is a Marketing Master’s Worth It?

Figuring out if a master’s in marketing is worth it takes looking beyond the short-term perks. Sure, a pay raise right after graduation is good, but don’t stop with that.

Whether a marketing master’s degree is worth it is really your call. However, when weighing your potential return on investment, be sure to look at more than money.

1. Skills
A quality marketing master’s program from an accredited university will help you sharpen your skills, including how to pivot and adapt as the field inevitably evolves.

2. Job Satisfaction
There is such a thing as job boredom and burnout. A master’s degree opens up new opportunities that could help you fall in love with your work again and finish your career strong.

3. Expertise
A master’s degree naturally elevates your professional brand, which, in turn, can position you as a recognized expert in your field and your organization.

4. Accomplishment
For many, it’s a badge of honor and proof of fortitude to earn a master’s. This strong sense of personal achievement is well deserved since earning a master’s degree is a challenging thing that not everyone can achieve.

Top 6 Marketing Master’s Career Paths [and How Much They Pay]

The digital age has ushered in a more specialized level of marketing, giving marketers like you the opportunity to choose from a wider-than-ever variety of career paths. Whether you’re interested in corporate marketing or agency life, creative or high-tech, there are plenty of ways to put your master’s in marketing to work, including these six career paths.

1. For the Brand Builder: Marketing Manager

• Median Advertised Salary: $135,000

A marketing manager is responsible for promoting and positioning a company’s brand or the products and services it sells. They usually work in a corporate setting and are hired to attract more customers and increase brand awareness through marketing campaigns.

2. For the Business-Minded Leader: Marketing Director

• Median Advertised Salary: $158,600

Marketing directors are responsible for the overarching marketing and communications strategy, as well as image and branding. They’re big picture thinkers that develop annual marketing plans, create campaign calendars, set marketing budgets and analyze the market and competitors.

3. For the Relationship Builder: Demand Generation Manager

• Median Advertised Salary: $100,100

Demand generation managers oversee the strategies used to develop and build long-term customer relationships. They help businesses and agency clients enter and succeed in new markets, advertise and sell new products, and fine-tune their customer experience programs.

4. For the Data Wizard: Marketing Analytics Manager

• Median Advertised Salary: $140,000

Marketing analytics managers lead teams responsible for evaluating the effectiveness of marketing campaigns. Both agencies and corporate environments rely on them to determine key performance metrics, collect and analyze data, and report on campaign success.

5. For the Creative Thinker: Digital Marketing Manager

• Median Advertised Salary: $104,700

Digital marketing managers are responsible for developing, implementing and managing online marketing campaigns. They’re hired to differentiate companies and enhance brand awareness within the digital space, as well as drive traffic and attract new customers.

6. For the Expert Communicator: Public Relations Director

• Median Advertised Salary: $102,800

Public relations managers create and maintain a company’s favorable public image. They work with the media to communicate information about an organization’s programs, accomplishments and points of view. They may work in corporate settings or at a PR agency.

Marketing Salaries: 4 Things You Can Do to Earn More

Here are some strategies to land at the top of the salary range after earning your MBA with a marketing specialization.

1. Add More Experience
A master’s degree is important. But combine it with years of experience? That’s the double-whammy of professional achievement. By adding more experience to your resume, you can qualify for higher level positions with higher earning potential.

2. Ask for a New Title
Although some people say titles don’t matter. They do–especially when it comes to salary ranges and caps. To move above your proverbial pay grade, move into a role with a better title and more responsibility.

3. Find a Bigger Employer
Of course, who you work for is as important as what you do. Larger companies, high-tech employers, and multinational advertising agencies are all examples of companies that you can expect will pay more.

4. Change Job Sectors
A job sector is a classification of the type of work within a group of occupations and industries, such as public, private, government, or nonprofit. Different sectors offer different earnings. Typically, nonprofits pay less than government agencies, which pay less than for-profit companies.

Next Step: Your Graduate Degree

Now that you know how a marketing master’s can lead to a bigger and better salary, it’s up to you to take the next step and find the graduate program that’s right for you.

Marketing is an exciting and growing field with lots of opportunities for a great salary now and in the future. Just remember that employers are not only looking for people who understand where marketing is and is going, they’re looking for leaders who can drive growth and create value.

If that sounds good to you, you could earn a marketing master’s in about 12 months and be prepared to lead strategic marketing communications functions in any industry or job sector.

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