How Much Does A Pharmaceutical Sales Rep Make?
The pharmaceutical and medical fields are considered as two of the fastest growing and improving industries despite today’s negative economic situation. There is a perceived increase in terms of employment and job opportunities for the next 5 years. If you have now decided to start a venture in this profession, you might be wondering how much does a pharmaceutical sales representative make. Having this question in mind, continue reading this article and be updated and informed.
A pharmaceutical sales representative’s salary depends on certain factors. However, according to surveys and studies conducted, they earn an average annual salary ranging from $75,000 to $105,000.
Experience
- Experience is one of the most important bases of being paid. The longer you have been in the industry, the greater your salary would be. For beginners who have less than a year of experience, the average starting salary is at $50,000 per year. If you have been in practice for two to four years, you could earn from $50,000 to $63,000 annually. Having five to nine years of work experience entitles you an annual salary of $61,000 to $77,000. Pharmaceutical Sales Representatives, who have ten to nineteen years of work experience can gain a salary from $70,000 to $94,000 per annum. Once you have been an expert in the profession with more than 20 years of experience you could earn as much as $81,000 to $113,000 per year.
Where you work
- Your geographical location could also be a factor. Larger cities also have more opportunities for Pharmaceutical Sales Representatives. The more population a place has, the wider range of target markets there would be. In New York, salary could range from $58,000 to $88,000 per annum. Those who work in Atlanta could earn from $65,000 to $87,000. In Chicago, salary range could start form $56,000 to $76,000. On the other hand, Pharmaceutical Sales Reps in Boston are paid from $60,000 to $87,000. If you really want to earn big-time, you might consider starting a career in Florida, California, New York or New Jersey which are considered the highest paying states for Pharmaceutical Sales Representatives.
Bonuses can pad your salary
- Bonuses are computed depending on your employer and your performance. The higher your sales are, the more commission you are going to receive. Bear in mind that your skills and confidence could contribute to your earnings. This is usually given monthly or every four months, depending on your company’s terms and conditions. However, Pharmaceutical Sales Representatives are entitled to all-expense paid vacations, insurance, gas allowance and referral fees.
Usually, salaries are released by companies every two weeks or during dates set by your employer. Large portion of your earnings would greatly depend on your hard work and sales talk. Your performance would be the biggest basis on computing your salary. If you want to last longer and excel in this profession, make sure to improve and update your skills every now and then.
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