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Business development associate hiring summary. Here are some key points about hiring business development associates in the United States:
Here's a step-by-step business development associate hiring guide:
A business development associate's role is to develop strategies to boost a company's sales and overall growth. They are primarily responsible for conducting research and analysis to identify clients' needs, participate in creating business plans and products, and produce progress reports and presentations. A business development associate must also maintain a database of customer information, arrange meetings between clients, coordinate with marketing staff, and assist in negotiations. Furthermore, it is essential to adhere to the policies and standards of the company.
Before you post your business development associate job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find a business development associate for hire on a part-time basis or as a contractor.
A business development associate's background is also an important factor in determining whether they'll be a good fit for the position. For example, business development associates from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
This list shows salaries for various types of business development associates.
| Type of Business Development Associate | Description | Hourly rate |
|---|---|---|
| Business Development Associate | $18-50 | |
| Business Advisor | Business Advisors are consultants responsible for implementing business strategies to improve financial and operational efficiency. They are involved in preparing financial budgets, recommending a change in the operational process, identifying new business opportunities, evaluating a marketing strategy, and reviewing supplier and labor contracts... Show more | $32-66 |
| Vice President, Business Development | A vice president of business development is a professional who leads in the execution of business plans and provides new business strategies for an organization. Vice presidents of business development closely work with a team of salespeople, management, and lower-level employees to secure contracts with new customers and manage ongoing agreements... Show more | $50-125 |
Including a salary range in the business development associate job description is a good way to get more applicants. A business development associate salary can be affected by several factors, such as the location of the job, the level of experience, education, certifications, and the employer's prestige.
For example, the average salary for a business development associate in Alaska may be lower than in Connecticut, and an entry-level engineer typically earns less than a senior-level business development associate. Additionally, a business development associate with lots of experience in the field may command a higher salary as a result.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Connecticut | $83,207 | $40 |
| 2 | Oregon | $82,570 | $40 |
| 3 | Washington | $80,575 | $39 |
| 4 | California | $80,334 | $39 |
| 5 | Massachusetts | $74,306 | $36 |
| 6 | New York | $73,735 | $35 |
| 7 | New Jersey | $71,307 | $34 |
| 8 | Utah | $67,526 | $32 |
| 9 | Maryland | $67,083 | $32 |
| 10 | Virginia | $64,652 | $31 |
| 11 | Arizona | $64,105 | $31 |
| 12 | Pennsylvania | $64,071 | $31 |
| 13 | North Carolina | $62,668 | $30 |
| 14 | District of Columbia | $61,058 | $29 |
| 15 | Iowa | $60,130 | $29 |
| 16 | Ohio | $59,922 | $29 |
| 17 | Colorado | $58,892 | $28 |
| 18 | Missouri | $58,607 | $28 |
| 19 | Illinois | $58,073 | $28 |
| 20 | North Dakota | $57,544 | $28 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Kirkland & Ellis | $141,073 | $67.82 | 5 |
| 2 | Two Sigma | $125,379 | $60.28 | |
| 3 | Arrowstreet Capital | $121,587 | $58.46 | |
| 4 | PitchBook Data | $120,517 | $57.94 | 1 |
| 5 | $120,501 | $57.93 | 33 | |
| 6 | WorldQuant | $116,999 | $56.25 | |
| 7 | ZERO POINT ZERO | $116,524 | $56.02 | |
| 8 | Invesco | $115,884 | $55.71 | |
| 9 | AQR Capital Management | $115,182 | $55.38 | 3 |
| 10 | Goldman Sachs | $109,092 | $52.45 | 18 |
| 11 | Envestnet | $108,492 | $52.16 | 1 |
| 12 | Royal Bank of Canada | $108,439 | $52.13 | 8 |
| 13 | Moody's | $108,280 | $52.06 | 4 |
| 14 | BlackRock | $108,096 | $51.97 | 11 |
| 15 | HSBC Bank | $107,459 | $51.66 | |
| 16 | Mesirow | $107,344 | $51.61 | |
| 17 | Endemol Shine North America | $107,055 | $51.47 | |
| 18 | Cisco | $107,046 | $51.46 | 216 |
| 19 | Blackstone Group | $106,006 | $50.96 | |
| 20 | The Daily Muse | $104,728 | $50.35 |
A job description for a business development associate role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a business development associate job description:
To find business development associates for your business, try out a few different recruiting strategies:
Your first interview with business development associate candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the business development associate position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.
Before you start to hire business development associates, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire business development associates pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
The median annual salary for business development associates is $65,126 in the US. However, the cost of business development associate hiring can vary a lot depending on location. Additionally, hiring a business development associate for contract work or on a per-project basis typically costs between $18 and $50 an hour.