Average Business Development Executive Salary in Villavicencio, Colombia for 2024
In this article, we will look at the average Business Development Executive salary for 2024 in Villavicencio and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!
The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.
All salary information is in the local currency, which is the Colombian peso. To keep things simple, we are using the COP currency code instead of the currency symbol $.
How Much Does a Business Development Executive Make in Villavicencio?
A Business Development Executive working in Villavicencio will typically earn around 71,999,700 COP per year, and this can range from the lowest average salary of about 33,841,700 COP to the highest average salary of 113,761,800 COP.
These are average salaries for a Business Development Executive in Villavicencio and include benefits such as housing and transport. It's also possible for a Business Development Executive to earn more or less than the average salaries shown above.
Business Development Executive salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.
Distribution of Business Development Executive Salaries in Villavicencio
So we've looked at the average salaries a Business Development Executive will earn in Villavicencio. The next interesting data point is the distribution of salaries.
Salary ranges
We already know that a Business Development Executive can earn between 33,841,700 COP and 113,761,800 COP on average in Villavicencio. This is known as the range in statistics.
The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.
Median salary
The median salary for a Business Development Executive in Villavicencio is 76,320,200 COP. This is the middle value in the distribution of salaries.
What this means is that approximately 50% of the population earn less than 76,320,200 COP, and 50% of the population earn more than 76,320,200 COP.
If you are earning more than the median salary, that's a good indicator that you are being paid well.
If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).
Percentiles
Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.
For the average Business Development Executive salary in Villavicencio, 25% of the population are earning less than 49,561,800 COP while 75% of the population earn more than 49,561,800 COP.
75% of the population earn less than 100,679,100 COP, and 25% of the population earn more than 100,679,100 COP.
Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.
The difference between a median and an average salary
The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.
- If your salary is higher than the average and the median salary, you are earning well compared to others.
- If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
- If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.
Business Development Executive Salary by Experience Level in Villavicencio
The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.
We have researched the average business development executive salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.
- 0 - 2 Years Experience. A Business Development Executive in Villavicencio that has less than two years of experience can expect to earn somewhere in the region of 39,001,000 COP.
- 2 - 5 Years Experience. With two to five years of experience the average Business Development Executive salary would increase to 53,759,200 COP.
- 5 - 10 Years Experience. From five to ten years of experience as a Business Development Executive, the average salary would be 76,560,700 COP.
- 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 93,358,300 COP.
- 15 - 20 Years Experience. A Business Development Executive with 15 to 20 years of experience can earn an average of 98,520,900 COP.
- 20+ Years Experience. For a Business Development Executive with more than 20 years, the expected average salary increases to 107,281,600 COP.
Average Salary by Experience Chart
0-2 Years |
39,001,000 COP
|
|
2-5 Years | +38% |
53,759,200 COP
|
5-10 Years | +42% |
76,560,700 COP
|
10-15 Years | +22% |
93,358,300 COP
|
15-20 Years | +6% |
98,520,900 COP
|
20+ Years | +9% |
107,281,600 COP
|
Business Development Executive Salary by Education Level in Villavicencio
As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?
In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.
The salary you can earn based on your education is very specific to both your location and the career path you choose.
In our research, we looked at the average salary for a Business Development Executive in Villavicencio based on the education level of the employees in order to find out whether a better education level would increase your salary.
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High School. A Business Development Executive in Villavicencio with a high school education can earn an average salary of 48,239,000 COP.
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Certificate or Diploma. A Business Development Executive in Villavicencio with a certificate or diploma education can earn an average salary of 56,158,300 COP.
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Bachelor's Degree. A Business Development Executive in Villavicencio with a bachelor's degree education can earn an average salary of 81,719,100 COP.
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Master's Degree. A Business Development Executive in Villavicencio with a master's degree education can earn an average salary of 107,281,600 COP.
Average Salary by Education Chart
High School |
48,239,000 COP
|
|
Certificate or Diploma | +17% |
56,158,300 COP
|
Bachelor's Degree | +45% |
81,719,100 COP
|
Master's Degree | +31% |
107,281,600 COP
|
How Much is a Master's Degree or MBA Program?
The approximate cost of a master's degree or post-graduate program like an MBA in Colombia is around 23,500,000 to 70,400,000 COP and takes two years to complete.
As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.
It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.
Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.
Business Development Executive Salary Compared by Gender
In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.
In Villavicencio, a male business development executive will earn an average of 76,560,700 COP, while a female business development executive will earn around 70,801,500 COP.
This means that a male business development executive earns approximately 8% more than a female business development executive for performing the same job.
Average Salary by Gender Chart in Villavicencio
Male |
76,560,700 COP
|
|
Female | -8% |
70,801,500 COP
|
Business Development Executive Average Pay Raise in Villavicencio
In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.
From our research, we can see that the average pay raise for a Business Development Executive in Villavicencio is around 12% every 18 months.
The national average pay raise across all professions and industries in Colombia is around 7% every 19 months.
In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.
To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:
Annual Increase = ( Increase Rate ÷ Months ) × 12
So for this example, it would be:
Annual Increase = ( 12 ÷ 18 ) × 12 = 8%
What this means is that a Business Development Executive in Villavicencio can expect to receive an average pay raise of around 8% every 12 months.
Annual Pay Raise by Industry in Villavicencio for 2024
In the chart below, you can see the average annual pay raise percentages for each of the major industries in Colombia.
You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.
Banking |
2%
|
|
Energy |
4%
|
|
Information Technology |
6%
|
|
Healthcare |
8%
|
|
Travel |
1%
|
|
Construction |
3%
|
|
Education |
5%
|
Business Development Executive Bonus and Incentive Rates in Villavicencio
Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.
Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.
A Business Development Executive is a high bonus based job, with 74% of employees reporting at least one bonus in the last 12 months.
26% reported that they had not received any bonuses in the previous 12 months.
For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 6% to 7%.
Received Bonus |
74%
|
|
No Bonus |
26%
|
What are the Types of Bonus?
There are a number of difference types of bonus you can receive in a job. Including:
- Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
- Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
- Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
- Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.
Government vs Private Sector Salaries
Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.
Public sector employees in Colombia earn approximately 11% more than private sector employees in the same role.
Public Sector |
58,559,300 COP
|
|
Private Sector | -11% |
52,800,100 COP
|
Salaries for Jobs Similar to a Business Development Executive
In the table below, we have salary information for jobs that are similar to a Business Development Executive in Villavicencio.
Salary Comparison by City
If you want to compare salaries with different cities in Colombia, you can use the links below to explore the data for each specific city we have researched.
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