A report by RIVA Recruitment in Melbourne found a business development manager (BDM) with three years’ experience could earn up to $200k in the retail space and $270k in the institutional space including super.
This rose to $300k for a senior retail BDM with seven years experience and $350k in the institutional market.
For those starting out their careers with less experience, a junior BDM could earn between $120-$160k in the retail space and $170-$200k working in the institutional market.
Not only this, but base salaries were supported by bonuses of around 40%-70% over the last 12 months, rising to 80% for top performers. This was seen as a way to retain talent in a candidate-driven job market.
RIVA said: “The strength in the funds business development market is mainly due to a shortage of skilled business development professionals, increased investment products coming to market, namely ESG investments and listed products, and a post COVID-19 share market recovery.
“Over the last 12 months, we have seen BDM salaries increase, especially in the retail/intermediary channel. Furthermore, given the headwinds in the institutional market, we have seen multiple institutional BDMs seeking to pivot to wholesale distribution.”
These headwinds included the recent trend of super fund consolidation which meant there were fewer clients for institutional BDMs to cover, greater economies of scale, compressed fees for external asset managers and a move towards international investment capabilities.
