We must always remember that, when we compare our salary to that of others, we should take into consideration not just the job title, but more importantly, the level of experience of the other person and the level of training they have had compared to us. Here are a few of the jobs in our market and the remuneration for those jobs in a little more detail.
Business development manager
You can expect a typical basic salary ranging from £25k to £35k in addition to a substantial bonus, paid for hitting monthly, quarterly or annual targets. There are some companies within our market that will pay even lower than £25k but these are few and far between. The amount you can command will depend upon the length of time you have been doing the role, but more importantly how you have performed, i.e. your proven track record. Lenders and packagers ask me time and time again for sales professionals with a proven track record. If you can show that you have developed an area, managed and developed accounts, and can bring relationships with you, you can expect to be paid the higher end of the scale. This role also commands a bonus depending on targets being met. The bonus can vary from a cap of 20 per cent of basic salary to an uncapped bonus structure. There are companies that will pay more of a basic salary and offer less bonus and vice versa.
Regional sales manager
The next level up from the business development manager (BDM) is a regional sales manager. This job is based on the direct management and development of a regional sales team. This role commands a higher basic salary than that of a BDM. However, bonus levels will decrease as they become more dependent on the performance of the sales team. Typically, the basic salary for this role can range from £35k to £50k. Again, what you can command in this range will depend upon how much management experience you have and whether you can prove you have developed a sales team in the past. This role is generally more weighted towards basic salary compared to that of a BDM and the benefits for this role tend to be the same, or similar to that of a BDM.
National sales or head of sales manager
From a regional sales manager, the next career step is that of either a national sales or head of sales manager role. Again, this role will come with a higher basic salary, typically ranging from £50k to £80k plus, however, once more the bonus will decrease as you step away from direct management of business development managers and deal more with higher level strategic issues. The basic salary you can command at this level will depend on experience and expertise of higher-level management of a sales team and the strategic influence you have had on the overall sales force. Again, this role is more weighted towards basic salary than bonus, however the overall package, including benefits is generally much more attractive as you step into a senior management role.
Underwriter
Underwriters are another integral part of our market. Their expertise is based upon the level to which they can underwrite. Some underwriters have taken exams to be able to sign off cases up to the loan amount of £100k ranging to £1m plus. The typical basic salary I come across for an underwriter with a mandate level of up to £500k can range from £20k to £30k. This role would also offer a discretionary bonus of anything from 10-20 per cent, however this role is more weighted towards basic salary than bonus. Generally, for an underwriter who is able to sign off cases of a £500k plus loan value, they can expect to earn from £30k to £38k as a basic salary.
There has been a recent increase in the demand for onsite underwriters and also for mobile underwriters. Generally, for an onsite underwriter, covering a single site, the £20k to £30k basic salary bracket will apply. For those covering multi-sites or doing a pure mobile role, the salary is geared more towards the £35k mark with either a car or car/travel allowance in addition. Again, these figures will vary slightly dependant on experience and mandate level.
In any job we do, if we want to move up in terms of salary, we have to prove our worth. The only real way to do this is to ensure we log our performance and make sure that performance is a commendable one. Whether in sales, underwriting, or any other field, if we cannot prove our worth, we cannot demand the higher levels of salary.
Amita Patel is director of Enigma Resourcing Ltd
