As business becomes more complex and global, skilled leadership becomes ever more vital. A director of business development helps organizations remain competitive and grow by identifying, assessing and developing new business opportunities. Individuals who have set their sights on a career as a director of business development can improve their options by enrolling in an MBA program with a specialization in Management.
Job Outlook
According to the U.S. Bureau of Labor Statistics (BLS), employment in the occupational category of business and financial operations will increase by 8% from 2014 to 2024, about as fast as the average for all occupations. Job growth will likely occur as the marketplace becomes more sophisticated, and candidates with experience and advanced degrees may have an advantage.
Director of Business Development Job Duties
Employed in a variety of industries, directors of business development are responsible for seeking out new business opportunities for organizations. They develop, coordinate and implement plans designed to increase existing business and capture new opportunities.
Often, the director of business development is involved in strategic marketing and operations planning with top executives, setting objectives and identifying methods to reach those goals. These professionals must be keenly aware of organizational growth initiatives related to regional markets and target customer segments, as well as the company’s potential to meet customer needs with a product or service.
Developing proposals in response to requests for proposals (RFPs) is another important aspect of the director of business development’s job duties. Once new business has been secured, the business development director works with other department heads and staff to coordinate account startup and transition service or product delivery.
Additional duties for the director of business development may include delivering presentations, conducting seminars, and participating in meetings with clients, external vendors or advisors.
Salary Potential
The Bureau of Labor Statistics does not list specific salary information for the job title of business development director. However, numerous factors can influence potential salary ranges, including the state of the economy, a candidate’s employment history and level of educational attainment, and the particular industry.
For example, according to a 2017 report by Robert Half, a global staffing service, the average salary for business development officers in the financial services field ranges from $100,750-$165,500.
Education and Training Requirements
Entry requirements for director of business development positions vary; most require at least a bachelor’s degree along with a number of years of experience. Many employers show preference to candidates with a master’s degree.
Professionals who are seeking a director of business development position may improve their career prospects by enrolling in an MBA with a specialization in Management program. Coursework typically includes managerial economics, international business, financial management, and production and business management.
Individuals who have earned an MBA with a specialization in Management should be able to:
- Integrate marketing, operations and financial knowledge to achieve organizational goals
- Predict and manage change through innovative methods
- Assess risk using financial, statistical and economic data, and create manageable solutions
Are You a Good Fit For a Director of Business Development Career?
Success as a director of business development takes strong business and project management skills, creativity and ingenuity in developing successful strategies, and demonstrated leadership and interpersonal skills. If you possess these traits, earning an MBA with a specialization in Management may help propel you toward your career goals.