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London's marketing managers are the least well paid in the country, receiving salaries -13.5% lower than the national average for their positions.
Marketing recruiter EMR (part of FiveTen Group) polled over 2,700 marketing professionals and found that marketing managers in London currently earn an average salary of 34,600 Pounds and are the least well paid in the UK. The country's highest earning marketing managers are those based in the South East (outside London) and they currently receive an average of 45,400 Pounds, +31% more than their peers in London. The next highest earning marketing managers are from East Anglia and Scotland respectively.
Simon Bassett commented "many professionals aren't paying enough attention to the impact of regional price variations on their lifestyles. Even though marketing managers' salaries in the North East are the third lowest in the UK, when you take account of average property prices, the North East is the second most affordable place to live."
"On the other hand, marketing managers in London would have to work for more than a decade to earn as much as the average property price and earn less than a third as much as their peers in Scotland relative to property prices. This shows how much marketers value living in the capital. Nonetheless, marketers who take account of the differences between living costs in the regions should bear in mind there are great offers available outside London. As a result, there's huge competition for roles all the way up to manager level with employers able to secure talented professionals for lower salaries."
"The popularity of the capital means younger professionals are demanding pay hikes to leave and this has pushed average salaries in all regions of the UK to a higher level. In entry and middle level positions there is an inverse London weighting in the marketing industry. The good news for London's marketers is that people rise to manager level relatively quickly in the capital, and once they've passed that level, it's a different story."
However, salaries for those who climb the career ladder in the capital rise rapidly. Heads of departments are paid more in London than anywhere else, receiving on average 76,000 Pounds annually. At director level, average London salaries are 94,500 Pounds, meaning by the time marketers in London reach director level, they earn +14% more than the national average for their role.
Bassett continued "another reason for relatively low pay in London at manager level is long-term planning. Those who stay in London know as they progress up the ladder, they will be in line to receive the greatest rewards. This means managers in the capital are happy to take lower salaries in order to line themselves up for bigger rewards once they have proved themselves and risen to senior positions."