Academic journal article The Journal of Business Forecasting Methods & Systems

Benchmarking Salary in the Forecasting Profession

Academic journal article The Journal of Business Forecasting Methods & Systems

Benchmarking Salary in the Forecasting Profession

Article excerpt

Forecasting is a fairly young function, the way it is now practiced in business. As such, forecasters are interested to know what kind of salary other companies are giving to their forecasting professionals. Those who are contemplating entering into this field for the first time also want to know what they can expect and how far they can advance in this profession. This benchmarking study, conducted by IBF (Institute of Business Forecasting) in 2003, provides valuable insights into these questions.

OVERALL SALARY

As before, the survey categorized the forecasting positions into five: (1) Forecast Analyst, (2) Sr. Forecast Analyst, (3) Forecast Manager, (4) Director of Forecasting, and (5) Vice President of Forecasting. When all the industries are combined, the median salary of a Forecast Analyst comes to $50,000; a Sr. Forecast Analyst, $62,000; a Forecast Manager, $77,000; a Director of Forecasting, $103,000; and a Vice President of Forecasting, $144,000. (See Figure 1) The median is the point that divides the group in half: half of the group makes more than the median salary, and the other half, less than that.

SALARY BY INDUSTRY

Salary varies from one industry to another and from one geographical region to another. By and large, salaries are higher in Food and Beverages, Healthcare and Telecommunications, and lower in Computer/ Technology and Retail. Also, salaries vary from one industry to another by the level of position. In some industries, salaries are higher at lower level positions such as Forecast Analyst and Forecast Manager, and lower at upper level positions such as Director of Forecasting and Vice President of Forecasting. In other cases, the opposite is true. The industries where salaries are, by and large, higher at lower level positions and lower at upper level positions are Food and Beverages and Transportation. …

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