Can you still make 500k per year in medical device sales?
Posted on June 05, 2019 by Medtech[y] Staff
First, before we answer the aforementioned questioned, let's be clear and reiterate that no medical device sales job pays a rep 500k per year. On the contrary, a company would give the sales rep the opportunity to make that much money through commission and over-achieving their yearly quota.
This is a tough question because I've never come across a medical device job that pays 500k at plan. The most I have seen at plan were around 275k-300k at plan, with reps being able to make over-achievement which could easily clear 500k. Aside from a niche job paying that much money at plan, those jobs do seem to have gone by the wayside.
There are still plenty of start-up jobs out there that pay 225k at plan and give the rep a chance to hit sizable over-achievement once they hit their yearly quota. However, even those positions come with risk and can be hard to find.
According to MedReps 2018 salary report, the average total compensation for a medical sales rep is $149,544, with an average base of $92,698 and an average bonus of $63,318. Far from the 500k that was asked about on our forums.
Another point to consider is what percentage of reps achieve their quota and what they make in over-achievement. It isn't hard to find an example of a rep making 400k-500k per year but they may have been the only one in the company to achieve that level of compensation. If that's the case, there is probably more to the story and the chance of replicating that level of compensation is not likely to happen again.
What's your experience with this topic? Do you know of high paying jobs or are they slowly being replaced with jobs making 150k, which is on par with the MedReps salary report referenced above?
Drop by our anonymous forum and share your thoughts on this topic.
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