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2006 Survey of Wages and Job Trends in the Clinical Trials Industry
It's always rather interesting to uncover the kind of information that etiquette normally prevents one from discovering. It's
true even when it comes to those we're closest to at work. "How much do you make?" never comes up in conversation. And if
it did, we're allowed to respond "I'd rather not say," without being considered rude. So, here's a chance to find out the
answer to that off-limits question that doesn't require stepping over any lines. Applied Clinical Trials has asked the questions for you and compiled the answers in our 2008 Salary Survey.
Figure 1: Industries You Work In
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But it's not just about dollars or Euros. As the title implies, we also asked about such personal matters as job satisfaction.
Respondents told us why they liked their job, what they like best about it, if they plan on staying, why they want to leave.
Of course, with a group as diverse and unique as that in our industry, it's hard to draw broad, sweeping conclusions. Nevertheless,
what we did find out provides insight into the clinical trials industry today and the people dedicated to it. Behind the answers
Figure 2: Employment Status By Job Position
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As for the who, what, and where of the survey, we're looking at professionals from across the clinical trials field, with
the majority divided three ways among pharma/biopharm/biologics companies, CROs, and study or investigative sites (see Figure
1). We received the most responses from those who described their job title as manager, clinical research associate (CRA),
and clinical research coordinator (CRC). Other responders included scientists, CEOs, and medical directors (See Figure 2).
Figure 3: Years of Experience
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On average, those who responded have been in their profession for 13.3 years (See Figure 3), hold at least a bachelor's degree,
and 90% are employed full time. All of the major therapeutic areas are well-represented—oncology the most (see Figure 4)—so
is the United States, with nearly all of the respondents calling it home, followed by Western Europe, Central Europe, Canada,
Eastern Europe, and Asia.
Compensation in currency
Figure 4: Therapeutic Areas Represented
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So, who's making the most money? Well, there's three sides of the fiscal coin: people, business/industry, and location. The people. The professionals earning the highest annual salaries are, no surprise, vice presidents ($149,324), chief executive officers
($127,788), and medical directors ($135,357). The explanation for why those higher up the corporate ladder earn more is straightforward.
"As you rise, the scope of responsibility is much broader and that's what the pay is for," explained Carolyn Y. Woo, PhD,
Dean of the University of Notre Dame's Mendoza College of Business.
In the case of medical directors, it's compensation for years spent in med school, residency, and fellowship, says Jim Brennan,
director of clinical at Klein Hersh, an executive recruiting firm for life sciences. "The advanced degree and the specialization
they bring to the table brings a higher salary and higher level of compensation," he explained.
Table 1: Average Annual Salary Range by Job Title
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Also earning six-figures are IT professionals. In fact, according to survey results, all of the respondents who indicated
they work in IT earn at least $100,000 a year (see Table 1 to see where you stand among your peers). Granted, most companies
today rely heavily on their IT department, which likely accounts for the generous compensation, but one industry insider also
credits the fact that these professionals, in particular, require wooing. Apparently, in addition to being in high demand,
they prefer IT companies over pharma or biotech companies, where they're surrounded by other IT experts.
Business or industry. Turns out when it comes to the highest paid industries within the industry, there's more than meets the eye, at least for
the top two: drug development/clinical trials consulting companies ($111,591) and independent CRAs ($115,147). While pharma/biopharm
or biologics' high third-place spot ($106,718) isn't likely to require any explanations, that's not the case for first and
second place. And the reason why is the same for both. Independence requires money.
"While some people may want the flexibility, you have to market yourself, pay for your own benefits," explained former independent
CRA Beth Harper, now president of Texas-based Clinical Performance Partners. "So the CRA that's got the $76,000 salary (the
mean salary for CRAs who responded to the survey), if you add on their benefits, it's probably more than what an independent
makes." It's a similar situation for consultants.
Location. The old real estate slogan that it's all about location holds true for salaries as well. As most folks know by now, how much
you make generally depends on where you live. And in America, while we might be united, when you break the 50 states into
five different regions, it becomes clear that an average annual salary isn't average across the board.
Figure 5: Mean Salary for U.S. Regions
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Take for instance the Midwest, where the mean salary for respondents was $77,500, the lowest among the five different regions
(see Figure 5). A drive several hours west or east, however, bumps up that average by at least $21,000. In the Northwest region
the mean salary for respondents is $106,979, and in the Northeast a distant $99,733. It makes sense then that the majority
of respondents who earn more than $150,000 a year (29.2%) live in the Northwest. Of course, lest not forget that even the
regions can be broken down.
Which brings us to cost of living. California and Washington might both be in the Northwest, but a 2,200 square-foot, four-bedroom,
two-and-a-half bath home costs $1.8 million in Beverly Hills and $658,000 farther north in Bellevue, WA, according to a recent
Coldwell Banker Home Price Comparison Index. Out east in Ridgewood, NJ, a similar home will cost you around $1 million, and
$255,000 in the heart of America in St. Louis, MO. When you factor in cost of living, the divide between the highest and lowest
paid regions ($29,479) shrinks.
