Associate Sales Rep position?

I'm hoping someone could maybe give me an honest answer on here. I have a family to support, and make $140k right now in the insurance industry ($110k take home). I'll make about that same amount every year as growth is limited at my company, and the insurance industry as a whole shrinks due to online sales.

I understand that taking an associate sales rep position is like starting over. It would be a sizable pay cut, and I would go from being a boss to becoming a grunt for a while. But how is the upside? Can I make it to my family's benefit if I work hard? Can I push above the $110k I take home now in a few short years once I become a territory rep? If so, which type of medical/surgical sales should I look to? Which companies?

I don't need to be rich to be happy, but it would be nice to make $150k+ with my own territory once I pay my dues. There are so many wide ranging answers online, and I just want to know from someone who can relate, and share their honest opinion. This is a huge decision for me/my family.

Thank you!

 

I am going to be honest with you (and you will probably get quite a few snarky responses on here). You are probably better off where you are. I have been in the pharma industry 15+ years, and it probably took 8-10 to get to that kind of salary at a consistent basis. Now, these days, they hire less experienced people and those folks can ramp up faster than it used to take the rest of us, BUT, unless you are fresh out of college or 1-3 years sales experience in (i.e. young), then you will not be considered. Associate sales positions in this industry are extremely rare and not a traditional role that most pharma companies offer. If that is the title, sounds like a junior rep job, and they will most likely want a more junior candidate. If you have that offer on the table, it is your decision to take, but know that $110K take home will probably not happen for another 5 years on a path like that (and you will need to springboard out of that role as soon as possible into a traditional sales role. And a specialty sales role to make that kind of salary consistently). To even be a specialty rep and command a higher salary, you really need to spend some time doing primary care sales. You will need it to get the specialty interviews and you will need it to learn the fundamentals of pharma selling. This is my opinion, but I have been doing this a while and am making a great salary that got great by investing time, blood, sweat, and alot of tears in this industry. You have to also know that the pharma job is very desirable on paper, but in reality, many pharma reps are miserable, depressed, and hating that they ever got into the industry. If I could do it all over again, I would have never gone in this direction. If you are doing insurance, dig into your transferable skills and find an industry that isn't as corrupt as this one is. All the best to you.

 

Agree with above poster and would also add that it is an extremely volatile industry and there are constant mergers, buyouts and layoffs and being that you have a family to support i would say stay where you are if it is stable. This industry both Pharma and device are not stable!

 

So True! The most volatile of industries, Pharma!

 

You must be crazy for even considering a move making that kind of cake. Pharma is the absolute worst career move anybody could make if loyalty, professional growth and more importantly stability are high on their list of wants.

 

Tenured pharma rep here. Got in during the glory years and lucky to still be employed at my age. I would not recommend you make this move - too unstable, industry has drastically changed, no strong upside for growth. Better to look into medical device if you are looking for chance for substantial increase but understand - there will be substantial anxiety, long hours, constant stress and pressure. Do you really want that for yourself and family? If you have a job with decent pay and benefits, and most importantly, work/life balance so you can be with your family - thank God and stay where you are. The grass is not always greener on the other side.

 

tenured rep here in ultra specialty. I currently rep an orphan. I agree with all of the posters, the business now sucks. Layoffs are the norm, miss your number for 2Qs in a row and you’re on a plan or even fired. It’s a good gig for those between 25-35 if you are a saver. If you are a spender and think your income will always be that high, you’ll get yourself in trouble after a lay-off. Once you get a high salary and lots of experience, it’s harder to hop or to find a new gig. I’ve actually looked at buying into an insurance agency. It sounds like a racquet like pharma as well, but it also sounds more stable. I’m glad I did pharma in that I have lots of tangible assets to lean on when a lay-off comes, but as also feel I’ve wasted years of my life sitting behind the wheel and being a food delivery person. I have several friends who have exited the business and while they took a substantial pay cut, they are glad to be out.

 

Words of wisdom!

 

Also know this industry seems to attract the most god awful, egomaniacal, micro-managers. Getting stuck under one will make you wish you were dead.

 

Word! You pretty much have to be.