There is a saying that no two people pay the same price for an airline ticket. And sometimes, the same applies to party planners’ salaries.
Even though the job descriptions and duties of two event planners may be identical, their earnings may differ vastly due to different factors.
So, whether you plan to join the party planning industry or switch to another area of the event planning field, it’s essential to understand what you can anticipate regarding financial compensation.
Several factors determine the party planners salary. Some of these factors relate to personal experience, while others boil down to external reasons.
Read on to learn more about how these factors impact the earnings of party planners.
Factors That Impact Event Planer’s Salary
As a party planner, the salary you can make varies greatly and depends on several factors. These include your location, level of experience, the type of services you offer — event planning, wedding planning, corporate planning, virtual planning, or something else — as well as any complimentary services you may provide, such as event decorating, floral design, photography, and video, etc.
Your event planning portfolio and previous client list can also impact your salary. External factors, like the demand for event planning services in your area and your local competitors, can play a role as well.
In addition to this, the quality of your website and social media channels, your business brand, and the level of effort you put into your marketing, networking, and overall business strategies can also affect your compensation as an event planner.
In the following section, we will outline some of the most significant factors that can influence party planner compensation.
Your Job Title
Within the event planning industry, there are various event planner positions available, each with unique responsibilities.
Your Location
Geography plays a significant role in determining your event planner’s salary. If you work as an event planner in a city like NYC, where the cost of living is higher, you can expect a higher salary to compensate for the increased expenses.
Moreover, larger cities have a higher population, which translates into a larger pool of qualified employees. This makes it necessary for corporations to offer more competitive salaries to attract and retain talented event planners.
Additionally, high-end clients — who generally pay more — typically organize events in larger cities. This means you, as a party planner in a bigger city, can expect more responsibilities and a higher salary as a result.
Your Company
If you decide to pursue a career as a party planner within an event planning company, keep in mind that larger companies typically offer higher salaries than smaller ones. This is because bigger companies tend to have an elaborate clientele, which translates into organizing bigger and more extravagant events, and thus a larger budget for payroll.
It’s worth noting that the industry you work in can also affect your salary offer. For-profit companies generally have more financial resources available and therefore can offer higher salaries.
Your Party Planning Experience
More years of experience in event planning means you’ll make more money.
So, if you’re just starting, you’ll likely earn less than someone who has been in the field for a while.
Your Education
In most industries, a degree equates to a higher salary. However, this is not always the case for event planners.
In the events industry, hands-on experience is highly valued, as there are limited educational programs available for event planners.
The specific niche of events that you specialize in and your practical experience is more important than having a degree.
Nevertheless, earning an industry-recognized certification can help you advance in your career and increase your earning potential.
According to a survey carried out by the Professional Convention Management Association (PCMA), obtaining a Certified Meeting Professional (CMP) designation helped event planners earn an average of nearly $18,000 more than those without it.
Similarly, those with a Digital Event Strategist (DES) designation earned an average of almost $14,000 more than their non-DES peers. Those with both a CMP and a DES earned nearly $20,000 more than those with neither of the two designations.
Your Gender
Unfortunately, even the event industry, which is predominantly female, isn’t free from gender inequality.
When it comes to party planning, men continue to earn more than women on average.
According to the PCMA’s survey results, there is a 5% gender pay gap in favor of men.