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I've done both and tend to agree. Paid social is an entirely different animal and usually a different part of the funnel. I'm out of that game now and haven't researched salaries lately, but if I was to hazard a guess, I'd assume the disparity has to do with the results of the company's paid efforts. If they've always generated more trackable revenue through paid search than paid social, it'd make sense why they think the role is more valuable.
Paid search is easier to track, and the turnaround is more visible. Paid social can drive much more traffic, but it’s not a clear line from point A to point B. My absolute guess is that companies pay lower for specialists in both because it’s more of a generalized role that isn’t getting into the specifics of either.