Salary

Account Manager Salary: Requirements and Career

Account Manager Salary

 

In the United States, the average Account Manager earns $90,779. An Account Manager’s average bonus is $18,512, or 20.5 percent of their pay, with 72 percent of people stating that they receive a bonus every year. Account Managers earn the highest in Portland, with an average total compensation of $125,000, which is 36% higher than the national average. 

What qualifications are required for a higher salary? 

You must understand that both of your abilities can have a significant impact on how much you get compensated. When it comes to experience, account managers are frequently promoted after a few years. The constraint, however, is that the corporation watches the manager’s performance and evaluates how successful he or she was in the post. 

The average income for an entry-level role is roughly $63,000 per year; but, after ten years in the position, the same account manager might earn upwards of $110,000 to $120,000. Your income and benefits are also influenced by your time and experience in the profession. Certain abilities can help you earn more money at work if you develop and refine them. 

Furthermore, you must focus on influential communication, strategic thinking, company development, and inspirational leadership to negotiate a higher salary and earn more in the account manager position. 

You can demonstrate these abilities by demonstrating a positive track record and experience in areas where these abilities are needed. With a previous employment and a few years of experience in the current role, you may readily demonstrate related abilities. 

As an account manager, you must consider both business development and strategic thinking when nurturing the relationship between your company and the client’s business. You must think carefully about how to have a good impact on your customers and assist them in achieving your account growth and expansion goals. This is especially effective in the subscription economy, where it is important to get subscription renewals in order to keep customers. 

Simultaneously, you must not solely focus on your personal objectives, but also on the clients who are willing to purchase the product or subscribe to the service in order to form a long-term connection. 

In order to preserve the key elements in human capital, inspirational leadership and persuasive communication are required. Partnerships can form and evolve as a result of this. You must persuade the company’s consumers why they should acquire the product and what benefits they will receive as an account manager. 

Furthermore, the most vital talent to master is smart selling. It’s not the same as selling to new accounts; instead, it focuses on how to tailor the company’s goods or services to meet or exceed the consumers’ expectations. 

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As a result, in order to sell strategically, you must sell the products without proposing the idea. Furthermore, strategic selling talents enable you to comprehend both business objectives and consumer needs. This manner, you can precisely fit the product and service to fill in the gaps.

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What Is the Role of an Account Manager? 

Account managers act as a liaison between their employer and the accounts they’ve been given responsibility for. They pay close attention to a client’s requirements and devise strategies for achieving those goals. 

Account managers engage with the relevant personnel within their organization to handle problems, such as a delivery mix-up or an ad that doesn’t quite meet customer expectations. Customers also know who to contact for timely, accurate replies whenever they have questions. One foot is in sales, and the other is in customer service for account managers. They collaborate closely with clients to identify their needs and then create goods or services to suit those demands. Customer relationship management is their business, and their most basic task is to communicate. 

The ability of an account manager to network and create and maintain relationships is critical to their success. Account managers are continuously creating relationships, offering value, and, most importantly, listening, whether they’re working with outbound leads or existing clients. The ability to listen — to determine what a client requires and then to provide that need – is a highly prized skill. 

Creating budgets and schedules to fulfill the needs of their accounts is part of an account manager’s work. They also ensure that deadlines for product development (manufacturing sectors) and customer projects are met (service industries). Client agendas will be communicated to personnel and management, and any worries or capabilities of their organization will be relayed to the client. 

Sales is a part of many account managers’ jobs, as they seek out, identify, and solicit new customers. The distinction between a salesperson and an account manager is that the account manager continues an active role after the sale, rather than selling the account and then handing it over. In the case of advertising, this could imply supervising ad implementation. In software, it could include monitoring the implementation of a new system and assisting with customer training. It could entail ensuring that orders are fulfilled on time in manufacturing.

Guide on how to become an Account Manager

Make a Bachelor’s Degree your goal. 

Study business administration, sales, or a similar subject in a four-year program. This will assist you in learning the fundamentals of account administration. Most organizations will hire you as an account manager if you have this experience and expertise. The majority of hiring managers favor workers with a sales or business administration background. 

With a Bootcamp or MOOC, you may fill in the gaps in your resume. 

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Attending one of the top sales boot camps may be the most effective approach to learn about the role of a modern account manager. It’s an excellent way to gain the most up-to-date skills and knowledge demanded of salespeople. You can also enroll in a massive open online course (MOOC), which are typically available for free. 

Apply for a Position 

Experience is required to advance to the position of accounting manager. As a result, it’s critical that you get some job experience before applying for the position. Entry-level sales work will help you gain the experience and perspective needed to deal with key clients and stakeholders in any organization.

Account Manager Career Schools and Education 

Account Manager Training Programs 

Bootcamps for account managers are not accessible. You can, however, enroll in technology sales boot camps to learn appropriate sales skills and experience. These boot camps include introductory sessions that are ideal for those who are new to the field. A novice can learn essential sales and account management skills in a matter of weeks. 

One of the benefits of attending a bootcamp is the career counseling that is usually provided after graduation. The bootcamp providers frequently collaborate with tech companies and provide one-on-one assistance to graduates as they begin their job search. Industry events are frequently held by bootcamps to assist students and alumni network with possible employers. 

Vocational Training 

Vocational schools usually concentrate on developing industry-specific skills so that graduates can find work quickly after graduation. Cosmetology, automotive repair, and metalworking are some of the most common subjects of study at a vocational school. Many vocational institutions also have business classes, which you might find interesting. 

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Community College 

Professionals who do not choose to pursue a four-year degree can benefit greatly from community college programs. These colleges offer two-year associate degrees that may teach you the fundamentals of account management. Professionals from all over the world go to community colleges because of the low tuition and shorter courses.

Skills 

A competent account manager must have strong communication skills as well as a broad understanding of the company’s products and services. The following are the most important hard and soft skills: 

Communication 

Being an account manager necessitates excellent interpersonal skills. The account manager serves as a link between the company and its clients, interacting with both parties on a regular basis to ensure that their needs are satisfied and their opinions are heard. These experts must be able to communicate effectively across all accessible channels, including in person, over email, and over the phone. 

Outstanding knowledge of the organization 

Account managers are frequently the primary ambassadors of the company’s image in the eyes of their clients, and they must be well-versed in all aspects of the business. Apart from having a thorough understanding of the company’s products and services, the account manager is also familiar with department operations and the company’s broader short- and long-term strategies. 

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Skills in customer service 

An account manager must know what the company’s clients want and expect from it. It makes sense for the account manager to understand the needs of customers in order to fully satisfy their demands as it’ll also help the account manager to generate new business from existing clients. 

Skills in strategic thinking 

An account manager cultivates long-term relationships with clients in a planned manner. While salespeople are often focused on closing specific deals, account managers must understand the company’s long-term goals and devise strategies for building long-term relationships. 

Account managers employ leadership qualities to successfully present and implement their ideas. They must be self-assured in order for their strategies to be accepted by both customers and management. 

Negotiation Skills

To please both their organization and their customers, these specialists must have great bargaining abilities. They strive to establish win-win scenarios and mutually beneficial commercial connections. 

Healthy understanding of technology 

Basic computer abilities are required to keep track of all assigned accounts and their histories. This usually necessitates a thorough understanding of the company’s CRM software, as well as word processing and spreadsheet tools. 

Ability to Multitask

An account manager often manages numerous accounts at the same time. They must be able to focus on essential parts of each account selectively while keeping a high level of attention to detail.

Different types of Account Manager Jobs

You don’t have to be an account manager for the rest of your career if you learn account management skills. You’ll have no trouble finding other employment openings and pursuing higher-paying positions. Earning a professional certification is one of the best methods to secure better-paying account management employment. Alternative positions for persons with account management expertise are listed below. 

Director of Digital Accounts 

A digital account director serves as a digital intermediary between businesses and their customers. They have a wide range of project management skills and talents that contribute to increased client satisfaction. Their primary responsibility is to oversee client digital planning strategies. These specialists are frequently in charge of the company’s website and social media channels. 

Group Account Director 

A group account director is in charge of assisting in the development of a business. They help the account and sales teams by maintaining customer relationships and providing advice. Their abilities enable them to advise clients and establish revenue-generating plans. 

Account Manager 

These experts have a wide range of skills that enable them to provide the best possible service to their clients. They are in charge of marketing and advertising efforts, as well as budgets and consumer connections.

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