An account manager is an employee of a business that manages sales and connections with specific customers. Moreover, the businessperson, a client, interacts with most directly and is typically known as an account manager. This employee oversees managing the daily, routine chores related to attending to customers' wants and issues and keeping track of their account activities. You must read the entire article to the conclusion to learn more about this position.
What is an Account Manager?
An entry- to mid-level employee who oversees the ongoing management of a specific customer's account within a company is known as an account manager. Businesses generally employ account managers to guarantee that clients believe their demands are being addressed and to manage the company accounts.
What are the role and responsibilities of the Account Manager?
- The primary point of contact for all customer account management issues.
- Build and build enduring ties with your clients.
- Close deals and contracts through negotiation to increase revenue.
- Establish relationships of trust as a trusted advisor with important clients, customers, and senior sponsors.
- Ensure the prompt and effective delivery of our solutions to the demands and goals of our clients.
- Inform internal and external stakeholders of the progress being made on monthly and quarterly initiatives.
- Create new business opportunities with current clients and pinpoint improvement areas to hit sales objectives.
- Predict and monitor important account metrics (e.g., quarterly sales results and annual forecasts).
- Make reports on the status of the accounts.
- Work with the sales team to pinpoint and develop regional opportunities.
- Help with complex client requests or issue escalation as necessary.
How to Become an Account Manager? Qualifications
Interpersonal and listening Skills
An account manager must be compassionate and understanding, which requires good communication and listening skills. To deliver their service in a way that adds value to the client and helps their business overcome any obstacles helps them better understand the client's needs.
Leadership
Account managers frequently handle client accounts and communicate with them to assume responsibility for building strong relationships with each customer. To ensure that departments meet the client's needs, they should use their self-assurance and leadership abilities to provide clear instructions. Their coworkers and clients must also demonstrate these leadership qualities to be respected by their coworkers and clients. Account executives frequently report to account managers, who oversee and mentor them in their duties.
Capability to communicate orally and in writing
Account managers must speak with clients in person, via phone, or by email. They ought to write messages to their clients and staff that are thorough and clear using their good communication skills. Account managers keep stakeholders and other leadership members informed about their relationships with clients and any recently placed orders.
Relationship development
Building excellent customer ties will help them trust your business, frequently resulting in long-lasting relationships. To ensure clients appreciate working with the company, account managers must be excellent at relating to various personality types.
Negotiation
Account managers must be excellent negotiators to persuade clients to acquire specific services the company offers when they negotiate with clients to begin or renew their contracts. One of their main objectives is to use their bargaining talents to close lucrative deals that benefit the business and the customer.
Organizing and managing tasks
Account managers frequently keep track of and maintain each client's account. To effectively allocate adequate time to routinely connect with clients and do each assignment they are given, they must possess good organizational and task-management skills.
Other Skills
- Multitask
- Observe details
- Good written and verbal communication
- Show emotional intelligence and empathy
- Pay close attention.
- Negotiate
- Resolve issues
- Strategically minded
Steps to Becoming a Successful Account Manager.
Academic Requirements
- With a minimum GPA of 1.6, students must have finished their 10+2 in management or an equivalent program.
- A minimum grade of D+ in English, Social Studies, and EPH is required.
- An integrated package in Physics, Chemistry, Biology, and Mathematics is available with the Plus Two in Science.
- Also, consider enrolling in technology, analysis, budgeting, and forecasting classes.
- After earning their +2, students can pursue advanced degrees in any subject, including management and the humanities, as well as agriculture and forestry.
Acquire more knowledge after high school.
A bachelor's degree is a minimum need for aspiring accounting managers, along with technical expertise and experience. Many employers prefer candidates who have completed the Certified Public Accountant (CPA) exam. Employers are also likely to want applicants' supervisory experience in finance of five to seven years. To improve their credentials, accounting managers frequently pursue a Master of Business Administration (MBA) or a master's degree in accounting.
Experience (work and related fields)
To gain appropriate work experience, look for entry-level accounting positions, support roles, or internships. Sales experience, Experience managing sales and support personnel for at least three to four years, with project management expertise preferable. In the enterprise and government markets, these support positions allow you to work under supervision and gain experience. While obtaining your degree, think about assuming any of these roles.
Training (job or related fields)
Most accounting managers receive training in specialized techniques and industry standards relevant to their jobs while still in school. To obtain experience in finance, look for an entry-level accounting position. You can become qualified for a place in accounting management by learning to keep accurate records, receiving mentorship from senior accountants, and achieving promotions.
Career
A account director position or senior account manager, which requires managing several account managers, may be attained by effective account managers. From there, some advance to the high-level status of director of account services, responsible for managing an organization's whole account management division.
Employment areas
- Companies
- Consulting firms
- Service providers
- Technology firms
- Employment agencies
- Advertising agencies
- A public relations company
- Advertising
- Banking
Job titles
- Director of Finance
- Account executive
- Senior accountant
- Channel account manager
- Financial manager
- Digital account manager
- In charge of finances
Salary of Account Manager
Let us see the average annual salary of Account Manager in some popular countries.
Country |
Annual Average Salary of Account Manager |
Australia |
$125,823 (AUD)/yr |
Argentina |
$ 3.126.984 (ARS)/yr |
Belgium |
72.689 € (EUR)/yr |
Brazil |
R$195.968 (BRL)/yr |
Canada |
$111,806 (CAD)/yr |
China |
¥318,648 (CNY)/yr |
Costa Rica |
₡19 472 834 (CRC)/yr |
Denmark |
600.759 kr. (DKK)/yr |
Egypt |
160,108 ج.م. (EGP)/yr |
Finland |
67 406 € (EUR)/yr |
France |
67 725 € (EUR)/yr |
Germany |
75.517 € (EUR)/yr |
Hong Kong SAR |
HK$590,076 (HKD)/yr |
India |
₹18,11,272 (INR)/yr |
Italy |
59.065 € (EUR)/yr |
Japan |
¥8,701,517 (JPY)/yr |
Malaysia |
RM123,337 (MYR)/yr |
Mexico |
$542,881 (MXN)/yr |
Netherlands |
€ 72.028 (EUR)/yr |
New Zealand |
$109,590 (NZD)/yr |
Poland |
143 784 zł (PLN)/yr |
Portugal |
40 899 € (EUR)/yr |
Russian Federation |
1 479 649 ₽ (RUB)/yr |
Switzerland |
CHF 111'030 (CHF)/yr |
Spain |
55.105 € (EUR)/yr |
Thailand |
฿1,231,570 (THB)/yr |
UK |
£57,552 (GBP)/yr |
Ukraine |
457 321 ₴ (UAH)/yr |
United Arab Emirates |
226,471 د.إ. (AED)/yr |
United States |
$106,710 (USD)/yr |
Vietnam |
504.825.774 ₫ (VND)/yr |
Training Course for Account Manager.
Let us talk about some degrees to become a successful Account Manager.
Level |
Program |
Diploma |
Diploma degree in financial accountant |
Diploma degree in management accountant |
|
Diploma degree in Financial Management |
|
Diploma degree in Business and Management |
|
Diploma degree in Marketing |
|
Diploma degree in Arts in Accounting |
|
Bachelor’s degree in Hrm, leadership, and accounting |
|
Bachelor’s degree in Business and account management |
|
Bachelor’s degree in Account |
|
Bachelor of Science in Accounting |
|
Bachelor of Business Administration in Accounting |
|
Bachelor of Arts in Accounting |
|
Bachelor’s degree in Applied Science in Accounting |
|
Bachelor’s degree in Science in Accounting |
|
Bachelor’s degree in Healthcare Accounting |
|
Masters |
Master’s degree in Cost and managerial accounting |
Master’s degree in Information Systems Auditor |
|
Master’s degree in Global Management Accountant |
|
Master’s degree in Accounting software and information systems |
|
Master’s degree in Healthcare Accounting |
|
Master’s degree in Risk management |
|
Master’s degree in Corporate Accounting |
|
Master’s degree in Accounting & Finance Self-Designed |
|
Ph.D. |
Ph.D. degree in Business Administration: Accounting |
Ph.D. degree in Accounting: Audit & Financial Reporting |
|
Ph.D. degree in Accounting: Business |
|
Ph.D. degree in Accounting: Forensic Accounting |
|
Ph.D. degree in Accounting: Leadership |
|
Ph.D. degree in Healthcare Accounting |
Pros and Cons of Becoming Account Manager
As an account manager, you might manage various clients in many different industries, including manufacturing, insurance, technology, and advertising. To determine if being an Account manager is the right career, read the advantages and disadvantages below.
Advantages of becoming an Account Manager.
- A wide range of duties.
- Possibility to interact with many people.
- Establish connections with various people.
- Establish a reliable clientele.
- Long-term relationships.
- Comfortable job.
- Over time, relationships get better.
- Truly fulfilling careers.
Disadvantages of becoming an Account Manager.
- Being stressful.
- Customer dissatisfied with the service.
- Product performs poorly.
- Pressure to attract more customers.
- Disappointed that a regular customer left.
- Full accountability for all company peaks and valleys.
- Will be held responsible for their actions.
- Have to handle the consequences.
How to Become Account Manager FAQs
What does an accounts manager do?
An account manager works directly with clients to respond to inquiries or issues. An account manager's everyday responsibilities include managing both simple and complicated problems for their clients.
What are an account manager's roles and duties?
Making sure each department satisfies the needs of its clients and customers is the responsibility of an account manager. They deal with client complaints, resolve problems, and uphold a clear connection between the two sides for future commercial dealings.
Why is a good account manager necessary?
To gain the trust of their clients, a successful account manager must be customer focused. To effectively manage their accounts, they must have excellent communication skills. To offer customers the best options, a competent account manager must also know about their business's goods and services.
An account manager collaborates with whom?
The account manager facilitates client and sales representative communication. They closely collaborate with both to make sure they each have clear expectations for the transaction and to ascertain whether the good or service meets their respective present demands.
Account manager necessary duties?
A critical account manager who is successful is a Deep understanding of the needs, motivations, and ambitions of others. Service-minded and willing to go above and above for their customers. Strategic - avoids getting bogged down in the details and sees the larger picture.
Is working as an account manager stressful?
The sales account manager was rated as the second-most demanding profession in a study by the online career database PayScale, with 73 percent of participants viewing the position as "extremely stressful." Salespeople are under much pressure to hit quota, convert customers rapidly, and maintain high approval ratings.