What They Do
Account managers are responsible for maintaining the relationship between the company he or she represents and a client or group of clients. They serve as the liaison between the client and the sales and customer service departments, ensuring that the needs of both parties are met.
In addition, account managers independently research and track new developments in products that might be of interest to clients, or to identify new potential customers in their area. To make effective pitches, they must have a comprehensive knowledge of upcoming innovations and what their company can offer to clients, in comparison to their competitors.
Communication is critical for this role. Account managers must be able to clearly convey needs to clients as well as understand the client’s brand and requests. Travel also typically is a large part of this profession, as account managers travel to clients to build better relationships. Adept customer service skills and the ability to make a compelling presentation under stressful circumstances will be necessary to succeed.
These professionals typically are employed by advertising agencies, marketing firms, and public relations companies for their adept interpersonal skills and creativity. To improve performance, secondary skills such as knowledge of basic computer programs and a second language may be helpful.
Career Growth
As more companies move towards utilizing creative advertising to stand out from their competition, the potential for employment in this field is predicted to remain steady in the coming years. The Bureau of Labor Statistics is projecting a 12 percent job growth by 2020, consistent with the national average. However, the markets these companies operate in are becoming increasingly crowded, so candidates with advanced education will have an advantage in finding the more desirable positions.
Account managers with strong negotiation, time management, and organizational skills who know how to get the most out of a team might find themselves in charge of a key account. These are accounts with a small number of clients that can be the source of up to 60 percent of a company’s total revenue. Account managers can be promoted to Director of Account Management or even Vice President of Account Management or Client Relations.
Salary Potential
Salaries for these professionals have remained relatively stable over the last few years; the average annual salary is $79,000, and can range between $49,000 for lower-tier managers or those with less experience or education, up to $112,000 for higher executives. According to PayScale, account managers will have the largest growth in pay after 10 years of experience in their field, but will need to move up to a higher role in order to gain a greater salary.
Education Required
Most agencies will require at least a bachelor’s degree in business, and an MBA may be helpful. An understanding of fundamental business concepts, such as budgeting, marketing, and research analysis will be helpful in this role and can be taught in a bachelor’s program. Electives in project management and communication will help give candidates an edge in the job market.