What is an Account Manager?
Account Managers act as the go-between for businesses and their clients. Their first focus is to respond to customers’ wants and problems as fast and efficiently as possible in order to build and maintain great connections. Account managers often deal with a number of minor accounts as well as a few bigger ones.
If an issue arises, such as a delivery mix-up or an ad that falls short of client expectations, Account Managers collaborate with the right individuals within their organisation to fix the situation. And when consumers have questions, they know exactly who to call for quick, dependable answers. The Account Manager’s responsibility is to guarantee that the client is completely satisfied with the company’s product or service. Furthermore, excellent Account Managers will build their accounts by providing their clients with useful ideas and tactics. Unlike a salesperson, who has a relatively brief contact with the customer/client, an Account Manager develops long-term relationships with their clients.
Responsibilities
In terms of your responsibilities, you should cross-reference it with the duties and responsibilities listed in a specific job description. However, the following list will provide you with an excellent starting point to determine whether this is a prospective job you’d like to pursue:
- Establish and manage connections with current clients.
- Understand each client’s technical and business elements.
- Increase account usage and seek chances to increase product sales among existing clients (additional and cross-selling)
- Monitoring the customer’s budget, explaining expenses, and negotiating new conditions as needed
- Serving as a liaison between the client and corporate divisions to relay information, establish comprehension, and ensure that everything is done correctly and on schedule.
- Evaluate and manage new initiatives and business possibilities
- Provide monthly product and revenue forecasts by account
- Negotiate contracts with clients; establish a performance timeline
- Perform quarterly client business review
- Manage and solve any conflicts or problems that may arise with clients
- Interact and coordinate with the sales team and other staff members in other departments working on the same account
- Develop budgets with the client and the organisation.
- Teach new hires how to service the account
- Remain current on trends, changes, and competitor actions that may affect their client.
- Availability to clients at all times, sometimes even outside of business hours
Salary
Account Managers often have several years of experience, with better pay available to more experienced managers who have demonstrated proficiency in the job.
The average base pay for an Account Manager in the UK amounts to £30,000, ranging from £20,000 to £49,000. Work location also plays an important role in determining salary. An Account Manager working in London is likely to earn an average of £36,338, with salaries ranging from £24,000 to £55,00. This is significantly more than in any other UK region.
Working hours and work location
The majority of account managers work 40 hours each week. The normal day begins at 8am and concludes at 5pm. However, their timetable may be influenced by their clients’ time zones if their work is international.
Account managers are frequently required to work on weekends and late at night in order to satisfy the needs of their clients. Some of the companies that employ Account Managers include:
- Banks
- Investment Companies
- SaaS Companies
- Companies that use subscription-based business model
Account Managers usually operate in an office, either on-site or off-site. They may travel to meet with clients, but they are frequently able to operate remotely. Because people they serve anticipate prompt responses, Account Managers may be required to be available after work hours or on weekends.
What to expect
As an Account Manager, you’ll be in close contact with the client or clients to whom you’ve been assigned. You’ll also engage directly with higher management in your own organisation, serving as a liaison between the client and the company for which you work. This is necessary in order to ensure that goals are reached and surpassed on both sides of the partnership. Account Managers’ primary responsibilities include cultivating client relationships, collaborating with sales and marketing teams to prepare presentations and sales pitches, designing marketing strategies and media proposals, handling client communications and writing client reports and communicating client agendas to other employees. Budgeting, expenditure, and income are all part of the job, as is discussing cost issues with clients. Some Account Managers are in charge of finding new customers and commercial possibilities, as well as upselling products and services. As an Account Manager, you should be a self-starter with a broad understanding of business; you should also be a sharp observer of society and trends, particularly among clients’ target demographic, and have financial management abilities. While maintaining a work-life balance is crucial, being accessible and prompt with your communication is critical for establishing confidence and keeping a client’s account current.
Some of the main reasons why you should pursue a career in Account Management include:
- Career prospects- Account Management is a growing field. Globally, there is a growth in the number of Account Manager roles. Once you’ve mastered the necessary abilities, you may simply launch a career in technology, finance, or any other area.
- It’s a versatile career- The job of an Account Manager requires versatility. For example, you can occasionally find yourself in the role of a salesperson or a financial counsellor.
- You’ll get to connect with others- A job as an Account Manager is an excellent choice if you have the capacity to make connections and provide an amazing client experience.
- You will have the necessary competitive advantage to succeed in the role.
- Bonuses- An Account Manager’s compensation is not fixed. Some companies reward their Account Managers for recruiting and retaining high-value clients.
In terms of the “chain of command”, an Account Manager often reports to an Account Supervisor or Vice President of client services in bigger companies.
Qualifications
Account Managers usually have a bachelor’s degree in business, marketing, communications, public relations, or a related field. A master’s degree in the relevant field, like MSc in Project Management or a Master of Public Administration, can ensure that you have better chances of landing the best paid and most prestigious jobs in the Account Management field. Furthermore, a marketing, media, or business degree may also be advantageous.
Skills
Those interested in the position of an Account Manager should possess or acquire the following skills:
must have skills:
- Prospecting skills
- Customer service skills
- Interpersonal abilities
- Relationships building skills
- People skills
- Collaboration skills
- Self-starter
- Attention to detail
- Empathy
- Excellent verbal and written communication skills
- Ability to stay calm under pressure
- Computer skills
- Strategic thinking
- Sales abilities
- Ability to work alone and as part of a team
- The ability to fulfil deadlines
- Negotiation abilities
- Multitasking skills
- Public speaking skills
Work experience
Following graduation, many prospective Account Managers begin their careers in either entry-level sales or customer support jobs. Such positions allow students to improve the interpersonal skills necessary for success as an Account Manager. After gaining experience as an Account Manager, some individuals attempt to further their careers by receiving certification from the Chartered Management Institute (CMI).
CMI stands for Chartered Management Institute, and it provides CMI certifications with a management concentration. Your CMI-accredited certifications and degrees will advance your career and be recognised throughout Europe. Because they are the sole chartered body in the UK, they are also deeply devoted to increasing management and leadership standards.
Some other Account Management related certifications include:
Certified Sales Professional (CSP)- The CSP certification is the sales industry’s gold standard. To obtain this certification, you must have a college degree as well as four years of Account Management experience.
Certified Management Accountant (CMA)- A bachelor’s degree or professional certification from a professional group is required to sit for the CMA certification tests. In addition, you must have at least two years of experience in a comparable sector. Finally, you must pass two examinations. Account Managers who wish to prove their competence in strategic planning and financial management are drawn to the certification.
Project Management Professional (PMP)-This qualification demonstrates that you possess the leadership abilities required to take on any project provided by the workplace. It demonstrates how you may employ hybrid and Agile techniques in your job to ensure the success of your endeavours.
Account managers that perform well may rise to the role of Senior Account Manager or Account Director, which entails supervising multiple Account Managers. Some progress to the position of director of account services, which is a high-level position that oversees an organisation’s whole Account Management department.
Career prospects
After graduating from university with a bachelor’s degree in business, communications, or marketing, you’ll most likely need to work for two to five years in an entry-level sales or customer service role, though this may vary based on your level of performance.
An internship is always a good option to better your skills and acquire experience. Hands-on experience is a vital phase in the process since it will allow you to polish and develop your interpersonal and communication skills, as well as give you a taste of the kind of difficulties you’re likely to face as an Account Manager. Once you’ve started working as an Account Manager, you may boost your credentials even more by taking account management-specific courses. Strengthening your social media presence can assist in landing a job Account Management, building personal websites and professional profiles show potential employers how well you can manage the public view of yourself that can transfer to successfully representing a client. If you show to be an excellent Account Manager, you will be able to advance to the position of Account Director, which is basically a managerial job in which you would oversee other Account Managers and their operations.
Related Courses
A bachelor’s degree is required at the very least to be a successful Account Manager. An MSc, on the other hand, a master’s degree is in great demand. As previously said, an MSc will help you get a better job, earn a greater salary, and climb up the corporate ladder faster.
Here are some MSc recommendations:
The University of the West of Scotland’s one-year full-time program will equip you with the executive training you need to kick-start your career in Account Management. This program is available at UWS’ London Campus, which is located in the heart of London’s economic district.
Other related courses
- MBA with Digital Marketing - This full-time program is offered by the University of the West of Scotland London at their London Campus. The 1-2 year course examines the business practice and functions such as accounting, finance, and human resources, as well as how they are all interconnected. This enables students to comprehend the significance of strategy and communication in a management function.
- BA (Hons) International Business - For this full-time program offered by the University of the West of Scotland London over the course of two years and eight months, students can pick from a choice of start dates. Students at UWS London can learn from industry experts, guest speakers, and seasoned professionals. The best part about this course is that it takes place on the London Campus, right in the heart of the United Kingdom's economic metropolis.
- Master of Public Administration - (MPA This is a full-time program offered at the London Campus of the University of the West of Scotland, in the heart of the UK's economic hub. Through this course, which blends social science and communications, students will be prepared for work in public and third-sector organisations.
FAQ Summary
Account Managers act as the go-between for businesses and their clients. Their first focus is to respond to customers’ wants and problems as fast and efficiently as possible in order to build and maintain great connections. Account managers often deal with a number of minor accounts as well as a few bigger ones.
The average base pay for an Account Manager in the UK amounts to £30,000, ranging from £20,000 to £49,000. Work location also plays an important role in determining salary. An Account Manager working in London is likely to earn an average of £36,338, with salaries ranging from £24,000 to £55,00. This is significantly more than in any other UK region.
Account Managers usually have a bachelor’s degree in business, marketing, communications, public relations, or a related field.
