Key Account Manager
Education and Training: Bachelor’s degree in any subject
Average Salary: $67,000 annually
Job Outlook: Good
Key account managers act as a contact between the client and their company. They are responsible for identifying and understanding the client’s needs and offering them the best solutions. Key account management is about the way an organization takes care of their main clients. These clients are important as they are the most beneficial, or they buy the most products of the company and these accounts need a lot of work to retain them. The key account managers are also responsible for retaining these clients and also bringing in new ones. Following are some of the duties and responsibilities of a key account manager:
- To make sure accounts meet income targets
- To successfully solve problems and deal with risks to ensure attainment of targets
- To run corporate partnership and maximizing potential income
- To discover solutions that meet the customer requirements by involving the necessary company personnel
- Attend internal meetings and seminars. They give reports and analysis as per the requirements
- Check income and expenditure and resources like merchandise and fundraising materials
- Assess and adapt new approaches to keep up with current business trends
- Prepare presentations, plans, and contact reports as required
- Successfully maintain healthy relationships with important personnel in allocated customer accounts
Education and Training Requirements
The minimum qualification required to be a key account manager is a bachelor’s degree in any subject, but a bachelor’s degree in business administration, sales management, marketing, or advertising is generally preferred. Individuals who have completed a master’s degree in business administration or management are ideal for this job.
Employers normally look for work experience in the related fields than education for the job of the key account manager. Experience working with key accounts or sales or account management is required.
Getting the Job
To get the job of a key account manager, one must be well organized and disciplined. The key account manager should have excellent verbal and written communication skills. They should have a good understanding of the industry and the capability to work in a fast paced and ever changing business environment. Effective negotiation and presentation skills, good sales, marketing, and business skills are a must for this job. This job requires good working knowledge of MS Word, Excel, and skills to use databases for recording and reporting.
Job Prospects, Employment Outlook and Career Development
According to the U.S. Bureau of Labor Statistics reports, the employment opportunities for advertising, marketing, promotions, public relations, and sales managers under which a key account manager can be classified are expected to increase by 13 percent between 2008 and 2018. The job prospects are very good. Key account managers with required skills and experience can rise to top level executive positions.
Working Conditions and Environment
Key account managers have normal office working hours, with a clean and well-lit environment. Their work regularly requires local or international travel. They spend most of their time listening and speaking to clients, either on the phone or personally. For this they may be required to work on weekends and evenings. Overall, the working environment of a key account manager is very challenging and fast-paced.
Salary and Benefits
The salary of a key account manager varies significantly and is dependent on their qualifications, company, location, industry, and experience. Individuals with more experience and education get better salaries. The average annual salary of a key account manager is in between $38,629 and $99,744.
Benefits normally include health and life insurance; pension plans; performance bonuses; and paid sick and vacation leaves.
Where to Go for More Information
10132 Snow Iris Way
Sandy, Utah 84092
Harvard Business School
Boston, MA 02163
U.S. Bureau of Labor Statistics
Office of Occupational Statistics and Employment Projections
2 Massachusetts Ave., NE, Ste. 2135
Washington, DC 20212-0001