Account management is a broad field that encompasses many distinct roles and responsibilities. While the average account management salary varies significantly based on location, industry, and other factors, some general guidelines can help you determine how much you can expect to earn as an account manager.
Account managers oversee the relationship between a company and its clients or customers. The role can include any number of tasks, including managing client relationships, developing marketing strategies, coordinating events and trade shows, and more.
What is Account Management all about?
Account management is a lucrative career in general. They are responsible for managing client relationships and ensuring their satisfaction through establishing effective communication, implementing strategies to grow companies’ business, and creating new opportunities for their clients.
This role involves performing various tasks, including developing business plans, selling services to clients, ensuring timely delivery of services, analyzing client needs and providing feedback, interpreting data, and working closely with the sales team (to develop strategies to sell).
It is the responsibility of account managers to ensure that both the client and the company are satisfied with the relationship. In addition to these responsibilities, account managers also have to monitor billings, ensure customer retention, ensure customers remain loyal, and prepare reports and presentations for senior management.
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What is the average Salary of an Accounts Manager?
Accounting manager salaries vary widely depending on company size and industry. A small company pays much less than a big company. Accountant salaries also differ between the public and private sectors.
How much does a regional accounts manager make in the United States?
The average salary for an Account Manager in the United States is $151,608.
Account management is a highly specialized role within sales and marketing that focuses on managing customer relationships. Account managers are responsible for developing long-term customer relationships and building client trust. The responsibilities of an account manager include developing new business, maintaining existing accounts, and ensuring that clients receive the best possible service from the company’s staff members.
There are many account managers, including regional accounts and inside sales representatives. These jobs often require similar skill sets but have different job functions depending on their focus. Regional account managers usually work in teams to manage multiple accounts, while inside sales representatives work with individual customers directly over the phone or through email correspondence.
The average salary for an Account Manager in the United States is $151,608 per year (according to salary.com). The salary range typically falls between $132,536 and $171,919.
How much does a regional accounts manager make in Europe?
According to Glassdoor, the average accounts manager salary in Europe is £37127
According to Reed, the average accounts manager’s salary in the UK is between £35,000 – £45,000.
The average accounts manager’s salary in Ireland is €46,000. In Germany, the middle accounts manager’s salary is €42,576 per year).
The average accounts manager’s salary in France is €47,964 per year.
The salaries vary depending on where you live and the type of company you work for. However, your salary will be higher than average if you want to become a certified accountant or work as a financial analyst.
How much does a regional accounts manager make in Asia?
In Asia, salaries vary widely depending on the country, quality of life, and industry.
China is considered to be one of the largest financial systems in the world. With such a large economy and growing popularity as an outsourcing destination for Western companies, it is no surprise that there are plenty of opportunities for account managers in China.
PayScale’s Global Salary Report for Account Managers shows that the average account manager salary in China is $27,933.41. However, there is a wide range of salaries across different cities in China: Shanghai had an average salary of $15059. at the same time, Beijing was much lower at $22353 per year.
In general, however, account managers in Japan can expect to earn an annual salary of anywhere between JPY 5.5 million (US$ 50k) to JPY 10 million (US$ 90k). This includes bonuses and other benefits like medical insurance and paid leave.
The highest-paying industries are IT, technology, finance, and banking. The lowest-paying sectors are education, healthcare, and hospitality.
The average salary for an Accounts Manager in Singapore is around $55,000 annually. However, this number is just an average and not indicative of what you will earn. Factors like your experience, qualifications, and the industry you work in will all affect how much you can make as an accounts manager.
The average accounts manager’s salary in India ranges between ₹ 2.6 Lakhs to ₹ 15.1 Lakhs. The highest-paying industry for an accounts manager is Information Technology (IT), followed by Construction and Manufacturing. The top-paying cities for this job title are Mumbai, New Delhi, and Bengaluru.
How much does a regional accounts manager make in Latin America?
In Latin America, the average salary for an account manager varies greatly depending on several factors, including the type of industry and where they are located in the region. For example, an account manager working in Brazil could make anywhere from $10,000 to $25,000 per year, while those working in Mexico could earn between $35,000 to $55,749 per year, depending on their company size
Account Managers typically work full time so let us take a look at the numbers for each country in Latin America:
Argentina – Account Managers working in Argentina can expect to make approximately $54,335 per year.
Brazil – Account Managers working in Brazil can expect to make approximately $50,121 per year.
Columbia – In Chile, Account Managers can expect to make approximately $55,749 annually.
Mexico – Those working in Mexico could make between $35,000 to $55,749 per year, depending on their company size
How much does a regional accounts manager make in Middle East Asia?
The answer is not relatively as straightforward as you might think. It depends on what you are looking for. If you are seeking a basic salary only, the average annual pay for an accounts manager in this region is about $40,000. That is the median—the middle number, with half of the salaries above that and half below it—which means that the range of wages can be pretty broad.
Salaries are slightly higher in certain countries than in others. In Bahrain and Qatar, for example, the average salary hovers around $50–55,000 USD per year. Wages are also higher if you have a lot of experience; the top 10% of account managers in this region earn close to $80,000 per year.
Of course, these numbers do not tell the whole story. Many companies base their salaries on performance rather than a flat rate, or they might offer bonuses or commissions that can push your earnings well beyond the median. If we look at more comprehensive figures available from PayScale, we can see that the highest-paid accounts managers in this region earn about $100K per year—and one even.
How much does a regional accounts manager make in Australia?
In terms of average salary, however, Australia has one of the highest averages in the world at AUD 81,000 per year (approximately USD 63,600). New Zealand follows closely behind at NZD 68,000 annually (approximately USD 56,300). These numbers vary depending on your city or region within these countries. For instance:
- New South Wales – AUD 59,900
- Victoria – $67,700 AUD
- Queensland – $66,400 AUD
- South Australia – $55,500 AUD
- Western Australia – $74,700 AUD
What are the essential skills you need to succeed in account management?
Account management is a fast-paced, challenging, and rewarding job requiring many skills. The role can be varied but typically involves managing one or more clients, from initial brief to delivery.
A good account manager can manage client expectations, understand their needs and requirements, and communicate with them effectively. They must also manage their time effectively, prioritizing tasks and workloads.
Here are some of the key skills required for success in account management:
Excellent communication skills — You will need to be able to communicate with your team, clients, and stakeholders regularly. You may also have to present your work in meetings with clients or senior management, so you must be confident talking in front of others and comfortable speaking in public.
Confidence — Account managers work on behalf of many different people within an organization, so they must be confident when presenting ideas and findings. They must also be confident enough to challenge others if they feel there may be a better way to approach something than simply following orders blindly.
Negotiation — This skill is often overlooked but is essential for account managers who work with clients regularly. Negotiation can help you improve relationships with your clients, resulting in better work from them and more money for your company.
Time management — Account managers often juggle multiple projects, so they must have excellent time management skills. If you cannot manage your time well, you will miss deadlines or fail to meet expectations set by clients or other team members who rely on you for the timely delivery of services or products.
Decision making — Account managers need to make decisions quickly when faced with tricky situations. They must be able to make decisions that are in the best interest of the company and its clients, even if it means making difficult choices or sacrificing personal gains.
Responsibilities of an Accounts Manager
The responsibilities of an account manager vary depending on the industry they work in, but most duties fall into one of three categories:
Client Relationship Management (CRM). This involves keeping track of all pertinent information about each client and ensuring they are satisfied with your service. You will also manage client relationships, so they do not feel neglected or ignored when there is a problem with their account or services provided by your company.
Customer Service Management (CSM). This involves handling customer complaints promptly and professionally so that clients do not lose faith in your company’s ability to resolve issues quickly and efficiently without causing undue stress for either party involved in the dispute.
Business Development Management (BDM). Business development refers to generating new business leads by networking and developing new business contacts who can help you find new clients. You will also be responsible for creating a sales strategy that targets the suitable demographic and communicating your product or service offerings to potential customers in a way that they can understand.
List of Highest Paying Countries for the Accounts Manager
There are many countries where account managers earn much more than they would in other countries. Here is a list of countries where account managers get paid well:
- United States – $150,000. per year
- Canada – $76,000 per year
- Australia – $73,000 per year
- United Kingdom – $65,000 per year
- Germany – $60,000 per year
Moreover, accounts managers can work in different sectors, including manufacturing, retail, media, and entertainment. Some of the most lucrative sectors include:
1) Banking & Insurance: In this sector, accounts managers ensure that transactions are processed accurately and timely while maintaining high customer service standards. When working in this sector, you will be required to have excellent organizational skills as you will handle a lot of paperwork daily. You must have excellent communication skills as you deal with people from diverse backgrounds daily. You will also need excellent IT skills as most organizations require employees to use computers for their work.
2) Information Technology (IT): Working as a computer programmer or systems analyst requires excellent analytical skills and good research abilities to come up with solutions to problems faced by your company. You must communicate well with people and have excellent problem-solving skills.
3)Telecommunications: The telecommunications sector has been overgrown due to increased demand for mobile phones and internet services over the years. As an accounts manager, you will be responsible for dealing with all the finances related to these services, such as billing and invoicing. There is constant pressure to perform well, as this industry can sometimes be highly competitive.
4) Healthcare: Healthcare is one of the most profitable industries in America today. Healthcare companies or hospitals employ one out of every eight American workers. There is no doubt about it — healthcare is big business!53
As you can see, the world is a prominent place, and so is the job market. If you are looking to work as an accounts manager, you might have to set your sights slightly lower or higher than your first choice. According to Comparably, the average international salary of accounts managers comes to $77,715. That is quite a bit more than the national average in many countries.
Rakhin has over 10 years of experience driving business development and client services. In his prior roles, he stayed close to customers to understand their requirements and help them achieve their business goals. He is passionate about customer success.
Published October 19, 2022, Updated February 28, 2023