Why Should I Accept An Account Managers Job For A Lower Salary
If you are wondering why you should accept an account managers job for lesser pay, then let us answer this question. You want to seek an account manager job but wherever you for an interview, they offer you a lower salary than your expectations.
Now, you need a job but you find yourself puzzled with the salary element. There are a few reasons to accept the job for a lower salary.
The first reason is that being an account manager is your dream job. If you imagined yourself in that role or have previously worked as an account manager, taking the job is worth even if they are offering you a lower salary than at your current position.
You need to know that many people take the pay cut because they are unable to find jobs that pay what they used to make. So, if you are facing a situation like your saving s are running out and you wont survive without a job, you can work as an account manager for less salary. It has now become a necessity and you dont have any other choice.
Being an account manager is your dream job so, you can make it more fulfilling. This is why for a while, you should not be worried about the salary. For example, you are currently working as a junior account manager in a company with a good salary but there are no opportunities for growth or when you come to know that the company wont give you a promotion to become a senior account manager.
Licenses Certifications And Registrations
Although not required, certification gives compensation and benefits managers credibility because it shows that they have expertise. Employers may prefer to hire candidates with certification, and some positions require it.
Certification often requires several years of related work experience and passing an exam. Professional associations, including the Society for Human Resource Management, the International Foundation of Employee Benefit Plans and WorldatWork, offer certification programs that may be helpful for compensation and benefits managers.
Occupational Employment And Wage Statistics
The Occupational Employment and Wage Statistics program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link below go to OEWS data maps for employment and wages by state and area.
What Does An Account Manager Do
Account managers serve as the link between their employer and the specific accounts theyve been assigned to handle. They listen carefully to a clients needs and figure out ways to achieve these objectives.
If a problem occurs, say a delivery mix-up or an ad that doesnt quite meet client expectations, account managers work with the appropriate people within their company to resolve the situation. And whenever customers need questions answered, they know exactly who to contact for prompt, reliable answers.
Account Manager Salary And Benefits
The specific duties, qualifications, and salary level of a particular account manager can vary widely, depending on the type of business and the clientele served by that firm. Often, this employee will have some type of financial or business background and typically would also have some kind of related college degree. Those with advanced or specialized qualifications would likely be able to command a higher salary.
According to Payscale, an account manager earns an average base salary of just under $58,000 per year. Account managers with less than one year of experience earn closer to $46,000 per year while account managers with at least 10 years of experience earn more than $64,000 per year.
Payscale data also suggests that account managers earn a total compensation package between $38,000 and $94,000 per year. Additional compensation is comprised of bonuses, profit sharing, or commissions. This does not account for common non-financial benefits such as remote work flexibility, vacation hours, or health insurance.
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How Much Does A Key Account Manager Earn
I looked at average key account manager salaries in four countries:
- The United Kingdom
- The United States
And compared how much key account managers with up to 5 years experience make compared to the average wage in each market.
Notes about the data:
- Key Account Manager 2020 salary data sourced from and Glassdoor Salary, and the results averaged using the median salary.
- To calculate earning potential as you gain more experience as a key account manager, I’ve calculated the difference between the average and the highest salaries.
- LinkedIn and Glassdoor rely on anonymous surveys for their salary data. Why not visit them both and contribute your salary data? It will help us better understand earning potential of key account managers.
- National average wage data sourced from the respective bureau of statistics from each country except India, for which I used a global salary study.
- Regional and industry variations excluded. For example, wages in London are much higher than in other parts of the United Kingdom. The same will apply where you live too, so keep that in mind.
- Employee benefits, health, and pension schemes excluded. They vary wildly and challenging to compare. But don’t ignore them when it comes time to evaluate your offer. These may represent a sizeable part of the overall package and could be a deal-breaker or deal-maker.
How Can Employee Benefit Account Managers Increase Their Salary
Increasing your pay as an Employee Benefit Account Manager is possible in different ways. Change of employer: Consider a career move to a new employer that is willing to pay higher for your skills. Level of Education: Gaining advanced degrees may allow this role to increase their income potential and qualify for promotions. Managing Experience: If you are an Employee Benefit Account Manager that oversees more junior Employee Benefit Account Managers, this experience can increase the likelihood to earn more.
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Technology And Scientific Salaries
The employment website PayScale reported that, as of June 2020, salespeople in manufacturing and wholesale, as well as those in technology and scientific sales, earned an average of $58,366 annually, with salaries ranging from $36,000 to $87,000. The average sales bonus was $7,192. The average commission was $15,192 and the average profit sharing was $4,112.
How To Become An Insurance Benefits Account Manager
Joining this profession is a lot easier than it might sound at first. Follow these steps to get your new career started:
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How Does Experience And Age Affect Your Pay
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Key Account Manager salaries by experience level and this is what we found.
A Key Account Manager with less than two years of experience makes approximately 77,200 CAD per year.
While someone with an experience level between two and five years is expected to earn 103,000 CAD per year, 34% more than someone with less than two year’s experience.
Moving forward, an experience level between five and ten years lands a salary of 152,000 CAD per year, 48% more than someone with two to five years of experience.
Additionally, Key Account Manager whose expertise span anywhere between ten and fifteen years get a salary equivalent to 186,000 CAD per year, 22% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 203,000 CAD per year, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 219,000 CAD per year, 8% more than people with fifteen to twenty years of experience.
Work Environment About This Section
Compensation and benefits managers held about 15,700 jobs in 2021. The largest employers of compensation and benefits managers were as follows:
|Management of companies and enterprises
|Professional, scientific, and technical services
|Insurance carriers and related activities
|Healthcare and social assistance
Compensation and benefits managers work in nearly every industry. Most of these managers work in offices.
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What Is The Most Adequate Salary For An Account Manager In The Saas Sector
Research shows that the tech sector offers profitable opportunities for an account manager. Most SaaS companies look to sell their SaaS product such as software, programs, and applications and they want their account managers to establish appropriate relationships with their customers to make the company more profitable.
Usually, this is done when there is more renewal of subscriptions. Although the customer success manager plays a key role in this we wont be wrong if we say the account manager is also a touchstone in this sector.
Recent research reports show that the average salary for a SaaS account manager in the U.S is $59,415. The earning potential significantly rises for organizations based in metro areas. Many companies allow their employees to work from remote locations.
Therefore, relocations may not be necessary for account managers who are interested in higher-paying positions with SaaS companies based in larger cities like New York, Chicago, and Montreal, Ottawa, etc.
For instance, in New York City, an account manager working for a SaaS company can even make over $100,000 with 10 years of experience. Also, the account manager must have 7-10 years of experience in the B2B SaaS enterprise. Some companies even pay over $150,000.
Pros And Cons Of Key Account Management
I love key account management because you’re in charge of client relationships, and you have the authority and autonomy to manage them how you like.
Of course, there are expectations, and you need to operate within a framework of systems and procedures but it’s exciting, challenging and rewarding.
And that’s worth something, right?
The best part of key account management is it’s not a 9 to 5 office-based role.
- You do things your way and manage your clients how you like.
- Your boss doesn’t breathe down your neck. People rarely ask, “where were you?” or “what are you doing?”
- It’s easy to make your schedule work for you and your lifestyle.
- You can work from home .
- You get to travel around the country and around the world to meet with your clients.
- You’re doing creative, strategic work that makes an impact.
The worst part of key account management is it’s not a 9 to 5 office-based role.
Give some thought to the nature of the work, if it’s a good fit for you and the impact it will have on your work/life balance.
There are some things money can’t buy.
I’d happily take a pay cut if it means I can work from home and make my own schedule, even if sometimes the trade off is long hours or lots of travel.
And no amount of money would convince me to take a job that needed me to be in the office 5 days a week, 8 hours a day.
But that’s just me. What about you?
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What Is An Account Manager
An account manager is an entry- to mid-level employee who is responsible for the day-to-day management of a particular customer’s account within a business. An account manager is often more interested in the client satisfaction aspect of a business relationship instead of explicitly trying to generating sales.
Benefits Account Manager Salary
How much does a Benefits Account Manager make? The average Benefits Account Manager salary is $54,508 as of October 27, 2022, but the salary range typically falls between $43,355 and $77,623. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.
- Adjust Benefits Account Manager Salary:
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What Skills Do You Need To Be An Insurance Benefits Account Manager
The most successful account managers in this field are those who know how to close a sale and who focus on retaining customers. Remember that its always more expensive to acquire new customers than it is to keep the ones you already have. Here are a few skills that help these professionals create fulfilling careers:
The Median The Maximum The Minimum And The Range
Key Account Manager salaries in Canada range from 68,000 CAD per year to 235,000 CAD per year .
The median salary is 160,000 CAD per year, which means that half of people working as Key Account Manager are earning less than 160,000 CAD while the other half are earning more than 160,000 CAD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Key Account Manager are earning less than 102,000 CAD while 75% of them are earning more than 102,000 CAD. Also from the diagram, 75% of Key Account Manager are earning less than 213,000 CAD while 25% are earning more than 213,000 CAD.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
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How Can Employee Benefits Account Managers Increase Their Salary
Increasing your pay as an Employee Benefits Account Manager is possible in different ways. Change of employer: Consider a career move to a new employer that is willing to pay higher for your skills. Level of Education: Gaining advanced degrees may allow this role to increase their income potential and qualify for promotions. Managing Experience: If you are an Employee Benefits Account Manager that oversees more junior Employee Benefits Account Managers, this experience can increase the likelihood to earn more.
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Key Account Manager Average Salary Difference By Education Level In Canada
Is a Master’s degree or an MBA worth it? Should you pursue higher education?
A Master’s degree program or any post-graduate program in Canada costs anywhere from 49,800 Canadian Dollar to 149,000 Canadian Dollar and lasts approximately two years. That is quite an investment.
You can’t really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
How Can Employee Benefits Managers Increase Their Salary
Increasing your pay as an Employee Benefits Manager is possible in different ways. Change of employer: Consider a career move to a new employer that is willing to pay higher for your skills. Level of Education: Gaining advanced degrees may allow this role to increase their income potential and qualify for promotions. Managing Experience: If you are an Employee Benefits Manager that oversees more junior Employee Benefits Managers, this experience can increase the likelihood to earn more.
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How Do Education Levels Affect Salaries
Displayed below is the average salary difference between different Key Account Manager who have the same experience but different education levels.
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Key Account Manager salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Key Account Manager is 94,800 CAD per year.
While someone with a Certificate or Diploma gets a salary of 111,000 CAD per year, 18% more than someone having a High School degree.
A Bachelor’s Degree gets its holder an average salary of 162,000 CAD per year, 45% more than someone with a Certificate or Diploma.
Professionals who hold a Master’s Degree are rewarded with an average salary of 212,000 CAD per year, 31% more than someone with Bachelor’s Degree.