Business growth. Return on investments. There’s no one way to summarize what account management is all about out. The importance of account management begins right after a business deal is agreed upon and sealed. Professionals in this area make sure that client engagement is thorough, effective and has potential for growth.
In exploring what account managers do, we find the role varies according to the industry, the type of client, the type of deal and other factors. Given the cross-functional nature of account management, there are numerous pathways toward a career in the field. For those interested in aspects of account management like compliance and reporting services, risk management, financial services, auditing and other accounting functions, earning an online Bachelor of Arts in Business Administration – Accounting degree from Florida Institute of Technology can be an important step toward this rewarding career.
What Is Account Management?
Account management is the practice of retaining and developing relationships with existing customers. Professionals involved in account management must be able to understand the goals and projected revenue of a company to effectively manage an expected number of accounts per year.
Account management surrounds both client management and ongoing growth. Companies rely on account managers to build revenue through increasing services and expanding relationships. Yet, while growth and revenue are essential to the role, the account manager often focuses more on relationship development than pushing sales.
Why Is Account Management Important?
Throughout time, the account manager’s duties and approaches to client relationship building have proven to be excellent techniques for sustaining and growing a business. Retention and growth will always be essential components of meeting revenue goals.
When businesses fail to engage effectively with existing customers, they often miss out on important opportunities. Thus, successful companies may shift the responsibilities and approaches of sales leaders to incentivize account management and relationship building. In the end, account managers are the crucial, on-the-ground players that can influence positive change and growth.
What Is an Account Manager?
Account managers are responsible for nurturing a company’s portfolio of existing accounts. The role is common in industries driven by sales and advertising, as success in such industries is often measured by nurturing leads and securing new accounts. While advertising agencies may have many account managers, these professionals can also find themselves applying for positions in marketing firms and public relations companies.
An account manager will typically work with a client for the duration of that client’s engagement and investment in specific services. A client’s interest in this venture will depend on the account manager’s ability to achieve the client’s goals and highlight the value they bring. Unlike sales representatives, who mostly focus on acquiring new customers, account managers focus on retention, expansion and growth.
Account managers also create case studies and advise clients on long-term growth strategies. For example, an account manager at a marketing agency would be responsible for understanding the client’s short- and long-term brand goals so the marketing team can better manage the message the client wants to convey to the public.
What Is the Job Outlook for Account Managers?
As noted above, there are many different account manager roles across industries. Some may help clients with accounting-related services while others connect clients with marketing tools. Thus, it is challenging to establish job growth for account managers as a whole. Yet, as the business world becomes increasingly collaborative and focused on strategic partnerships and relationship building, the account manager role will continue to grow rapidly.
As a snapshot of a common industry or area of work for account managers, the U.S. Bureau of Labor Statistics (BLS) projects that employment for advertising, promotions and marketing managers will grow 8% from 2023 to 2033. Job growth will occur as more companies seek ways to differentiate their products through advertising, marketing and public relations in an increasingly crowded market.
Similarly, rapid advancement in technologies and changing laws, taxes, and regulations will lead companies to enlist third-party services, consultants, and specialists — technically and legally proficient accountancy being a prime example. BLS projects that employment of accountants and auditors will increase 6% through 2033. Competition for the most desirable account manager careers can be fierce; job seekers with comprehensive education in their industry should have an advantage.
Account Manager Salary
To generalize, January 2025 data from ZipRecruiter shows the average annual account manager salary to be $65,816, while senior account managers average $100,597 per year. However, salaries vary for account manager jobs depending on skills, company size and the industry, with account management roles often falling under other occupational or industry umbrellas.
For instance, BLS states that the median annual salary for advertising, promotions and marketing managers was $156,580 in 2023. BLS reports that accountants and auditors made a median 2023 salary of $79,880 per year, with the highest paid professionals earning more than $137,280. Account manager roles may also fall under the umbrella of sales managers, with a median annual 2023 salary of $135,160, according to BLS.
Account manager jobs often require at least a bachelor’s degree. Those who can find work as an account manager will typically start in the lower salary range but can attain higher earnings with further education, experience and promotion into more advanced account manager roles.
What Are the Duties of an Account Manager?
Since keeping existing customers is the primary responsibility for account managers, their duties revolve mostly around retention and growth goals measured through revenue metrics. Account managers also leverage their company’s internal resources such as the creative, accounting or customer service departments to meet the client’s goals and provide recommendations to enhance customer success.
Account managers may perform the following duties on a daily basis:
- Develop and foster client relationships
- Assist creative, sales and marketing departments in the delivery of campaigns
- Build and keep up with performance and sales data and metrics
- Participate in client campaign calls
- Work closely with appropriate departments to understand client objectives, strategies and goals
- Guide product selection, pricing and inventory
Essentially, account management involves consistently bringing and adding value to clients and their experience. Unlike customer service, which works as a response to what a client wants at the moment, account management strategies are proactive, supporting both company and client goals in an ongoing fashion.
How to Become an Account Manager: Needed Skills, Traits, Training and Education
Account managers tend to be detail-oriented professionals that can think for themselves. Since they must manage several accounts, keep track of marketing campaigns, coordinate public relations, run the numbers and meet with clients, they must have good judgment and excellent communication skills, as well as knowledge pertaining to their specific field or industry.
Education requirements for account managers vary by industry, though most roles will require a bachelor’s degree. For example, an account manager working for a financial management firm or a payroll services provider may have an educational background in accounting, while an advertising account manager may have majored in marketing.
As such, depending on the type of client and industry, account managers could pursue a degree in either accounting, marketing or management. Further, business administration programs offer students a comprehensive education that spans business subjects and processes, leading to a well-rounded skill set for graduates.
For instance, coursework in the online BA in Business Administration – Accounting from Florida Tech develops student expertise in foundational areas of accounting while also broadening their understanding of marketing, strategic management, finance, global business, statistics, business research and more. This type of degree can be excellent for students seeking jobs that bridge disciplines like accounting, finance and marketing — the perfect preparation for a successful account management career across numerous potential industries.
Learn more about Florida Tech’s online BA in Business Administration – Accounting program.
