As a fresh graduate or a young professional, choosing a profession that promises good pay prospects is vital for your financial stability and career growth. One such field that has been gaining popularity in recent years is Account Management.
In today's world of cutthroat competition, businesses require skilled professionals to manage their finances and accounts. Here's where an Account Manager plays a crucial role. In this article, we will provide you with valuable information on Account Manager Salaries in India and everything you need to know to make an informed decision about your career path.
Who is an Account Manager?
An Account Manager is responsible for managing client accounts, preparing financial reports, and developing strategies to improve the organisation's financial performance. Account managers are responsible for building relationships with clients, upselling products or services to them, and answering any questions or concerns that they may have.
Skills required to be an account manager:
- Excellent communication skills, both verbal and written
- Strong analytical skills
- Keen attention to detail
- Negotiation skills
- Time management skills
- Knowledge of accounting principles
Salary Structure of Account Managers in India
The salary of an account manager in India depends on several factors, such as location, experience level, industry type, and company size.
- In India, entry-level account managers can expect to earn between ₹3-6 lakhs per annum.
- Mid-level managers with around five years of experience can earn between ₹6-12 lakhs per annum.
- Senior-level managers with more than ten years of experience can earn between ₹15-20 lakhs per annum.
Comparing salaries across various industries shows that an account manager has better pay prospects and growth opportunities than those in many other professions, such as marketing or administration.
The table below shows the average salaries of different types of account managers across different levels:
Factors affecting salaries
Factors that affect the salaries of account managers include location, skills, and company size.
LOCATION
Salaries for Account Managers can vary based on the city they are working in. In cities like Mumbai and Delhi, account managers can earn up to 20% more than their counterparts in smaller cities like Pune and Hyderabad. In Bengaluru, account managers earn around 10% more than the national average.
The table below shows the average salaries earned by account managers in various cities across India:
SKILLS
Specialised skills like budget management, financial analysis, and forecasting can lead to increased salaries for account managers. Professionals with advanced knowledge of financial principles and accounting software tend to be paid more than those without these qualifications. Employers also tend to value and pay more for skills like leadership, communication, and problem-solving.
COMPANY SIZE
The size of the company you work for can also influence your salary as an Account Manager. Larger organisations tend to offer higher salaries due to their larger budgets and greater revenue streams.
Future salary trends
According to industry analysts, there has been a steady increase in demand for account managers over the past few years. This trend is set to continue as more companies look for professionals with expertise in accounting and finance.
Based on current market trends and projections, it is anticipated that salaries for account managers will increase by 5–7% over the next few years.
Below is a table showing forecasted salaries based on location and experience level:
Job Potential of an Account Manager
Accounting and finance are perennially in-demand fields across industries worldwide, making an account manager role a highly coveted career opportunity today. Employers look for candidates who have experience managing accounts or sales in the financial sector. The demand for professionals specialising in accounting or finance has been on the rise, with a projected job growth of 10% by 2026.
Companies Hiring Account Managers
- Zomato
- KPMG India
- Amazon
- Deloitte India
- HDFC Bank
- ICICI Bank
- JP Morgan
- American Express
Top Employers Paying Lucrative Salaries
Education Options for Aspiring Account Managers
A Bachelor's degree in commerce, accounting, or finance is the minimum educational qualification required to become an Account Manager. Several universities and colleges across India offer B.Com. and B.B.A. degree courses that specialise in accounting and finance.
Pursuing a Master's degree like an MBA or M.Com. can help add value to your resume and increase your chances of being hired as an account manager.
Specialisations or courses available include taxation, auditing, investments and securities, forensic accounting, international business law, etc.
Popular degree programmes and specialisations
Upskilling Opportunities for Account Managers
Upskilling is crucial for professionals who want to advance their careers as account managers.
Relevant certification programmes to consider include:
- CPA (Certified Public Accountant)
- CMA (Certified Management Accountant)
- CFA (Chartered Financial Analyst) (CFA)
- CGBSP (Certified Global Business Services Professional)
- ACCA (Association of Chartered Certified Accountants)
Apart from these, there are other courses available that focus on specialised areas like tax planning, financial analysis, and budget management, among others.
FAQs
1. Do I need maths as a subject in 12th to pursue courses in account management?
Yes, maths is typically required at least until the 12th standard to pursue courses related to accounting or finance.
2. Who earns more: an account manager or a financial advisor?
Financial advisors often earn more than Account Managers due to their specialised knowledge of financial markets and higher potential for commission-based income.
3. Can account managers apply for jobs abroad?
Yes, many multinational companies hire Account Managers based on their skills and experience, irrespective of their nationality.
4. Which are the highest-paying jobs in account management?
Some of the highest-paying jobs in account management include Director of Finance, Financial Controller, and Senior Financial Analyst.
As you've seen, account management is a lucrative career path in India, with salaries that can steadily increase over time.
If you're interested in pursuing a career as an account manager, consider researching certification programmes that align with your goals. WIZR can help connect you with financing options to support your education, so you can focus on achieving success in this rewarding field.
