If you enjoy managing money for people and ensuring that it is in safe hands, then you will enjoy the experience of being an account manager. Account managers have a love for numbers, and they love being able to budget the funds of a business in order to save money. They can work for a major corporation, or they may work as a personal financial manager for a wealthy individual. Maybe you have always wondered, “How do I become an account manager?” If so, know that the road to success in this career field is not as difficult as it may seem.
What’s it like to be an Account Manager?
The main job of an account manager is to ensure that a business or individual is aware of his or her financial standing. The account manager makes an effort to oversee all of the budgets and finances of a company or individual. The account manager ensures that all financial goals are being met. If necessary, the account manager may be required to create a new strategy for a company that helps it meet financial goals. The account manager may be responsible for creating a new budget for the business or individual. During tax season, the job of an account manager can grow very stressful. One may be overloaded with new clients that need to find deductions or other tax benefits before filing their taxes for the year.
An account manager should have a degree in finance of business. If one has a Master’s degree in business or finance, then this will be an additional benefit during the application process. This career field has grown quite competitive in recent years, so individuals should be prepared to distinguish themselves in some way during the application process. It may also be necessary that an account manager has experience in the mortgage industry, banking world or investment world prior to taking on this position. Businesses want to know that account managers have the ability to manage large sums of money. They also want to see that account managers have past success in helping businesses or individuals reach their financial goals.
Salary & Job Opportunities
The median wage of an account manager is between $80,000 to $100,000. The U.S. Bureau of Labor and Statistics has found that this career path will be growing slower than average in the next 10 years. This career field will only grow by nine percent in the next ten years. There are currently over 500,000 positions within this field. After the sub-prime mortgage crisis of 2007, many major financial institutions were hit by the crisis and forced to lay off workers. They have not yet resumed hiring for new positions that were emptied during this time.
The typical employee in this field will work for a business and serve as a liaison between different branches in the business. The account manager works closely with departments like Human Resources and Public Relations in order to make sure that a business is staying within its financial means. Overall, the account manager makes sure that a business meets its budget every month.
If you want to become an account manager, then pursue as many educational opportunities as you can. The competition in this field is very tough right now. You may be able to break into this career field if you have past experience in servicing loans or playing another role in the mortgage industry. Also, compliance jobs in this field may also be opening up in the future as more companies seek to ensure that they are abiding by regulations from the government.