Account Executive Salary
The median total income of Account Executives is around $54K, and for the average worker in this area, a good chunk of that (just under a third, in fact) comes from commissions. Those in search of high salaries should also consider Procter & Gamble Co, Amazon.com Inc, and The Travelers Companies, Inc., top-paying firms where Account Executives rake in a respectable $90K, $89K, or $83K, respectively. This overview is based on answers to PayScale's salary questionnaire.
Job Description for Account Executive
An account executive usually holds a sales position, typically selling services and products to other businesses and individuals. Generally, the executive's company sets sales quotas that must be met to succeed in this position. The account executive may be provided with clients and/or carry out research and recruiting to gain prospective clients; some cold calling may be necessary. When prospective clients are identified, the executive must work to discover those potential clients' needs and make targeted pitches for services and products that will fulfill their needs; they must then work to close the sale.Read More...
After the sales transaction has been carried out, the account executive may work with customer service teams or work directly from clients to determine if products are to clients' satisfaction. When problems are encountered, the account executive may help develop solutions. It may also be essential to work with other areas of the marketing department, such as advertising. The account executive should foster healthy relationships with clients to encourage future purchases.
A bachelor’s degree in an area such as marketing may be needed for these positions, and previous related experience may be required or preferred. Proficiency with basic computer programs is needed, as are strong customer service and communication skills.
Account Executive Tasks
- Handle entire inside sales process from proposal to close; reach or exceed sales quotas.
- Attend special training of products and/or services to understand technical aspects of solutions.
- Track activity, prepare and maintain records for sales leads and account status.
- Solicits and maintains contact with current and prospect key accounts.
- Sell the organization's products and/or services to established customers or new prospects.
Common Career Paths for Account Executive
Account Executives' salaries may rise greatly for those who assume a higher-end position such as a Business Development Director. The average Business Development Director brings home $112K per year. Senior Account Executives or Marketing Managers are common next-step roles for Account Executives moving up in their careers; annual pay for Senior Account Executives is $10K higher on average, and it's $6K higher for Marketing Managers.
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Popular Skills for Account Executive
Survey results imply that Account Executives deploy a deep pool of skills on the job. Most notably, facility with Strategic Sales, Contract Negotiation, and Business Development are correlated to pay that is significantly above average, leading to increases of 30 percent, 22 percent, and 16 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Media / Public Relations, Marketing Communications, and Project Management. Most people familiar with Account Management also know Account Sales and Business Development.
Pay by Experience Level for Account Executive
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Account Executives, more experience generally translates to higher pay. Workers in their first five years can expect to earn $48K, but people who have been around for five to 10 years earn a noticeably bigger sum of $62K. On average, Account Executives make $72K following one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $76K on average.
Pay Difference by Location
With a pay rate for Account Executives that is 15 percent greater than the national average, San Francisco offers a comfortable salary for those in this profession. Account Executives will also find cushy salaries in Boston (+13 percent), Seattle (+13 percent), Austin (+12 percent), and Los Angeles (+10 percent). Trailing the national average by 13 percent, Miami is the market with the smallest paychecks. Not at the bottom but still paying below the median are employers in Dallas and Chicago (3 percent lower and 2 percent lower, respectively).