In the business world, the roles of an account executive and an account manager may seem similar, but they have distinct differences in responsibilities, skills, and career paths. Both positions are crucial for companies that rely on client relationships to drive sales and revenue.
However, the account executive is typically focused on acquiring new business and building relationships with potential clients, while the account manager is responsible for maintaining and growing existing client relationships.
In this article, we will explore the similarities and differences between these two positions, including the responsibilities, qualifications, and career paths associated with each role.
Table of contents
- Account Executive vs. Account manager- Description
- What Are the Differences Between Account Executive Vs. Account Manager?
- Account Executive vs. Account manager- Job/Duties
- Account Executive vs. Account manager- Education
- Account Executive vs. Account manager- Licensing/Certification
- Account Executive vs. Account manager- Workplace
- Account Executive vs. Account manager- Job Outlook
- Account Executive vs. Account manager -Pay
- What are the Similarities Between Account Executive vs. Account manager?
- Account Executive vs. Account manager – Best Schools to Attend?
- Who is the Best Between Account Executive and vs. Account manager?
- Frequently Asked Questions
- Conclusion
- References
- Recommendations
Account Executive vs. Account manager- Description
Who is an Account Executive
An account executive is a sales professional responsible for acquiring new business and building relationships with potential clients. They are the first point of contact for a company to sell products or services to new customers.
Account executives are responsible for identifying and developing new business opportunities and nurturing relationships with potential clients to convert them into paying customers.
The primary role of an account executive is to generate revenue for the company by identifying and pursuing new business opportunities. They often work with other sales team members to develop strategies for targeting and acquiring new clients. They may also create and deliver presentations, proposals, and other sales materials to potential clients.
To succeed as an account executive, one should possess strong communication and negotiation skills and the ability to build and maintain relationships.
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Who is an Account Manager
An account manager is a professional responsible for maintaining and growing existing client relationships for a company. They act as the primary point of contact for a company’s existing clients and are responsible for ensuring that their needs are met and that they are satisfied with the products or services they receive.
The primary role of an account manager is to manage and grow relationships with existing clients. This includes identifying opportunities to upsell or cross-sell products or services and addressing any concerns or issues that clients may have.
They also work closely with other company members, such as product managers, to develop customized solutions for clients and ensure they receive the best possible service.
To succeed as an account manager, one should possess strong communication and interpersonal skills and the ability to build and maintain relationships. They should also be highly organized, detail-oriented, and able to work well under pressure.
An account manager plays a crucial role in maintaining and growing existing client relationships for a company by identifying opportunities to upsell or cross-sell products or services and addressing any concerns or issues clients may have.
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What Are the Differences Between Account Executive Vs. Account Manager?
Account executives are responsible for finding and signing new clients, while account managers are responsible for ensuring client satisfaction after the sales contract has been signed.
| .Account Executive | Account Manager |
| Focus on acquiring new business and building relationships with potential clients | Focus on maintaining and growing existing client relationships |
| Identifies and develops new business opportunities | Manages and grows relationships with existing clients |
| Generates revenue for the company by acquiring new business | Ensures that existing clients are satisfied with products or services and identifies opportunities to upsell or cross-sell |
| Works with other members of the sales team to develop strategies for targeting new clients | Works closely with other members of the company, such as product managers, to develop customized solutions for clients |
| Responsible for creating and delivering presentations, proposals, and other sales materials to potential clients | Addresses any concerns or issues that existing clients may have and work to resolve them |
See also: What Does A Product Management Career Look Like?
Account Executive vs. Account manager- Job/Duties
The main difference between an account executive and an account manager is their focus and responsibilities. An account executive is focused on acquiring new business and building relationships with potential clients, while an account manager is responsible for maintaining and growing existing client relationships.
An account executive’s primary responsibility is to generate revenue for the company by identifying and pursuing new business opportunities. They often work with other sales team members to develop strategies for targeting and acquiring new clients.
They may also create and deliver presentations, proposals, and other sales materials to potential clients.
On the other hand, an account manager’s primary responsibility is to manage and grow relationships with existing clients. This includes identifying opportunities to upsell or cross-sell products or services and addressing any concerns or issues that clients may have.
They also work closely with other company members, such as product managers, to develop customized solutions for clients and ensure they receive the best possible service.
Read also: Best Marketing Manager Job Description for 2023
Account Executive vs. Account manager- Education
In terms of qualifications, both roles typically require a bachelor’s degree in business, marketing, or a related field, and prior sales or account management experience is also beneficial. Both positions require strong communication and interpersonal skills and the ability to build and maintain relationships.
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Account Executive vs. Account manager- Licensing/Certification
Account executives and managers are both responsible for managing client relationships. Still, their specific roles and responsibilities can vary depending on their company or industry.
Account executives are typically responsible for acquiring new clients and business, while account managers maintain and expand relationships with existing clients.
No specific certification or licensing is required to become an account executive or account manager, but a bachelor’s degree in business, marketing, or a related field is often preferred.
Additionally, relevant experience in sales, marketing, or customer service can also be valuable for these roles. Some companies may require specific certifications or training in their industry or products.
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Account Executive vs. Account manager- Workplace
An account executive and an account manager both work in sales and customer service, but their specific workplace environments can vary depending on their company or industry.
Account executives often work in a fast-paced, goal-oriented environment focused on acquiring new clients and business. They may spend a lot of time traveling to meet with potential clients, attending networking events, and making cold calls. They may also work closely with a sales team to develop strategies and close deals.
On the other hand, account managers typically work in a more stable and established environment, where they focus on maintaining and expanding relationships with existing clients.
They may spend more time in the office, communicating with clients via phone and email and working with internal teams to ensure that clients are satisfied with the products or services they are receiving.
Account executives and managers may be required to work flexible hours, including evenings and weekends, to accommodate client needs. They may also be required to meet or exceed sales targets and be held accountable for achieving revenue goals.
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Account Executive vs. Account manager- Job Outlook
The job outlook for account executives and account managers can vary depending on their industry. However, these roles are generally in high demand, as businesses of all sizes rely on sales and customer service professionals to build and maintain client relationships.
According to the US Bureau of Labor Statistics, the employment of sales representatives should grow 5 percent from 2020 to 2030. This growth is due to the continued increase in e-commerce and the need for sales representatives to sell goods and services through online platforms.
Account managers may have a more stable job outlook than account executives, who are responsible for maintaining relationships with existing clients. However, the demand for account managers will also be affected by the economy’s overall health and the specific industry in which they work.
Both account executives and account managers often have opportunities to advance to higher-level roles such as sales manager, regional manager, or director of sales. Some account executives and account managers also opt to start their businesses.
Overall, the job outlook for account executives and account managers is positive, with good career growth and advancement opportunities.
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Account Executive vs. Account manager -Pay
The pay for account executives and account managers can vary depending on various factors, such as the industry they work in, company size, experience level, and location.
According to the US Bureau of Labor Statistics, the median annual wage for sales representatives, wholesale and manufacturing, technical, and scientific products was $68,360 in May 2020. The lowest 10 percent earned less than $42,320, and the highest 10 percent earned more than $138,440.
Account managers may earn a slightly higher salary than account executives, as they have more experience and are responsible for maintaining relationships with existing clients. However, the pay for account managers can also vary depending on the industry, company, and location.
Both account executives and account managers may also receive additional compensation, such as commissions or bonuses, based on their sales performance or meeting the company’s revenue goals.
It’s important to note that payment is one of many important aspects when evaluating a job. Job satisfaction, work-life balance, company culture, and benefits are also essential when assessing a job offer.
See also: What Does A Product Management Career Look Like?
What are the Similarities Between Account Executive vs. Account manager?
Account executives and account managers are responsible for managing relationships with clients, and both play a critical role in driving sales and revenue for their companies. They both work to understand the needs of their clients and develop strategies to meet those needs. Here are some similarities between the two roles:
- Both roles are involved in sales: Both account executives and account managers are responsible for driving sales and revenue for their companies. They both work to understand the needs of their clients and develop strategies to meet those needs.
- Both roles require strong communication skills: Both account executives and account managers must have excellent communication skills to build and maintain relationships with clients effectively.
- Both roles require the ability to build relationships: Both account executives and account managers must be able to build strong relationships with clients and must be able to understand and anticipate their needs.
- Both roles require the ability to negotiate: Account executives and managers must negotiate effectively with clients to close deals and build long-term relationships.
- They require the ability to work under pressure: Both account executives and account managers may meet or exceed sales targets and be held accountable for achieving revenue goals, which can be stressful and require the ability to work under pressure.
- Both roles may require travel: Depending on the company and industry, and both account executives and account managers may be required to travel to meet with clients or attend networking events.
- Both roles require a good understanding of the company’s products or services: Account executives and managers must have a good knowledge of the company’s products or services to communicate their value to clients effectively.
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Account Executive vs. Account manager – Best Schools to Attend?
Many universities and colleges in the United States offer programs that can prepare students for a career as an account executive. However, some of the top schools known for their business and marketing programs include:
#1. Harvard University
Harvard Business School offers a wide range of business and marketing courses and an MBA program that can prepare students for a career in account management or executive.
#2. Stanford University
Stanford Graduate School of Business offers a variety of business and marketing courses and an MBA program that can prepare students for a career in account management or executive.
#3. University of Pennsylvania
The Wharton School at the University of Pennsylvania offers a variety of business and marketing courses and an MBA program that can prepare students for a career in account management or executive.
See also: Financial Advisor vs. Wealth Manager: Overview, Difference, and Similarities.
#4. Massachusetts Institute of Technology
MIT Sloan School of Management offers a variety of business and marketing courses and an MBA program that can prepare students for a career in account management or executive.
#5. University of Chicago
The University of Chicago Booth School of Business offers a variety of business and marketing courses and an MBA program that can prepare students for a career in account management or executive.
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Who is the Best Between Account Executive and vs. Account manager?
It is difficult to say which role, account executive or account manager, is the “best” as it depends on the specific goals and needs of the company and the strengths of the individual in question. Both roles are essential and critical in driving sales and revenue for their companies.
An account executive is responsible for acquiring new clients and business and may excel at finding new business opportunities and closing deals. They are often highly goal-driven and have a solid ability to build relationships with potential clients.
An account manager is typically responsible for maintaining and expanding relationships with existing clients and may excel at building long-term relationships and ensuring that clients are satisfied with the products or services they are receiving. They are often highly skilled at problem-solving and have a strong understanding of the needs and goals of their clients.
Both roles require a strong understanding of the company’s products or services, excellent communication and negotiation skills, and the ability to work under pressure. Companies may need account executives and managers to drive sales and revenue.
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Frequently Asked Questions
The main difference between an account executive and an account manager is that an account executive is typically responsible for acquiring new clients and business. In contrast, an account manager is responsible for maintaining and expanding relationships with existing clients.
An account executive role is typically a better fit for someone who is highly goal-driven and excels at closing deals.
An account manager role is typically a better fit for someone skilled at problem-solving and with a strong understanding of client needs.
Yes, companies may need account executives and account managers to drive sales and revenue, depending on their growth and development stage and the industry, product, or service they offer.
There is no specific educational requirement for an account executive or account manager, but a bachelor’s degree in business, marketing, or a related field is often preferred. Additionally, relevant experience in sales, marketing, or customer service can also be valuable for these roles.
Conclusion
In conclusion, an account executive and an account manager are both responsible for managing client relationships. Still, their specific roles and responsibilities can vary depending on their company or industry.
Both roles are in high demand and offer good career growth and advancement opportunities. Companies may need account executives and managers to drive sales and revenue. The best position for an individual will depend on their strengths, interests, and the specific goals and needs of the company.
Check out this related article: 20 Best Paying Jobs in Apparel/Fashion Industry | 2023
References
Recommendations
