Similar to the rest of the world, the job market in South Africa has become very competitive for every profession. So, whether you are applying for the post of a data analyst or a key account manager, what you need to know beforehand is the salary range.
Not knowing the amount of money a job can pay you per month before accepting the job is a rookie mistake that many people make and then regret later. Knowing the salary range in advance allows you to keep realistic expectations from the job.
If you are curious about a key accounts manager’s salary, then it is R71661 per month. You will find other details in the article below, along with the salary range of this job, and you will also find out what the responsibilities that come with the job as well as the different factors that the income depends upon. So, read this article below to become prepared to negotiate a better package for yourself.
Current Salary of a Key Accounts Manager
On average, a key accounts manager in South Africa makes approximately R71661 per month. Therefore, their annual salary is R859932 per year. However, this is the average not the median salary.
However, if we compare these numbers to the salary of a key accounts manager working in the USA, there is a huge difference. In the USA, a key accounts manager makes $105,296 per year, which converts to R2,006,203. This means that their monthly is $8774, which makes R167,170 when converted to South African currency.
In addition to that, the salary of a key accounts manager has increased over the years. In 2021, the salary of a person working in this position was approximately R68,270 per month. This means their annual salary was approximately R819240.
An entry-level key accounts manager does not earn nearly as much as a senior-level key accounts manager. They make approximately R483,531 per year, which makes their salary R40294 per month.
On the other hand, there are experienced people who are making so much in this field. An experienced key accounts manager gets paid R92132 per month. This makes their annual earning a whopping R1,105,592 per year.
Professional Responsibilities of a Key Accounts Manager
The job of a key accounts manager comes with many responsibilities that the person must shoulder. The first responsibility is that the person is in charge of keeping a good and friendly relationship with key clients of the company. In addition to that, they also need to expand their relation with the important clients.
They need to understand the needs of the clients and come up with plans that meet their needs. These plans include sales plans or marketing plans and plans that involve the future of the company with clients that the key accounts manager is planning on bringing on board. However, the plans that they come up with should also deliver the results that the clients desire to see.
Another major responsibility is that they need to develop trust between all of their major clients. This will ensure that there is no competition between their key clients that will lead to conflict and problems in the future.
In addition to that, key accounts managers are also in charge of making reports and presenting them to all of the stakeholders in the company. These reports need to be made and presented on a regular basis to keep the stakeholders updated.
What Does the Salary of a Key Accounts Manager Depend Upon?
Similar to every other job out there, being a key accounts manager in South Africa also comes with a set of factors that influence the salary. The first thing that directly affects the salary range of the account managers is their experience level in the field. Those who have ten or more years of experience can land a higher post, which means they get better salary packages along with extra benefits, as compared to those who have less experience.
The education level of the person also affects their salary. Mostly, those who are working in this job position have a Bachelor’s or a Master’s degree in related programs. So, those who have a Master’s along with extra certifications such as sales certifications will have a higher salary than those who only have a single Bachelor’s degree.
The location of the job, as well as the company size, is another thing that has an effect on the salary of a key accounts manager. Those accounts managers who work at bigger companies that have offices in South Africa as well as globally will have a better salary package.
Moreover, they will also have better advancement and promotion opportunities as compared to those who are working at smaller companies or located in smaller cities in South Africa. Working at a smaller company is good, but it does have as many promotion opportunities.
What factors affect key account manager salaries?
The factors that affect a key account manager’s salary include their work experience, education level, and certifications that are relevant to the job. In addition to that, the job location and the company also play a role in their salaries.
What are the job prospects for key account managers in South Africa?
The job prospects for key account managers are very good in South Africa. Due to the economic growth in the country, there are new businesses growing, which is leading to better and more job opportunities in the field of key accounts manager.
What education and training do I need to become a key account manager?
In order to become and pursue your career as a key accounts manager, you need to have a Bachelor’s degree in Business Administration, Sales, or Marketing. However, a Bachelor’s degree will get you an entry-level position, so for an advanced position, you will need to get a Master’s degree in the same field.
Is there a difference in salary between male and female key account managers in South Africa?
Yes, there is a gender pay gap disparity between male and female key account managers in South Africa. Generally, female account managers earn 20% to 30% less than male account managers.
What are the career advancement opportunities for key account managers?
There are multiple career advancement opportunities for key account managers. They start off from an entry-level or junior-level position and then get promoted to senior key account managers. In addition to that, if a person has the experience and is working at a bigger company, they can also get promoted to the position of global key account manager.
Is there a difference in salary between key account managers in different locations?
Yes, there is a difference between the salary of a key accounts manager based on the location. Those individuals who are working in bigger cities in South Africa, such as Cape Town, Johannesburg, and Pretoria, get paid higher salaries with better benefits as compared to those who are working in smaller cities and rural areas.
What are the benefits of being a key account manager?
The first major benefit of being a key account manager is that the job comes with a higher salary range and many other benefits along with the salary. Moreover, the job also allows individuals to work with bigger companies and clients and learn about new businesses that lead to better job opportunities for them in the future.
What are the challenges of being a key account manager?
Like every other job, being an accounts manager also comes with its own set of challenges. The person needs to have powerful communication as well as negotiation skills. In addition to that, they also need to understand the depth of the customer’s needs and wants in order to meet them entirely.
How much do junior account managers make in South Africa?
The salary of a junior account manager or an entry-level account manager is R40294 per month. However, their salary does increase over time when they gain more experience or move to a better and bigger company.
What is the average age of key account managers?
The average age of key accounts manager is around 46. The reason behind this age group is that this is a senior-level position, which requires multiple years of experience.
Like every other profession in South Africa, the job of key accounts manager also comes with its own perks and drawbacks. However, if you are aware of the key accounts manager’s salary and other job benefits in the country, then it becomes so much easier to pick the right company for yourself. Read the article above to find out every bit of information about a key accounts manager’s salary in South Africa.