Senior account executives may have managerial duties in addition to sales reponsibilities.
Senior account executives can work in just about any business or industry. Education, background and experience all play a role in the type of business an account executive lands and how much money she makes, but the ability to sell is the key trait of successful account executives. Many people have specialized training and then move into sales account positions, while others have business backgrounds. Lee Iacocca, for example, was an engineer and integral part of the Mustang development team at Ford Motor Co. before becoming head of Chrysler and becoming perhaps the most famous sales executive in America.
Education
Formal education isn't mandatory to become a senior account executive, but many companies prefer to hire people with college degrees. In some instances, formal training is necessary, with or without a degree. Investment brokers and stockbrokers, for instance, most of whom hold account executive titles, must be licensed by passing Financial Industry Regulatory Authority exams, which takes considerable training and study. Other businesses prefer that senior account execs have educational backgrounds in the areas in which their businesses specialize, such as having advertising or marketing degrees for positions in a communications firms. Many senior account executives have business-related degrees, either bachelor's or MBA degrees, and most executives who are in management positions have degrees.
Experience
Experience is the key factor in a senior account executive's salary. Long-term success indicates that a person knows sell, deal with clients, knows the business in which he works, and may have managerial or supervisory skills. According to Pay Scale, the average U.S. salary for all senior account executives is about $50,000 to $100,000 a year. That range, however, depends almost exclusively on experience. Executives with less than fours years experience average just over $50,000, while executives with 20 years-plus experience average more than $100,000. The median salary for an advertising senior account executive is nearly $87,000, according to Salary.com, with the top 10 percent of executives earning $120,000 or more.
Company Size
The larger the company, the larger the salary for senior account executives, both at the top and bottom ends of the pay scale. Smaller firms--those with one to 600 employees--pay an average of $36,563 to about $44,000 at the low end and $59,000 to $70,000 at the upper end. Larger companies pay about $45,500 to $61,500 for less experienced executives and $73,000 to $106,500 on the high end. Increased salaries directly correlate to company size.
Geography
It's no surprise that large cities pay the highest salaries. This is due to competition factors, cost-of-living considerations, and because most companies needing senior account executives are located within metropolitan areas. New York advertising executive salaries average almost $94,000. Boston averages $77,500, Atlanta about $69,000 and Chicago only $47,000.
Responsibilities
Many senior account executives have management responsibilities in addition to their sales duties. Some serve as mentors to junior account executives, supervise staffs of junior executives, are members of executive or administrative teams, or serve on boards. While continuing to receive a standard salary and commission payments, additional management responsibilities can boost a senior account executive's salary considerably. He may receive an additional salary or compensation, such as bonuses and profit sharing. The national average for bonus pay and profit sharing for managers is about $20,000 a year. But these figures can go much higher depending on the size of the company, annual sales, and an executive's duties and contract terms.
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