SOURCE: Cutting Edge Information

Cutting Edge Information

May 10, 2016 09:20 ET

Starting Salaries for US-Based Key Account Management Team Members Range From $130,000 to $183,000, According to Cutting Edge Information

Key Account Managers in the United States Earn More Than Those in Other Regions

RESEARCH TRIANGLE PARK, NC --(Marketwired - May 10, 2016) - Because key account management (KAM) is a relatively new concept in the life sciences industry, companies must offer competitive compensation to retain top performing key account managers. Companies supporting US-based KAM teams report higher average salaries across all experience levels compared to other regions, according to primary intelligence provider Cutting Edge Information.

Annual compensation for a general KAM team member with no experience in the US earns between $130,000 and $183,000. In the EU, salaries for the same position range between $55,000 and $74,000. Compensation for a US team member with four to six years of experience ranges between $170,000 and $210,000. EU team members with the same experience earn between $68,000 and $119,000.

"US-based key account management employees tend to earn more than their colleagues in other countries at all levels of experience," said Victoria Cavicchi, senior research analyst at Cutting Edge Information. "It is interesting to note that, while experience level impacts salary for US teams, company size does not have a large impact."

Highly skilled key account managers who have cultivated the product knowledge and business acumen to develop beneficial client relationships can demand top compensation. Typically, key account managers can expect their salaries and performance-based bonuses to grow in tandem with their experience level.

Pharmaceutical Key Account Management: Forging a Unified Relationship with External Stakeholders, available at http://www.cuttingedgeinfo.com/research/sales/key-account-management/, details how KAM teams combine sales proficiency with managed markets knowledge to create a single point of contact for diverse customers who have different and challenging needs. It examines life science companies' hiring and training practices for key account managers.

The study includes:

  • Surveyed firms' preferred professional background for new KAM managers.
  • Examination of profiles belonging to real-world KAM teams to benchmark your internal operations.
  • The prevalence of specific previous positions among key account management staff.
  • The format and duration of key account management training for both new hire and veteran KAM staff.
  • Surveyed pharmaceutical companies' average KAM compensation data across all levels of employee experience for both annual salary and potential bonuses.

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