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The differences between key account managers and business development managers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a key account manager, becoming a business development manager takes usually requires 8-10 years. Additionally, a key account manager has an average salary of $102,315, which is higher than the $100,769 average annual salary of a business development manager.
The top three skills for a key account manager include account management, customer service and patients. The most important skills for a business development manager are customer service, CRM, and healthcare.
| Key Account Manager | Business Development Manager | |
| Yearly salary | $102,315 | $100,769 |
| Hourly rate | $49.19 | $48.45 |
| Growth rate | 5% | 10% |
| Number of jobs | 160,992 | 215,309 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 74% |
| Average age | 46 | 39 |
| Years of experience | 8 | 10 |
A key account manager is primarily in charge of handling key clients that produce the most profit for a company or business, ensuring that they remain with them. They are mainly responsible for understanding their clients' needs and long-term goals, ensuring that the key clients get to receive all the necessary services and products in time, and promptly address and resolve any issues and concerns. Furthermore, a key account manager may prepare reports and proposals to team members, all while adhering to the company's policies and standards.
A business development manager's duties include identifying business opportunities, developing effective models and strategies to improve business performance, searching for potential clients to generate income and attract partnerships. A business development manager must have extensive knowledge of the market trends and adjust strategies as needed to meet the needs of the client. Excellent communication, decision-making, critical thinking, and leadership skills are just some of the key factors that business development managers should possess to communicate and negotiate with the clients.
Key account managers and business development managers have different pay scales, as shown below.
| Key Account Manager | Business Development Manager | |
| Average salary | $102,315 | $100,769 |
| Salary range | Between $75,000 And $138,000 | Between $67,000 And $151,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Maine | California |
| Best paying company | Quidel | Shearman & Sterling |
| Best paying industry | Pharmaceutical | Finance |
There are a few differences between a key account manager and a business development manager in terms of educational background:
| Key Account Manager | Business Development Manager | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Southern California | University of Georgia |
Here are the differences between key account managers' and business development managers' demographics:
| Key Account Manager | Business Development Manager | |
| Average age | 46 | 39 |
| Gender ratio | Male, 68.1% Female, 31.9% | Male, 68.6% Female, 31.4% |
| Race ratio | Black or African American, 3.2% Unknown, 4.4% Hispanic or Latino, 9.8% Asian, 4.1% White, 78.2% American Indian and Alaska Native, 0.2% | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 7% | 10% |