Relationship managers managerial level staff that serve as part of a company's customer service or sales department. Within a sales team, a relationship manager is a mid-level position primarily responsible for improving business relationships with clients and partner firms.
As a relationship manager, your role is crucial in the growth and success of the organization. You not only bring more clients to the table but also ensure the satisfaction of existing customers. You may perform a variety of interesting tasks involving both fieldwork and desk duties to achieve organizational goals.
To begin working as a relationship manager, most often you'll need a bachelor's degree in business management, marketing, or a related field. You may interact closely with a range of stakeholders, businesses, customers, clients, and the community, so previous experience in customer service or sales is an advantage. To be successful, you must be an excellent communicator with the ability to cultivate relationships, retain clients, and build rapport with customers. And there's always room for advancement. As you gain experience, you may take on more clients or become a relationship director, leading a relationship management team.
How to Become a Relationship Manager
There is more than meets the eye when it comes to being a relationship manager. For example, did you know that they make an average of $41.05 an hour? That's $85,376 a year!
Between 2018 and 2028, the career is expected to grow 5% and produce 20,600 job opportunities across the U.S.
What Does a Relationship Manager Do
There are certain skills that many relationship managers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed customer-service skills, analytical skills and leadership skills.
How To Become a Relationship Manager
If you're interested in becoming a relationship manager, one of the first things to consider is how much education you need. We've determined that 69.3% of relationship managers have a bachelor's degree. In terms of higher education levels, we found that 13.9% of relationship managers have master's degrees. Even though most relationship managers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a relationship manager. When we researched the most common majors for a relationship manager, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on relationship manager resumes include associate degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a relationship manager. In fact, many relationship manager jobs require experience in a role such as customer service representative. Meanwhile, many relationship managers also have previous career experience in roles such as account executive or personal banker.
Relationship Manager Career Paths
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of vice president you might progress to a role such as sales vice president eventually. Later on in your career, you could end up with the title executive vice president of sales.
Average Salary for a Relationship Manager
What Am I Worth?
Top Colleges for Relationship Managers
1. University of Southern California
Los Angeles, CA • Private
2. University of Pennsylvania
Philadelphia, PA • Private
3. University of Wisconsin - Madison
Madison, WI • Private
4. Northwestern University
Evanston, IL • Private
5. University of Georgia
Athens, GA • Private
6. Virginia Polytechnic Institute and State University
Blacksburg, VA • Private
7. Ohio State University
Columbus, OH • Private
8. University of Texas at Austin
Austin, TX • Private
9. SUNY at Binghamton
Vestal, NY • Private
10. Northeastern University
Boston, MA • Private
Top Skills For a Relationship Manager
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 10.9% of relationship managers listed client relationships on their resume, but soft skills such as customer-service skills and analytical skills are important as well.
Choose From 10+ Customizable Relationship Manager Resume templates
Zippia allows you to choose from different easy-to-use Relationship Manager templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Relationship Manager resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
Relationship Manager Demographics
Relationship Manager Gender Distribution
After extensive research and analysis, Zippia's data science team found that:
- Among relationship managers, 46.5% of them are women, while 53.5% are men.
- The most common race/ethnicity among relationship managers is White, which makes up 82.7% of all relationship managers.
- The most common foreign language among relationship managers is Spanish at 46.1%.
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Best States For a Relationship Manager
Some places are better than others when it comes to starting a career as a relationship manager. The best states for people in this position are Connecticut, Vermont, New York, and New Jersey. Relationship managers make the most in Connecticut with an average salary of $110,876. Whereas in Vermont and New York, they would average $110,342 and $108,953, respectively. While relationship managers would only make an average of $100,599 in New Jersey, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
1. Connecticut
$110,876
Avg. Salary
2. Vermont
$110,342
Avg. Salary
3. New York
$108,953
Avg. Salary
How Do Relationship Manager Rate Their Jobs?
Top Relationship Manager Employers
We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ relationship managers and discovered their number of relationship manager opportunities and average salary. Through our research, we concluded that Bank of America was the best, especially with an average salary of $68,243. JPMorgan Chase & Co. follows up with an average salary of $93,505, and then comes U.S. Bank with an average of $74,191. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a relationship manager. The employers include HSBC Bank, CVS Health, and EagleBank
Most Common Employers For Relationship Manager
| Rank  | Company  | Average Salary  | Hourly Rate  | Job Openings  |
|---|---|---|---|---|
| 1 | Fidelity Investments | $112,111 | $53.90 | 163 |
| 2 | Citi | $108,459 | $52.14 | 268 |
| 3 | BNY Mellon | $106,391 | $51.15 | 108 |
| 4 | JPMorgan Chase & Co. | $93,505 | $44.95 | 499 |
| 5 | Ocwen Financial | $90,456 | $43.49 | 102 |
| 6 | Standard Chartered | $85,376 | $41.05 | 82 |
| 7 | Dun & Bradstreet | $75,927 | $36.50 | 104 |
| 8 | ADP | $75,380 | $36.24 | 63 |
| 9 | Heartland Payment Systems | $74,412 | $35.77 | 395 |
| 10 | U.S. Bank | $74,191 | $35.67 | 451 |
Becoming a Relationship Manager FAQs
Is a relationship manager a good job?
Yes, being a relationship manager is a good job. Relationship managers play a critical role in companies serving as the liaison between corporate leadership and the customer base. Although this job does come with its own set of challenges, relationship managers make great money and are in a great position to advance their careers.
What does a relationship manager do?
A relationship manager works on the front line interacting with customers, helping the company deliver the best product/service to their customers.
The ultimate duties of a relationship are in forming and maintaining connections with business clients to drive sales. To accomplish this, a relationship manager has two main responsibilities: servicing the company's needs of an existing set of clients, and sales - aka more business from existing clients and acquiring new clients.