A revenue manager generally works in hotels, motels, resorts, and other places of public accommodation. They review and refine pricing strategies, and predict revenue for the lodging establishments.
They help the sales teams, reception, and the establishments' general manager in the promotion, business planning, and pricing of services. Going as far as conducting analyses and studies to develop competitive prices and discounts, they make sure that their organization matches competitors in a fair game over the shifting trends in the hospitality industry. They have to coordinate with various departments to create and track a budget for business operations.
To be an effective revenue manager, analytical, customer service, and organizational skills are important. They excel in oral and written communication, and show great leadership and initiative to achieve the goals for the revenue.
Employers look at candidates' educational background related to hospitality and management for this line of work. In a report released by the U.S. Bureau of Labor Statistics, an eight-percent increase in employment opportunities for lodging managers is set between 2014 and 2024.
There is more than meets the eye when it comes to being a revenue director. For example, did you know that they make an average of $50.28 an hour? That's $104,576 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 21,800 job opportunities across the U.S.
There are certain skills that many revenue directors 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 creativity, organizational skills and communication skills.
When it comes to the most important skills required to be a revenue director, we found that a lot of resumes listed 13.8% of revenue directors included procedures, while 12.1% of resumes included revenue cycle, and 5.3% of resumes included patient access. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the revenue director job title. But what industry to start with? Most revenue directors actually find jobs in the health care and hospitality industries.
If you're interested in becoming a revenue director, one of the first things to consider is how much education you need. We've determined that 65.5% of revenue directors have a bachelor's degree. In terms of higher education levels, we found that 19.5% of revenue directors have master's degrees. Even though most revenue directors 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 revenue director. When we researched the most common majors for a revenue director, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on revenue director resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become a revenue director. In fact, many revenue director jobs require experience in a role such as revenue manager. Meanwhile, many revenue directors also have previous career experience in roles such as director or manager.