How to become a Revenue Manager: Career Guide, Courses, After 12th, Jobs, Skills, Scope

What does a Revenue Manager do? 

The tasks that a revenue manager performs are as follows: 

• The revenue manager's job is to create a strategic business plan that allows a business to reach its revenue goals. 
• A revenue manager plans promotional campaigns such as giveaways, coupons, and sales. They are also responsible for conducting meetings with clients to offer marketing and technical advice. 
• They should be able to work with team members to remove any barriers in revenue collection. Revenue managers continuously create new strategies to improve revenue collection. 
• Revenue managers are also responsible for hiring and terminating employees and must lead their teams as leaders. 
• They also create pricing strategies for hotels and corporations based on the prices of their competition. 
• Revenue managers create a budget for the organisation and use accounting skills to find the revenue of an institute after expenditures. 

Steps to follow to become a Revenue Manager

There are some crucial steps to become a revenue manager: 

• Step 1 – Decision Making: Aspirants choosing this career must have an interest in revenue management and accounting. They must be aware of the eligibility required to pursue the course and be prepared as the profession requires a lot of experience. 
• Step 2 – Subject Choices: In class 10th, students must choose commerce/ science subjects and math as this will allow them to get a bachelor's in management, math's, statistics, economics which is preferred for getting a job.
• Step 3 – Entrance Exam: There are various entrance exams such as NMIMS NPAT, IPU CET, DU JAT, and DUET conducted by multiple colleges and government bodies. Students must know the examination syllabus and pattern before preparation. 
• Step 4 – Selecting a College: A few colleges offer similar courses. Students must know the ranking, fee, faculty, and placements details before deciding their college and course. 

Types of Revenue Manager

There are many job opportunities for revenue managers, depending on the industry they decide to work. Some of the job roles are as follows: 

• Accounting Manager: The job of an accounting manager is to manage and oversee the daily operations of the accounting departments in organisations. It is their responsibility to analyse data and produce financial reports. The average salary of an accountant manager is 7 LPA. The accountant manager also oversees the maintenance of payroll, general ledger, and accounts payable. Students must have skills such as excel, word, financial analysis, ledger accounting to do well as accounting managers. 
• Revenue Analyst: A revenue analyst is a particular type of accountant who looks over a company's revenue and improves it. Students must have done a bachelor's degree in accounting or finance to be eligible for becoming a revenue analyst. Their primary responsibility is maximising revenue by pointing out issues in accounting, finance, or business procedures. The average salary of a revenue analyst is 5 lakh per year. They build strategies to improve revenue collection. 
• Cost Accounting Managers: The job of a cost accounting manager is to assist in decision making by tracking costs and establishing budgets for various departments. The average salary of a cost accounting manager is 7 LPA. They plan and budget performance to provide corporations with cost-cutting benefits. Their role is to understand where a company is spending money and what is most profitable. Cost accounting managers require strong accounting and business skills to be successful in their field. 
• Project Accounting Manager: They manage a team of project accountants that perform financial and accounting activities. They ensure that all postings, payments, and allocations are made on time. They monitor the progress of projects and approve expenses for a specific project. The average salary is 7.3 lakh rupees. 

How to become a Revenue Manager in India?

The following steps are required to become a revenue manager in India. 

School-level preparation:

• There is no such subject combination that is mandatory at a school level. 
• Choosing commerce with maths is a preferable combination to get admission into courses such as finance, business, economics, and management. 
• Students must get an aggregate of 80 percent above to get into a good college. 

How to become a revenue manager after 12th class? 

The preparation for Revenue Manager begins at Undergraduate level and students can opt for higher studies after Postgraduate level and move forward in their career.

UG Preparation

• Students must do a bachelor's degree in the field of management, commerce, accounting, or finance.
• A student should have a minimum aggregate of 60 percent to be eligible for getting admission into BA and B.com. 
• After completion of the degree, a minimum work experience of 1 year is required to become a revenue manager. Candidates should also have some work experience for becoming revenue managers. 

PG Preparation

• Many large organisations require students to have completed an MBA degree before getting a job as a revenue manager. 
• Some organisations also require students to have cleared the CPA exam or have a CA degree. 

Courses to become a Revenue Manager

There are many courses a student can choose from to become a revenue manager. Some of the popular courses are as follows: 

BA Accountancy

BA accountancy is a three-year undergraduate degree in the field of commerce which focuses on practising management accounting, accounting, auditing, and taxation. The primary subjects studied in the course are accounts, finance, economics, statistics etc. 

Admission Process

• Admission to the course is primarily merit-based, and students must score high marks in qualifying examinations to get admission into top colleges. 
• They must visit the college/university official website and register themselves to be eligible for admission into the college. 
• The colleges will release a merit/cut off list in due course of time, after which students can get enrolled in the course. 

Eligibility Criteria

• Candidates must have cleared class 10+2 with a minimum aggregate of 50 percent marks. 
• Students must have studied accountancy, mathematics, business studies and economics in class 12th to be eligible for the course. 

BCom

BCom is a 3-year UG degree in the field of business. The course teaches students about managerial skills and the study subjects such as accounts, finance, economics, business management etc. 

Admission Process

The BCom Admission process for merit-based admission is as follows: 

• Candidates must fill the online application form for the college through?the?online website?based on their eligibility? 
• Students must wait for the cut off lists to be released on the official college website.? 
• The?selected students will be called for?counselling,?after?which they will be shortlisted to get admission?to?the college for the course.? 

Eligibility Criteria

Students must have cleared class 10+2 with a minimum aggregate of 45 percent. While no specific stream is required, students having a commerce stream are preferred. 

BBA

BBA is a three-year UG degree that focuses on imparting entrepreneurial and managerial skills to students. Top BBA colleges are IIM Rohtak, ICFAI Hyderabad, NMIMS Mumbai etc. The average fee of the course is 60,000 rupees. 

Admission Process

• For merit-based admission, students must have scored high marks in the 12th board examination. They must wait for colleges to release merit lists to check their eligibility. 
• Top BBA colleges hold entrance exams for admission to the course. The students must apply for the examination and prepare for the examination to get admission into colleges like SSCBS, SVKMs, NMIMS etc. 

Eligibility criteria

• Candidates must have cleared class 12 in any stream with an aggregate of 60 percent marks. 
• They also must be between the ages of 17-22 to apply for the course. 

MBA

MBA is a two-year professional course with various specialisations such as marketing, operations management, chain management etc. The average fee ranges from 2-30 lakhs, and admissions are based on marks scored in entrance exams. 

Admission Process

MBA Admission mostly takes place through All India entrance Exams. The admission process is very simple and straightforward. Students get colleges according to the score awarded in MBA entrance Exams. Form of Application The admission fee for each MBA college ranges between Rs 1500 and Rs 2500.

Eligibility criteria

MBA Eligibility criteria might vary from college to college, but the overall gist is the same.

• You need to have completed your graduation or must be in the final year of graduation to be eligible for Master of Business Administration course.
• Your graduation score should be at least 50%. Premier institutes like IIMs and IITs ask for a minimum of 60% marks.
• Students of reserved categories like OBC, SC and ST get 5% relaxation in the percentage asked.
• In the majority of MBA colleges, final year students are also eligible to apply for MBA Admissions, provided that they submit a provisional certificate from the college.

See Also: MBA eligibility

How to become a Revenue Manager Abroad?

Many students travel abroad to study finance and management. The top countries to travel are the USA, UK (United Kingdom), Canada, and Australia. 

UK

• There are more than 100 universities in the UK that offer courses in management, accounting, and finance
• The average salary of a revenue manager is 34,755 euros. 
• The admission is based on marks scored in IELTS, TOEFL and GMAT examinations. 
• There are various courses such as BSc finance, BA Accounting, BBA, MBA that students can pursue 
• The average fee for the course is 50,000 dollars 

USA

• There are more than 1000 business/accounting/finance colleges in the USA, and more than 50 are among the top business colleges in the world 
• The average salary of a revenue manager is 68,947 dollars. 
• The admission is based on marks scored in IELTS, TOEFL and GMAT examinations. 
• Every year, more than 1.5 lakh Indians travel to the USA to get an MBA. 
• The average fee for the course is 60,000 dollars. 

Canada

• There are about 200 colleges offering business and finance courses in Canada. 
• The courses offered are MSc finance, BA accounting, MBA, MSc computer, BCom etc. 
• The average salary for a revenue manager is 59,174 dollars. 
• GRE, GMAT and IELTS exams are accepted for admission into business and finance colleges. 

Australia

• There are about 100 business and 70 business colleges in Australia. 
• The courses offered are M. Phil in business, master's in accountancy, M.com, B.com, MPA etc. 
• Students should have a 6.5-grade point in the IELTS examination to be eligible for getting admission to the course. 
• The average salary for a revenue manager is 71,297 dollars. 

Benefits of Becoming a Revenue Manager

An eight percent increase in employability is expected in the profession of revenue managers in the coming years. Large hotels and corporations are looking for revenue managers, and it is a great career to pursue. 

• Salary: revenue managers can get wages between 3 lakhs to 20 lakhs. While the average salary is 9 LPA, senior-level revenue managers can get a pay as high as 20 lakhs, which is much higher when compared to other professions. 
• Benefits: Along with getting a high salary, a revenue manager also gets a salary bonus and healthcare benefits. The bonus can range between 10k to 3.6 lakhs. 
• Unique experience: as a revenue manager, a person gets to oversee everyday accounting activities, work in all departments and meet with clients. This makes their typical job exciting and unique. 
• Job satisfaction: Students interested in revenue management and accounting find the job exciting and rewarding. As a revenue manager has several roles to perform the job satisfaction is extremely high. 

Skills Required to Become a Revenue Manager

Below mentioned are some of the skills required for becoming a revenue manager: 

Salary of a Revenue Manager in India

The Experience level and the s[ecialisation are the most important factors in determining the salary. Naturally the more years of experience and the field of specialisation the higher your wage. We broke down Revenue Manager salaries by Specialization wise and Experience level and this is what we found.

Specialisation wise Salary

Experience wise Salary