Are you skilled in the area of revenue management and conversant with its importance and intricacies? If so, then why not follow a career as a certified revenue management executive? Working in this position, you are responsible for directing and overseeing a company’s revenue generation as well as the preparation of direct investment activities and financial reports.
What Do Certified Revenue Management Executives Do?
Duties performed by certified revenue management executives include but are not limited to:
- Summarizing and forecasting on the state of an organization’s fiscal matters
- Performing pricing submissions’ reviews for accuracy
- Finding and executing methods to increase revenue
- Overseeing budgets to set and meet the company’s goals
- Generating revenue reports
- Communicating profits and risks with stockholders
- Monitoring and controlling the stream of cash disbursements and receipts
- Managing the activities of workers in offices and other departments of various establishments such as brokerage firms, credit departments and risk and insurance departments
Professionals working in the field of revenue management earn as follows:
Median Annual Earnings
Skills required in this profession
The position of a certified revenue management executive requires you to have the following imperative qualities:
- Excellent analytical skills
- Ability to lead others and work in a group
- Willingness to teach others
- Accounting and financial skills
- Strong written and oral communication skills
- Economic insight
- Excellent computer skills
- Strong interpersonal skills
- Ability to interact well with all management levels in an organization
A large number of candidates are those who have secured at least a bachelor’s degree in accounting, finance or any other related field. Most revenue management executives practice in the hospitality industry. However, their services are also required in various other trades. Additional qualifications such as a bachelor’s degree in hospitality or any other specific might be an added advantage when seeking a position in that particular field. Since this career is a more specialized one, candidates need to pursue associate degrees in their various areas of practice. For you to practice in this position, you need to acquire certification from various certification bodies such as HSMAI. This certification is achieved upon passing an online exam.
With more experience and training, individuals serving in the following positions can move to the position of the revenue management executive:
- Inventory manager
- Assistant rooms manager
- Reservations manager
- Front office manager
If you want to continue serving in the field of revenue management, you can assume a corporate role whereby you serve a number of organizations. You can also advance your training by pursuing doctorate and PhD programs in accounting and finance. These programs equip you with the necessary skills for you to practice as an accounting controller, a position that will allow you to put your analytical expertise to good use.
According to HSMAI, 88% of revenue management executives have served for at least seven years in either the tourism or hospitality fields. The average age for these professionals is 37. Since revenue management is diversifying and evolving on a daily basis, many businesses have realized that revenue management is not only a staff position but also an imperative culture. This realization has increased the prominence of revenue management executives hence increasing the demand of their services in various industries.
If you have a soft spot for evaluation and a strong yearning to challenge competition as you keep a watchful eye to the bottom line, this career is meant for you.