Henry Steele
Henry Steele
Managing Editor

Describing the subject of management is almost impossible as it is so incredibly varied. Overall, it is about working in such a way that the goals of an organization are met, by properly utilizing all the available resources, including people. There are four main functions that someone in the field of management takes on: planning, influencing, organizing, and controlling.

Opportunity

According to the U.S. Bureau of Labor Statistics (BLS), there will be a 6% growth in demand for all management occupations for the period of 2014 to 2024, which is on par with the national average. This will translate to around 505,400 new jobs overall. The BLS feels that this growth will be driven by existing organizations expanding, and new organizations being formed.

The BLS has also reported that the overall average annual salary for all management occupations in May 2015 was $98,560. Of all the major occupational groups, this is the highest salary. Managers can be found in every type of organization and any type of industry.

Career Paths

The BLS identifies 25 different management occupations, with associated annual salaries. These are:

  • Administrative Services Managers, with average annual earnings of $86,110
  • Advertising, Promotions, and Marketing Managers, with average annual earnings of $124,850
  • Architectural and Engineering Managers, with average annual earnings of $132,800
  • Compensation and Benefits Managers, with average annual earnings of $111,430
  • Computer and Information Systems Managers, with average annual earnings of $131,600
  • Construction Managers, with average annual earnings of $87,400
  • Elementary, Middle, and High School Principals, with average annual earnings of $90,410
  • Emergency Management Directors, with average annual earnings of $67,330
  • Farmers, Ranchers, and Other Agricultural Managers, with average annual earnings of $64,170
  • Financial Managers, with average annual earnings of $117,990
  • Food Service Managers, with average annual earnings of $48,690
  • Human Resources Managers, with average annual earnings of $104,440
  • Industrial Production Managers, with average annual earnings of $93,940
  • Lodging Managers, with average annual earnings of $49,720
  • Medical and Health Services Managers, with average annual earnings of $94,500
  • Natural Sciences Managers, with average annual earnings of $120,160
  • Postsecondary Education Administrators, with average annual earnings of $88,580
  • Preschool and Childcare Center Directors, with average annual earnings of $45,670
  • Property, Real Estate, and Community Association Managers, with average annual earnings of $55,380
  • Public Relations and Fundraising Managers, with average annual earnings of $104,140
  • Purchasing Managers, with average annual earnings of $108,120
  • Sales Managers, with average annual earnings of $113,860
  • Social and Community Service Managers, with average annual earnings of $63,530
  • Top Executives, with average annual earnings of $102,690
  • Training and Development Managers, with average annual earnings of $102,640

The vast majority of these careers will require people to have at least a bachelor’s degree.

Salaries

Geographical location is a key factor of influence in terms of what people in management can earn. That being said, areas where people tend to earn more, are usually also areas where the cost of living is higher. Hence, it is important to make your own calculations to determine whether the net earnings would be higher in these specific areas. According to Payscale.com, salaries for master’s in management degree holders in different cities are as follows:

  • New York, New York, with average annual earnings of $96,210
  • Chicago, Illinois, with average annual earnings of $79,991
  • Washington, District of Columbia, with average annual earnings of $91,264
  • Dallas, Texas, with average annual earnings of $87,466
  • Atlanta, Georgia, with average annual earnings of $65,944
  • St. Louis, Missouri, with average annual earnings of $62,353
  • Boston, Massachusetts, with average annual earnings of $92,903

Employers

Payscale.com has reported on various employers who look for those with master’s in management degrees. According to this report:

  • Booz, Allen, and Hamilton pays an average annual salary of $91,854.
  • Chrysler Group LLC. pays an average annual salary of $77,372.
  • Northrop Grumman Corporation pays an average annual salary of $90,000.
  • Lockheed Martin Corp. pays an average annual salary of $115,000.
  • Leidos pays an average annual salary of $71,750.
  • The U.S. Army pays an average annual salary of $86,000.
  • Fluor Corporation pays an average annual salary of $85,000.
  • Verizon Communications, Inc. pays an average annual salary of $165,000.
  • Hewlett-Packard Company pays an average annual salary of $75,350.
  • Central Oil pays an average annual salary of $120,000.
  • Vanguard Integrity Professionals pays an average annual salary of $120,000.
  • Mylan, Inc. pays an average annual salary of $114,783.
  • Spartan Motors, Inc. pays an average annual salary of $75,000.
  • Rochester Regional Health pays an average annual salary of $78,000.
  • Schuff Steel Incorporated pays an average annual salary of $70,000.
  • Case Farms, LLC pays an average annual salary of $55,000.
  • Kaiser Permanente pays an average annual salary of $120,000.
  • Express Scripts Incorporated pays an average annual salary of $95,000.
  • The U.S. Air Force (USAF) pays an average annual salary of $80,536.
  • BNP Paribas Inc. pays an average annual salary of $62,400.
  • The Harris Corporation pays an average annual salary of $85,470.
  • Pratt and Whitney pays an average annual salary of $101,379.
  • Wells Fargo Bank pays an average annual salary of $29,999.
  • Northgate pays an average annual salary of $82,000.
  • Target Corporation pays an average annual salary of $74,000.
  • PAE Government Services pays an average annual salary of $70,398.
  • The California Chamber of Commerce pays an average annual salary of $115,000.
  • Colgate University pays an average annual salary of $51,255.
  • Centene Corporation pays an average annual salary of $110,500.
  • Wilcox Farms Inc. pays an average annual salary of $78,000.

Bachelor’s Degree

In order to gain a lucrative career in the field of management, you need an education. This starts with a bachelor’s degree. For the convenience of students, and to remain relevant with the developing digital world, many schools now offer their degree programs online. At the same time, on campus studies continue to be popular. One example of a bachelor’s degree in management is offered by Ashworth College, which is available online. Core courses included as part of the curriculum are:

  • Achieving Academic Excellence
  • Principles of Public Speaking
  • English Composition
  • Introduction to Computers
  • Principles of Management
  • Business Communication
  • Business Ethics
  • Introduction to Accounting
  • Principles of Marketing
  • Personal Finance
  • Principles of Finance
  • Microeconomics
  • College Mathematics
  • College Algebra
  • Social Impact of Technology
  • Business Law
  • Statistical Analysis
  • Marketing Management
  • Accounting for Managers
  • Sales Management & Practices
  • Management Information Systems
  • Managerial Finance
  • Human Resources Management
  • eBusiness Strategy
  • Project Management
  • Strategic Management
  • International Management
  • Business Ethics
  • Strategic Information Technology

Master’s Degree

To really advance your management career, you should consider completing a master’s degree. This will give you the opportunity to gain truly advanced skills and knowledge in your field, and set yourself apart from the rest of the crowd. As with bachelor’s degrees, many master’s programs are now also offered online, which makes it easier than ever to complete a degree without having to completely stop working. One example of a highly rated master’s degree in management is offered by the University of Phoenix, which is offered both online and on campus.

Admission Requirements

Each school is entitled to set its own admission requirements. However, they are usually quite similar across the board due to the fact that these requirements are designed find out whether or not an applicant has the academic capacity to complete a program at graduate degree level. The admissions requirements of the University of Phoenix for the master’s degree are:

  • Bachelor’s degree from an accredited university
  • A minimum GPA of 2.5
  • Relevant work experience
  • Good academic standing
  • Transcripts
  • Various state or territory-specific requirements (mainly relating to health)
  • TOEFL/IELTS for non-native English speakers

The University of Phoenix does not require GMAT/GRE scores, although other schools do.

Curriculum

Schools are allowed to build a curriculum as they see fit. This is why it is very important to study with an accredited university  as this guarantees prospective employers that your degree included courses that meet the minimum requirements for the profession. The curriculum at the University of Phoenix includes:

  • Managing the Business Environment
  • The External Factors That Impact Business
  • Accounting and Financial Decision Making
  • Opportunity Assessment and Innovation
  • Communications: Selling and Customer Engagement

Financial Assistance

Completing higher education, and particularly to master’s degree standard, is very expensive. First of all, you have to invest a substantial amount of time. Of course, this can be significantly reduced by studying online, but you do need to consider the fact that studying for a degree will require a substantial investment in time. Naturally, the second major investment is money. Luckily, the university or college of your choosing will be able to refer you for financial aid, and they may also have scholarships and grants available that you can apply for. At the same time, there are a number of external scholarships that you may want to consider. These include the:

  • Marc Beaumont Scholarship Fund, which can cover full tuition and/or living expenses
  • Women in Public Finance Scholarship
  • Cappex Business Majors Scholarship, to the value of $1,000
  • NFIB Young Entrepreneur Awards, which has awarded more than $2.55 million since 2003
  • John L. Carey Scholarship Program, to the value of $5,000
  • NSHMBA Foundation Scholarship Program, to the value of $10,000
  • CEO of Tomorrow Scholarship, to the value of $2,500
  • Ritchie-Jennings Memorial Scholarship, to a value of between $1,000 and $10,000
  • Mary Elizabeth Lockwood Beneventi MBA Scholarship
  • Direct Marketing / Marketing EDGE Educational Foundation Scholarship Program

Generally speaking, applying for a scholarship means that you have to meet certain requirements. For instance, you may need to study at a certain school, take on a particular concentration, work in a certain field, show you that you really need help financially, hold a minimum GPA, belong to a certain minority group, be a member of a professional organization, or be of a certain gender.

Certifications

Certification is not really needed in the field of management, but it is recommended. This is because through certification, you are able show that you are committed to your own professional development, and to the advancement of the field in general. That said, it is important to note that obtaining a certification does require a further investment of time and money, and you often have to maintain certification through continuous education credits. However, most agree that this is a very worthy investment, as it can open up additional possible careers. Some certifications that you may want to consider in the field of management are the:

  • Certified Manager Certification
  • Change Management Certification
  • Certified Facility Manager
  • Project Management Professional (PMP)
  • Professional in Business Analysis (PMI-PBA)

Associations

It is a good idea to become a member of certain professional organizations as soon as you decide to study towards a management degree, even at the bachelor’s degree level. This is because professional associations and organizations usually have scholarships and grants that you could be eligible for. Furthermore, by being a member of such associations, you will always be at the forefront of new developments within your field, so that your skills and knowledge will always be up to date. Additionally, you may find that it is easier to pursue certain certifications and continuous education credits. Perhaps the greatest benefit of being a member of a professional association or organization, however, is the fact that you can build a professional network, which may be of help to you in boosting your career.

Some of the associations in the field of management that you may want to consider are the:

  • National Management Association
  • American Management Association
  • World Federation of People Management Associations (WFPMA)
  • National Contract Management Association
  • Turnaround Management Association (TMA)
  • Medical Group Management Association

References

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