Students who are interested in a rewarding business management career are increasingly turning to applied management principles to maximize their chances of success. Applied management refers to the examination of current business management practices and implementing changes to improve, streamline and alter them.
What is Applied Management?
Applied management theory may involve implementing new, emerging technologies or ways of making decisions in existing business structures. Applied management also may apply to altering older business strategies to be better adapted to new ones through the construction of new management systems that the company may not have had before. Some of these may include modern e-business strategies, new IT systems and new forms of business leadership.
Applied management often is studied by people in technical fields who have basic business management skills. Studying applied management can help many business professionals to move into a higher-level management position.
There are many new business and financial opportunities that may be fertile ground for trying out new applied management techniques. The Bureau of Labor Statistics (BLS) states that the growth of all business and financial occupations will be 9% through 2026. This is about as fast as average when compared to all industries. Altogether, it is expected that there will be 750,400 new jobs. It is thought that globalization, a stronger economy with 3% or higher GDP growth and a more complex regulatory and tax structure will cause there to be more demand for most business professionals.
One of the most popular and growing fields for applied management and innovative approaches to business management is the job of management analyst. Management analysts are consultants who propose innovative, applied management methods to improve the profitability and efficiency of an organization. Management analysts use their business management skills to determine the most innovative ways to improve how businesses function. They make those recommendations to upper level managers and executives.
It is expected that job growth for management analysts will be 12% by 2026, which is faster than average. Demand for consultants skilled in advanced applied management methods will be on the rise as organizations are looking for ways to improve their efficiency and reduce costs.
These workers held approximately 806,000 jobs in 2016. These workers were employed most often in these sectors:
- Professional, scientific and technical services: 30%
- Self-employed workers: 17%
- Government: 17%
- Finance and insurance: 11%
- Management of enterprises and companies: 5%
There are many lucrative business management positions that are available for people with advanced applied management skills. Some of the most popular career paths for applied management include:
- Management consultant: Work as consultants for a variety of organizations in healthcare, manufacturing, science, government or other fields. Management consultants may also work in specific fields, such as inventory management or reorganizing a company to eliminate jobs that are no longer needed.
- Operations research analyst: These applied management professionals use their mathematics and analytical methods to assist organizations to solve business problems and make decisions that make the company more profitable and dominant in the marketplace. They are responsible for assisting the company to best decide how to allocate their resources and to better manage the supply chain. They also will work with the managers of the company to determine the best price structure to keep the organization competitive.
- Market research analyst: These applied management workers study the conditions of the current market to determine what the potential sales could be of a new or improved product or service. They are responsible for helping organizations to better understand the products that people want, at what price and who will buy them. Their work includes collecting data on consumer demographics, needs, buying behaviors and preferences. Market research analysts also gather data from questionnaires, focus groups, interview and analysis surveys.
Salaries for business professionals with applied management skills can vary widely based upon the discipline and their years of experience. According to the Bureau of Labor Statistics, applied business management professionals can expect the following median salaries:
- Market research analyst: $62,500
- Management analyst: $81,500
- Operations research analyst: $79,200
- Accountant: $68,100
- Budget analyst: $73400
- Cost estimator: $61,700
- Financial analyst: $81,700
- Financial examiner: $79,200
To get the best possible job in applied management in many various occupations, it is helpful to work in cities with a lot of good management jobs. Recent research suggests that the following cities have shown some of the best hiring activity for many different managerial roles:
- Washington DC
- San Francisco
Students who want the best business management opportunities in applied management would be well served to look at some of the top businesses in the country. Below are some of the top recent businesses that many business graduates dream of working for. Companies that are highly regarded for their openness to new business ideas and structures are an ideal fit for a student with applied management skills:
- Goldman Sachs
- JP Morgan
- McKinsey and Company
- The Boston Consulting Group
- Proctor and Gamble
- Morgan Stanley
- BMW Group
Earning a bachelor’s degree in applied management will help you to develop the basic skills to transform and improve businesses into leaders in various industries. Students in this type of undergraduate program will explore essential, functional area topics in HR management, marketing, innovation, project management and making financial decisions. This type of bachelor’s program is often focused on servant leadership and allows you to really understand how to create interdependency in progressive organizations.
A master’s degree in applied management is more unusual, but students often earn degrees in project management, technology management or general management. Students also may earn a master’s of business administration and learn advanced applied management skills. Common courses in applied management at the master’s level or in related degree programs are business accounting and finance, online management, ethical leadership, team building, project management, and how to make effective managerial decisions.
Each university at the bachelor’s and master’s level has its own requirements for admission. Below are common requirements for an MBA program in applied management and related concentrations:
- A bachelor’s degree in a related field
- Official transcripts
- Personal statement and writing samples
- GRE or GMAT scores may be required
- At least two or three years of work experience
Students who focus their studies on an applied management degree at the bachelor’s level may take these types of courses:
- Entrepreneurial Accounting
- Managing Systems and Projects
- Managing Processes and Supply Chains
- Consumer Marketing
- Supervision Management Credit Hours
- Foundations of Financial Management
- Managing Strategically in the Future
- Business Statistics
- Law and Society
- Strategic Managerial Communication
Students who are interested in an applied management or related degree may need financial assistance to complete college without debt. Below are some grants and scholarships that may help:
- AACE International Competitive Scholarships: $2500
- AAUW Return to Learning Scholarships: $5000
- SILA Foundation College Scholarship: $2500
- Frank L. Greathouse Government Scholarship: $5000
- Ritchie-Jennings Memorial Scholarship Program: $1000 to $5000
- Geico Achievement Award Program: $1000
- The Dreamer Scholarship: $1000
- Richard E. Bangert Business Award: $1500
- Cappex Business Majors Scholarship: $1000
- NSHSS Business, Economics, and Public Policy Scholarships: $1000
Some associations that could be useful to build your business management career include:
- National Business Association
- Small Business Association
- American Business Group
- American Management Association
- National Management Association
The field of applied management is growing and popular, and the skills learned in this degree program can be applied to many thriving occupations in the business management world.
- Business and Financial Occupations. (2015, Dec. 18). Retrieved from https://www.bls.gov/ooh/business-and-financial/home.htm
- Difference Between Business and Applied Management. (n.d.). Retrieved from http://smallbusiness.chron.com/difference-between-business-applied-management-25826.html
- Best Cities to Find a Management Job. (2013). Retrieved from https://www.cnbc.com/id/100428055