Management degrees are available as an associate degree, a bachelor’s degree or a Master of Business Administration in management. Graduates in these fields study a variety of management topics and are prepared for a wide range of career choices. Management degrees also meet the educational requirements for some of the country’s most in-demand careers. In addition, they lead to some of the most lucrative salaries in the business world.
Extensive Business Background
A management degree provides a strong educational background in the dynamics of business management. By merging mathematical and scientific approaches to decision-making, it helps students analyze strategic and logistical solutions to problems. In addition, a management degree encompasses communication, organizational behavior and psychology to help these leaders understand, relate to, and lead employees and organizations in a variety of settings -- and also gives them the knowledge to provide consulting services.
Variety of Careers
The extensiveness of a management degree results in an assortment of career options. MIT Sloan School of Management notes that its graduates work for a variety of organizations, including consulting and marketing firms, financial and investment banks and health care companies. Many find work as financial and management analysts and consultants, in addition to a variety of management positions. And Harvard University’s Management Graduate Program lists sample careers such as marketing manager, economist, investment analyst, chief executive officer and chief financial officer.
MIT Sloan reports the starting base salaries for its management graduates as $55,000 to $70,000 -- excluding bonuses. And, according to May 2012 salary data from the Bureau of Labor Statistics regarding specific careers, marketing managers earn $129,870, while financial managers make $123,260. Also, CEOs and other top executives earn $120,060, while human resources managers make $109,590. In addition, industrial production managers earn $97,490, financial analysts make $89,410 and management analysts earn $88,070.
Promising Job Outlook
Careers for graduates with a management degree meet or exceed the 14-percent growth rate projected for all U.S. occupations between 2010 and 2020. For example, demand for financial analysts will increase by 23 percent, while management analyst jobs will grow by 22 percent. Medical and health services managers will also see a 22-percent growth in job opportunities, while human resources specialists will enjoy a 21-percent increase in demand. Job growth for training and development managers and operations research analysts will both increase by 15 percent.
2016 Salary Information for Management Occupations
Management occupations earned a median annual salary of $100,790 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, management occupations earned a 25th percentile salary of $68,630, meaning 75 percent earned more than this amount. The 75th percentile salary is $147,090, meaning 25 percent earn more. In 2016, 9,533,100 people were employed in the U.S. as management occupations.