From the sports industry to social media and marketing, studying a Master in Management degree could help you fast-track to leadership in a range of industries
If you’re looking to advance to leadership positions, studying a Master in Management could be your next career move.
After gaining a broad perspective of the business world and how companies operate as well as gaining valuable skills to lead in a ever-changing economy, you’ll be just what employers are looking for.
Master in Management (MiM) graduates will be freshly minted for leadership roles across a range of industries. Here are just some of the exciting career paths you could pursue.
1. Project management
Becoming a project manager is one of the most versatile, high-paying roles available for MiM graduates. The average US project management salary currently stands at $99,000, while those in more senior positions earn upwards of $150,000 per year.
Project managers are relied upon by companies to direct and manage teams, plan projects, distribute resources and to run risk assessments. It’s essential that project managers demonstrate good leadership qualities, as well as the ability to accept criticism and adapt to other people’s input.
Important project management skills include communication, organization, problem solving and the ability to stay cool under pressure.
2. Human resource management
As a human resource managers you will be a key part of the company’s infrastructure. You will be expected to oversee some of the most important parts of the business, including payroll, employee relations, learning and development, recruitment and maintaining and developing HR systems.
Human resource management will use skills that you develop in an MiM program, such as decision-making, communication, budgeting and organization. You will also need to be able to display empathy and compassion in a variety of situations.
With an average salary of $117,000, entering into the field of human resources can prove to be incredibly lucrative as well as rewarding.
3. Marketing management
For those with a knack for dealing with large quantities of data, becoming a marketing manager might be the right move.
Marketing managers perform a wide array of tasks, which include collecting and analyzing data, conducting market research, forecasting sales and using critical thinking to optimize the profitability of products. They are also one of the main people involved in communications between clients and advertising agencies.
You therefore need to have strong interpersonal skills, such as verbal communication, leadership and the ability to persuade others to buy a product. On top of this, marketing managers also require an affinity for math and the ability to pay attention to detail.
On average, marketing managers earn $88,000 a year – but those in more senior roles can earn up to $170,000.
The main role of management consultants is to provide business advice to companies. This involves helping organizations to build value and maximize their growth by developing solutions to problems. They run objective analysis and assessments of business in order to gage their strengths and weaknesses, as well as managing projects.
Some of the key skills involved in management consulting are effective communication, as you will be expected to converse with both domestic and global clients, as well as having a deep understanding of metrics and how to use data to inform strategic decisions.
Management consulting guarantees some of the highest pay for MiM graduates. Starting salaries at any one of the Big Three firms (Bain, McKinsey and BCG) begin at $110,000, with performance bonuses of up to $30,000. McKinsey currently run a graduate program during the winter and spring that allows students to intern with them.
5. Sports management
Going into sports management can be an ideal way to combine your passion for sport with a career in leadership.
Sports managers are charged with taking over the promotion and marketing of either individual athletes, teams or even entire professional sports organizations. You will also be expected to be a spokesperson, which will require charisma and strong verbal skills. Other tasks typically performed by sports managers include, monitoring ticket sales, scheduling events and accounting for travel plans.
Being a successful sports manager requires solid PR skills, the ability to direct and manage teams of people, as well as being able to oversee financial assets. You will need to think strategically to be able to balance multiple projects at the same time.
The average salary of a sports manager in the US stands at an impressive $99,000 per year, while in a company like Nike, managers can get paid up to $174,000.
6. Investment management
Going into investment management can be one of the most exciting career paths for MiM graduates who are mathematically minded.
Your main role as an investment manager is to ensure the safety of your client’s investment funds by earning them the highest possible returns and providing advice on market trends. In order to do this you will need to closely monitor daily and even hourly market fluctuations and determine the best times to buy or sell assets.
Aside from excellent numerical and IT skills, investment managers have to be analytical and organized, as well as capable of making important decisions under time pressure. Having strong communication skills is also a must, in order to secure your client’s trust.
The salary range can vary, but an average yearly income for investment managers in the US is an impressive $258,000, including bonuses.
7. Retail management
For those who like to be very hands-on in their roles, retail management provides a career path that allows for organizing all aspects of a business.
As a retail manager, you will be in charge of recruiting and training staff, overseeing stock, and arranging in-store events. You will also have to deal with customer queries and complaints.
Since the role is very people-oriented, retail managers need to have strong customer service and teambuilding skills. They also need to be good with numbers, as they will be ordering stock and arranging sales and promotions.
Average salaries sit at around $56,000, but at a top company like Amazon, you could earn around $120,000.
8. Social media management
As one of the most rapidly evolving sectors in the world, being a social media manager will appeal to those who enjoy constant new challenges.
Social media managers are in charge of cultivating a company’s online brand. While you will be expected to develop and implement social media strategies as well as build client relationships, social media management can also involve having fun. In many roles, you will get to participate in online trends, create interesting images and posts, and even make memes.
One of the biggest skills involved in social media management is creativity. You will need to have a keen eye for emerging trends and be able to make informed decisions based on media analytics. You will also need to be able to communicate effectively with both companies and customers.
The average salary of a senior social media manager in the US stands at $86,000, though this can be higher depending on the company. There is also the option to go freelance, making it one of the more dynamic management jobs out there.
