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Traditionally, MBA degree paved the path towards a career in Management, however, masters in management degree (MiM) can widen your career prospects in various management related jobs. While there is a lesser cost involved to study the MiM program, at the same time it opens the door to an excellent salary and job security. The knowledge of management, business, finance and marketing gained from the Masters in Management degree can lead you a desirable and valuable asset for future employers in a whole range different industries.
Pursuing a career in management will make you more flexible as you choose to specialize in marketing, strategy, finance, entrepreneurship, accounting, and many others. Hence, you can shape and develop your unique and transferable skill set attained from your MiM accordingly to your desired career path in various industries. Careers in management can be found across the private, public and voluntary sectors, with opportunities to branch out to not only to the areas of finance and banking but also into areas of media, entertainment, technology.
Business Schools across the globe are committed to integrating technology into their everyday education and offer students a modern business school learning experience. These global institutions equip them with the knowledge and expertise to take on the challenges of a rapid digital transformation and offer solutions to various organizational problems. Many programs also integrate internship opportunities into the curriculum which enable students to have hands-on exposure to the business environment.
If you wish to pursue a career in management, you must be able to grasp the workings and understandings of technology and how it can impact organizations, businesses, and companies, as it’s fast becoming a crucial factor and utmost important within the world of management.
Let’s look at some of the amazing careers you can do with a master’s in management.
1. Management Consultant
Average salary: $87,130 in the US; £48,367 in UK
A career in management consultancy is one of the more obvious career paths students pursue a master’s in management.
As a management consultant, you’ll identify current issues and potential risks and offer strategic and expert advice in order to help the organization or company to improve aspects of business such as productivity, management, and overall image.
This job will require you to carry out sufficient research, data collection, and data analyzing in order to have an in-depth understanding of the business’ goals. You may have to create forecasts of the organizations’ outlook and measure their performance. Also, the job requires you to resolve any issues, risks, and problems by presenting further recommendations and implement any other improvements that are necessary.
This is a very client orientated role and a lot of work is done with collaboration as well as independently. Paying attention to the deadlines and sticking within a budget are the key responsibilities. Popular employers are including Deloitte, KPMG, Accenture, Ernst & Young, PWC, and many others.
2. Project Manager
Average salary: $ 73,439 in the US; £38,790 in UK
A project manager oversees the designated projects for a company. If you enjoy being organized and managing budgets, timeline, and resources, have strong communication, problem-solving, interpersonal and negotiation skills, and the ability to take initiatives and make appropriate decisions under pressure then this job is for you.
You may work in construction, marketing or even in the healthcare industry. Project managers are responsible for assigning resources to projects ensuring to fulfill the project objectives whilst sticking to a strict timeframe and budget. The project manager also monitors progress to implement changes where necessary and ensure that the quality standards are met.
To name a few highly regarded employers are BAE Systems, HSBC, BT Group, etc.
3. Social Media Manager
Average salary: $49,841 in the US; £ 25,372 in the UK
In this rapidly transforming digital era, social media accelerates in today’s digital marketing and technological world, hence there is the demand for jobs within the industry.
Social media managers need to have a strong understanding of web development strategy, the make of good web design, and how multimedia content can be used to boost an organization’s reputation and visibility. They must develop effective strategies for a variety of social media platforms and also implement marketing campaigns to increase brand recognition and customer loyalty.
They often manage all electronic correspondence and track tools such as Google Analytics, to report and analyze data surrounding social media performance. As a social media manager, you’ll develop and implement strategies for social media marketing, identify influential opportunities and engage regularly with the audiences to increase brand awareness and effective client and customer engagement.
4. Business Development Manager
Average salary: $71,873 in the US; £ 34,321 in the UK
A business development manager is the driving force behind sales and contacts, responsible for managing expectations and developing business for an organization, and helping it grow and achieve its full potential and improve customer satisfaction.
Having a good understanding of technology will also ensure you have a competitive advantage, as you’ll have to carry out meticulous and strategic planning to increase the business’ profitability or position within the market.
You must also have the ability to combine your knowledge of management along with analytical and communication skills, as you’ll build and maintain positive working relations with all contacts, including clients and suppliers.
As a business development manager, you’ll be able to specialize across all sectors, including pharma, information technology, manufacturing, FMCG or telecommunications.
To name some of the high paying employers for this role are Amazon, Google, Microsoft, Siemens, NHS, etc
One can take advantage of the skills, expertise, and knowledge from the master’s in management degree abroad. For those who aim to become entrepreneurs can combine their interests and management know-how skills and knowledge to develop a venture for their own. Although there is no specific way to become an entrepreneur, a master’s in management degree abroad can definitely benefit you.
There are many universities abroad who offer international trips to their MiM students and create a chance to further develop their understanding of the global business world and managerial skills. Also, it works as a catalyst to know various cultures and develop a strong networking channel.
Where to study
There are a plethora of options available to pursue MiM abroad. Few of them are listed below but you may consult our study abroad counselors for more options.
London Business School
Trinity College Dublin
Skema Business School
University of Sydney Business School and many others.....
Picture Courtesy: UC Berkeley