4 Lucrative Careers You Can Pursue With a Management Degree
A management degree can open doors for individuals who are looking for a stable, exciting career. The flexibility of having a degree in this field of study allows individuals to choose from a wide range of specializations and industries. Here are four careers to explore.
Management consultants provide professional advice for companies that are looking for creative and effective ways to improve their business. Such services could be related to the launch of a new product, internal operations or agreements with other companies. Management consultants are known for their commitment to projects and tasks, as most are required to work 70-80 hour weeks including weekends. Prestige, perks, extensive coverage and an attractive salary are the benefits of working for a top-tier consulting firm.
Depending on the size of the company and compensation package, salaries for consulting positions vary greatly. For high-caliber international firms such as McKinsey & Company, fresh graduates can expect to make around $80,000 to $95,000 after the signing bonus, profit-sharing, base and performance bonus.
Risk managers specialize in minimizing losses by providing a full assessment of possible pitfalls, risks, and threats. This may include a company’s reputation, investments, customers, and interests. Risk managers specialize in various departments of a business such as operations, credit, marketing, or enterprise. Individuals who choose this career path should establish their specialization as soon as possible in order to gain relevant experience in the industry.
Contrary to popular belief, risk managers do not usually work beyond the typical 8-hour day shift and companies are not known to hire fresh graduates for risk manager positions. Because of this, individuals would need to work their way up the ranks as an analyst, researcher or associate. Due to the exclusive nature of the position, risk managers make well over $100,000 after bonuses.
Individuals with a management and business degree may consider a career as an investment banker. Professionals in the industry render advice related to mergers, lending, acquisitions, expansion, profitability and debt.
Investment bankers are known to work in teams. Travel is moderate and is less frequent compared to a management consultant. Entry points for investment bankers include analysts, financial associates, account managers and treasurers. Compensation for such positions varies, depending on the role in the firm or company. Associates can expect to make roughly $70,000 to $90,000, while senior associates can bring in $250,000 to $500,000 annually.
Individuals who are interested in matching their personal hobbies and interests with a management degree can do so with ease. Examples of such a career include facility managers, PR executives, agents, and talent recruiters. All professional sports require some form of player management service to ensure that the technical aspects of contractual agreements are kept in order. Salaries for sports management positions range from $60,000 to $100,000 for agents and sports marketing managers.
A background in management can be the foundation for a rewarding career. People who are serious about their chosen career may want to consider acquiring an MBA due to the highly competitive nature and limited availability of managerial positions.