Business School Graduates: How Much is a Masters in Management Salary?
Many working professionals and new college graduates could benefit from a Master’s in Management – they just don’t know it yet. Unlike the MBA (which is designed for students who have an undergraduate degree in business and several years of work experience), the Master’s in Management is perfect for just about anyone – even those who don’t think of themselves as businesspeople. You can get an MS in Management as:
- A new graduate with no work experience
- A working adult in a non-business field
- A non-business professional moving into management
- Professionals transitioning to independent entrepreneurship
An MBA may not work for any of these people, but Master’s in Management jobs are plentiful. In fact, a Master’s in Management can help prepare you for managerial positions in just about any field (and with an online MIM program, you can keep working while getting your degree). So is Master’s in Management worth it? If you want to manage people and projects, it sure is.
Master of Science in Management Jobs
The best part of a management degree program is that it provides all of the knowledge and understanding of management that an MBA would, without the emphasis on finance and economics. It’s strictly leadership.
That means everything you learn in a Master’s in Management – business analytics, marketing, consulting, communication – will be directly applicable in pretty much any leadership setting, from education to healthcare to construction.
On average, the length of the master’s in Management program is eighteen months. However, it can be as short as one year or as long as two or three years, depending on whether you take an accelerated, full-time, or part-time program.
So what are some master’s in management jobs? Virtually anything in management – operations manager, production supervisor, project management coordinator, business analytics, human resources manager, director of public relations, advertising/marketing director, or training and development manager.
With a master’s in management, you can take what you already know (education and experience in your field) and add the skills necessary to move into management and administration. Master of science in management jobs are the next step in your career path – not a complete shift.
Master’s vs MBA Salary
It’s become conventional wisdom to think an MBA is where the money’s at, but it’s not the degree that matters – it’s the job you get with the degree. With that in mind, it’s obvious that MIM vs MBA salary are virtually the same.
Any job you could get with an MBA, you can get with a Master’s in Management. Professionals with a master’s degree increase their salary potential significantly, not because they have a degree, but because their degree qualifies them for high-paying master’s in management jobs.
The biggest advantage the master’s in management has over the MBA, in fact, is that the MBA traps you in corporate or financial sector, while the Master of Science (MIM programs) brings you to the managerial level in any sector.
According to the BLS, managerial average salaries are high across the board:
- Architectural and Engineering Managers: $137,720
- Construction Managers: $91,370
- Human Resources Managers: $110,120
- Medical and Health Services Managers: $98,350
- Sales Managers: $121,060
- Business Analytics: $149,900
- Training and Development Managers: $108,250
Of course, master’s in management average salary varies for each applicant, and is determined by how much experience the graduate has acquired between going to school and on the job experience.
So is Master’s in Management worth it? Yes, and its huge flexibility is exactly what makes it worth it. No matter which field a graduate student ventures into, the Master’s in the management degree program will provide the means to become a great leader and demonstrate strong communication skills in the workplace.
What are the Advantages of a Masters in Management?
There are many advantages to a Masters of Management program and degree including:
Accessible: A Masters in Management program is open to individuals who do not yet hold an academic degree in business or extensive job experience.
Affordable: It is significantly cheaper than its MBA counterpart, which may allow more people to receive a higher degree.
Short Duration: An MiM can last between 1-2 years, which is typically shorter than the average MBA program. There are also MiM programs that can be completed in less than a year, as they are quick-paced and intensive.
Global Recognition: Masters in Management programs have upstanding reputations, especially in European countries. Since this is the case, MiM degrees are recognized worldwide and recent graduates have the opportunity to take on internships and employment abroad easily. Current and prospective MiM students have the unique chance to be at the forefront of this relatively new but increasingly popular program in the United States.
Diverse Skill Set: Along with generalized knowledge and practical business abilities, students will gain leadership qualities and interpersonal skills that can be applied in a large number of jobs. It also allows the student to understand where their expertise lies and be able to choose a career path that suits their strengths.
Networking: A large portion of any business degree includes the connections and networks that a student can create that will benefit them throughout their career.
Language: Many Masters in Management programs offer the opportunity to take courses outside the breadth of the business management discipline, such as languages. In effect, graduates will be able to communicate in greater ways and manage people to a broader extent. Further, they may be able to take on internships and find job prospects abroad.
Job Prospects and Salary Increase: A MiM degree provides graduates with knowledge, skills, and qualities that are incredibly valuable for moving forward in a business world. Along with the distinguished title, graduates open many doors with regards to job titles and the ability to move up in job rank quickly. As such, management salary is considerably high, with recent statistics stating they will continue to grow.
What are Masters in Management job prospects or career opportunities?
A graduate from a MiM program has a diverse set of skills that can be applied in a wide range of fields including consulting, business development, finance, human relations, management, and marketing.
It also provides a substantial base for any individual looking to start their own business or engage in entrepreneurial projects. Common jobs or career paths that are taken after receiving a MiM degree include:
- Management: Business Development Manager, General Operations Manager, Human Relations Manager, Operations Manager, Project Manager, Sales Manager, Training and Development Manager
- Direction: Advertising and Marketing Director,Production Supervisor, Public Relations Director,
- Consulting: Finance Consultant, Human Relations Consultant, Management Consultant, Operations Consultant
Do Masters in Management have a high rate of employment?
A Masters in Management degree is well-received by businesses and companies, especially in the modern job market and on a worldwide level. It allows individuals to take on greater responsibility, since their knowledge extends outside of a traditional specialization.
Further, management positions are increasing in number both in the USA and worldwide which means demand for those with business and management degrees will expand greatly. In fact, as the Bureau of Labor Statistics reports, management jobs are expected to see a growth of 9% before 2030, resulting in nearly a million new job prospects in the United States.
What Is the Expected Management salary?
In general, individuals who hold a graduate degree will receive a higher base salary than those who only hold a high school diploma and a postgraduate degree.
The Bureau of Labor Statistics states that those who have a Masters education level will typically earn wages that are 90% higher than those with a Bachelors education level. As a Masters degree offers such a significant advantage over a Bachelor’s degree, the investment and time over the course of two years or less is well worth it in the long term.
In terms of real numbers, in 2020, the average annual salary for management positions was $109, 760 USD with most positions having an entry-level education of a Bachelor’s degree. Naturally, a management salary is expected to be on par or around this wage.
Naturally, there is significant earning potential as graduates accumulate work experience and an increased number of valuable skills.
Of course, the annual salary will differ depending on the role and field that the MiM graduate intends to work in. In recent years, the highest-earning managerial positions include Advertising, Promotion, and Marketing Manager,
Architectural and Engineering Manager, and Computer and Information Systems Manager reporting median salaries of more than $140,000 USD. Since these are more specialized types of management positions, a management salary may be bolstered with additional extracurricular courses or further job experiences.
Is a Masters in Management worth it?
Ultimately, a Masters in Management is worth the investment and time as there are significant advantages in regards to career opportunities and potential management salary. As a MiM can provide a substantial foundation for any individual without an extensive academic background in business or job experience, it is an ideal program for young people, entrepreneurial spirits, and individuals looking to enter the management world with versatile options and flexible career paths.
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