If you’re a natural leader, or just naturally ambitious, you may find yourself drawn to management roles. In the business world and in every other industry, good managers play an essential role in keeping projects and organizations running efficiently. The best managers motivate employees and help everyone involved in the company reach their full potential. Earning your degree in management is one way you can develop the skills to lead and showcase your skills to employers. Most management jobs are growing at faster than average rates, but the demand for managers varies widely depending on their function. Some of these occupations are seeing much faster than average growth, while opportunities in other management careers are declining. A management degree is one of many factors that can determine your suitability for a leadership role.
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Growing Management Occupations
Across all occupations, the average rate of job growth is seven percent over a decade, according to predictions from the United States Bureau of Labor Statistics (BLS). For management roles as a whole, the prediction is similar, at eight percent.
Some of the fastest-growing management careers, and those that most often appeal to business students, are in the business and finance field. For example, a much faster than average growth rate of 19 percent should result in 108,600 new jobs for financial managers. The BLS predicts a 10 percent growth rate for advertising and marketing managers, property and real estate managers and public relations and fundraising managers, but the difference in the size of these occupations means that there’s a big difference in the number of jobs that will result. Jobs for marketing managers will increase by 23,800, while property managers will see 32,600 new jobs and public relations managers only 7,700.
Other industries require skilled business managers as well. In these industries, a worker with a different background – such as science, technology, engineering and construction – might go back to school to earn a management degree.
A massive 20 percent growth rate for medical and health services managers could add 72,100 new jobs to the economy, according to the BLS. For computer and information systems managers, a 12 percent expected growth rate will mean 44,200 new jobs, the BLS reported. Construction managers should see a similar trend, with an 11 percent growth rate expected to add 44,800 new roles. If jobs for natural sciences managers increase by the expected 10 percent rate, 5,600 new opportunities will become available.
The BLS expects the total number of management jobs to increase by 807,300 over a ten-year period. While wages depend on your management function and your company, the overall median wage for management positions is in the six figures.
Education, Experience and Management Roles
Having an undergraduate or graduate education in management can help you secure a leadership role, but education is only one piece of a much larger puzzle. In fact, many management jobs don’t require a degree in management, even if they require a bachelor’s degree or a general business degree. Instead, upper-level management might pay more attention to factors such as a candidate’s amount and extent of work experience and the natural leadership abilities that shine through the applicant’s actions.
This doesn’t mean that earning a master’s degree in management is pointless by any means, but it does mean that you will have to approach the situation holistically. Be sure to find opportunities in your work to take the lead on projects. Practice being that ideal leader by motivating discouraged colleagues and bringing out the best in your team. Make sure your work performance reflects your commitment to furthering your skills. These actions will show your current organization or a prospective employer your commitment to moving forward as well as helping you get into a management degree program.
If you do decide that it’s time to go back to school, there are many management degree options to choose from. Many managers pursue a Master of Business Administration (MBA) degree with a focus on leadership or management. Master of science degrees, like the Master of Science in Management degree, tend to be more specialized than a broad MBA curriculum.
Even more specialized graduate management degree options include the Master of Engineering Management, the Master of Science in Healthcare Services Management and the Master of Information Systems Management degree.