One of the most appealing aspects of earning a master’s degree is an improved paycheck and it’s natural to wonder what a master’s in business management salary looks like. Statistically speaking, a master’s degree will increase your bachelor’s degree salary by about 20% to an annual median income of $77,844.1 If you get your master’s in an in-demand field like business or tech, your paycheck will likely be even higher.
Read on to learn what a Master’s in Management (MiM) degree can do for your career prospects and salary.
Master’s in Business Management Salary and Career Opportunities by Role
The MiM hones in on the human element of business, giving graduates in-depth lessons on leadership and management. This degree can be applied to a wide range of industries and positions. While an MBA graduate is more likely to work in the private sector and business environments, an MiM graduate can work in IT, nonprofits, construction, architecture, change management, high fashion and more. Each of these industries comes with a different salary range so it’s worthwhile to explore Master’s in Business Management salary estimates by role.
If rising through the ranks of the business world is what you’d like to do with your Master’s in Management degree, there are lucrative roles that are open to those with the required qualifications and skills.
Director of Human Resources
The HR director role looks different in today’s modern, quickly changing organizations. A few decades ago, HR functions were often provided by accounting and the role was more focused on administrative tasks like payroll, administering benefits, tracking personal days off and sick leave.
Currently, a more comprehensive approach to HR management is needed. Administrative tasks are still completed by HR, but these directors are also responsible for hiring, training and retaining employees. Additionally, they are expected to lead the charge when it comes to defining and implementing a healthy company culture.2
Companies that are more likely to succeed in the modern era of business and adaptable, resilient, quick to pivot and focused on a customer-centered experience. HR directors should also have these qualities in order to thrive and obtain their roles’ Master’s in Business Management salary benefits.
HR directors earn an average annual salary of $121,220 and are often eligible for cash bonuses.3 When asked what they do to earn their salary, the answer is “a lot”. On a day-to-day basis, a human resource director plans, leads, guides, creates and oversees the policies activities, initiatives, policies and staffing of the human resources (HR) department. They ensure that everyone in the business is in compliance with legal policies, carry out the organization’s mission and procure new talent for the business.
This role bears a high level of responsibility for shaping a company and keeping the employee morale up. For those ready to provide a positive influence in a corporate setting, this could definitely be the right fit.
Director of Operations
Master’s in Business Management salary averages are also unique in the field of operations. Operations are the heart of any business. If you’ve ever wondered how a company runs smoothly, odds are a highly competent director of operations (DoO) is at the helm. With skills that are applicable in industries ranging from manufacturing to politics and hospitality to healthcare, these directors handle negotiations, budgets and purchases. They specialize in creating long-term operational strategies, often working in tandem with senior leadership to ensure that they meet company objectives.4
With an average annual salary of $103,650, their duties span beyond operations.5 The list of responsibilities they carry out combines operations with tactical tasks and strategic aspects of the business. These directors work closely with the CEO to create sustainable success and an efficient business model. Their job is to develop long-term strategies for where the company currently is, where it’s going, who will work there and how to make everything fall into place.
The key to success in this role is strong knowledge about the business, recognizing key stakeholders and their needs, understanding its process and determining if it needs to be fixed. The role also requires you to keep an open and curious mind, to gain an understanding of everything from employee relations to delivery of the product to the customer and to not be afraid to get into the trenches with your team.6
Account directors manage relationships with clients while guiding account managers and other subordinate personnel. Their main job is to ensure that projects meet their clients’ expectations and are delivered on time and within budget. To do this, they need to be able to build and maintain relationships with customers and be stellar planners, leaders and coordinators. With all of these skills, they can effectively assist the managers below them and advise the executives above them.7
Account directors supervise every aspect of their team through mediation and negotiation. They also create strategies to grow their clientele and ensure that their team provides quality yet cost-effective services. These managers need to be able to pitch concepts and summarize results in client meetings, create account strategies, lead projects from conception to final execution, work with several teams to develop materials, coordinate events and support direction.
To earn an account director’s annual average salary of $115,000, you’ll need more than just solid people and presentation skills.8 Some experience in the advertising and PR worlds and some familiarity managing multiple teams and projects will help you earn this role.
Management consultants are problem solvers at their cores. They are hired to solve issues for some of the more complex business and organization structures in modern business. Management consultants usually focus on helping organizational leadership improve overall performance and operations.
They often work complex issues with executives in the C-Suite. With such a high-level clientele, these professionals make an average annual salary of about $126,399.9 Some consultants may focus on specific industries like advertising, health care, big law or tech, while others choose to keep a broad range of businesses to help as many clients as possible.
Consultants need to bring a buffet of solutions to the table for any given client. This means most of them only work with a few clients at a time, or even just a single client, allowing them to truly focus on the problems and tasks at hand. These professionals usually travel to the client’s site so that they can get to know the business, interview employees and collect data.
Management consultants need to be able to analyze data, create a story out of it, and then give a recommendation to the client. People skills are necessary at every step of this process. A large chunk of the process involves getting to know employees, taking the time to listen, understanding all aspects of the situation the business is in, and then breaking down your recommendation so that the decision-makers can easily come to a consensus that moves their business forward.
Moving Your Career Forward
Are you ready to build the skills needed to succeed across multiple industries in business? Marquette University’s online Master in Management (MiM) program will introduce you to cutting-edge management strategies and practices, focusing your training on the human element of business and corporate responsibility. Not sure if the MiM is for you? Check out the job prospects and salaries for an MBA degree to see if our online MBA is a better fit. Apply today and join the next generation of business leaders.
- Retrieved on February 22, 2022, from glassdoor.com/Salaries/executive-director-salary-SRCH_KO0,18.html
- Retrieved on February 22, 2022, from thebalancecareers.com/what-does-a-human-resources-manager-do-1918551
- Retrieved on February 22, 2022, from bls.gov/ooh/management/human-resources-managers.htm
- Retrieved on February 22, 2022, from business.linkedin.com/talent-solutions/resources/talent-engagement/job-descriptions/director-of-operations
- Retrieved on February 22, 2022, from bls.gov/oes/current/oes111021.htm
- Retrieved on February 22, 2022, from forecast.app/blog/director-of-operations
- Retrieved on February 22, 2022, from indeed.com/hire/job-description/account-director
- Retrieved on February 22, 2022, from glassdoor.com/Salaries/account-director-salary-SRCH_KO0,16.htm
- Retrieved on February 22, 2022, from glassdoor.com/Salaries/us-management-consultant-salary-SRCH_IL.0,2_IN1_KO3,24.htm