What is management?
The dictionary meaning of management defines the word as the ability of managing which includes direction, handling, and control. Management is not only required to run a successful business, but also required for the smooth functioning of daily life.
In the professional world, management is defined as a collective of principles that help achieve planning, directing, controlling and organizing to achieve organizational goals.
The ongoing debate of whether management is an art, or a science has been going on since time immemorial.
Why is management considered as an art?
Just like art puts to test the creative ability of a person and cannot be taught, management is also based on a person’s application of theoretical knowledge and varies from person to person.
What are the features that make management an art?
There are certain features of art that are applicable to management, comparing management to art quite often.
- Application based on theoretical knowledge
Just like an artist cannot be taught to imagine a landscape to paint, or a poet cannot be guided to conceptualize the theme of poetry, managers cannot be taught to excel at work. But what is common in all these above examples is that an artist can be taught the basic of painting, a poet can learn about the different rhyme patterns and use of words used in poetry and a manager can learn the basic principles on which the entire foundation of management is laid upon. The same basics can be implemented in different ways depending on the interpretation of the person, which is explicably personal.
- Perseverance and practice
A painter cannot paint his/her masterpiece at the first attempt. It takes perseverance and years of practice to create a masterpiece for which the artist will be remembered all his life and even after that. Just like we remember Leonardo da Vinci for his magnificent Mona Lisa.
Similarly, a manager cannot be successful at the first go. For a person to be a successful manager, the person needs to work in a managerial position to practice the implementation of the theoretical principles before he/she becomes successful.
Getting a management degree is a fresh start to an otherwise stagnant career. It not only open doors to numerous opportunities, but also makes sure that the financial reward of the job is also worth praising.
What are the different kinds of management degree to opt for?
The craze about getting a MBA degree has been always there, however, it is not the only requirement to bag a great job. Pursuing management courses in the undergraduate courses can also help you land up with your dream job.
The different management degrees available at the undergraduate and postgraduate levels cover courses like human resources, financial management, hotel management, hospital management, public relations and fundraising management and computer and information system management.
How much money can people earn with a management degree?
Being a manager is not easy, as every employee looks up to managers for troubleshooting all their problems. Regardless, the pay is worth the work too. A top-notch firm offers a minimum of $100,000 annually to their managers. The range varies depending on the industry that a person works in, but it is never below the $100,000 mark.
Across the United States of America, managers are paid according to their field of specialization. While a human resources manager earns somewhat around $110,000 annually, the salary of financial managers can shoot up to @125,000.
A study conducted by the Bureau of Labor Statistics states that the demand for managerial jobs will increase by a significant 12 percent by 2026.
What are the career possibilities with a management degree?
A management degree opens numerous doors of opportunities to take up as a career for an individual.
- Production Manager
If you are an individual with a background in manufacturing, getting a degree in management will push your career through the roofs. Getting the MBA degree will qualify you for the position of a production manager and the average salary for this position is more than $68,000 in the United States and approximately £35,000 in the United Kingdom. The job description varies depending on the size of the company and the nature of the production system. But a production manager is responsible for dealing with both material and human resources and allocating timeframe and budget for getting the work done in time. Mostly, production managers are hired in the fields of processing and food manufacturing.
- Management Consultant
The most common career path followed by all and sundry getting an advanced degree in management is that of a management consultant. The average salary ranges from $85,000 in the United States to £47,000 in the United Kingdom. The role of a management consultant is to guide businesses and individuals to make their business flourish. In doing so, they must collect data, research and analyze and develop strategies that can be implemented to increase the profit of the business and improve the efficiency of all the employees.
- Social Media Manager
With the popularity of off-beat career options soaring high, the opportunities for a social media manager is huge at present. A social media manager is responsible for designing strategies and campaigns to promote content or service on the social media which includes blogging, outsourcing and developing videos and managing social media platforms. This upcoming trend in the business management world offers an average salary of $49,000 in the United States and £26,000 in the United Kingdom.
- Risk Manager
Risk managers are responsible for advising organizations on the potential risks to their profitability, reputation, security, safety and even existence. After assessing threats, risk managers implement plans and methodologies to ensure their client is prepared when something goes wrong. This is an extremely analytical role in which one will need to be aware of the company’s goals, costs, environmental factors and legal requirements.
Although a specialized postgraduate degree in risk management isn’t necessary, but it ensures an average salary of $84,000 in the United States and £50,000 in the United Kingdom.
What are the best colleges in the United States to pursue a management degree?
One of the most prime universities, located in Philadelphia, this Ivy league institution is renowned for its management degree course. The university offers a bachelor’s degree focusing on four key aspects of management – multinational management, strategic management, entrepreneurship and innovation, and organizational effectiveness. The coursework involved also promises interdisciplinary study and acquaints students with mergers and acquisitions, innovation finance, social entrepreneurship, and managing anti-globalization and globalization.
The most sought-after university for the study of STEM courses is Massachusetts Institute of Technology. However, this private institution offers the unique 15-1 management course. This is a flexible course that allows a student to either specialize in one concentration or work towards an interdisciplinary degree. The specialization can be done on the following courses –
- Optimization of methods in business analytics.
- Management of services: concepts, design and delivery.
- Management control and accounting.
- Strategic organizational planning and design.
MIT is known for the excellent academic and industrial exposure it gives to its students.
It is one of the most famous institutions of New York and ranked twelfth in the world for its Stern School of Business. The bachelor’s degree in NYU has a global approach and offers specialization in human resources management, marketing/advertising, organizational management and international business and global management. This course is also suitable for working professionals as the course is conducted at NYU’s school of Professional Studies and allows students to take up part-time course.
Located in the heart of Boston, this university enrolls almost thirty-three thousand students every year. They offer the management course in two formats – evening classes or a combined evening and weekend format which is meant to fast-track the course. The course focuses on fields like
- International business management.
- Business in a changing society.
- Web design, electronic commerce and systems.
- Project management.
The Metropolitan College affiliated by the Boston University offers this course and this course can be completed within two years.
Also known as UT Austin, this university is often tagged as a “Public Ivy” in the United States of America. The business program conducted in this university is tagged to be the seventh best in the nation and provides students with multiple options. While a general management degree has been there since time immemorial, they offer three other major degree courses too. These include management in information technology, supply chain management, and science and technology management. All the four courses have key features that overlap. To name a few –
- Project management
- Operations management
- Logistics and innovative management
- Business systems development
Their course is structured in such a manner that it also enables a student to get acquainted with consulting and change management during their undergraduate degree course itself. The university also prepares their students for the real world that lies ahead of them after college by placing them in an internship for their last fall semester.
With the ever-increasing population, the opportunities are dwindling day by day. A mere graduation or post-graduation will never help a person land in their dream job. Even if it does, the growth will be stopped once a plateau is reached. To make sure to have an expanding career and make the most of it, a degree in management is crucial. Let us consider the example of a software engineer. While a graduation degree in software engineering will give the student an amazing job opportunity for starters level, he/she will always be stuck as a code developer or programmer. To have his/her own team or take up new challenging roles and get the desired promotion at work, an engineer is also recommended to take up a degree in management.
Management is so crucial in today’s work culture that most universities offer a dedicated course in management for professionals through their program of school of professional studies. These courses offer diploma in management. Many companies also have tie-ups with different institutions all over the world to help their employees get enrolled for a degree in management without having to clear a competitive entrance examination. To become a manager in any field of professional work, one of the basic criteria to be met is having a degree in management.
What is the future of management degree?
The QS TopMBA.com Jobs & Salary Trends Report 2012 – 2013 revealed that demand for a degree in management is continuing to grow rapidly in Asia (especially China and India) as more employers are accepting the MBA degree in consulting and professional services, manufacturing, IT/computer services and micro-finance. In fact, India was ahead of USA in terms of the volume of reported MBA jobs for fresh graduates in 2012.
This along with the report from the Bureau of Labor Statistics confirms that the demand for management jobs will keep increasing and reach a height of increase by twelve percent by 2026. This ensures that a degree in management will not go to waste and more job opportunities will be presented in the years to come.
It also specifies that people previously opted for a management degree as a specialization after completing graduation, however, in the future, an undergraduate degree in management will have the same yield as a master’s degree in management. The increasing demand has also ensured that the top universities over the world have now started their own degree programs in management – as a regular course or a diploma or a part of professional studies so that more individuals can take up the course to secure their professional future.
Julia B. Austin is a distinguished name in the world of business, and Senior Lecturer of Business Administration. Graduate of Boston University’s School of Business where she received her Master of Science degree in Management Information Systems, Julia pursues her career in one of the best multinational companies of the world. After gathering an experience of over years, Julia now focuses on guiding aspiring students to pursue management studies and excel in their lives too.