Career Definition for Nonprofit Managers
Nonprofits are organizations that have met criteria set by Congress and the Internal Revenue Service (IRS) to qualify for tax-exempt status; they are usually dedicated to a specific purpose. The professional duties of managers who are employed by nonprofits are similar to those who work in the private sector. Activities can vary based on the size, needs, and mission of the organization and can include business, financial, and personnel management, interaction with a board of directors, fundraising, and supervision of volunteers.
|Education||Bachelor's in relevant field of study|
|Job Duties||Manage finances and personnel, fundraise, supervise volunteers|
|Median Salary (2015)*||$63,530 (all social and community service managers)|
|Job Growth (2014-2024)*||10% (all social and community service managers)|
Source: *U.S. Bureau of Labor Statistics
Nonprofit managers usually hold at a bachelor's degree in a relevant field of study, which can help them acquire the skills they need to accomplish critical and complex tasks. Although not ideal, experience working or volunteering within the nonprofit sector can be an asset to those without academic training in the field. According to a recent study by Seton Hall University, there are over 292 academic institutions nationwide that offer courses on or related to nonprofit management (www.shu.edu). Relevant coursework may include topics in business, program management, public administration, or social work.
The federal criteria for nonprofit status eligibility are very specific and must be adhered to closely if an organization wishes to maintain its tax-exempt status. For this reason, nonprofit managers need to understand how to adhere to the criteria while still operating an effective organization. Analytical and critical thinking skills, as well as the ability to multitask and interact well with others, are key. Routine activities also include the ability to oversee employees and volunteers, manage payroll and budgets, use computers, and manage the day-to-day operation of an office.
Career and Salary Outlook
According to the U.S. Bureau of Labor Statistics (BLS), social and community service managers (who can work in nonprofit organizations) earned median annual wages of $63,530 in May 2015. These workers have a projected employment growth of 10% nationwide from 2014 through 2024, which is faster than average in comparison to all other occupations (www.bls.gov).
Alternate Career Options
Similar career options in this field include:
Financial managers who work for banks, the government, insurance companies, or other professional entities oversee the fiscal health of a company or an organization. Professional activities can include developing long-term strategic objectives, organizing financial reports, and guiding investment initiatives. In general, completion of a bachelor's degree program in a relevant field of study and approximately five or more years of experience in accounting, financial analysis, securities sales, or another related industry are required to secure a position. A Master of Business Administration (MBA) or an advanced degree in economics or finance may be preferred.
The BLS reports that employment opportunities for financial managers are expected to increase by 7% nationwide from 2014 to 2024, or as fast as average when compared to all other occupations. In May 2015, financial managers were paid median yearly salaries of $117,990 (www.bls.gov).
Top executives typically include those who are employed as chief executive, financial, information, or operating officers. They are primarily responsible for developing policies and strategic initiatives that can help a company or an organization achieve its objectives. Top executives may also oversee corporate operational activities. Educational requirements typically include an undergraduate or graduate degree in business or public administration, law, or even liberal studies.
According to the BLS, a 6%, or fast-as-average, growth in jobs nationwide is projected for top executives in general from 2014 through 2024. Wages for top executives vary depending on exact position, but chief executives earned a median annual salary of $175,110 in May 2015 (www.bls.gov).