Graduates of a business management master's degree program can plan to move into a few different fields, including financial management and management analysis. Both careers are expected to experience growth in employment opportunities through 2024.
Graduates with a master's degree in business management can choose among many jobs on the financial management career path, including controller, cash manager, branch manager, and treasurer. Degree-holders may also qualify for non-supervisory positions as management analysts. Undergraduate majors that can prepare students to pursue a master's degree in business management include finance, accounting, business administration and management. Business management careers requiring a master's degree typically have high salaries.
|Career Titles||Financial Managers||Management Analysts|
|Education Requirements||Bachelor's degree at minimum; some employers prefer candidates who have a master's degree||Bachelor's degree at minimum; some employers prefer candidates who have an MBA degree|
|Projected Job Growth (2018-2028)*||16%||14%|
|Mean Annual Salary (May 2018)*||$127,990||$83,610|
Source: *United States Bureau of Labor Statistics
Graduates holding a master's degree in business management have education in accounting, finance, employee management, marketing, and communications. The degree prepares individuals for jobs as managers of all sorts but may also qualify them for other business-related jobs under the umbrella title of financial manager, or in non-managerial careers as a management analyst.
The specific job duties of a financial manager depends on which job title he or she holds. These professionals deal with the financial aspects of meeting their companies' long term goals. Job titles include:
- Credit manager
- Cash manager
- Risk & insurance manager
- International banking manager
- Finance officer
- Branch manager
Branch managers work at financial institutions such as banks and oversee the goings-on of their particular branch. Risk managers use techniques such as hedging to protect companies from the volatility of the commodities market and price changes. Many of these jobs require only a bachelor's degree at entry level, but the highest-paying and best jobs often go to more qualified master's degree holders.
According to the U.S. Bureau of Labor Statistics (BLS), the average annual wages of financial managers were $127,990 in May of 2018.
The BLS also predicted that job growth would move at an average rate of 16% from 2018-2028 and that there would be much competition for these jobs. The best job opportunities were expected to be available to those with master's degrees or additional financial certifications (www.bls.gov).
Management analysts use their knowledge to help employers identify ways in which they might be wasting resources or money. Their overall job is to make sure that businesses are running as efficiently as possible given their situations and resources.
The BLS reported mean annual wages of $83,610 for management analysts as of May 2018. PayScale.com reported in September 2019 that most financial analysts (who are similar to management analysts) with an MBA earned from $45,000 to $81,000 at that time.
At 14%, job growth was expected to increase at a much faster than average rate from 2018-2028. In spite of this, high job competition was still expected for management analysts as high potential earnings and independence associated with the job draws applicants. The BLS stated that the best jobs are expected to go to those who hold a graduate degree and have specialized expertise (www.bls.gov).
Financial managers and management analysts can look forward to average to much faster than average job growth. They can also expect to earn a mean average of $127,990 and $83,610 per year, respectively.