5. General Management
What do general managers do?
General managers and top executives plan, organize, direct, control, and coordinate the operations of an organization and its major departments or programs. Although they have a wide range of titles such as chief executive officer, president, executive vice president, owner, partner--- all formulate policies and direct the operations of businesses and corporations. The nature of high level executives'''' responsibilities depends upon the size of the organization. In large organizations, their duties are highly specialized. In smaller organizations, such as independent retail stores or small manufacturers, a partner, owner, or general manager is often also responsible for purchasing, hiring, training, quality control, and day-to-day supervisory duties.
What degree options are available in general managment?
Undergraduates can earn a bachelor¹s degree in management or take courses in management as part of a business degree. MBA students can choose a concentration in management, and some schools offer master¹s degrees and PhDs in general management.
What¹s the difference between a Master of General Management and an MBA with a general management concentration?
While both an MBA with a focus on management and a Master of General Management degree will prepare you to assume managerial positions within the business world, the MBA degree will provide you with more general skills that are transferable to other areas. The master''''s in management will provide you with greater management expertise, but will provide you with fewer transferable skills. The MBA degree''''s broad curriculum also helps managers integrate the different functions within a company.
What will I study?
Students in MBA programs with a management concentration will most likely study everything from marketing, international economics, entrepreneurship, information systems, microeconomics, finance, in addition to managerial accounting, human resources management, leadership, statistics and management science.
What skills are necessary to work in the field of general management?
Managers with strong leadership qualities and the ability to improve the efficiency or competitive position of an organization are most successful. An analytical mind able to quickly assess large amounts of information and data is very important, as is the ability to consider and evaluate the interrelationships of numerous factors. General managers and top executives must also be able to communicate clearly and persuasively. Other qualities critical for managerial success include leadership, self-confidence, motivation, decisiveness, flexibility, sound business judgment, and determination.
What is a typical career path for an General Management-MBA graduate?
General managers often have experience in a particular field, such as accounting or engineering and are promoted to general management positions as their skills progress. Many general manager and top executive positions are filled by promoting experienced, lower level managers when an opening occurs, and many are promoted from within the organization. Advancement may be accelerated by participating in company training programs that focus on company policy and operations.
General managers may advance to top executive positions, such as executive vice president, in their own firm or they may take a corresponding position in another firm. They may even advance to peak corporate positions such as chief operating officer or chief executive officer. Chief executive officers often become members of the board of directors of one or more firms, typically as a director of their own firm and often as chair of its board of directors. Some top executives establish their own firms or become independent consultants.
What''''s the overall career outlook for general management?
According to the US Bureau of Labor Statistics, projected employment growth of top executives varies by industry, however, keen competition is expected for top executive positions because the prestige and high pay attract a large number of qualified applicants. Many openings occur each year as executives transfer to other positions, start their own businesses, or retire. Salaries vary substantially by type and level of responsibilities and by industry. According to a salary survey done by Executive Compensation Reports, a division of Harcourt Brace & Company, the median salary for CEOs of public companies from the fiscal year 1998 Fortune 500 list was approximately $800,000. Three quarters of CEOs in the nonprofit sector made under $100,000 in 1998, according to a survey by Abbott, Langer, & Associates.
6. Human Resource Management
What do employees in human resource management do?
Human Resource managers play critical roles not only in the selection, training, and evaluation of employees, but also in the establishment of organizational structures (for example, through the development of managerial hierarchies). They may develop compensation packages or handle questions about workforce laws and regulations.
HR managers can manage employees in private and public sectors. They can also work within a company or as private contractors to advise corporations on anticipated organizational change.
What degree options are available in this area?
Undergraduates can earn a Bachelor’s in HR Management. Graduate students can earn a Master’s Degree in HR Management or an MBA with a concentration in HR Management
What is the difference between a Master’s Degree in HR Management and an MBA with a concentration in HR Management?
The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on human resource management. In contrast, an MBA program will permit you to develop a general set of management skills in other areas while you learn about human resource practices. There are advantages to each: a master’s program will enable you to delve into human resource issues in greater depth; an MBA program will allow you to spend your first year developing a set of skills that can be transferred to other areas.
While both a master’s degree and an MBA concentration will prepare you to hold management positions, master’s programs are designed to help you become a leader in human resources. In contrast, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What subjects will I study?
MBA programs in human resource management focus on the skills that are required to be effective organizational managers. Traditionally, students learned about managing human resources; now, however, emphasis is also placed upon organizational behavior and information systems management.
As an HR MBA, you might study human resource development, the legal aspects of management, and strategic human resource management. You will also become familiar with the social, cultural, and economic factors that influence employee relations. Furthermore, you will learn how to assess and improve essential components of company operations, including compensation, benefits, salary negotiations and safety standards.
What skills will I need?
In addition to an overall comprehension of business administration, HR MBAs should have:
Legal knowledge: HR managers have to deal with complex aspects of company business, including layoffs, salary adjustments and labor disputes. All HR managers need to understand laws and regulations, like the Age Discrimination in Employment Act, that affect the workforce. Companies cannot risk violating these laws and rely on HR departments to keep up-to-date with any regulatory changes.
People skills: Tact is an essential HR trait: you must be able to have forthright discussions with employees about earnings, job performance, and future opportunities. If you are involved with labor or salary negotiations, you must be a strong mediator who can find common ground between diverse points of view. Understanding employee needs is crucial to your success, as is the ability to make difficult, well-planned decisions.
Communication skills: Since you may oversee the development of human resource policies, you should be a proficient speaker and writer. Clarity is fundamental in the HR field.
What careers do HR MBAs pursue?
HR MBAs have many career choices. According to the GMAC, graduates with significant business experience fill management positions in strategic operations, while most MBAs accept roles in diverse HR fields. The GMAC notes that some popular
careers include:
Recruiters: Recruiters are an essential part of a company’s human resource team. As a recruiter, you may research prospective candidate pools, conduct interviews, and evaluate potential employees.
Compensation managers: A position as a compensation manager may appeal to you if you enjoy accounting and finance. You will manage the company’s compensation plan, researching industry trends and regulations to be sure that your salaries remain competitive.
International HR managers: An international HR position enables you to work with company personnel in a multinational corporation. You may start out in a domestic position before moving to a higher level job in another country. Some international managers oversee employee relations in several branch offices worldwide, each of which has its own HR manager on site.
What kinds of firms employ HR MBAs?
It is difficult to find a company that does not have at least one human resource position. Above all, large corporations need HR managers to maintain relationships between executives and entry-level workers and to prevent fallouts during labor disputes. Smaller corporations also need individuals with advanced HR degrees to manage salary and hiring processes.
What’s the overall career outlook for this field?
HR is a highly competitive field comprised of individuals from a variety of educational and occupational backgrounds. The GMAC estimates that employment will grow in the upcoming years as the workplace becomes increasingly diverse. Employers will have to respond to new regulations or to stricter versions of existing labor, health, and safety laws, which will open up new positions for HR MBAs. The salaries vary based upon the job position and size of the company; other important factors include your previous experience and level of education.
7. International Business
What do employees in international business fields do?
International business graduates may work in domestic or international positions with private companies, governments or other organizations. As a international business major, you will be prepared to work in international finance, marketing, management, importing/exporting or sales.
Global professions are the future of business. Unlimited career opportunities await individuals who can bring international perspectives to business firms.
What degree options are available in this area?
Undergraduates can earn a Bachelor’s in International Business, but most upper-level international management positions require an MBA or Master’s Degree. MBA students can specialize in international business/management.
Find Schools with International Business Programs
What is the difference between a Master’s Degree in International Business and an MBA with a concentration in international business?
The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on issues related to international business. In contrast, an MBA program will permit you to develop a general set of management skills in addition to specific multinational knowledge. There are advantages to each: a master’s program will enable you to delve into international issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of international business, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What subjects will I study?
MBA programs in international business can be general or specialized programs, but most cover basic aspects of business administration like accounting, finance, management and marketing. The main focus is on topics like international governmental policies, international financial services, cross-cultural management, unique customs and attitudes, and other factors that affect multinational operations management.
You will study the major laws and organizations that affect global business and trade (the European Union, NAFTA, the Latin American Common Markets, etc). Students also study international strategy: a successful product in Thailand may flounder in Laos. Foreign language proficiency is generally required in order to make you an efficient communicator. Furthermore, study abroad programs are highly recommended, as are internships with multinational corporations.
What skills will I need?
In addition to an overall comprehension of business administration, international business students should have:
Cultural Sensitivity: Even well-known corporate giants have erred unintentionally when they fail to research cultural beliefs and traditions in new markets. You must be able to speak more than one language and should be well versed in the practices of the country where you work; a simple blunder, like an improper business card exchange, can offend potential clients.
Patience and flexibility: Do not expect to start work in Paris or Hong Kong. Most international business women and men begin their careers in domestic operations and advance to positions abroad after demonstrating prowess at home. When new markets open to your company, opportunities may arise in countries that you never considered. If you long to be an international executive, be willing to accept a position in Eastern Europe. Your achievements there might help you secure the job of your dreams in Latin America.
People skills: Whether you pitch products to upper-level executives or assist customers during sales, you need to know how to work with diverse groups of individuals who come from very different cultural backgrounds. Understanding the needs of clients is crucial to your success, as is the ability to perform as part of a multinational team.
Communication skills: To excel in business, you must be able to convey your ideas effectively and efficiently. You should be a proficient speaker and writer. Take time to research which languages are most important in your field. For finance careers, Asian and Latin American languages are useful. If you are interested in information systems management, consider Russian or the languages of developing nations.
Creativity: Turn your ideas into marketing tools and you will become a valued employee. Creativity is vital to multinational corporations, which must sell their products to a variety of customers. If your concept successfully redesigns a popular American product for sales in New Zealand, it may propel you into a management position.
The ability to work under pressure: The launch of a new ad campaign or product is extremely intense; unforeseen cultural issues and trade barriers can arise at the last minute. You will be at a competitive advantage if you can meet impending deadlines quickly.
What kinds of firms employ international business students?
The list is extensive, but frequent employers include banks, import/export corporations, multinational manufacturers, consulting firms, international nongovernmental organizations (NGOs), electronics companies and transportation industries like shipping and airlines.
What careers do international business students pursue?
The international business profession is expanding rapidly as an increasing number of companies conduct multinational transactions. Your specific field may be in accounting, finance, marketing, management, purchasing or production, but you will focus on global and cultural business issues. Common job titles include Import/Export Agent, Foreign Currency Investment Advisor, Foreign Sales Representative and International Management Consultant.
What’s the overall career outlook for this field?
International business is influenced by numerous socio-cultural, political and legal factors, but overall employment is expected to rise as young organizations like the European Union expand and recruit new economic partners.
Salaries depend upon the size and location of the company, as well as your own related experience, level of education and cultural skills. Entry-level earnings can range from $24,000 to $40,000, and these numbers will increase significantly if you have earned an MBA or Master’s degree.
8. Marketing
What do employees in marketing fields do?
As a marketing graduate, you will have access to a wide variety of career options. With an MBA in marketing, you''''ll be prepared to enter fields like product development, advertising, PR, retail, and sales. You''''ll be prepared not only to perform detailed analyses of customer attitudes, market trends, and profit-and-loss margins, but to develop sophisticated product development and promotional campaigns based on this information.
Students in marketing have the potential to earn high salaries. Your job may require you to travel frequently and to work extended hours, but you will be part of an exciting discipline that continues to change. A business degree and relevant experience will help you enter this highly competitive, rewarding field.
What degree options are available in this area?
Undergraduates can earn a Bachelor’s Degree in Marketing or take marketing classes as part of a business degree. MBA students can choose concentrations in marketing, and some schools offer Master’s of Science in Marketing or PhD programs.
Find Schools with Marketing Programs
What is the difference between a Master’s Degree in Marketing and an MBA with a concentration in marketing?
The basic difference between these two options is that a Master’s Degree in Marketing is a highly specialized degree that will allow you to focus almost exclusively on issues related to marketing. In contrast, an MBA program will allow you to develop a general set of management skills in addition to specific marketing knowledge. There are advantages to each: a master’s program will enable you to delve into marketing issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of marketing at some point in your career, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What subjects will I study?
In addition to your core MBA courses, you will be able to select a series of classes that lead to a marketing concentration. Initial classes usually include a course in marketing management that introduces students to the role of marketing in past and current business practices. Classes in marketing methods, advertising, research and strategy are also recommended. Other areas of emphasis might include non-profit marketing, consumer behavior, sales research and management, entrepreneurial marketing, logistics and physical distribution, or multinational management and marketing.
Bachelor’s degree students can expect to study similar topics, although the concepts will not be geared towards individuals who have previous business experience. Undergraduate students will also take courses in economics, accounting and other business areas.
What skills will I need?
In addition to familiarity with business practices and strong analytical skills, marketing employees should have:
People skills: Whether you pitch products to upper-level executives or assist customers during sales, you need to know how to work with diverse groups of individuals. Understanding the needs of clients is crucial to your success, as is the ability to perform as part of a team.
Communication skills: As a marketer, you must be able to convey your ideas effectively and efficiently. You should be a proficient speaker and writer.
Creativity: Turn your ideas into marketing tools and you will become a valued employee. Creativity is one of the best pathways to success in marketing fields; if you can create a successful concept to sell a product, it may propel you into a position with greater responsibility.
The ability to work under pressure: Launching a new ad campaign or product can be extremely intense; unforeseen issues can arise at the last minute. You will be at a competitive advantage if you can meet impending deadlines quickly.
What careers do marketing students pursue?
Marketing MBAs have many career choices. According to the GMAC, some of the most prevalent include Market Research Analyst, Product Manager, Marketing Manager, Sales/Territory Manager and PR Manager. If you have strong finance skills, you can embark on a career in strategic planning. There are also countless opportunities in other fields, including communications, advertising and public relations. Finally, consulting firms may have positions in customer service management and new market development. Some popular career options include:
PR/Advertising: The rapidly-growing sectors of PR and advertising appeal to many new marketing MBA grads. As an employee in this field, you may have the opportunity to change how a product is depicted in advertisements. You could also work to improve perception of products by supervising how they are rolled out to the public. Your job title might be Creative Writer, Director of Advertising, or Production Manager. Creativity, composure under deadlines, and people skills are crucial to a successful PR or Advertising manager.
Market Research: Market research requires strong analytical skills and familiarity with cutting edge statistics programs. Through focus groups, surveys and product tests, you will analyze consumers’ buying habits and preferences in order to make your company’s products successful. Market researchers can work as consultants or within corporations and firms.
Non-Profit: In smaller non-profit organizations, you may receive greater levels of responsibility early in your career, which enables you to gain significant marketing experience. Creativity, the ability to multitask, the desire to make a positive difference, and strong communication skills are imperative to any non-profit marketer. Flexibility is also essential: hours fluctuate to accommodate important after-hours fundraisers and public meetings. Non-profit marketing MBAs might design newsletters and pamphlets, organize events, or plan fundraisers.
Product Management: Product managers must be savvy, experienced business professionals with tactical skills. You are responsible for a product’s development and marketing, from its package to its web ads. This position carries tremendous accountability, since the product manager’s choices can influence the entire company’s progress. Senior product managers may oversee several managers in other countries as they promote the product. Experience, comfort with computer programs and strong statistical analysis skills are required, and a Master’s degree is generally compulsory.
What’s the overall career outlook for this field?
Many experienced business professionals want to become marketing managers; as a result, the field is extremely competitive. Fortunately for recent graduates, employment of marketing, public relations and advertising managers is expected to increase over upcoming years. Corporations must compete on domestic and international levels, and they need marketing managers to increase customer interest. Prospective employers will pursue consultants and workers who are familiar with interactive marketing and media skills.
A 1999 survey by the National Association of Colleges and Employers found the average starting salary of marketing majors to be approximately $31,900. Advertising majors made slightly less, averaging $26,600. Salary tends to be calculated based on a number of factors, including your education level, previous related experience, and amount of responsibility. The size of the firm and its industry type also make a difference: according to the GMAC, marketing, public relations and advertising managers in manufacturing firms tend to make more than their counterparts in other industries.
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