Earning a masters in management can lead to a much higher salary in your field of choice. With this type of degree, you can work not only in a traditional business setting, but also in a specialized niche, such as sports, healthcare, education, or finance. Is going back to school worth the time and money? Let’s look at the salary you can expect with this type of degree:
Management Salaries by Position
More than any other factor, the position you hold (your job title) affects how much money you’ll make when you graduate. Here’s a look at some of the main positions you could hold if you earn a master’s degree in management, along with the average salary you can expect with these positions (figures are reported from BLS.gov 2013):
- Human Resources Manager: $99,180
- Medical/Healthcare Manager: $84,270
- Financial Manager: $103,910
- Construction Project Manager: $83,860
- Computer and Information Systems Manager: $115,780
As you can see, regardless of your industry or the specific position, with a masters in management, you can drastically improve your salary potential. With experience in your field, you can earn much higher salaries than the figures listed above, especially if you take on an executive position, such as working as the CEO of a hospital or becoming a Fortune 500 vice president.
Factors Affecting Salary
Your job title isn’t the only thing that affect that salary you’ll receive after graduating with a masters in management. Location also plays a big role, with urban jobs typically paying more than jobs in more rural areas. In addition, your employer will determine your salary possibilities. Larger companies will typically pay more, though it takes longer to climb the ladder to one of the top positions in the company. If your employer is more successful in your given industry, this will also translate to a higher salary for you.
The jobs you’ll be qualified to do with a masters in management also typically come attached to some of the best benefits packages available. Perks could include things like paid healthcare and dental coverage, paid vacation days, end-of-the-year bonuses, stock options, retirement plans, paid travel expenses, free day care, company discounts, tuition reimbursement, continuing education, and more. Take the benefits package into consideration when comparing available positions.