Get Your Business Degree in Management
Explore Other Business Careers | Resource Center Home | Find Business Schools
The basic role of all managers is to develop and oversee the implementation of business strategies. To that end, general managers and top executives plan, organize, direct, control and coordinate the operations of an organization and its major departments or programs.
In large organizations, top managers are generally responsible for one particular department or function, such as accounting, manufacturing or sales.
Managers of small companies generally perform a much wider range of tasks — often overseeing everything from business development to human resources to purchasing supplies.
Degree Options
Undergraduates can earn a bachelor's 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.
Master's vs. MBA
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 You'll Study
Students in MBA programs with a management concentration will most likely study everything from marketing, international economics, entrepreneurship, information systems, microeconomics and finance in addition to managerial accounting, human resources management, leadership, statistics and management science.
Manager Skill Set
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.
Career Path
General managers often have experience in a particular field, such as accounting or engineering, and are promoted to general management positions as they develop and refine their skills. Particularly talented general managers can rise through the ranks of their organizations to become VPs or even CFOs or CEOs. Companies often offer training programs for promising employees.
Career Outlook
According to the US Bureau of Labor Statistics, projected employment growth of top executives varies by industry, although 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.
General Manager Salaries
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.