As you continue on the journey of your career as a seasoned business professional you may be thinking about the ways in which you can progress into higher-level management roles in order to increase your competitiveness to employers and also position you for higher starting salaries.
Aston University’s online Masters in Business Management program in Canada can help you get there by equipping you with essential business management principles in order to refine your abilities and skills to become an effective leader. The versatility of the program is designed to prepare professionals to excel within senior executive roles. With this in-demand degree, you will not only be in a position for a greater salary advantage, but your business management skills will be highly valued and sought. After all, research frequently indicates that BAM graduates continually earn higher salary premiums compared to bachelor’s degree graduates.
In this blog, we will be exploring the average salaries for those pursuing careers in business and management and the earning potential that comes with acquiring such educational experience through postgraduate studies. Read on to find out how a business and management degree can help upgrade your career.
What is a Business and Management Degree?
An online MSc in Business and Management degree prepares you for a career in a management position in any organization by teaching you the fundamentals on how to successfully run and conduct business. The broad scope of practice includes a variety of subject areas including project management, finance, business law, human resources, marketing, and communications. Anything and everything that directly affects the administration of the overall performance of the business and its day to day operations is covered through this discipline. Tasks could include negotiating contracts, developing corporate strategy, reviewing financial reports or interviewing people. Understanding the inner workings of business operations and associated responsibilities that come along with it can vary immensely but ultimately a career in the field requires excellent management and interpersonal skills to effectively lead teams to successful outcomes. The versatility of this degree can be applicable across a variety of industries, making it an enticing route for students.
How much do business management majors make?
There are several career paths to explore and consider with a masters in business and management. Typically, the average business management degree salary for a professional who holds an online MSc is C$118K. The salary level is largely dependent on a variety of factors including your years of work experience and the type of career you choose as each occupation varies in scope. As an example, according to Statistics Canada, the average yearly salary for a general management occupation is C$91,000K whereas the average yearly salary for a senior level management occupation is C$120,000K. By getting an MSc you will have the opportunity to increase your earning potential and eligibility to be promoted to these senior-level positions.
To help you gain a clearer understanding of what you can expect, below are common career avenues for students who earn a business and management degree with related roles and average salary levels.
A financial manager deals with the financial accountability and administration of the business. They advise, support and ensure financial resources are being accurately utilized and distributed in meeting the company’s financial objectives. As a pivotal team member, the financial manager would be in charge of financial reporting and forecasts, budgeting, investment activities and help make lucrative decisions. The average salary of a finance manager is C$77,959.
Typical examples of types of financial managers are Financial Controllers who earn an average salary of C$79,413, Credit Managers who earn an average salary of C$80,000K or Treasurers/Finance Officers who earn an average salary of C$99,248. With most positions preferring candidates with masters level education in management and experience within a business environment.
Human Resource Managers
Another career option for business and management graduates is human resource management. Human resource managers oversee employee relations within the company by handling employee-related services, regulatory compliance, work productivity, interviewing and hiring new employees. Among other things, the human resource manager is responsible for administering the HR department by ensuring resources and programs are being accurately realized. Tasks could include maintaining company policies and procedures, implementing benefits programs and/or recommending new approaches to recruitment strategies to name a few.
The average salary for a human resource manager is C$69,465. Many employers prefer human resource managers to possess higher-level education in a business or human resource management capacity.
Marketing and Sales Directors
Marketing and Sales Directors are largely responsible for supervising teams responsible for business development activities. This can include implementing strategy and sales plans by guiding and assisting team members to achieve operational targets, developing action plans, forecasting, analyzing trends and results among other things. This role requires significant management skills and a high degree of knowledge in business and sales planning. The average salary for a Marketing and Sales Director is C$96,490 with most management positions given to those with higher educational qualifications and experience.
Another component to think about when determining average business management degree salary levels is the size of the company. Generally larger organizations may pay higher due to their sheer size, resources and the level of responsibility bestowed upon you. Having said this, unlike many fixed careers an online MSc in Business and Management provides the transfer into a wide array of careers in business. Graduates will discover a variety of career options in abundant fields, experience higher salaries and most of all be innovative and business-savvy managers/leaders.
Looking for more information?
To learn more about our Online Business & Management program, start by registering your interest by completing the form on this page.