Skilled business managers are in constant demand in multiple industries nowadays. So, it comes as no surprise that business managers with the right experience and qualifications are some of the world’s highest-paid professionals.

It is worth noting that in the current global market, there are various fields associated with management. Therefore, it is crucial that you have a complete understanding of the various careers in management to find the right job for your skills and goals.

Outlined in this article are some of the top management fields that students can take a look at while earning their management degree.

Financial management

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Financial management is vital in generating profit for the business and ensuring a higher return on investment. Through efficient financial management, businesses can make sure that there are sufficient funds available to create and execute growth while protecting their operations against market uncertainties.

Financial business managers plan, organize and manage all transactions in a business. They concentrate on sourcing the capital, whether it is from the initial investment by a public issue, venture funding, debt financing or an entrepreneur.

They are also responsible for allocating funds in an optimized way to ensure significant growth and financial stability within the organization.

So, how do you become a finance manager?

Effective financial business managers often need education that cultivates decision-making and advanced financial analysis skills, not to mention a competency in using finance software.

They also typically need to have at least five years of experience as a financial analyst, investment banker or any other finance-related positions. Other requirements on becoming a financial manager include the following:

  • Management consulting, business administration or investment banking experience
  • Excellent ability to solve problems and analyze business processes
  • Ability to evaluate information and make relevant management decisions
  • Strong understanding of the financial system and business administration

Depending on the organization you work for, your daily responsibilities may include the following:

  • Preparing financial statements, business activity reports and forecasts
  • Evaluating market trends to uncover business opportunities and maximize revenue
  • Maintaining up-to-date financial system knowledge
  • Studying financial reports and business processes to find ways to reduce costs

You may also be asked to monitor accounts and cash flow, set financial goals, review budgets and make recommendations to executives.

Financial business managers work together with chief executives and finance departments to ensure effective tracking of overall financial health.

Careers in financial management can also be incredibly rewarding. According to Salary.com, financial business managers earns an average of $124,902 annually and between the range of $100,429 to $156,612 depending on qualifications and experience.

This position also has a strong job outlook thanks to regulatory reforms and increased globalization. In fact, the Bureau of Labor Statistics reports that employment for financial managers is expected to rise by 17% from 2021 to 2031.

Managerial accounting

The importance of managerial accounting is too hard to ignore. With proper managerial accounting, businesses can effectively monitor internal costs and make educated decisions. For example, production and manufacturing companies use managerial accounting to distribute cost production to each good or service produced by the business.

So, how does this type of management work? Typically, managerial accounting presents data in a manner that assists management in policy-framing and the daily running of the organization.

Put simply, managerial accounting is decision-making accounting. When it comes to decisions related to accounting, businesses usually turn to an accounting manager.

The primary job of an accounting manager is to make sure that the financial records of an organization are accurate. They set internal guidelines and controls for preparing transactions that adhere to generally accepted principles. Accounting managers may also coordinate the budget preparation process to ensure the accuracy of financial reports.

More often than not, professionals who excel in accounting can work autonomously. They are proficient in math and are also organized, detail-oriented individuals.

Although specific job duties may vary, common responsibilities for accounting may include the following.

  • Set and track accounting systems
  • Meet financial goals
  • Achieve operational objectives
  • Track profits and expenses
  • Lead in recruitment activities

Unlike other managerial fields, accounting managers can choose a specific industry specialization. They can work in healthcare, retail or even in the forensic field depending on their knowledge base and skill set.

To become an accounting manager, you need to have the right experience and education. The minimum prerequisite for most entry-level positions is an undergraduate accounting degree.

If you are interested in pursuing a career as an accounting manager, you can enroll in an MBA online program at Kettering University Online, which will cover all the essential business skills you need to thrive in your career. An accounting manager position may also require at least five years of work-related experience.

Other accounting managers begin as employees and achieve promotions, while some apply for executive positions after meeting the needed educational requirements.

In addition to pursuing an advanced education, you can also earn professional certificates to become more qualified for managerial positions. These credentials usually ask candidates to take several exams and meet specific experience requirements. You may also need to earn extra academic credits to maintain your certification.

Through a combination of education and training, professionals can acquire the experience and tools needed to join spearhead accounting teams.

Similar to a financial manager, being an accounting manager also comes with its perks and benefits. Factors that impact the salary of an accounting manager include specialization, education, experience, industry and location. For instance, an accounting manager working in New York or Los Angeles may have higher earning potential than an accounting executive working in Wisconsin.

Nevertheless, the job outlook for accounting jobs is also strong, with the Bureau of Labor Statistics projecting it to grow by 6% from 2020 to 2030.

Marketing management

Marketing management

Marketing management is becoming more than a buzzword in business circles.

As the business industry becomes more interconnected through the internet, organizations need to determine the best opportunities to pursue to remain competitive.

For businesses to do that, they need someone with experience in developing strategies such as mass email marketing that will provide them a level footing with the larger players in their respective fields.

That someone is a marketing manager. In simplest terms, a marketing manager is responsible for leading the marketing efforts for a product, service or business.

They project market demand and lead a marketing team to develop and apply creative and unique strategies that drive customer interest through several media channels.

Marketing managers have a wide range of responsibilities. Although there are industry-specific standards, there are common tasks that all marketing managers will be responsible for. This includes the following:

  • Perform extensive market research to understand the interest of the public and identify the marketability of products and services
  • Design unique and comprehensive marketing strategies across multiple media channels such as print, billboards, television and social media
  • Create comprehensive marketing plans outlining goals and outcomes
  • Manage public relations and troubleshoot internal and external problems as they arise
  • Work with potential clients and partners to prepare advertisement and sales contracts
  • Create detailed budgets and cost estimates

Other than that, marketing managers are also responsible for training their team members on specific campaign marketing plans. They will hire new employees to join teams and select those they believe will meet intended goals for executing brand strategy. Moreover, marketing managers also collaborate with all team members and motivate them to meet goals while giving guidance and delegating tasks.

That being said, how does one become a marketing manager? Most companies require their marketing professionals to at least have a bachelor’s degree. While an undergraduate degree will suffice, a master’s will likely provide you with a significant advantage in a field as competitive as marketing.

However, not everyone currently working in marketing planned on doing so, and it’s relatively common for marketing departments to have employees with a diverse array of academic backgrounds.

Nonetheless, a master’s program will help formalize your skill set and give hiring managers the confidence to hire you. A master’s in marketing will help you prepare for a career at the forefront of a continually expanding and growing field. You will be able to address marketing issues and develop strategic visions in digital marketing as well as gain fluency in quantitative and qualitative analysis.

If that’s not exciting enough, the salary and job outlook for marketing managers are also trending upward. According to the Bureau of Labor Statistics, the median annual wage for marketing managers is $135,030.

The same data revealed that overall employment for marketing managers is expected to grow 10% from 2021 to 2031, especially with most organizations now using marketing campaigns to maintain and expand market share.

Strategic management

Changes in business environments will prompt organizations to constantly evaluate their strategies for success. Through strategic management, businesses can create a path for their operations and employees.

Dissimilar to one-and-done strategic plans, effective strategic management continuously plans, tracks and evaluates organizational activities. This ultimately results in better operational efficiency, profitability and market share.

Generally, the process of strategic management involves five phases, which are outlined below:

  •  Evaluate the organization’s existing strategic direction
  • Determine and assess internal strengths and weaknesses
  • Create actionable plans
  • Perform plans
  • Analyze to what degree action plans have been successful and make changes when desired results are not being met

For a business to accomplish all of these tasks, it will need a competent strategy manager. In general, strategy managers are risk leaders, analyzers and key planners who set strategic plans in an organization. They manage, develop and evaluate corporate strategies to not only support business growth and stability but also identify potential weaknesses and opportunities for improvement.

In most cases, strategy managers will be responsible for recommending in-depth plans and setting goals based on evaluations as well as implementing these strategies through recruiting, training, development and presentations.

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Common responsibilities of a strategy manager can also include the following:

  • Determine challenges facing departments and work to correct weaknesses
  • Evaluate the effectiveness of existing strategies
  • Recommend changes and updates to organizational policies
  • Establish strategies for mitigating risks
  • Manage new strategy implementation

If you are interested in becoming a strategy manager, the first step is seeking formal education. Most positions require at least a bachelor’s degree, although some look for even more advanced degrees.

Unlike finance or accounting, you have some flexibility in the degree you chose to pursue, but consider a program in the field of business administration, management and economics. Through your chosen program, you can develop the experience and skills you need for a future role as a strategy manager.

Regardless of the major you select, try and find courses that introduce you to concepts related to analysis, management and business strategy. These could be courses like organizational behavior analysis, dynamic team development, risk management, financial decision making, business policy and human resource management.

While not required for all positions, a master’s degree can expand your career options. The skills and knowledge you learn in a graduate program can make you a better strategy manager since courses often relate to the broader economic landscape.

You may also want to gain some initial work experience to develop your skills and begin applying strategy on a small scale. Through this process, you can assess the effectiveness of your strategies and determine the causality of some of your implemented processes. In doing so, you will gain the experience necessary to lead teams and drive results when you are ready to scale up and execute similar functions in larger organizations.

As per Indeed, a strategy manager can earn an average base salary of $113,333 annually. Of course, your earning potential might be higher than the average depending on factors such as location, educational background and industry.

What does an online management degree look like?

Now that the top management fields have been established, let’s find out what an online management degree looks like.

An online curriculum will always vary depending on your chosen academic institution. However, an online MBA typically consists of 40 credits and 10 courses. These courses are made up of seven core courses and a three-course graduate certificate on subjects related to global leadership, operations management, healthcare management and supply chain management.

Some of the courses you will take will include the following.

  • Managerial accounting

This course will tackle the use of managerial accounting data for planning and control. It will use case studies to highlight the role of accounting data in the decision-making process. You will also learn how to design and use control systems to achieve business strategies. Issues related to ethics will also be discussed.

  • Financial management

This two-part course focuses on the importance of the performance of financial management in a business. The first part of the course will discuss the theoretical valuation of stocks and bonds as well as the capital markets they are traded in. Meanwhile, the second part will focus on the use of financial leverage by businesses and capital management. Other topics of discussion will include the need for financial managers to provide both ethical and legal leadership in their operations.

  • Strategic management

In this course, you will learn about strategic planning, analysis and investigation within an organization. You will investigate the process of combining emergent and analytical views to produce strategic thinking developed to help leaders in multiple areas. This includes questioning existing activities and assumptions, acknowledging the reality of change, facilitating future organizational development and gathering and evaluating industry-related data.

  • Marketing management

This course will provide you with a complete overview of the role of marketing in connecting businesses with other businesses. You will learn basic business management topics in addition to best practices in strategy development, supply chain management and market relationship management. Your instructor will also be using cases throughout the course to better illustrate key issues and concepts.

  • MBA capstone

This capstone will concentrate on the development or startup of a new organization based on an advancement in product, process or delivery. This course will put great significance on developing new products or services in response to a human need. You will also conduct comprehensive tests at several stages of a new product development process, gain initial customers and distribution, get financial backing and manage the new organization.

What Are the Advantages of Buying An Existing Business?

Unlike other courses, the MBA capstone is hands on, which means you will actually develop innovative product ideas and prototypes in addition to performing a wide range of market research. You will also be writing business plans to support your ideas.

Becoming effective business managers or leaders

Effective business leaders are invaluable in formulating and communicating new strategic directions. They are responsible for building confidence in employees and ensuring successful operations within an organization. You can become an effective business leader when you enroll in an MBA program online today.

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