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.