There’s more than one way to be a manager within the world of business. Regardless of your specific skill set — sales, marketing, finance, analytics — there are manager titles suitable to your talents. Here are a few prominent ones, along with the duties and salary you can expect with each.
Sales managers, in short, are responsible for coordinating their organization’s sales teams. Their duties, according to The Bureau of Labor Statistics (BLS), include tasks like:
- Recruiting and training sales staff
- Assigning sales territories and setting sales quotas
- Developing budgets for sales teams
- Reviewing data on customer purchasing habits to identify new customers
- Developing strategies for acquiring new customers (direct sales, cold calling, B2B visits)
- Analyzing sales statistics and focusing sales efforts for maximum profitability
Sales managers work within both business-to-business (B2B) and business-to-consumer (B2C) sales departments. Within their organizations, sales managers must coordinate with managers from other departments, like marketing, to carry out their goals of identifying new customers and attracting business.
As of May 2017, the median annual salary for sales managers in the United States reported by the BLS was $121,060, and the top industries for this position being in finance and insurance, science and tech, manufacturing, wholesale trade and retail trade.
Management analysts are primarily concerned with improving organizational efficiency and occupy an advisory role responsible for:
- Determining the needs of an organization
- Analyzing current processes and financial data and assessing where an organization can make improvements
- Gathering information on challenges to organizational efficiency
- Developing solutions to problems within an organization and making recommendations on new systems and changes to managers
- Performing follow-up meetings to confirm implemented changes are having a positive effect
In some cases, management analysts will work for the organizations they are improving. More often, however, they work as consultants on a contract-by-contract basis. BLS indicates that management analysts have a median annual salary of $82,450, as of May 2017, and the top-paying industries are science and tech, finance and insurance, company management and government.
The BLS has reported that financial managers are “responsible for the financial health of an organization” and take on duties to ensure long-term financial stability, such as:
- Preparing financial reports
- Advising management on financial decisions
- Analyzing market trends to increase profits
- Exploring avenues for reducing costs
- Ensuring organizational finances meet certain legal requirements
- Supervising financial and budgeting staff
Financial managers may fit into one of several sub-categories, which include controllers, treasurers, credit managers, cash managers, risk managers and insurance managers. Additionally, financial managers’ specific duties will change depending on their industries, as rules and regulations can vary for fields like government, healthcare and the like.
As of May 2017, the median wage for financial managers was $125,080 per year. The top-paying industries for this field include science and tech, company management, manufacturing, finance and insurance and government.
According to the BLS, marketing managers are responsible for generating consumer interest in an organization’s products and services, with specific duties that include:
- Planning advertising and promotional campaigns
- Negotiating advertising contracts
- Analyzing markets and developing pricing strategies
- Understanding buyer profiles and strategizing methods for attracting new customers
- Working with designers to decide upon the look of websites and ad campaigns
- Setting advertising and marketing budgets
- Hiring and overseeing advertising and marketing staff
Additionally, marketing managers will often monitor trends that can tip them off to the need for a new product or service in the market, using this information to expand their organization’s offerings. The media salary for marketing managers was $106,130 in May of 2017, with the top-paying industries including science and tech, company management, finance and insurance, manufacturing and wholesale trade.
All these business managerial fields require substantial education and experience. At minimum, a bachelor’s degree, combined with years on-the-job experience and diverse business skills will qualify a candidate for one of these roles.
To help them stand out among the competition, however, many prospective managerial candidates will bolster their qualifications with additional training, like an online MBA from Concordia University, Nebraska. Our program is specifically designed to have immediate real-world application, so you can take what you learn in class and apply it to your job. The convenient evening online courses help you advance your education without taking time away from your current job, and our student-focused approach gives you the support of fellow students.