A management degree can help you find work in various sectors, including real estate, finance, marketing, IT, telecom, etc. Knowing what occupations are available will help you decide what to study for your management degree.
This post lists the top ten management careers by pay and their essential tasks and educational requirements.
10 of the highest-paying careers in business management
Management is a dynamic field with numerous employment opportunities for qualified candidates. After earning a management degree, you can work as a chief executive, sales manager, marketing manager, or human resources manager, among other positions.
Most management jobs require a bachelor’s or master’s degree in management or a related subject. Some of the highest-paying managerial positions include:
1. Social media manager
In India, the average annual package is ₹3,018,870.
Primary responsibilities: Primary duties of a social media manager include creating social media campaigns, communicating with team members and clients, curating and managing published material, and nurturing leads and sales.
In larger companies, social media managers are commonly designated as social media directors and content directors. They collaborate with other departments, including marketing, legal, and public relations.
Education requirements: Most companies prefer candidates with a bachelor’s degree in public relations, journalism, marketing, communications, or business.
2. Marketing manager
The national average income for a marketing manager is ₹350,172 per year.
Primary responsibilities: The most crucial responsibilities of a marketing manager are overseeing marketing activities, managing the marketing department, planning promotional campaigns, hiring marketing associates, allocating the marketing budget, collaborating with design agencies, preparing and delivering marketing materials, and assisting with product launches.
They also examine print ads, TV commercials, and online ads and develop sales or advertising contracts. Advertising, media, retail, hospitality, healthcare, finance, and information technology are a few industries where marketing managers can work.
Qualifications: Marketing managers must have a master’s degree in marketing, business administration, or business management.
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3. Human Resource Manager
The national average compensation for a human resources manager is ₹361,987 per year.
Primary responsibilities: A human resources (HR) manager’s responsibilities include recruiting, staffing, employment planning, human resources department administration, policy creation, team member development and training, and organisational communication. They’re also in charge of raising staff morale and increasing productivity.
HR managers can work in any firm or industry. To succeed in this position, one must be an excellent communicator with sharp interpersonal skills.
Qualifications: For a position as a human resources manager, a bachelor’s or master’s degree in human resources or business management is required.
4. Sales manager
In India, the average annual package is ₹465,917.
Primary responsibilities: A sales manager’s responsibilities include defining and attaining sales objectives, overseeing salespeople, hiring and training salespeople, organising inventory, dealing with customers, and managing the overall sales department. Sales managers must collect, analyse, and generate insights from complex data to devise efficient sales strategies.
In addition, they should be able to communicate effectively with customers and members from different departments. A competent sales manager actively listens to clients and responds to their questions while assisting them with a transaction.
Qualifications: For a sales manager position, a bachelor’s degree in business administration, mathematics, statistics, or business management is usually the minimum requirement.
5. Operations manager
The average annual package in India is ₹545,916.
Primary responsibilities: Operations managers oversee the day-to-day operations of businesses. Their responsibilities include daily management of people, maximising productivity, boosting profits, creating budgets, developing business projections, analysing financial data, monitoring employees, and regulating costs. They also monitor, hire, and train employees in major corporations and oversee quality assurance.
Qualifications: A bachelor’s degree or a master’s degree in operations management or business administration is often required to become an operations manager. Employers occasionally prefer candidates with two years of relevant work experience.
6. Business analyst
The average annual package in India is ₹584,751.
Main responsibilities: A business analyst’s primary responsibilities include budgeting, forecasting, planning, monitoring, analysing, pricing, producing business analysis, determining company needs, and reporting to stakeholders.
They must identify problems or inefficiencies and recommend suitable solutions to senior management. They are primarily responsible for IT and business transformation initiatives. Many business analysts operate as consultants on specialised tasks, bridging the gap between IT and the rest of the company.
Qualifications: A bachelor’s degree in business administration or management is required.
7. Chief executive officer (CEO)
In India, the average annual package is ₹668,737.
Primary responsibilities: The roles and obligations of a CEO differ from firm to company and are often determined by the organisation’s structure and size. The CEO plays a more “hands-on” role in smaller businesses, making low-level business choices like hiring and higher-level strategic decisions. In larger organisations, they frequently supervise other c-suite executives and make critical decisions that affect the entire organisation.
Implementing department-wide policies, distributing department resources, providing constructive feedback to staff, and collaborating with other departments are some additional responsibilities of a chief executive officer.
Qualifications: A MBA degree in marketing, accounting, business administration, or business analytics can help you become a CEO.
8. Accounting manager
In India, the average annual package is ₹7,14,315
Primary responsibilities: The daily operations of the accounting department, including the general ledger, payroll, budgeting, revenues, reconciliations, fixed assets, and debts, are among the key responsibilities of an accounting manager. They also produce financial documentation, maintain files and records, assign duties to personnel, and advise management and clients on financial matters.
In addition, accounting managers evenly distribute responsibilities throughout the team. Hence, they are responsible for maximising individual contributions to improve team performance.
Qualifications: A bachelor’s or master’s degree in finance, accounting, or business management is commonly required of an accounting manager.
9. Finance manager
The national average package of this profile. It is ₹ 741,064 per year.
Primary responsibilities: A finance manager’s primary responsibilities include accounting and budgeting. Some of their key responsibilities are preparing financial statements, minimising expenses, producing economic predictions, and discussing accounting concerns. In addition, they coordinate with different company departments for annual audits and quarterly reviews, create and implement policy documents and participate in other financial projects as required.
Finance managers set short and long-term financial objectives and develop data-driven strategies to achieve them. To make crucial financial choices for the company, they frequently cooperate with project managers and departmental managers.
Qualifications: A bachelor’s degree in finance management may be required for a post as a finance manager. However, most companies prefer a master’s degree.
10. Data Analyst
The average yearly salary of a data analyst in India is ₹5,12,500.
Primary Responsibilities: Data analysts use advanced data analysis and visualisations tools to process, analyse, and interpret large data sets to transform insights into actionable business decisions. They collaborate with data scientists to create data-driven business strategies and find innovative solutions to real-world challenges. Data analysts are excellent critical thinkers.
Qualifications: Recruiters prefer candidates holding a bachelor’s degree in business administration followed by an MBA. Employers also look for additional certifications in Data Science or data analysis along with proficiency in programming languages such as SQL and Java.
Business management is an excellent option for individuals aspiring to bag high-paying jobs. Equipped with a business management degree from a reputed institute like upGrad, you can boost your professional value and salary ask.
If you want to pursue business administration, opt for upGrad’s Global Doctor of Business Administration course. This 36-month long course is specially curated for working professionals. It comes with personal thesis support and international opportunities for research.
This course can be your opportunity to upskill!