Pros and Cons of a Career in Global Management
Global managers utilize business principles such as strategic management, economics, accounting and finance, as well as navigate various political climates and cultures while conducting business overseas. There are many ways to enter to the field of global management, with some options including careers as a management analyst, financial manager or advertising, promotions and marketing manager. Here's a brief overview and comparison of these career options:
|Management Analyst||Financial Manager||Marketing Manager|
|Career Overview||Management analysts advise managers on strategic ways to improve the efficiency of a company to increase revenue.||Financial managers monitor the financial health of an organization and set long-term financial goals.||Advertising, promotions and marketing managers create effective campaigns to generate interest in a company's product or service.|
|Education Requirement||Bachelor's degree required for entry-level; master's degree preferred for top positions||Bachelor's degree required for entry-level; master's degree preferred for top positions||Bachelor's degree|
|Program Length||4-6 years, including the master's degree||4-6 years, including the master's degree||4 years|
|Certification||Voluntary professional certification may be preferred by employers||Voluntary professional certification may be preferred by employers||None|
|Experience Requirement||Several years of experience in a related field||Several years of experience in a related field||Several years of experience in a related field|
|Job Outlook for 2012-2022||133,800 additional jobs expected (19% increase)*||47,100 additional jobs expected (9% increase)*||25,400 additional jobs expected (12% increase)*|
|Mean Salary (2014)*||$90,860||$130,230|| $114,700 (advertising & promotions managers)|
$137,400 (marketing managers)
Sources: *U.S. Bureau of Labor Statistics (BLS)
Management analysts work with clients to improve the efficiency of an organization and solve problems related to revenues, expenditures and profitability. Also known as management consultants, these professionals gather information through interviews, research and the analysis of financial statements to create detailed reports that express specific recommendations and solutions to issues within the organization. Long hours can be expected in this sometimes-stressful field, which includes the potential for travel and tight deadlines.
This career path is particularly competitive, and high salary potential exists for those with exceptional skills. Due to the increase in demand for management consultants in the realm of international business and global management, faster-than-average growth in employment for management analysts is predicted. The best opportunities will be available for professionals who have chosen to specialize in either a type of business function or geographic region.
A bachelor's degree in a relevant field, such as economics, accounting, management or business administration, is required for an entry-level position related to management consulting. However, a master's degree, such as the Master of Business Administration (MBA), could greatly improve job prospects. In addition, fluency in a foreign language may be necessary for a focus in global management. Employers may also require several years of work experience.
In December 2012, some employers of management analysts were looking for the following:
- A travel, transportation and tourism provider based in Florida wants to hire a revenue management analyst to maximize revenue for the company through strategic initiatives and business plan implementation. The ideal candidate must have a bachelor's degree in a quantitative discipline, although a Master of Arts or Master of Business Administration degree in business or economics is preferred. Experience with implementing system enhancements is requested.
- A Houston-based company focused on oil refinement, petroleum and drilling wants to hire an international business analyst who is completely fluent in Spanish and English for both oral and written communication. Candidates must also have 3-5 years of international business experience in shipping and logistics with knowledge of South American and Asian business culture. A bachelor's degree in finance or business administration is required, although a Master of Business Administration degree is preferred.
- A global financial services company wants to hire a business management analyst to work at an office located in New Jersey. Duties include supporting financial reporting efforts, managing multiple data sources, providing detailed reports on forecasts and conducting various types of analysis on company resources. Candidates must have work experience in financial analysis and reporting, as well as strong interpersonal, analytical and entrepreneurial skills.
Strong problem-solving, analytical and communication skills are essential for this career, and having proficiency in multiple foreign languages could be extremely beneficial when pursuing a global position. You could also gain international experience through internships and studying abroad programs.
Management analysts are not required to become certified, but employers may prefer candidates who have earned the Certified Management Consultant (CMC) designation through the Institute of Management Consultants USA, Inc. (IMC). To earn this designation, you must pass a comprehensive examination on the IMC's code of ethics, submit client reviews and undergo an interview process.
Financial managers are responsible for the overall financial health of a company. As a result, they prepare financial reports based on business activities, ensure that legal requirements are met, supervise budgeting and financial reporting procedures, analyze relevant market trends and advise management on all financial decisions. Professionals work long hours, and typical job titles include insurance, cash, risk or credit managers, as well as controller and treasurer. The majority of these professionals are employed by the finance and insurance industries, according to the BLS.
A bachelor's degree and at least five years of experience in a financial occupation is typically required for a position as a financial manager; however, employers may prefer to hire graduates of a master's degree program in finance, economics or business administration.
In December 2012, some employers of financial analysts were looking for the following:
- An apparel company in Wisconsin wants to hire a financial manager to serve the international division. Candidates must have a bachelor's degree in a related field, such as finance or accounting. In addition, experience in financial forecasting, planning and reporting, as well as a strong background in accounting are required.
- An accounting and auditing services firm in Illinois wants to hire an international financial manager to report directly to the company's Chief Financial Officer (CFO). Candidates must have a bachelor's degree in finance or accounting with at least five years of work experience in international business, foreign currency and risk management. A CPA who is also bilingual in Spanish is preferred.
- A strategic management company is looking to hire an international finance manager for a client based in Miami. This position requires collaboration with corporate accounting and financial planning teams. Candidates must have more than six years of work experience in accounting or finance with a strong knowledge of SAP or other ERP systems. Experience abroad and with management reporting is preferred.
To stand out as a financial manager, you should specialize in a particular region or country for a global position. Once you have gained proficiency in a foreign language, knowledge of foreign currencies and a deep understanding of a nation's culture, you will have a competitive advantage over other financial managers wanting an international position.
Certification is voluntary for financial managers, although the Chartered Financial Analyst (CFA) designation, which is offered through the CFA Institute, is highly regarded within this field. Earning the CFA designation requires four years of relevant work experience, a bachelor's degree and three comprehensive examinations.
Advertising, Promotions and Marketing Manager
Advertising, promotions and marketing managers must collaborate with other department heads of a company to devise ways to generate interest in a product or service. Typical responsibilities include directing the marketing staff while conducting market research, developing marketing strategies, creating pricing strategies and advising clients. As of 2010, most marketing managers are employed by the professional, scientific and technical services industry, while the majority of advertising and promotions managers held positions within the advertising, public relations and related services industry, according to the BLS.
Professionals work full-time in offices, although travel may be necessary. There is strong competition for jobs in this field, with the best positions being reserved for those with experience in digital media.
A bachelor's degree is the entry-level requirement for a position as an advertising, promotions and marketing manager, with courses in economics, statistics, business law and management being beneficial. Internships are highly recommended, particularly those abroad or in combination with a study abroad program. In order to obtain global management positions, you may consider earning a master's degree, such as a Master of Business Administration (MBA) degree with a concentration in international business or marketing. Proficiency in at least one foreign language may also be essential.
In December 2012, some employers of advertising, promotions and marketing managers were looking for the following:
- A financial services firm in California wants to hire a media planner to develop campaigns for various media platforms. Candidates must have a bachelor's degree and at least two years of media planning experience with a strong agency background. Applicants with international experience, and within the financial industry, are preferred.
- A global apparel company wants to hire an international marketing manager to work with regional and local marketing teams to develop and execute a strong global marketing strategy for the brand and products. Candidates must have more than five years experience in brand communication, advertising or retail/wholesale marketing. International marketing experience with an understanding of global consumer markets is preferred.
- A medical device manufacturer in California is seeking an international marketing manager to prepare new product development, lead project management initiatives and launch supporting regional teams. A bachelor's degree is the basic requirement, although a master's degree with an emphasis in marketing or international business is preferred. Candidates must also have at least five years of business experience, preferably in the healthcare industry and with medical device marketing.
You could consider earning a dual major in both marketing and international relations in order to stand out as a prospective international marketing manager. Studying abroad and gaining international work experience would also be highly beneficial. By developing a first hand knowledge and understanding of the principles of international trade and the business cultures of various nations, you could gain a competitive advantage. A master's degree in international relations, as well as knowledge of multiple foreign languages, could also help you stand out in this field.