Study Acquisition Management: Degrees at a Glance
Acquisition management programs teach students about procurement, acquisition and contracts for use in a variety of business and government settings. Graduate programs are typically offered at universities and other continuing education centers, and they're often designed for students who are already working. Aside from acquisition management, programs are offered under the titles of acquisition and contract management, acquisition and supply chain management, and procurement and acquisition management.
There are many careers a degree in acquisition management can prepare you for, some of which are expected to have better job prospects than others. For example, according to the U.S. Bureau of Labor and Statistics (BLS), opportunities for procurement managers were expected to increase by 7% between 2010 and 2020; opportunities for logistics analysts were forecast to increase by between 20% and 28% over the same time period.
| Certificate | Master's | |
|---|---|---|
| Who is this degree for? | People who work in business and wish to enter an acquisitions-related role | People who want more responsibility in the workplace, such as overseeing larger projects |
| Common Career Paths (with approximate mean annual salary) | - Logistics analyst ($72,000)** - Logistics manager ($82,000)** - Purchasing manager ($103,000)* | Same as certificate |
| Time to Completion | 1 year | 1-2 years |
| Common Graduation Requirements | - Coursework | Same as certificate, plus: - Capstone project (varies) |
| Prerequisites | - Bachelor's degree | Same as certificate, plus: - GRE or GMAT scores - Prerequisite courses |
| Online Availability | Rare | Yes |
Source: *U.S. Bureau of Labor Statistics (May 2011 figures), **O*NET Online (2011 figures).
Certificates in Acquisition Management
Certificate programs in acquisition management are typically offered at the graduate level, often by schools that also offer a master's program in the field. These programs usually take around a year to finish and require 15-18 credit hours. Some schools also offer certificate programs in federal acquisition and contracting, which focus on using the field in government work. Acquisition management also might be a concentration within a business administration graduate certificate program. Generally, certificate programs in acquisition management require that you have an undergraduate degree for admission.
Pros and Cons
Pros
- Potential careers pay higher-than-average salaries*
- Good introduction to material without large time commitment
- Programs offered at many schools
Cons
- Undergraduate degree is usually necessary before entering program
- Some potential careers are expected to have slower-than-average growth*
- Acquisition management work sometimes requires overtime
Source: *U.S. Bureau of Labor Statistics.
Common Courses and Requirements
Certificate programs typically require completion of between four and six courses. Generally, there are some required core classes, with the rest of the curriculum chosen by the student. These programs often can be completed on a part-time basis. Courses you might take include:
- Government contracting
- Purchasing strategy
- Risk analysis
- Contract pricing and negotiation
- Project management
Online Degree Options
Online certificate programs in acquisition management are not common, and those that are available often are offered by for-profit schools. Some of these programs allow for credits earned to transfer toward a master's degree. As with on-campus certificate programs, online programs might be offered in general business administration with an acquisition emphasis or a government contracting focus.
Getting Ahead
You might find it beneficial to join a professional society, such as the National Institute of Governmental Purchasing (NIGP), which offers a variety of memberships, including those for students, through its Institute for Public Procurement. Members are listed in a directory and gain access to the organization's newsletter as well as discounts on educational courses and conferences. The institute also has a resource library and offers in-person and online courses to help you keep up to date with new information in the field.
Master's Degrees in Acquisition Management
Master's programs in acquisition management most often award a Master of Science, though some schools offer a Master of Arts, Master of Acquisition Management or Master of Business Administration (MBA) with a concentration in acquisition management. Some programs are designed for those who already work in acquisitions or a related field. A bachelor's degree is a prerequisite for entering a master's program, but it doesn't necessarily have to be in business administration or acquisitions. Many programs have introductory courses available to students who are new to the field.
Pros and Cons
Pros
- Helpful for advancing or changing career paths
- Knowledge gained can be useful across multiple industries and government agencies
- Degree program typically can be completed in a short time even if working full-time
Cons
- Potential careers require high attention to detail
- Positions in some industries are growing extremely slowly or decreasing*
- Career might require spending a lot of time on business trips
Source: *U.S. Bureau of Labor Statistics.
Common Courses and Requirements
Master's degree programs typically require around 36 credit hours of coursework, the topics of which can vary by the type of degree. For instance, an MBA program might include several courses on marketing, finance and economics in addition to acquisition management classes. Some programs require a capstone project, though this is not standard. Courses you might take include:
- Supply chain management
- Contracts and procurement
- Logistics
- Managerial accounting
- Contract law
Online Degree Options
Acquisition management master's degree programs, including MBA programs with acquisition management concentrations, are readily offered online. Some schools only offer an online version of their program, while others offer both online and on-campus options. Local proctors may be necessary for exams.
Getting Ahead With This Degree
As an acquisitions manager, you might find it useful to hold certification. The APICS Association for Operations Management and the American Purchasing Society both offer relevant certifications. APICS has the Certified Supply Chain Professional (CSCP) designation, which requires that applicants pass an exam and, after being awarded certification, earn 75 maintenance points every five years to maintain it. The American Purchasing Society's certifications require three years of experience or a degree and two years of experience. An exam is also necessary.
