Studying Executive Management: Degrees at a Glance
Executive management entails all the mid-to-senior leadership positions within an organization, such as sales manager and Chief Executive Officer (CEO). Top executives are in charge of overseeing and planning the strategies and operations needed for an organization, such as a business or a non-profit, to meet its goals. Depending on the size of an organization, an top-level executive might be in charge of either a specific area within a big corporation, such as sales or marketing, or several departments (if not all) of a small one. Master's degree programs in executive management are usually designed for professionals interested in advancing their careers and/or sharpening their leadership skills, while doctoral degree programs should appeal to those interested in academia or higher-level research in business and management theory.
According to the U.S. Bureau of Labor Statistics (BLS), employment growth for top-level executives was expected to be at five percent for the 2010-2020 decade, which is much slower than the average for all occupations, due to the limited number of positions available. As of May 2011, the mean annual income for these professionals was about $177,000. In comparison, administrative service managers made about $78,000 as median annual wage in 2010, while sales managers made a yearly median of $99,000 and natural science managers made an annual median of $116,000 during the same time period. On the other hand, BLS employment growth projections for postsecondary teachers in general were at 17% for 2010-2020, about as fast as the average, with business professors making an annual mean wage of about $87,000 as of May 2011.
| Master's | Doctorate | |
|---|---|---|
| Who is this degree for? | Mid-level managers and undergraduate degree holders looking to advance their careers to leadership positions | Individuals interested in teaching business and management theory at the university level |
| Common Career Paths (with approximate median annual salary) | - Administrative services manager ($78,000)* - Sales manager ($99,000)* - Financial manager ($104,000)* - Top executive ($101,000)* | - Business postsecondary teacher ($62,000)* |
| Time to Completion | 1-2 years | 3-5 years |
| Common Graduation Requirements | - Roughly 12-15 business, management and leadership courses - Possible internship or cooperative work experience - Potential capstone course | - Core courses - Dissertation - Possible teaching requirements - Research project |
| Prerequisites | - Bachelor's degree - Relevant work experience - Resume - Professional recommendations - Possible GMAT/GRE scores | - Bachelor's or master's degree - Extensive work experience - Possible GMAT or GRE scores - Current resume - Personal statement |
| Online Availability | Yes | Rare |
Source: U.S. Bureau of Labor Statistics (May 2010 figures).
Master's in Executive Management
Master's degree programs in executive management can be found under different titles, such as Master of Science, or as a specialization within a Master of Business Administration (MBA) program. Regardless of the title, these programs are usually designed for working professionals, which means that classes may be given during evenings and weekends, or in an accelerated or part-time format to accommodate busy schedules. These programs may also prefer or require you to already hold a mid-level management position or have significant work experience in order to be admitted. Executive management master's degree programs focus on sharpening your leadership and strategic planning skills as they relate to business and corporate operations.
Pros and Cons
Pros
- Degree may lead to career advancement to leadership positions
- Top executives have one of the highest earnings among all occupations*
- Skills learned are relevant to many fields, not only business
- Variety of degree program formats available to facilitate scheduling
Cons
- Employment growth in executive positions was expected to be slower than average from 2010-2020*
- Competition for executive positions can be extremely fierce
- Programs can be expensive
- Program admission may require you to already hold in a leadership position
Source: *U.S. Bureau of Labor Statistics (May 2010 figures).
Courses and Requirements
In an executive management master's program, you'll study ethics, strategic management, organizational behavior, operations management, business operations and leadership, among other topics. Depending on your program, a research paper or capstone project may be required for graduation. An internship or real-world work experience may also be a part of the program.
Online Degree Options
Since most executive management master's degree programs are geared towards working professionals, online programs are widely available. You may find these programs in a variety of formats, from hybrid versions (which require participating in some on-campus activities) to accelerated programs that may allow you to earn the degree in a few weeks. The curricula of online and on-campus versions are usually the same.
Stand Out with This Degree
In order to stand out in a field as competitive as executive management, you may want to consider earning a certification. The Institute of Certified Professional Managers (ICPM) offers the Certified Manager designation, which can be earned by passing a series of exams and meeting other education and experience requirements. Such a certification shows employers your commitment to and expertise in the field of management.
PhD in Executive Management
Executive management at the doctoral level can be found mostly as a concentration within business or general management PhD programs. These programs usually focus on the theoretical and research aspects of management and operations, preparing you mainly for a career in academia. Earning a doctorate can take 3-5 years of intense study and thorough research, for which you will ultimately produce a dissertation in order to graduate.
Pros and Cons
Pros
- Postsecondary professors earned relatively competitive salaries*
- May provide deeper understanding of management and leadership principles applicable to many fields
- Teaching can be personally rewarding for some individuals
Cons
- A PhD may over-qualify an applicant for jobs outside of academia
- Doctoral studies entail a long time commitment (3-5 years)
- Academic jobs can be extremely competitive due to the limited number of tenured teaching positions
Source: *U.S. Bureau of Labor Statistics (May 2010 figures).
Courses and Requirements
A doctoral program in executive management covers areas such as organizational behavior, technology management, theory, strategies and entrepreneurship. You might have to fulfill a teaching experience requirement as part of your program, as well as write and defend a dissertation in order to graduate. Some of the courses you may take include:
- Globalization
- Organizational leadership
- Business and social issues
- Ethics
- Management and innovation
Online Course Info
Due to the research-heavy nature of doctoral programs, online versions are extremely rare. If you find one, you might want to make sure that it's accredited by a reliable organization, such as the Association for the Advancement of Collegiate Schools of Business (AACSB). Some regular doctoral programs, however, may allow you to take some classes online.
Getting Ahead with This Degree
Since the usual career goal of aspiring PhD holders is academia, you might want to get as much research and teaching experience as possible while pursuing your doctoral degree. Working as teaching assistant or assistant professor allows you to refine the skills necessary to become a good professor, and it may also fulfill a requirement of your program. In addition, finding a mentor within the management faculty of your program may be beneficial when researching and writing your dissertation.
