Getting your master’s degree in supply chain management can be a great way to improve your business management career prospects. This business master’s degree can pave the way to many high paying managerial and executive positions in virtually any industry. The flexibility and high career ceiling with this degree is what attracts so many business professionals to it today.
It also is a popular career choice today because there is strong growth in this industry. The US Roadmap for Material Handling and Logistics reports there will be more than 1.4 million new jobs in this industry in the next few years.
If you are considering this degree, below are seven things that you can do in a career in supply chain management with this master’s degree:
#1 Operations Manager
The most common role that a professional with a master’s degree in supply chain management will enjoy is that of operations manager. An operations manager is a senior level role which involves the oversight of production of goods or services. It is the job of the operations manager to ensure that the organization is operating efficiently as possible and with maximum profitability.
The operations manager usually has a very broad role in most companies. Generally, daily their work includes the analysis and monitoring current production systems to determine if they are effective and efficient. They also manage day to day activities and processes, analyze business operations statistics and compile reports for higher level managers.
Operations managers must work closely with a diverse team of employees, including managers in different areas of the company. They must present findings to executives and other stakeholders. Also, they train and supervise new workers and measure performance.
According to Rasmussen University, the median salary for operations managers in 2015 was $97,730.
#2 Management Analyst
A management analyst or management consultant proposes innovative ways for a company to improve its processes and efficiency. These consultants provide detailed advice to managers on how to help organizations to make more money through reducing their operations costs and increasing revenues.
Common duties of management analysts are:
- Collect and organize data about business challenges that need to be solved, or the procedure that needs improving
- Talk to personnel and do onsite evaluations to determine the equipment, personnel and methods that are needed
- Collect various types of financial data, such as revenue, expenditures, and records of employment
- Recommend new systems, procedures and changes in the organization to improve efficiency
Many management analysts work for the company they are analyzing, but others are consultants who work on a contractual basis. Many management analysts with supply chain management skills work for large consulting companies, so they may work with many different companies over the course of a few years.
Jobs for management analysts are increasing, with 14% rise in demand expected by 2024. The median salary for management analysts is $81,300, with the top 10% earning more than $149,000 per year.
#3 Operations Research Analyst
An operations research analyst uses analytical and mathematical techniques to help companies to solve business problems and to make better decisions that make them more profitable. Operations research analysts utilize complex computer software, statistical programs and databases to solve and analyze business problems. Some of the most common day to day tasks in this position include:
- Identifying and solving real world problems in logistics, business, healthcare and various related fields
- Collect and organize business information from many different sources, including databases, customer feedback and history of sales
- Collect input and data from workers who are involved in various aspects of a problem, or from other stakeholders who possess detailed knowledge so that business problems can be solved.
- Examine business data to determine what the key aspects of the business challenge are and the methods that can be used to analyze it
This is one of the fastest-growing positions in supply chain management today, with job growth expected to be 30% by 2024, which is much faster than average. The median salary in this field is a healthy $79,200, but those with a master’s degree in this field and significant experience may earn up to $132,000 per year.
#4 Financial Analyst
Financial analysts offer financial advice to both businesses and individuals who need to make critical investment decisions. They mostly handle the assessment of performance of stocks, bonds and related investments. Financial analysts primarily evaluate the value of potential investment opportunities.
Financial analysts mostly work in banks, pension funds, securities firms, insurance agencies and large and small businesses. Some of the most common duties day to day include:
- Recommending various investments and pools of investments to companies and individuals
- Evaluate financial data that is both current and historic to help clients to make important investment decisions
- Study current and past business and economic trends
- Examine the financial statements of companies to determine the actual value of the organization
- Meet with major company stakeholders to attain a better insight of the prospects of the firm
The Bureau of Labor Statistics states that this field will see 12% increase in jobs by 2024, which is faster than average. As more financial products are available, there is a greater need for financial analysts who can analyze all of the options and come to a conclusion backed by data.
The median salary in this field is $81,760.
Logisticians are responsible for analyzing and coordinating the supply chain for their organization. This is the system that moves products from the supplier to the customer. Logisticians are responsible for managing the whole life cycle of the product, which includes how the product is acquired, distributed and ultimately delivered.
Logisticians also are responsible for the oversight of company activities, such as purchasing, transportation, inventory and warehousing. They often are responsible for directing the movement of a variety of goods, supplies and even people.
The median pay for logisticians as of May 2016 was $74,100.
#6 Purchasing Manager
A purchasing manager is responsible for planning, directing and coordinating the purchase of materials, products and services for various types of organizations. They are largely responsible for overseeing the work of buyers and purchasing agents, as well.
Purchasing managers also may be known as contract managers and are responsible for developing their company’s procurement procedures and policies. These policies help to ensure that the procurement professionals are adhering to ethical standards.
Purchasing managers have to study the sales record of their organization and inventory their current stock level and keep current with changes that affect their supply of products and raw materials.
The median salary in this field is $111,590 per year.
#7 Financial Manager
A financial manager is responsible for the financial health of a company. They produce reports about company finances, direct how money will be invested, and devise new plans and strategies to meet the long term financial goals of the company.
The role of the financial manager today has evolved somewhat, as technology has greatly reduced the time required to produce financial reports. The main responsibility for a financial manager today is conduct rigorous data analysis and to advise upper level managers about how to increase their profits.
Some of the most common types of financial managers are CFOs, controllers, credit managers, risk managers and finance officers.
The median pay in this field in 2016 was $121,750.
- Why Earn a Masters in Supply Chain Management?
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- Operations Research Analyst. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/math/operations-research-analysts.htm
- Management Analyst. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/business-and-financial/management-analysts.htm#tab-5
- Financial Analyst. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-5
- Purchasing Manager. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/management/purchasing-managers.htm#tab-2
- Michigan State University. 4 Reasons to Choose a Career in Supply Chain. (n.d.). Retrieved from https://www.michiganstateuniversityonline.com/resources/supply-chain/4-reasons-to-choose-career-in-supply-chain/#.WYSXIvnyuUk