For those interested in pursuing business management education, getting a degree in operations management might be a good choice. It provides multi-faceted training and exposure to the business world and graduates can pursue employment in a variety of fields.
The US Bureau of Labor Statistics has painted a rosy picture with regards to career outlook for operations management professionals. For example, jobs for Operations Research Analysts are projected to grow by a massive 26% between 2018 and 2028. This increase is a lot more than that expected for other occupations. It will result in the creation of more than 28,000 new vacancies.
If this is an area that piques your interest, then you should read this piece. It will give you valuable information on different Operations Management degrees while also telling you about some lucrative occupations in the field.
What Is Operations Management?
Operations Management analyzes the operational framework and production processes of a company. The aim of this branch of management studies is to streamline business procedures by removing operational bottlenecks ensuring optimum utilization of available resources.
Recommended Operations Management Degrees in the US
The following are some good Operations Management degrees for you to pursue.
|MBA (Master of Business Administration)
*Concentration of Courses in Production/Operations/Supply Chain Management
|2 Years||MIT (Massachusetts Institute of Technology) Sloan School of Management|
|Master of Supply Chain Management||2 Years||University of Michigan|
|MBA (Master of Business Administration)*Concentration of Courses in Production/Operations/Supply Chain Management||2 Years||Northwestern University|
What Can You Do With an Operations Management Degree?
With an Operations Management degree, you can look for employment in many different roles. These include Logistics Manager, General and Operations Manager, Operations Research Analyst, Inventory Control Manager, Purchasing Manager, Supply Chain Manager, Operations and Administrative Consultant, etc.
The following section provides compensation details and career outlook for some of these occupations. All the data has been taken from the latest records of the US Bureau of Labor Statistics.
General and Operations Managers
General and Operations Managers come up with work policies, supervise daily operations, and allocate resources to different departments/functional units within an organization.
|Annual Median Salary, 2019||$100,780|
|Job Outlook, 2018-2028||6% (Top Executives)|
|Annual Mean Salary, 2019||$123,030|
|State with the Highest Employment Level, 2019||California||259,550|
|State with the Highest Salary, 2019||New Jersey||$164,090 (Annual Mean Wage)|
Purchasing Managers are responsible for buying and selling products/services on behalf of their firm. They also oversee the work of merchandisers and purchasing agents under their command.
|Annual Median Salary, 2019||$121,110|
|Job Outlook, 2018-2028||-6% (Decline)|
|Annual Mean Salary, 2019||$128,400|
|State with the Highest Employment Level, 2019||California||7,830|
|State with the Highest Salary, 2019||New Jersey||$166,940 (Annual Mean Wage)|
Operations Research Analysts
Operations Research Analysts employ different statistical/mathematical models and utilize advanced analytical tools to help a business deal with various kinds of challenges.
|Annual Median Salary, 2019||$84,810|
|Job Outlook, 2018-2028||26%|
|Annual Mean Salary, 2019||$90,600|
|State with the Highest Employment Level, 2019||California||10,000|
|State with the Highest Salary, 2019||New Jersey||$110,320 (Annual Mean Wage)|
What to Expect from an Operations Management Degree?
An Operations Management degree will teach you about Operations Strategy and Analysis, Supply Chain Management, Process Management, Logistics, Service Operations Management, Costing and Budgeting, Project Planning, Business Ethics, Inventory Control Management, Business Consultation, Purchase Management, Quality Management, Production Operations, Resource Planning, etc.
How to Choose an Operations Management Degree Program?
When picking an operations management degree to pursue, you need to consider various factors. The most important is the accreditation status of the program. Other than that, you must also look at the fee structure, course contents, campus location, ease of commute, residential facilities (in case of an institution out of town/city/state), available specializations and research opportunities, career outlook, etc.
Operations Management Admission Requirements
Admission criteria tend to be different for different schools. Of course, the various degree levels will also have varying entry requirements. For instance, a Bachelor’s degree may require candidates who have passed high school and have taken the ACT (American College Testing) or SAT (Scholastic Aptitude Test).
On the other hand, admission to an MBA in Operations Management will probably demand the completion of a Bachelor’s degree (preferably in business or a related field) along with a satisfactory GMAT (Graduate Management Admission Test) score based on the threshold set by a particular institution.