MBA Jobs: Business Development Manager
One fact of life in any business, large or small, is that a strategic vision for future growth is a necessity. Equally important is translating that vision into a workable plan, which is the primary focus of the Business Development Manager. The combination of lead generation, targeting the most profitable markets, and perhaps most importantly, making and keeping healthy client relationship are the hallmarks of this role. An MBA with this specialty affords a host of opportunities for jobs in an impressive array of industries. Here, we will take a look at some of the profession’s required skills, along with salary ranges, specialty programs, and a brief summary of some current job opportunities.
Business Development (BD), briefly, is the creation and management of new leads and relationships in order to achieve sales targets. Strong communication skills are an obvious foundation in any career, but in BD it is imperative that one can express ideas to a wide variety of audiences at all levels of business. Acquiring new clients requires the ability to put oneself in another’s shoes, as opposed to just delivering a sales pitch. Other necessary BD skills include
- Negotiation
- Data analysis
- Accounting and forecasting
Business Development Manager Salary
According to Glassdoor data, the average salary for a Business Development Manager in the U.S. is $77,444 per year, regardless of degree. Typically, the salary range is from $40,000 to $135,000.
An important aspect of a BD to consider are the long and unpredictable hours. According to one Indeed.com user describing the role:
“If you are not the type of person who is willing to work for and undetermined amount of hours … this is not the job for you.” On the other hand, the long hours often result in large payoffs, including bonuses for top performers.
Another BD notes, “My current position primarily entails hunting new prospects … I learn [a lot] by dealing with various business model scenarios.”
Getting Started
A bachelor’s degree that includes studies in finance, sales, marketing, business administration, or economics is a great place to begin for a future in business development. Studies in these areas, along with organizational and consumer behavior, supplement the “numbers” side of a well rounded education, as a large part of the BD profession involves predicting the movements of trends, markets, and individuals.
University of California, Berkeley Haas School of Business
An MBA with a focus in strategy sets one apart from other applicants. Many of these degrees have an international focus. Berkeley Haas, for instance, offers the International Business Development program for MBAs. With the guidance of mentors, students work with globally based clients to help them achieve strategic development goals.
Few business schools effectively combine strategy and international business education quite like the Berkeley Haas School of Business.
University of Pittsburgh’s Katz School of Business
The University of Pittsburgh’s Katz School of Business offers the Two Year MBA with a focus in strategy. This focus trains students for “helping a corporation design a path to growth and profitability amidst competition and constant change. The strategic planner’s role consists of helping the organization to gather, analyze, and organize information.”
University of Pennsylvania Wharton School
The Wharton School’s MBA focus in strategic management is geared toward students with sights set on consulting and/or emerging market business developments. Students choose from a selection of courses, such as Strategy and Competitive Advantage, Strategic Implementation, Entrepreneurship Innovation, and Change & Entrepreneurship.
Duke University Fuqua School of Business
Fuqua School of Business at Duke offers the strategy focus as well, with the goal of training MBAs to gain insight on the question: “Why do some firms consistently outperform others?” This concentration requires students to choose from both advanced strategy and advanced analytical courses.
Pace University Lubin School of Business
The Lubin School of Business at Pace University’s MBA with a focus in strategic management provides a well rounded approach to training future managers, with special focus in areas of Strategic Thinking, Long and Short Term Planning, and Research.
Current Business Development Manager Openings
Among the companies currently hiring for a Business Development Manager are Amazon in New York City, Glaxo Smith Kline in Upper Providence, PA, and Verizon in New York City and New Jersey. Other firms looking for Business Development Management positions are KPMG, Microsoft, and American Express.
So, What is a Strategy MBA and Where Can You Find One?
For those who don’t have a natural knack for strategic thinking, the ability to analyze effectively and make logical decisions can often seem like the kind of skill that just can’t be taught. Luckily, most business schools disagree.
Not only is strategic thinking a skill that can be studied and improved, but an advanced education in this field can lead to a wide array of careers, often incredibly lucrative ones. After all, the ability to make strategic decisions can lead to success in all aspects of business and across numerous industries- that might be why those who earn MBAs in Strategic Management are entrepreneurs, COOs, Department Supervisors, Business Analysts, and are found at any number of high-level management positions.
Whether you are born with the skill or not, pursuing a Strategy MBA is the perfect way to set yourself up for a versatile career in strategic management.
What is a Strategic Manager?
In an ever-changing and often tumultuous business world, an organization’s strategic planner can be a crucial part of their growth and continued success. A career in strategic management or planning will involve keeping an organization on course through the collection, analysis, and organization of information pertinent to the company’s profitability. This may include tracking industry trends, keeping an eye on external business competition or threats, identifying opportunities and creating action plans for a company based on strategic problem solving.
Strategy jobs typically deal in the “big picture” of the company, and are a key part of both shaping and supporting a company’s overall vision and values. The role is a desirable one within a company, as it provides direct access to senior managers and frequently leads to higher level leadership positions.
Strategy jobs require a candidate to use skills from a variety of disciplines, such as finance and marketing. Since these positions are often highly competitive and require candidates to demonstrate a high level of business acumen, earning an advanced degree in strategy is one of the best ways to prove you have the unique combination of skills and drive required for this often demanding—but incredibly rewarding—career.
What Is a Strategy MBA?
Given the breadth of skills required to be a successful Strategic Manager for a company, it’s easy to see why one would want an advanced degree in the field. An MBA specialization in Strategic Management is designed to provide students with a deep grounding within the logic of competitive advantage, focusing on both a broad understanding of business competition as well as a more nuanced training in analysis and decision making.
Offered at some of the top business schools throughout the globe, a Strategy MBA will help set future business leaders on course for careers in strategy consulting, general management, entrepreneurship, and a number of other careers that require the careful skills of analysis and problem solving gained with this degree.
Why Should I Get a Strategy MBA?
With the unique skill set required for a higher-level role in Strategic Management, earning an MBA with a specialization or major in Strategy can be crucial to proving your skill to potential employers. Regardless of your ultimate career goal, the “big picture” type of training offered by a Strategy MBA can be seen as shorthand for a person with the drive and acumen necessary to make crucial business decisions. And graduates with Strategy MBAs don’t always take jobs as Strategic Planners—they are CEOs, entrepreneurs, and other high-level leaders within their organizations.
Those who do earn Strategy MBAs are also often the highest earners among their MBA-holding peers. According to Payscale, Senior Strategy Manager positions can earn salaries of up to $119,000 per year, a large portion of which comes from bonuses, and occasionally, profit sharing. Graduates of Strategy MBA programs are employed at some of the world’s top companies, such as Deloitte, Amazon, and the Intel Corporation.
Where Can You Get a Strategy MBA?
With an increasing demand throughout the years for qualified and experienced strategy planners, a wide variety of business schools—including some of the top ranked MBA programs in the country—have begun to offer MBA specializations in the field of strategy management/planning.
Below are just a few of the MBA programs throughout the United States offering an MBA in Strategy or Strategic Management.
Temple University Fox School of Business
The Fox School of Business at Temple allows MBA students to focus their degree in Strategic Management, or earn a dual degree that combines an MBA with a Master in Innovation Management & Entrepreneurship (IME). The Department of Strategic Management (SGM) at Fox allows students to approach business strategy from four different angles- entrepreneurship, management, consulting, and international business. All for disciplines help prepare students to be leaders within the strategic management field through hands-on instruction, internship opportunities, networking events, travel abroad experiences, and more.
New York University Stern School of Business
The Stern School of Business at NYU allows MBA students to specialize their degree in Strategy, which will help provide a strong business foundation for the business leaders of tomorrow. The degree will help prepare students for a wide variety of fields, including careers in strategic planning, risk management, and management consulting. Courses in strategic management at Stern include: Competitive strategy in the marketplace, corporate governance, strategic design, strategic talent management, and more.
University of Pennsylvania Wharton School of Business
The world-renowned Wharton School at UPenn also offers students the opportunity to earn an MBA in Strategic Management, a major which aims to provide a “deep grounding in the basic logic of competitive advantage premised on a careful analytical treatment of the distinct qualities of positions of individual firms and an understanding of broader competitive dynamics.” Some of the courses offered as part of this major at Wharton include: Deals: the Economic Structure of Transacting and Contracting, Strategic Implementation, Multinational Business Strategy, Competitive Strategy and Industrial Structure, and more
