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Salary Outlook for Hospitality Management
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A Master of Business Administration (MBA) degree can open the way to a broad variety of careers in the hospitality industry. The U.S. Bureau of Labor Statistics projected a 0.9 percent employment annual growth rate for the period 2012 to 2022 for the leisure and hospitality industry supersector, which encompasses arts, entertainment, and recreation, as well as accommodation and food services. Hospitality management careers can manifest in country clubs, hotels, cruise ships, restaurants, destination marketing centers, convention facilities, and amusement parks. The hospitality and tourism industry (H&T) has four service sectors, namely: travel, lodging, recreation, and food and beverage.
For MBA graduates, job opportunities abound in the following areas: entrepreneurship, travel agencies, tour operators, cruise lines, airports, resorts, airlines, institutional catering, state tourism development corporations, and food chains.
The category of meeting, convention, and event planners is cited in a list of the fastest growing occupations for 2012 to 2022. A separate survey of occupations with the most job growth in 2012 and projected to 2022 details the inclusion of food service workers and restaurant cooks.
#1 Restaurant Manager
The restaurant manager position has an average annual salary of $40,933. Additional compensation includes bonus, profit-sharing, and commission. Skills that bolster an MBA graduate’s upward career trajectory in this occupation include people management, operations management, payroll administration, customer relationship management (CRM), customer relations, and inventory control. Perks come in the form of the freedom to make operational decisions, ability to save on personal food bills with the free meals, health insurance, retirement plans, paid holidays, and a share in the restaurant’s profits.
#2 Hotel General Manager
A hotel general manager has an average annual salary of $51,060. Additional compensation includes profit sharing, commission, and bonus. Capabilities that are recommended for job growth in this occupation include operations management, leadership, customer service, budget management, team leadership, customer relations, and budgeting. Advantages include travel opportunities within international hotel chains, advancement into executive positions, the abundance of job openings, and the option to live on hotel premises for free or discounted rate, which does impact quality of life for the manager and his family.
#3 Corporate Travel Desk Manager
Someone in the corporate travel desk manager position receives an annual average salary of $51,749, which can further increase with commission, bonus, and profit sharing. Practitioners consider travel administration and travel planning as valuable skills that can upwardly push the professional’s pay. Responsibilities include managing a company’s approach to travel expenditure, negotiating with travel providers, credit card administration, and management of travel & expense (T&E) costs.
#4 District Manager, Food & Facilities Management Services
A district manager for food & facilities management services earns an average salary of $63,739 per year. Additional compensation comes in the form of bonuses and profit sharing. Operations management, profit & loss statements, budget management, people management, team leadership, and training management are essential skills for upward career mobility. Respondents to the salary survey gave a rating 5 out of 5 in terms of job satisfaction.
#5 Resort Manager
A person in the resort manager occupation receives $47,703 on average in a year. This can be boosted by bonus and commission. Skills that are valued by practitioners include operations management, customer service, and people management. In the area of job satisfaction, respondents indicated they were extremely satisfied.
#6 General Manager, Food Service
The food service general manager position takes home an average annual pay of $50,020. Essential additional capabilities for MBA holders include operations management, inventory management, people management, and customer service.
#7 Cruise Ship Captain
The ship captain position has an average annual salary of $98,150. Important skills to possess as a cruise ship captain encompass knowledge of maritime protocols and safety regulations, security management, compliance with customs and immigration laws, maintenance and upkeep of the cruise ship, and socializing with ship guests. Perks of the job include the opportunity to visit far-flung ports of call around the world as well as luxurious accommodations and free meals aboard palatial cruise ships during the sea voyage.
#8 Ship Officer
The ship officer position receives an average annual salary of $58,557. In a cruise ship setting, a first officer takes responsibility for navigational and watch-keeping tasks. Valuable capabilities include the monitoring of navigational equipment and electronic instruments to ensure proper working condition, the planning and execution of voyages, and participation in periodic safety drills.
#9 Meeting & Convention Services Manager
Someone occupying the meeting and convention services manager position can expect to receive a salary of $46,869 in a year. Four capabilities seen as valuable to one’s career in this occupation are customer relationship management (CRM), event planning, customer service, and event management. Sixty-nine meeting and convention services managers gave 5 out of 5 rating in job satisfaction.
#10 Director of Events
The director of events position has an average salary of $60,602 per year. Skills that bolster an MBA holder’s career movement include event management, budget management, event planning, strategic marketing, project management, fundraising, and sales.
#11 Director of Catering
A director of catering earns an average of $57,791 in salary in the course of a year. Important skills are sales management, event management, and event planning. Responsibilities include choosing facilities based on event requirements and size, supervision of staff, operating within budget parameters, regular communication, and coordination with customers, and arranging all the details of a banquet. Advantages include free food and beverages, enlargement of an interpersonal and social network, and advancement to executive positions.