Are you considering a master’s in hospitality management? If so, you are not alone. The hospitality industry is a big business. Some sources indicate that as many as one in ten people in the U.S. have jobs in the tourism or hospitality industry.
Globally, the hospitality industry is responsible for trillions of dollars spent. If you are thinking about getting an advanced degree like a bachelor’s or masters in hospitality management, there are many different jobs for you to choose from. The options are broad which may be great for those that aren’t sure where their career may lead them.
Even as our lives evolve, the public still wants to dine out, celebrate events, visit a spa, plan a vacation, or just have a stay-cation close to home. It is what we need to re-charge our batteries and enjoy our lives.
What is Hospitality Business Management?
Hospitality Business Management is described as the application of business principles and practices within the hospitality industry. This includes everything from supply chain management and sourcing the best products for restaurants, to being involved in real estate acquisitions to human resource management.
Before you consider jobs for master’s in hospitality management, you need to have a clear idea about what positions will be available to you upon graduation.
Hospitality is a very broad industry. According to Chron.com, those looking for jobs in hospitality management may choose from hotels, casinos, spas, travel, restaurants, theme parks, conventions and meetings, event and concert venues, and other jobs that cater to those that want to be entertained.
There is a lot of responsibility resting on the shoulders of those in hospitality management. Here are some of their key responsibilities:
- Overseeing internal operations
- Prospecting and hiring employees
- Overseeing customer service
- Financial due diligence
- Increasing revenues
- Generating awareness, announce promotions through marketing efforts
- Create and maintain good relationships with the hospitality media
- Learning how to survive during low season
- Working with event and meeting planners for events
- Facility maintenance
- Training new employees
Hospitality Management Career Facts:
According to the U.S. Bureau of Labor Statistics, the median wage for lodging managers is around $22.50 per hour (or $46,810 per year). It can be as high as $89.530 or as low as $29,290 based on your education and experience.
Foodservice managers earn about $47,960 per year. While many have long successful careers in hospitality management. Those with a bachelor’s or master’s degree in hospitality management have a better chance to earn larger salaries and compete for the best jobs.
What is the Outlook for Jobs in the Hospitality Industry?
There is no question that COVID-19, has changed how we all live. From our dining options to our travel plans. But people are still going to have to travel on occasion for work or visit with friends and family. Despite reducing jobs, there will always be a need for hospitality workers.
According to the Bureau of Labor Statistics, “Employment of lodging managers is projected to decline 12 percent from 2019 to 2029.” They also state, “Those seeking jobs at hotels with the highest level of guest services are expected to face competition, as these positions are highly sought after by people trained in hospitality management or administration.”
This means jobs will still be available but there will be more competition. Those with a bachelor’s or masters in hospitality management will have the best opportunities to secure the top jobs, especially at upscale and luxury resorts.
What Can I Do with a Masters in Hospitality Management?
There are many options for those that have a master’s in hospitality management. According to Deloitt, there are many positions in travel, tourism, airlines, cruises, and ground transportation. Those with a master’s in hospitality management have many leadership and executive-level jobs available to them upon graduation.
Masters in hospitality management jobs for graduates:
- Hotel/Restaurant Sales Manager
- Hotel Revenue Manager
- Director of Resort Facilities
- Hotel Manager
- Restaurant Manager
- Banquet Manager
- Head of Food and Beverage
- Meeting, Convention, and Event Planners
- Cruise Director
- Operations Management
- Operations and Planning Analyst
- Corporate Controller
- Director of Events
- Hospitality Advertising, and Marketing Professionals
- Director of Guest Services
- Convention Sales/Management
- Corporate Hospitality/Tourism
The scope of the hospital industry is so broad that colleges often include classes that are broader for those that may want to utilize their degree outside of travel and hospital into different business realms like:
- Real estate
- International business
- Safety and labor regulations
Next time you are wondering, ”What can I do with a masters in hospitality management, remember this list and the wide variety of executive-level job options you will have available to you after you receive your master’s degree.