The global reach of companies means that they increasingly need to be able to function effectively in international and globalised environments; requiring managers who can effectively manage and grow within such an environment.
The complex and dynamic nature of these environments presents many challenges for managers. These may be practical challenges – such as language barriers, international accounting, intellectual property, and cultural differences – or theoretical challenges such as political threats, foreseeing risks and developing a strategy.
Knowledge and skills need to be developed across a broad range of disciplines, notably people management, financial literacy, strategic thinking, and business analysis. Not to mention the need to develop good judgement, self-awareness and resilience to obstacles and setbacks.
Studying for a master’s degree in management can help you to become a better leader and manager, widen your outlook on the world, and support your career with the theories, tools, and techniques to underpin your ambition and effort.
Here are some of the main reasons why you should consider studying for a master’s in management.
Overcome your fears of stepping up into leadership
When people move into leadership positions there can often be an uncomfortable tension between being a professional and being a manager. There is also a big difference between carrying out a tactical plan at a junior level and developing an overarching vision and strategy as a leader.
Studying management allows you to gain a good understanding of different leadership frameworks, theories, and tools. Through critically reflective exercises, it can help you to explore your assumptions, perceptions and values as you develop your own management and leadership identity. It can also give you a space to consider strategic and organisational issues that you may be facing in your current role and teach you techniques to build a comprehensive strategy and overcome barriers to its implementation.
Gain expertise in finance and data analysis
Having a strong grounding in finance and data analysis is essential for managers who wish to make informed business decisions. Studying management can help to develop your understanding of core finance concepts such as being able to interpret financial statements, managing and controlling budgets, understanding how organisations raise finance and how risk management can be approached.
Furthermore, it can teach you how to conduct an analysis of company performance, appraise potential business projects and support business planning and control. It can help you to better apply financial and data management skills to your own area of business practice, as well as understand the limitations of different techniques and pitfalls that some organisations fall into.
Learn how entrepreneurship and innovation happen
Entrepreneurship and innovation are at the forefront of international commerce and it is important for leaders and managers to understand how and why entrepreneurship happens, how innovation contributes to the ongoing viability of companies, and threats can arise when companies fail to innovate and competition moves in to take their market.
They are also much more than the actions of a solo visionary at the head of a company. Studying management can enable you to better understand the enablers and barriers to entrepreneurship and innovation within firms, how new patterns of innovation are tested and adopted and how intellectual property is managed in an increasingly open world.
Broaden your outlook of business and its social impact
The social and environmental impact of business and management practices, and the ethics of managerial decision making, are becoming increasingly important in global business and society. Managers need to be able to navigate ethical frameworks, personal ethics, stakeholder management and corporate social responsibility, alongside their many other duties.
If you’d like to gain more understanding and confidence in these areas then studying these aspects of management can help you to critically analyse ethical problems, see different perspectives and make more informed decisions. You will be able to study theories and examples across diverse types of organisations operating in different territories and markets, share experiences with fellow students, and apply the topics studied to your own organisational context.
Develop your research and critical thinking skills
Being able to research, identify and critically analyse business issues and challenges, and make effective decisions to overcome those challenges is one of the constant demands of a manager. By studying management and becoming familiar with different approaches to research and their application to management inquiry, you can enhance your ability to collect, analyse and interpret information and act making the best use of that understanding.
You will have an opportunity to enhance your understanding of different types of research data and data collection, statistical techniques to analyse data, and optimal ways to present information back to others. The dissertation that acts as a capstone project to a postgraduate programme in management can also allow you to investigate an issue that is relevant to your own organisation, or another related organisation, and propose solutions and improvements based on evidence.
Managers in organisations of all sizes, be that national or international, increasingly need to be able to practice competently with international and globalised managerial awareness in order to be effective. By developing good judgement, self-awareness, analytical skills, and knowledge built on experience, you can become one of them.
If studying for a master’s in management interests you, the University of Liverpool offers a part-time and online course in management that could help you to develop your knowledge and advance your career. To find out more about the course, visit our webpage.
Our online management courses are developed by our Management School which is accredited by each of the main international accreditation agencies – AACSB, AMBA and EQUIS – and proud to be a world leading centre for management and leadership education and research.
You can also download a booklet about the programme modules and learning outcomes.
