A business development manager supervises other workers involved in business development; that is, the efforts of the company to expand territories and generate new business. A manager in this position works with others in the company to spearhead campaigns in marketing, product developing, distribution, contracts, and presentations. This is a job that requires skill in economics, business administration, and financing.
You will be preparing reports for senior management and perhaps even a board of directors, who will review your systems and developments for ideas on how to improve productivity. This career field encompasses production, marketing and sales, and financial analysis. Applicants who specialize in this work oftentimes come from investment banking or management consulting, as this is a major climb from mere managerial duties.
Finding a Job in This Field
Business development requires a business background, including college training in a related field. Many applicants will go to school for a Bachelor of Science degree in a field such as Business Development, or perhaps Business Administration. However, many students are going for a master’s degree education or an MBA, in order to rise above the competition. This is certainly a step in the right direction, but you are also expected to come from a business background. If you have never worked in a corporate environment, it would be shrewd to apply for an internship. You can do this by contacting an academic advisor at school or being proactive and approaching companies related to business development and banking in your area. Even though education is prime, many applicants are reaching out beyond the minimum. For instance, registration with professional associations is becoming common among dedicated workers.
Skills Future Employers Are Looking For
Success in the hiring process is not necessarily about a resume, but about a skill set that the employer finds valuable. For one thing, employers want managers who have excellent communication skills, since they are in charge of resolving internal issues, maintaining contact with clients, and making announcements to the press.
In addition to general communication, a manager should also show strong leadership qualities. He or she oversees the work of other employees, including training sessions, workshops, organizing tasks, and motivating others to follow protocol and meet goals. This requires an organizational mind along with the ability to analyze the system. One of the reasons business experience is vital is because this experience provides you with a working knowledge of how banks and other financial institutions operate.
Be prepared to dive into your work, because a business development manager may be asked to work overtime, and maybe even weekends. Travel is certainly not unheard of, and the job is typically a high-pressure position. Of course, management is never easy but it’s precisely the challenge many students crave since it comes with a higher salary, more professional respect, and a greater opportunity for advancement. Why not check out University of Maryland College Park’s programs in business and finance or check out the schools listed below to learn more about this curriculum?