General Manager Salary & Career Facts
Many people that aspire to have a career in business are interested in working their way up the corporate ladder. They want to develop their experience overtime in hopes of achieving a position in management or above. One common career option for those that aspire to work in a management capacity with a company is the position of general manager.
What is a general manager?
In the business world, a general manager is the highest ranking manager with a company. In most cases their job is to oversee all areas within a business. They also are in charge of managing the other managers and overall functions of a company.
A general manager can be assigned many different titles, depending on the company they work for. Some of the most common titles that are used to refer to the general manager position include President, Vice President, Managing partner, brand manager, Chief Operating Officer (COO), and even Chief Executive Officer (CEO). However, the role of general manager could be also be taken on by one of these individuals or be a completely separate position as well, depending on how a company is structured.
The role and responsibilities of a general manage will also vary based on where they sit within the corporate structure of a company, but in general they are often in charge of the following:
• Day to day operations
• Strategic planning and establishing initiatives
• Delegating responsibility to other internal managers and department heads
• Financial data analysis
• Execute plans created by CEOs, CFO’s and other executives
General Manager Salary Expectations
Since the role of general manager varies significantly based on the industry you work in, salary expectation have a wide range. In general, the average salary for a general manager is approximately $ 100,000 per year. However, how much you make really depends on the industry you work in. For example, general managers in recreation and retail tend to make less than general managers that work for large corporations of financial institutions.
On the low end, a general manager can make as little as $3 0,000 per year and up to $ 250,000 or more. However, the majority of people in a general manager role tend to fall into the $ 80,000 to $ 120,000 salary range.
General Manager Career Facts
• General managers come from many different types of backgrounds
• The most common association with the position is that of a sports team general manager
• The term is most commonly used in a sports and hotel management
• The position of general management has changed significantly over the years, especially when downsizing occurs
• The position continues to evolve and change
• Travel is often a major component of the position, especially in a retail setting
Becoming a general manager is great career option for people interested in business. While there is no formal path to becoming a general manager, most get a degree in business or a related area of study and then work their way up.