5 Steps to Becoming a Research And Development Business Manager
Research and Development Business Managers play a hugely important role in society today. Their role is to administer, plan and review programs and activities within an organization. The importance of this job is reflected in the salary as well, which averages at $120,141 per year. The top 10% actually earn $152,718 and above. Salaries vary tremendously depending on where in the country you work, which organization you work for, how much education you have and how long you have been employed in the field.
If you want to become a Research and Development Business Manager, you should start by going through the following five steps.
1. Get to Know the Job
As a Research and Development Business Manager, you can expect to be ultimately responsible for all R&D (Research and Development) policies, strategies and plans. Additionally, you will be monitoring all the assets and costs in relation to any R&D activities, determining which ones are and are not necessary. Whenever a research product has been completed, you will need to interpret the results and, based on that, determine whether a new product or service should be offered. You will also have an advisory role, looking at the different types of R&D options are out there. Finally, you will look at any new developments in the field of R&D and determine whether or not any of these are necessary within your own organization.
2. Get an Undergraduate Degree
Once you understand the job and you have decided it is the career path for you, your first step will be to get an undergraduate degree. You may already feel that you know exactly what type of organization you will want to work for and thereby get a really targeted degree. For instance, if you want to work in healthcare, then getting a bachelor’s degree in Population Health would be a really good place to start. However, if you want to have more multifaceted skills to give you a greater choice of potential employers, you may want to opt for something more general such as management, finance, economics, human resource management, statistics, sociology or quantitative methods.
3. Get Work Experience
Once you have obtained your bachelor’s degree, it is time to get work experience. You have to choose, at this point, whether you want to work in an area that specifically fits your major, or whether you want to choose something more in line with you eventual goal of becoming an R&D Business Manager. For instance, if you would like to work for the pharmaceutical industry, you could search for jobs in that industry regardless of your major. If, on the other hand, you have gained a major in public health, you may want to work specifically for a federal organization.
4. Get a Graduate Degree
You are under no obligation to obtain a graduate degree in order to work as an R&D Business Manager. However, you will greatly increase your chances of getting a job in that field, and you will also increase your salary, if you do. It is certainly a good idea to obtain a master’s degree for your personal career development. Again, there are a number of pathways you could choose for your master’s. You could consider Social Impact, Population Health, Business Administration (MBA), Commerce, Economics or Public Health, for instance. You could also consider continuing on towards a doctorate degree, particularly if you want to become even more involved in research.
5. Find a Job
Once you have completed your degree, you are ready to find a job. A number of interesting opportunities exist that you may want to consider. Some of the organizations you may want to look into include state government, federal government, manufacturing firms, research institutes, political parties, trade unions, universities, hospitals, private sector organizations, non-profit organizations, consultancy services and so on. According to the U.S. Bureau of Labor Statistics, the demand in R&D business managers is growing rapidly, particularly in the field of health care. This industry and the pharmaceutical industry, is a very good option if you are highly educated and experienced. These industries offer some of the highest paid positions, as well as other interesting remuneration packages. You can expect reasonable bonuses and a lot of paid time off, as well as things such as pensions, 401K and health insurance. Naturally, the most important thing is that you have the opportunity to make a meaningful difference to the world.