Understanding the financial challenges faced by the millennial generation

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Millennials – the term used for anyone born between 1981 and 1996 – have come of age during a period of vast technological change, economic disruption and evolving societal norms. These transformations have uniquely shaped their financial perspectives and experiences.

In fact, it’s fair to say that the millennial generation has been hit by some of the most significant economic events of the past century – from the Great Recession of the late ‘00s to the recent pandemic – all of which has impacted their ability to build wealth and find financial stability.

An overview of the millennial generation

Millennials are so called because they’re the first generation to enter adulthood in the new millennium, and this has set them apart from previous generations in several ways. 

For example, millennials will remember a time without the internet and advanced digital technology like smartphones, but are also considered digital natives. 

Millennials are also noteworthy for being the most well-educated generation as well as the most racially diverse, and for buying their own homes, getting married, and having children later than those in the Gen X or baby boomer generations – a characteristic tied to the financial challenges that the generation has faced.

Economic challenges for millennials

Many millennials have struggled with financial challenges that were less pronounced for baby boomers and Generation X at similar stages of life. 

Their attitudes towards money are markedly different, too, now focusing more on financial wellness and the balance between quality of life and fiscal responsibility. This can largely be attributed to the economic climates they have grown up and matured in, and the economic challenges they’ve experienced. 

Economic turbulence

Economic instability has been a consistent theme in the lives of many millennials. The Great Recession (2007 to 2009) coincided with the formative years of many young adults in this group, altering their perspectives on money and significantly affecting their career trajectories.

In the UK, the aftermath of this financial crisis was felt through austerity measures, impacting public services and employment opportunities. All of this was followed by the coronavirus pandemic, which sent shockwaves through the economy, plus further recessions in 2020 and 2023.

Like the UK, the Federal Reserve in America and other central banks worldwide have similarly grappled with recessions and policies that have seen interest rates plummet, affecting savings rates and overall economic recovery.

The ongoing repercussions of these economic downturns, coupled with recent inflation surges, continue to challenge millennials’ financial security, making it difficult to create everything from a financial safety net to a retirement plan. Because of this, many in the millennial demographic have struggled with the cost of living, amassing significant credit card debt to make ends meet and further adding to their financial stress. This is even worse in the US, where many American millennials face huge healthcare costs or health insurance fees.

Student debt

Many millennials were taught that higher education was a crucial path to securing well-paying jobs, leading many millennials to pursue degrees.

However, this has often come at the cost of accumulating substantial student loan debt. Data shows that the promise of higher income has been dampened by the reality of paying down large debts, a burden that previous generations did not face to the same extent. And this debt has far-reaching consequences on other financial decisions and milestones, such as homeownership and retirement savings.

Housing and homeownership

Homeownership rates among millennials lag significantly behind those of previous generations at similar ages.

In the fiercely competitive housing markets of major cities like New York and London, soaring home prices and stagnant wages have made down payments and mortgages less attainable. And rising mortgage rates aren’t helping anyone, no matter where they live.

The rental market isn’t much relief either, with high rents consuming a large portion of monthly income, making it challenging for young people to save enough money for a home or otherwise invest in their future.

A 2024 House of Lords report on the housing needs of young people highlights some of the data specific to the UK:

  • 35% of 25- to 34-year-olds in 2017 were homeowners, a decrease from 55% in 1997.
  • Average property prices in England had risen by 173% (after adjusting for inflation) and 253% in London since 1997.
  • The proportion of young adults who would need to spend more than six months’ income on a 10% deposit for the median property in their area had increased from 33% in 1997 to 78% in 2017.

Salaries and employment

While millennials are the most educated generation to date, this has not necessarily translated into financial success or full-time employment. Many millennials left education to find themselves in a job market characterised by job scarcity, underemployment, and salary stagnation. 

 

“In the wake of the 2008 global financial crisis, unemployment was elevated in many countries, and reached a high of 11.8 percent in the UK in 2011,” Statista explains. “With young workers generally being the most impacted by such high unemployment, millennials bore the brunt of this crisis, and in 2012, there were 1.39 million millennials unemployed.”

However, this picture is slowly changing shape, with lower levels of unemployment coupled with millennials’ adaptable nature.

“In more recent times, millennials were the generation most associated with career advancement, with 26 percent of people in the UK believing millennials would value this over a work-life balance, the most of any generation,” says Statista. “Other traits people associated with millennials were being financially insecure, open to different lifestyles, and a willingness to make lifestyle changes for the environment.”

What comes next: financial challenges for the Gen Z and Alpha generations

As millennials continue to navigate their financial realities, the upcoming generations, Gen Z and Generation Alpha, are on the brink of facing their own economic challenges. These younger generations are set to inherit many of the systemic issues that have not yet been resolved such as high educational costs, uncertain job markets and unaffordable housing. But the experiences of millennials offer valuable economic lessons that can help future generations achieve financial stability and well-being for themselves – and for the wider global economy.

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Financial wellness programmes and their impact on employee satisfaction

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A 2023 study by the Mental Health Foundation reported that 73% of the population reported feeling anxious about finances and the cost of living ‘at least sometimes’ in the last fortnight.

Financial stress and anxiety don’t just have a negative impact on the personal and professional lives of employees: they can also have undesirable consequences for the organisations they work for. After all, the relationship we have with money can affect every facet of our lives. Meaningfully addressing financial concerns should be a top priority for business leaders, managers, and financial specialists.

What is financial wellness?

No one wants to worry about money. Sadly, it’s probably something all of us have experienced at one time or another.

According to the Money and Pensions Service (MaPS), financial wellness – also referred to as financial wellbeing – is ‘about feeling secure and in control of your finances. It’s about making the most of your money from day to day, dealing with the unexpected, and being on track for a healthy financial future.’

Mental health organisation, Calm, list three levels of financial wellness:

  • Basic financial security. Having sufficient money to cover essential needs and daily expenses, such as food, housing, and transportation.
  • Financial safety. Having relevant financial safeguards in place, such as a lack of high-interest debt, health insurance to cover surprise healthcare costs, or an emergency savings account to help weather unexpected situations
  • Financial freedom. Having enough money to make choices that aren’t based on financial necessity and allow you to live comfortably, such as travel, or early retirement – which offers the greatest peace of mind and better overall wellbeing.

Now we have a better idea of what it is, let’s take a look at how financial wellness links to employee satisfaction and wider organisational improvement.

How do financial wellness initiatives boost employee engagement, satisfaction and productivity?

Financial wellbeing matters because individuals who experience financial wellbeing feel more confident, empowered, and resilient – traits that can have profound benefits within the workplace.

Organisations with high levels of employee financial wellness can expect happier, healthier employees who perform better in their roles. After all, people who are less stressed about money experience better overall mental health and physical health.

Improved employee health often leads to:

  • reduced absenteeism and presenteeism. The Society for Human Resource Management (SHRM) state that financial worry results in a 34% increase in absenteeism and tardiness. Employees who are constantly worried about money may come into work despite feeling mentally and/or physically unwell.
  • stronger professional relationships and a better work environment. Employees who aren’t constantly dealing with financial strain will turn up as better versions of themselves in the workplace. They’ll be more motivated, more likely to work well with others and contribute to a more positive overall atmosphere.
  • increased employee productivity and job performance. By reducing sick days and ensuring team members aren’t turning up to work when they should be off, productivity and quality of work will increase.
  • greater job satisfaction and higher employee retention. When money worries are taken off the table, employees who are more productive, motivated and able to engage meaningfully in their work are likely to experience increased job fulfilment. Organisations can also benefit from lower turnover rates, as team members won’t perpetually be on the look-out for any job with a higher salary.

These financial wellness benefits offer a dual advantage: a healthier bottom line for employees and for businesses.

What are the most effective ways of improving the financial wellbeing of employees?

An article in the World Bank Economic Review states that: ‘financial education significantly impacts financial behaviour and, to an ever larger extent, financial literacy.’

Arranging financial wellness education programmes for employees is one of the best ways to improve financial literacy and pave the way to overall financial wellbeing – whether these are designed and facilitated in-house training teams or outsourced to financial consultants and experts. The World Bank Economic Review goes on to report that: ‘intervention success depends crucially on increasing education intensity and offering financial education at a “teachable moment.”’

Additionally, ensuring your organisation offers a comprehensive employee benefits package can contribute significantly towards alleviating financial strain and employee stress, and fostering a sense of security. Conducting a company-wide wellness survey can be an effective way to drill down into what is truly affecting employees. If money or specific aspects of money management are a common theme, this can be addressed.

What should a financial wellness programme include?

A comprehensive financial wellness programme provides employees with knowledge and tools related to all aspects of money management and personal finances, from savings and investments to pensions and retirement planning.

It may include elements such as:

  • budgeting – such as household and personal expenses
  • credit scores – and how to improve them
  • expenditure – including behaviour and patterns
  • financial insurance
  • financial goal setting and financial planning
  • short-term and long-term finance options
  • debt management, reduction, and elimination
  • loan repayment plans – from student loans to household loans
  • financial crisis and emergency management – for instance, linked to redundancy, unemployment, and bankruptcy.

It may also feature financial coaching, personalised financial counselling and financial health assessments, signposting to relevant financial support services and tools (such as Money Smart, InCharge, and MoneyWi$e), and mental health support and financial stress management.

At their core, financial wellness programmes help employees to make better financial decisions – and boost their financial health.  Remember, the course content and approach may need to be closely tailored to the target audience and their individual, diverse needs. For example, different socioeconomic needs may make some elements of the programme more relevant than others.

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How inflation impacts cost of living

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In the UK, the cost of living increased sharply during 2021 and 2022. In October 2022, the annual inflation rate peaked at 11.1%, the highest it had been in 41 years. Since then, the rate has been gradually decreasing, and the Bank of England expects the drop to continue down to 2% by mid-2024.

Inflation and its impact on cost of living has been widely spoken about in recent years as people feel the pinch of their money not going as far as it once did. 

In this blog, we’ll outline what the cost of living crisis is, explore what has caused the high inflation rates, and discuss what you can do to cope with its impact.

What is the cost of living crisis?

The cost of living crisis is defined by a period of time in which the cost of everyday essentials, such as food and bills, increases at a quicker rate than household income. This change results in less  disposable income for individuals and a change in their standard of living. The UK has been in a cost of living crisis since 2021.

Inflation measures how fast prices  have risen year on year and are expressed as a percentage change. The percentage is measured by the Consumer Prices Index (CPI) which is based on cost data compiled by the Office for National Statistics. Many everyday items, including food, fuel, and housing costs, are tracked in the “basket of goods” which is used to calculate CPI inflation.

What has caused high inflation in the UK?

The Bank of England says there have been three large economic shocks which have caused high inflation and price hikes in many essential goods in the UK.

The Covid pandemic

The Covid lockdowns disrupted global supply chains, particularly in Asia and China. When the high demand for products and services returned, many supply chains broke down. There was a shortage of transport shipping in many ports, which led to a rise in transport fuel prices for many manufactured goods. These costs were passed onto the consumers.

Stable supply chains and business operations took a while to return to normal. Staff had been laid off during the pandemic and services had been cut back. This disruption also impacted food supply and the import costs associated with it, on top of higher import costs already in place post-Brexit. In the UK, around 50% of food is imported – much more than other European countries, making our food prices higher.

Russia’s invasion of Ukraine

Unlike the US which produces most of its own gas, or countries like France which generate more power from nuclear plants, the UK imports most of its gas via pipelines from a handful of suppliers, resulting in higher energy prices. These prices crept up more when Russia invaded Ukraine and made the UK’s access to their gas more difficult.

In recent years, the UK government has committed to not importing any gas from Russia. In  March 2023, they published a press release declaring themselves ‘one year free from Russian gas’. This comes as part of the ‘Powering Up Britain’ plan which aims to scale up affordable, clean, homegrown power and build thriving green industries to boost the UK’s energy security and independence and reduce household bills and gas prices long-term.

A shortage of available workers

Workforces in countries across the globe shrank during Covid and most have recovered. However, in the UK there are still around 400,000 people not working, as many young people are opting to study instead of work, the number of over-50s taking early retirement has rapidly risen, and more people are off work with long-term sickness. 

Research also suggests there are fewer workers available due to Brexit, hitting sectors such as transport, hospitality and retail hardest.

When there is a smaller pool of talent to choose from, pay rates rise to attract and retain staff which is another cost which impacts the consumer.

What is the UK inflation rate and how does it affect me?

The UK inflation rate in March 2024 was 3.2% – the lowest rate since September 2021. This is above the Bank of England’s goal of 2%, so it decided not to cut interest rates (which are used to control inflation).

The reason for the drop in the inflation rate was due to the lower cost of some food items in the ONS’ “basket of goods”. However, the Bank of England also considers something called “core inflation” which excludes the price of energy, food, alcohol and tobacco. With these items excluded, core inflation was 4.7% in March.

Interest rates are put up to lower inflation. The theory is that if borrowing is more expensive, people have less to spend and may save more, reducing the demand for goods which slows price rises.

Many individuals feel the effect of the UK inflation rate and the cost of living crisis, as many goods and services are more expensive than they were a few years ago. If the inflation rate continues to decline, the amount of disposable cash individuals have should increase.

How does inflation impact businesses?

The impact inflation has on businesses varies across sectors, though most will feel an impact in some way.

Some of the impacts include:

  • Profit margins fluctuating between sectors: Factors such as cost of staff, cost of energy, and supply chain cost increases are affecting different businesses in different ways, causing a discrepancy in profit margins between sectors.
  • Reduced purchasing power dampens demand: Price rises result in a fall in sales and an erosion of brand loyalty as many customers seek cheaper alternatives or park non-essential purchases.
  • Interest rates affect the cost of borrowing: The raised interest rates also impact businesses, making loans and company credit cards more expensive.
  • Employee wellbeing has taken a hit: A growing number of the workforce is off or out of work with long-time sickness, impacted by the cost of living crisis and the stress it brings. Many businesses are also still working out their approach to remote and hybrid working, with employees having differing preferences.

What strategies can individuals use to cope with inflation and the rising cost of living?

There are some strategies you can use if you’re struggling to cope with the current rate of inflation and the rising costs of living. These include:

  • Making a budget so you can see where your money is going and see which bills should be prioritised
  • See if you’re able to bring in extra cash by checking you’re claiming all the benefits available to you, or having a clear-out and selling old items you no longer use
  • Look at ways to reduce your outgoings and see if it’s possible for you to spend less
  • Find out if you’re eligible for help through any of the government schemes for low-income households

Interested in learning more about economic growth and how inflation affects the country?

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You’ll be able to identify and find efficient solutions for higher prices in things like energy bills and higher wages, and will learn key skills in problem solving and decision making for both short and long-term success.

How to manage personal and business finances as an entrepreneur

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In the fast-paced world of entrepreneurship, managing personal and business finances effectively is crucial for long-term success. 

As an entrepreneur, you wear many hats, and one of the most important ones is that of a financial manager. Juggling personal expenses alongside business finances requires careful planning, discipline and foresight. 

In this blog, we’ll explore strategies to help entrepreneurs navigate the intricate balance between personal and business finances, ensuring financial health and business success.

Understanding the importance of financial management

Entrepreneurs often dive into the world of their new business with a passion for their product or service but may overlook the intricacies of financial management. However, understanding the importance of managing both personal and business finances is essential for sustainable growth. 

Personal finances impact business decisions, and vice versa, making it imperative to maintain clarity and organisation in both areas.

Establishing clear boundaries between personal and business finances

One of the critical steps in managing money for entrepreneurs is to clearly separate personal and business finances.

Mixing the two can lead to confusion, financial strain and potential legal issues. To avoid this, it’s crucial to open separate bank accounts for personal and business use. This clear distinction of having a personal account and a business bank account simplifies record-keeping, bookkeeping, tax filing, and financial analysis, allowing for better decision-making.

Creating a comprehensive financial plan

Every successful entrepreneur understands the importance of having a financial plan. This plan should encompass personal and business financial goals while outlining objectives, strategies and timelines for achievement.

A strong financial plan serves as a roadmap, guiding entrepreneurs through various stages of their journey from start-up to expansion. It should address cash flow management, savings targets, investment strategies and debt repayment plans.

Building an emergency fund for stability

With fluctuating income and unexpected expenses, entrepreneurship is inherently unpredictable. To safeguard against financial setbacks, entrepreneurs should prioritise building an emergency fund.

This fund serves as a safety net during lean times, providing peace of mind and stability. Aim to set aside three to six months’ worth of living expenses for personal emergencies and a separate fund for business contingencies.

Automating financial processes for efficiency

In the digital age, automation is a powerful tool for streamlining financial management. Entrepreneurs can leverage technology to automate bill payments, savings transfers, and expense tracking, saving time and reducing the risk of errors.

Utilise accounting software to manage business finances efficiently, track income and expenditures, and generate financial reports. Automation frees up valuable time that entrepreneurs can allocate to growing their business while focusing on personal wellbeing.

Seeking professional financial advice

While entrepreneurs and small business owners are often adept at wearing multiple hats, seeking professional financial advice can provide valuable insights and guidance.

A financial advisor can help entrepreneurs develop a comprehensive financial strategy tailored to their unique goals and circumstances. From retirement planning to investment advice, an experienced advisor can offer expertise and perspective, helping entrepreneurs make informed financial decisions and secure their financial future.

Managing business expenses and cash flow

Effective management of business expenses and cash flow is essential for the sustainability of any venture. Entrepreneurs should regularly review and analyse business expenditures, identifying areas for cost optimisation and efficiency improvements.

Implementing strict budgeting practices and monitoring cash flow patterns allows for better forecasting and resource allocation. Additionally, maintaining healthy profit margins ensures the long-term viability of the business.

Building and maintaining good credit

A strong credit score is invaluable for entrepreneurs, facilitating access to financing, favourable interest rates and essential business resources. 

To build and maintain good credit, entrepreneurs should use credit responsibly, make timely payments, and keep debt levels manageable. Establishing a separate business credit profile and utilising a business credit card for expenses can further strengthen creditworthiness and provide additional financial flexibility.

Leveraging business loans responsibly

Business loans can be valuable options for entrepreneurs seeking to finance growth, cover operational expenses or invest in new opportunities. However, it’s essential to approach borrowing with caution and responsibility. 

Lenders typically assess the creditworthiness of business owners before extending loans. A strong personal and business credit history increases your chances of qualifying for favourable loan terms and lower interest rates.

Before pursuing a business loan, entrepreneurs should carefully assess their financial needs, repayment capabilities and risk tolerance.

Nurturing personal wellbeing amidst entrepreneurship

While the pursuit of business success is important, entrepreneurs shouldn’t overlook their personal wellbeing. The demands of entrepreneurship can be taxing physically and mentally, making self-care a priority to avoid burnout.

Set aside time for relaxation, hobbies, and social activities to recharge and maintain a healthy work-life balance. Remember that personal wellbeing is intrinsically linked to business success, as a healthy and motivated entrepreneur is better equipped to face challenges and seize opportunities.

Investing in financial health

Entrepreneurship is a journey filled with challenges, opportunities, and constant learning. Managing personal and business finances effectively is a critical aspect of this journey, requiring discipline, foresight and strategic planning.

By establishing clear boundaries, creating comprehensive financial plans, and leveraging technology, entrepreneurs can navigate the complexities of financial management with confidence. Prioritising personal wellbeing alongside business success ensures a holistic approach to entrepreneurship, fostering long-term prosperity and fulfilment. 

As you embark on your entrepreneurial endeavours, remember that financial health is the cornerstone of business success, and that investing in it will yield dividends for years to come.

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How to prevent identity theft and fraud

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Cyber security threats are constantly on the rise, as cyber criminals become increasingly more adept at finding new ways into individuals’ private and personal information. In 2023, more than 353 million people were impacted by data breaches. Reports suggest that among these, fraud accounted for 2.5 million, while identity theft was at 1.1 million.

As the numbers indicate, identity theft and fraud are widespread issues in today’s digital world. With increasing reliance on technology at home and in the workplace, our personal information has become more accessible to hackers and fraudsters.

Whether it’s through phishing scams, data breaches, or social media hacking, vigilance is crucial in protecting your identity. Here’s everything you need to know about preventing identity theft and fraud.

What is identity theft?

Identity theft is when someone steals your personal information to commit fraud. This can include your name, address, date of birth, Social Security Number (if you’re in the US) or National Insurance number (if you’re in the UK), credit card or bank account details, and more.

Once fraudsters have this information, they can open accounts, make purchases, and apply for loans in your name without your consent.

Identity theft prevention methods

Preventing identity theft requires a multifaceted approach. Here are some effective methods to safeguard your identity.

Monitor your credit report

Regularly check your credit rating and report from agencies like Experian, Equifax, and TransUnion to spot any suspicious activity. You may be entitled to a free report annually from each agency, so make sure to take advantage of this service.

Use strong passwords

Use unique, complex passwords for each online account you have. Combine letters, numbers, and symbols to create strong passwords. Consider using a password manager to generate and store passwords securely.

Secure your devices

Keep your computer, smartphone, and other devices protected with updated antivirus software. Be cautious when connecting to public wifi networks, as they may not be secure and hackers may be able to access your information through them.

Stay safe on public Wifi networks

If you do use public wifi networks, avoid accessing sensitive accounts or entering personal information unless you’re using a virtual private network (VPN).

Be wary of phishing scams

Don’t click on links or download attachments from suspicious emails, texts, or social media messages. These could be phishing attempts designed to steal your personal details.

Protect personal documents

Keep important documents like your passport, driving licence, credit card statements, and bank statements in a secure location to avoid ID theft. Shred any documents with personal information and account numbers before discarding them.

Set up account alerts

Many banks, lenders, and credit card companies offer account alerts that notify you of suspicious activity. Enable these alerts to stay informed about any unusual transactions.

Secure your mail

If possible, use a locked mailbox or a Royal Mail Post Office (PO) box to receive mail. Be cautious when sharing personal details through the mail.

Limit personal information online

Be mindful of the information you share on social media and other online platforms. Avoid posting personal details like your full name, address, or date of birth. 

Enable two-factor authentication

Use two-factor authentication (2FA) whenever possible. This adds an extra layer of security by requiring a second form of authentication when you try to log into an online account. These second forms could be a code sent to your mobile phone or a memorable word.

Keep software updated

Regularly update your devices and software to patch any vulnerabilities that could be exploited by identity thieves.

Use secure websites

Look for the padlock symbol and “https://” in the URL of the website you are on to check it is secure before entering sensitive information. Never share information like card numbers over websites that aren’t secure.

Stay up-to-date on data breaches

According to the Information Commissioner’s Office (ICO), if a UK company has a data breach which is likely to result in a high risk of adversely affecting individuals’ rights and freedoms, those individuals must be informed. If this happens to a company you have a personal account with, they will usually email you to inform you of this, so be sure to open and read these emails to see how severely your personal data has been compromised. Always change your password for the affected account when a data breach occurs.

Check privacy settings

Regularly review and update the privacy settings on your social media accounts and other online platforms to control who can see your information.

What to do when you’ve been a victim of identity theft or fraud

If you suspect you’ve been a victim of identity fraud, take immediate action to minimise the damage:

  • Contact your bank or credit card company: Inform them of the fraudulent activity and ask them to freeze or close any affected accounts. They can also help you dispute unauthorised charges.
  • File a report with law enforcement: Report the identity theft to your local police department and obtain a copy of the police report. This documentation may be necessary when disputing fraudulent charges.
  • Contact the major credit bureaus: Alert the major credit score bureaus of the identity theft. Request that they place a fraud alert on your credit file and provide you with a copy of your credit report.
  • UK citizens: Consider a Protective Registration: You can apply for Protective Registration with Cifas, a fraud prevention service. This adds an extra layer of protection to your credit file, and ensures companies carry out additional checks to make sure it’s really you when your details are used to apply for a product or service.
  • US citizens: Report the identity theft to the FTC: File a report with the Federal Trade Commission (FTC) through their website. The FTC provides resources and guidance for identity theft victims.
  • Monitor your credit report: Continue to monitor your credit report for any suspicious activity. You may also consider enrolling in a credit monitoring service.
  • Be vigilant for future scams: Remain vigilant for future scams or identity theft attempts. Be cautious with unsolicited phone calls, emails, or messages requesting personal information.

Identity theft and fraud can have serious consequences, but by taking proactive steps to protect your personal information you can reduce the risk of falling victim to these crimes. Stay informed, stay vigilant, and take action to safeguard your identity.

Learn the skills that keep private information safe

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Taught part-time, you can fit your studies around your current commitments while connecting with global peers and growing your network as part of this well-rounded Masters degree.

Masters degrees: the key to a higher salary and better future earning potential?

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In today’s highly competitive job market, it’s important to invest your time, money and efforts in areas that will best enable you to fulfil your career ambitions. For many grads, the prospect of not seeing a return on their mounting student loans is a real concern.

If a Masters degree is one of the investments you’re considering, it’s worth taking some time to identify how it might act as a stepping stone to your professional development, future job opportunities, personal fulfilment and earning potential.

Does a postgraduate degree lead to a better salary?

While various factors can affect your lifetime earning potential, education – specifically higher education – is one of the key differentiators. As a general rule, the higher your level of learning, the higher you can expect to rise on the pay scale.

Findings from the U.S. Bureau of Labor Statistics (BLS) indicates that the difference in earnings between a Bachelors degree or undergraduate degree and a Masters degree is approximately 15% for those in full time work. Furthermore, those with a Masters can expect to earn upwards of 100% more than individuals without a high school diploma.

What Masters degree leads to the highest paying job?

If future earning potential is a key factor in deciding which subject, discipline or career is right for you, then identifying the average salary for each can provide useful information. You should also take into account the type of Masters you want to pursue. For example, a Master of Science qualification may lead to a higher salary than a Master of Arts.

Here are the top 10 highest paying master’s degrees in the UK – based on the median salary earnings of graduates five years after the end of their programme:

  1. Master of Business Administration (MBA) – average salary £70,400. Careers in the business, management and leadership space are wide-ranging and span all industries.
  2. Economics – average salary £51,100. Graduates often work in stock brokerage, investment banking, asset management, corporate finance and as economists.
  3. Medicine and dentistry – average salary £47,100. Careers extend throughout the healthcare sector, with roles such as physician associates, nurse practitioners, nurse anaesthetists and physician assistants.
  4. Engineering – average salary £44,500. Engineers can work across different sectors such as electrical engineering, manufacturing, aerospace, defence, and many others, either in specialist roles or engineering management.
  5. Computing – average salary £44,500. Careers include computer systems and software engineering, artificial intelligence, information systems, programming and IT project management.
  6. Mathematical sciences – average salary £43,400. You could apply your mathematical knowledge and skills to fields such as financial trading, insurance, statistics and big data.
  7. Pharmacology, toxicology and pharmacy – average salary £43,400. Job sectors include drug design and development, public health and clinical practice.
  8. Business and management – average salary £39,100. These programmes are often popular with college graduates pursuing positions such as marketing manager, entrepreneur, business development manager and project manager.
  9. Politics – average salary £38,700. Graduates may choose to work in local or national government, human resources, journalism, marketing, policy analysis and development, or other related fields.
  10. Architecture, building and planning – average salary £37,600. Many students go on to pursue professional accreditation – for example by the Royal Institute of British Architects (RIBA) or the Royal Institute of Chartered Surveyors (RICS).

Your starting salary will vary according to job role, industry, and professional work experience and background. However, with additional years of experience and responsibility, you can progress to top salaries and increased lifetime earnings.

What is the most common Masters degree?

Selecting a subject area or skill set in high demand is another way to increase your employability and job prospects.

According to FindAMasters analysis of Higher Education Statistics Agency (HESA) data, the top 10 most popular Masters degree programmes and subjects in the UK are:

  1. nursing, healthcare, and other subjects allied to medicine
  2. education and teaching
  3. business and management
  4. social sciences
  5. law
  6. psychology
  7. computer science and information technology
  8. creative arts and design
  9. medicine and dentistry
  10. architecture, building and planning.

In this job market, many of the most popular degrees with grads are also among the highest paying.

What are some other benefits of studying a Masters degree?

There are many reasons you might choose to study a postgraduate degree. As well as helping you meet current job requirements, it can also help boost your employability more generally while broadening your career options, allowing you to switch roles or industries, follow a specific interest or develop a new skill set. Many opt for postgraduate study in a bid to increase annual salary and future earning potential.

Plus, by studying an online Masters, you can gain other benefits.

  • Cost-savings – tuition fees may be slightly lower than in-person programmes, and you’ll save money on costs associated with accommodation and commuting.
  • Option to learn at your own pace – many universities, business schools and training providers enable asynchronous learning via their online platforms, meaning you can study and complete modules and assignments/coursework when it suits you.
  • Flexible start dates – unlike campus-based programmes – which usually have one or two fixed start dates throughout the year – online Masters programmes often offer multiple start dates for enrolling, allowing you to begin your studies at a convenient time. Plus, full-time, part-time and fully flexible options allow you to balance your studies with existing commitments.
  • Accessibility – many people cannot attend in-person learning environments for any number of reasons. Distance learning removes this barrier – and also means you end up in a far richer, more diverse, international cohort
  • Greater choice – learning online means geographical restrictions and limitations don’t apply, giving you more freedom to search for institutions that offer the best fit anywhere in the world.

What online Masters degrees are available at the University of York?

You’ll have the opportunity to choose from a range of popular, in-demand subject disciplines and specialisms.

Business and management 

Computer science 

Master of Public Administration

Master of Business Administration

The University of York is a member of the elite Russell Group, a marker of the quality of our research and teaching – which feeds into your learning. We’re also passionate about delivering the best possible learning environment and programme content, and proud to rank joint 17th overall in the Complete University Guide 2024.

Are you ready to take the next step on your career path by gaining an advanced degree? Browse our available online Masters programmes now and come and join us at the University of York.

How much does an MBA increase your salary?

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In today’s competitive job market, professionals often seek advanced education to gain a competitive edge and boost their earning potential. Among the various academic pathways on offer, pursuing a Master of Business Administration (MBA) is frequently seen as a strategic move towards achieving higher career goals.

Here, we’ll explore the average salary increase for MBA graduates, whether an MBA provides a good return on investment, and industry-specific trends.

The MBA advantage

Business schools, universities, and higher education institutions worldwide offer MBA programmes that cater to a diverse range of students – from those with substantial work experience to recent Bachelors degree graduates.

Employers recognise that MBA students possess a unique and invaluable skill set that combines business acumen, leadership capabilities and strategic thinking. Before enrolling, it’s worth asking how much the advanced degree will translate into a tangible salary increase.

Post MBA-salary and the average salary increase

One of the key metrics used to measure the success of an MBA programme is the average salary increase experienced by its graduates. According to a survey carried out by the Graduate Management Admission Council (GMAC), the organisation responsible for the GMAT (Graduate Management Admission Test), MBA graduates witness a significant bump in their salaries post-graduation. 

In the UK, Glassdoor notes that the average MBA salary is around £47,000, though it can range from a base salary of £35,000 right up to £61,000.

The post-MBA starting salary is a crucial indicator of the programme’s impact on earning potential. This figure often reflects not only the investment in education, but also the enhanced value employers place on MBA holders. 

The exact annual salary increase an individual can expect depends on their pre-MBA work experience and their chosen industry.

The higher education return on investment 

When deciding whether to commit to an MBA, the cost of the programme should be weighed against the potential financial rewards. The return on investment (ROI) is a key factor in this decision-making process. 

ROI in the context of an MBA programme refers to the financial gain achieved through higher salaries and better job opportunities upon completion, compared to the initial investment in tuition and other associated costs that come with further study.

While the cost of MBA programmes vary between institutions, the programme delivery can also impact how much it costs to study. On-campus programmes will likely be more expensive than distance learning programmes due to the costs associated with commuting. Degrees taught part-time may take longer and be more of a long-term time commitment, but the reduced schedule compared to full-time MBA study enables working and earning an income at the same time. 

Industries with the highest earning potential post-MBA

The job market is dynamic, and MBA holders can leverage their versatile skill sets to explore diverse career paths. The demand for professionals with a Masters degree in business administration cuts across industries because corporate recruiters value the academic and transferable skills that MBA grads can bring to the table.

Lucrative job opportunities and higher salaries for individuals with an MBA can be found across a variety of sectors. Some industries where they may be available include:

  • Consulting – consulting salaries keep rising, and these roles are very much in-demand. 
  • Finance – finance managers and investment bankers are two of the possible high-paying roles MBA graduates could aim for within financial services.
  • Technology – one of the fastest growing sectors which shows no sign of slowing down, this is a future-proof industry where those at the forefront of innovation can be financially rewarded.
  • Energy – individuals with an understanding of how politics, money, and the environment interact, and those with specialised knowledge in sustainability, are in high-demand.
  • Consumer packaged goods – this industry has seen consistent growth and resilience against economic hardship, making it a buoyant sector to progress in.

Specialised MBA programmes

In addition to traditional executive MBA programmes, there  are also specialised courses that are tailored to career goals in specific sectors.

There is a wide range of specialist MBA courses and the course content may vary by institution, so if you have a certain career path in mind, it’s important to look for the programme most suited to your needs.

Entrepreneurship and start-up success

The MBA advantage extends beyond climbing the corporate ladder. Many entrepreneurs and start-up founders hold MBA degrees, utilising their business acumen to navigate the complex landscape of launching and managing a successful business.

An MBA degree can give you a full view of what it takes to run a business, covering essentials  such as business strategy, finance, human resources and marketing. This knowledge can help business founders, who often have to wear many hats during the early days of establishing a new company. And, along with the entrepreneurial spirit instilled during an MBA programme, it can be used throughout the life cycle of a startup to improve its chances of success.

Increase your earning potential with an MBA

Pursuing an MBA can lead to a substantial increase in salary for graduates. The post-MBA salary increase, return on investment, and industry trends showcase the tangible benefits of investing in a Masters degree in business administration. 

As the job market continues to evolve, an MBA remains a valuable asset for working professionals and recent graduates. Whether you aspire to progress in your current industry, switch to a new industry or start your own business, the comprehensive skill set acquired through an MBA programme can open doors to high salaries and fulfilling career opportunities.

The University of York offers two online MBAs which will equip you for roles with a higher average starting salary – the Master of Business Administration (MBA) which will prime you for success in the private sector, and the MBA Public Sector Management for those with leadership ambitions at nonprofits. These part-time MBAs allow you to study flexibly, fitting your degree around current commitments. Taught entirely online, you will connect with peers across the world and grow your global network as you study.

Understanding the link between Masters degrees and earning potential in the UK

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In the contemporary job market, a Masters degree is not just a symbol of academic achievement – it’s a strategic tool that can significantly enhance your career prospects. In certain sectors, the distinction between a Bachelors degree and a Masters degree can have a profound impact on career and salary potential.

The value of a Masters degree in the job market

Enrolling in a Masters degree such as  a Master of Science (MSc), Master of Business Administration (MBA), or a specialised degree like a Master of Public Administration (MPA) means delving deeper into subject matter compared to an undergraduate programme. Advanced programmes like Masters or doctoral degrees equip postgraduates with a greater understanding of their field and help develop a number of valuable traits.

Because of this, employers often view candidates who have a Masters degree as more desirable for higher-level positions. This preference stems from the perception that candidates with Masters degrees possess a greater depth of knowledge, advanced research and critical analysis skills, a dedicated commitment to their field, and a mentality that is well-prepared for the complexities and challenges of the working world today.

“Having a relevant Masters degree could give you a crucial competitive edge in a crowded job market – employers are increasingly looking for ways to distinguish between candidates, and this higher-level qualification shows your ability to commit to an intense period of work,” says Prospects.

According to FindAMasters.com, holding a postgraduate qualification means your chance of gaining a professional occupation, over a less senior associate role, is more than 20% higher. It also notes that a Masters degree means someone is 20% more likely to be in a high-skilled job.

All of this is particularly true in rapidly evolving industries such as business or computing and information technology, where an advanced degree signifies that a person is not only well-versed in current best practices, but is also prepared to adapt and innovate as the field advances.

It’s also worth noting that the process of obtaining a Masters degree often involves developing a wide network of colleagues and other professionals. This can be invaluable in the job market, with connections frequently leading to job opportunities.

The impact of a Masters degree on job salary

The value of a Masters degree is also reflected in its impact on earning potential and its links to some of the highest-paying jobs available. Data from various sources indicates that someone with a Masters degree can expect a higher average salary than someone with just an undergraduate degree. What’s more, this difference is not just evident in starting salaries but continues throughout one’s career, with Masters degrees often leading to more senior, higher-paying roles over time.

For example, the Higher Education Policy Institute stated in its Postgraduate Education in the UK report that postgraduates earn 18% more on average than those with only undergraduate qualifications. 

What are the best Masters degrees in terms of earning potential?

From economists and human resource management professionals, to nurse practitioners and those in social work, a Masters degree is a good indicator of greater earning potential. However, certain types of Masters degrees are more likely to be associated with higher salaries and lower unemployment rates.

For example, a Master of Science (MSc) in Computer Science is highly valued in the tech industry, known for its high-paying jobs. Emerging fields like artificial intelligence are actively recruiting, while in information systems and cybersecurity, demand outstrips supply, leading to a higher median salary. Grads with these degrees often secure high-earning roles as software engineers or project managers.

Arguably the most lucrative postgraduate degree is the Master of Business Administration (MBA), renowned for its potential to significantly boost earning potential. MBA graduates often move into high-level management roles, with salaries reflecting their leadership positions and breadth of responsibilities.

Other in-demand Masters degrees associated with an enviable annual salary and payscale are in fields such as engineering management, economics and healthcare.

It’s important to note, however, that while all of these Masters degrees typically offer higher earning potential, this can also depend on other factors like the institution’s prestige and rankings, research specialities, location and experience level.

The added benefits of studying a Masters degree online

A Masters degree requires considerable investment in time and in resources, including student loans, but can pay dividends with respect to your career path, earning potential and job prospects, so it’s an increasingly popular option. Online Masters degree programmes offer several additional benefits::

  • Flexibility and accessibility. Online Masters programmes allow you to balance your studies with other commitments like full-time or part-time work, enabling you to earn an advanced education while still gaining a salary and real-world experience.
  • Relevance in the digital age. Studying online prepares students for the increasingly digital work environment.
  • Expanded networking opportunities. Online programmes typically have diverse student bodies, offering broader networking opportunities across different industries and geographies.
  • Cost-effectiveness. Online degrees can be more affordable, with pay-per-module fees and the elimination of associated costs like student housing or commuting.

Enhance your career prospects with an online Masters degree

Earn a Masters degree from a Russell Group university – without putting your life on hold – with a 100% online Masters degree from the University of York. Our online programmes give you the flexibility to fit your studies around your professional and personal commitments and have been designed for working professionals and ambitious career-changers.

Our programmes span degrees in management, business administration, public administration and computer science. There are six starts per year as well as a pay-per-module structure, so you can begin whenever you’re ready. You’ll be able to access course content and study anytime, anywhere, and on a variety of mobile devices.

What can you do with a business management degree?

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A business management degree is a versatile qualification that opens up a myriad of opportunities in the professional world, and can equip you with a diverse skill set that is applicable across various industries. 

On top of this, according to the Bureau of Labor Statistics (BLS), business management graduates have competitive earning potential. The average salary varies based on factors such as experience, industry and job role, but the median wage of workers with a business degree in 2021 was listed as $69,000, slightly higher than the median wage of all work fields at $63,000. As professionals gain experience and climb the corporate ladder, their earning potential increases significantly.

In this post, we outline the vast array of career paths a business management degree can take you down while exploring job opportunities and the valuable skills you canacquire along the way.

What is a typical career path with a business management degree?

A degree in business management offers a broad understanding of organisational structures, strategies and operations. From human resource management to financial data analysis, the coursework covers a wide range of subjects, making graduates well-rounded professionals.

Business management degree students gain a broad oversight of the work that goes into all areas of a company, so there is no typical career path for graduates. This means you can choose the path that most appeals to you, with the freedom to choose opportunities that align with your personal and professional goals. Once you have a Bachelors degree, you can then specialise further in your chosen field with a Masters degree to further your career.

Below are some of the paths you could take.

Business administration: A gateway to leadership

With experience and further education, business management graduates often progress to leadership roles in business administration. These positions involve overseeing the entire organisation or specific departments, making strategic decisions and driving the overall success of the business.

Human resources: Nurturing talent and building teams

One of the most common career paths for business management graduates is in human resources (HR). With a solid foundation in organisational behaviour and interpersonal skills, these graduates are well-equipped to become HR specialists or managers. These roles play a crucial role in recruitment, employee development and ensuring there is a positive work environment.

Project manager: Mastering the art of coordination

Effective project management is vital for the success of any business endeavour, and a business management degree provides the skills necessary for individuals to excel as a project manager. They oversee tasks, manage budgets and ensure projects are completed on time, showcasing their exceptional organisational and problem-solving abilities. 

Marketing manager: Shaping brand identities

Business management graduates with a flair for creativity often find their niche in marketing. Whether developing social media campaigns or conducting market research, their understanding of business strategies and communication skills make them well-suited for roles in marketing.

Business analyst: Decoding data for informed decisions

Analysing trends, interpreting financial data and making data-driven decisions are integral aspects of business analysis. A business management degree equips students with the analytical skills necessary to become successful business analysts, aiding companies in making informed choices that drive growth.

Management consultant: Advising for success

For those with an eye for identifying inefficiencies and proposing solutions, a career as a management consultant may be the perfect fit. Business management graduates often enter this field, offering valuable insights to organisations seeking to optimise their operations and strategies.

Sales manager: Driving revenue and building relationships

Sales is the lifeblood of any business, and business management graduates with strong interpersonal and communication skills often excel in sales management roles. They build and lead sales teams, develop strategies to sell products and services, and drive revenue growth.

Entrepreneurship: Carving your own path

Armed with the knowledge of how to create and run business strategies and with precisely honed decision-making skills, some business management graduates choose the path of entrepreneurship. Starting your own business allows you to apply your skills in real-world scenarios and employ the knowledge you’ve gained to help bring a new business idea to life.

International business management: Navigating global markets

The global nature of business today requires professionals with a deep understanding of international markets. A specialisation in international business management allows graduates to navigate the complexities of global trade, cultural differences and diverse business practices. 

Risk management: Mitigating challenges for success

Every business faces risks, and effective risk management is crucial for long-term success. Business management graduates with a focus on risk management contribute to identifying potential pitfalls and developing strategies to mitigate them, ensuring the stability and growth of the organisation.

Transferable skills: The key to versatility

One of the greatest advantages of having business management skills is the acquisition of highly-sought after transferable skills.

Skills such as good communication, teamwork, problem-solving, and efficient decision-making are applicable across various industries and valued by employers across many fields, making business management graduates adaptable in the ever-evolving job market.

Gain a competitive edge

In the digital age, networking is key for career advancement. Platforms like LinkedIn provide an invaluable space for business management graduates to connect with professionals in their field, discover job opportunities and stay updated on industry trends.

Employers also value practical experience, and internships or work placements during postgraduate and undergraduate studies provide valuable insights into the real-world application of business management concepts. Internships and entry-level positions will also enhance a graduate’s work experience and marketability.

Further study for specialisation

While a Bachelors degree opens doors to entry-level positions, pursuing a Masters degree in business management or a related specialised field can enhance your career prospects and open a gateway to a multitude of career opportunities. Further study provides a deeper understanding of business theories, advanced management concepts and the opportunity to expand knowledge into a preferred niche.

At the University of York, we offer an entirely online MSc in Finance, Leadership and Management programme, equipping you with the specialised skills to master the opportunities and risks in financial management. Taught part-time, this degree allows you to continue progressing your business management career by working around your studies. Plus, with six start dates a year, you can begin your higher education journey within weeks.

Masters research projects: what to expect and how to prepare

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Embarking on a Masters degree is an academic journey that often ends with a research project. This in-depth exploration into a specific topic or area of interest is a rite of passage for many postgraduate students, and can be both a challenging and rewarding endeavour. 

Unlike Masters coursework, which imparts foundational knowledge and develops or expands skill sets, an academic research project or dissertation is an opportunity for students to delve deeply into a specific area within their field of study. It involves original research and the application of theoretical concepts to address specific research questions. But good research isn’t just about finding answers – it’s about asking the right questions and pushing the boundaries of knowledge.

What is the purpose of a Masters research project?

The purpose of a Masters research project is multifaceted. It showcases understanding of the subject matter and also demonstrates an ability to conduct independent research. This process hones critical thinking skills, cultivates a deep understanding of research methodologies and contributes valuable insights to the academic community. 

Understanding the difference between a research project and a thesis

In the United Kingdom, a research project or dissertation is typically undertaken at the end of a Masters degree, while a thesis is typically undertaken during PhD studies. But both offer an opportunity to conduct extensive, in-depth exploration of a research question.

A step-by-step guide to developing a research project

Beginning a research project can be daunting. The task ahead requires extensive planning and exhaustive research before the writing even begins. Breaking the project down into smaller pieces can help to make it more manageable. 

Step 1: Choose a research topic

Identify an area of interest within your field of study for the research proposal. This might be a current issue in the field or perhaps a more theoretical problem. 

 

At this stage, it helps to explore existing literature to understand gaps in knowledge and research, and to identify potential research ideas. Then, narrow down the focus based on personal interest as well as feasibility. 

Step 2: Formulate a research question 

Develop a clear and concise research question that encapsulates the essence of the project and the research aims.

Ensure the question is researchable, relevant, and will contribute to the existing body of knowledge in the field. 

Step 3: Conduct a literature review

Explore relevant journal articles, books and other scholarly sources, and analyse existing literature to identify key theories, methodologies and any gaps in knowledge.

Step 4: Develop a research plan

Outline the scope, objectives and timeline for the research project. This step also includes specifying the research design, methodology and data collection techniques such as focus groups or questionnaires.

Step 5: Data collection

Implement the research plan by collecting data and conducting research using appropriate methods. Ensure ethical considerations are adhered to throughout the data collection process.

Step 6: Data analysis

Use qualitative research and/or quantitative research methods based on the project’s specifications, and then interpret the findings to address the research hypotheses or questions.

Step 7: Write the research paper

Structure the paper with clear sections such as an introduction, literature review, methodology, results, discussion and conclusion. Remember to ensure proper citation of sources and adherence to academic writing conventions and styles.

Advice on preparing and researching for a Masters research project

There are a number of ways to ease the pressure during the pre-writing stages of a research project:

  • Start early. Begin as early as possible to allow ample time for each stage. Early planning minimises stress and allows for thoughtful consideration of research ideas.
  • Seek guidance. Consult with any dedicated academic advisors regularly. Seek feedback on the research question, the methodology and overall progress.
  • Use resources wisely. Leverage the university’s libraries, databases and online resources for comprehensive literature reviews, and attend workshops and seminars to enhance research skills.
  • Stay organised. Implement effective project management techniques. Keep meticulous records of the research process including data collection and analysis.

Tips for writing a Masters research project

After all the preparation, planning and research are underway, it’s time to start thinking about writing. This process can be time-consuming but can be made more straightforward by:

  • Crafting a compelling introduction. Clearly outline the significance of the research through introducing the research question and justifying its relevance.
  • Ensuring a thorough literature review. Synthesise existing literature to provide a solid foundation for the research. Highlight gaps and justify the need for the study.
  • Establishing and maintaining methodological rigour. Clearly articulate research design and methodology. Justify the choice of methods and demonstrate their appropriateness.
  • Creating a clear results section. Present findings with clarity and precision. Use tables, charts and graphs to enhance data visualisation.
  • Building a coherent discussion section. Interpret results in the context of existing literature in order to discuss the implications of the findings and propose avenues for further research.
  • Planning for a solid conclusion. Summarise the key contributions of the research and emphasise the significance of the findings in the broader field of study on the topic.

Conduct a Masters research project in finance, leadership, and management

Develop leadership skills and professional adaptability with the University of York’s 100% online MSc Finance, Leadership and Management programme. This flexible Masters programme will give you valuable insight into your own professional development while building your problem-solving and communication skills.

Your studies will prepare you to respond rapidly and effectively to changing business and financial environments, and upon graduation you will receive affiliate CMI membership and be awarded a Level 7 certificate in Strategic Management and Leadership Practice.

As part of your postgraduate programme, you’ll also conduct a longer sustained research project that you can use to demonstrate your critical analytical skills, your ability to gather and synthesise data and literature from a range of sources, and your subject-specific knowledge. You’ll work under the guidance of a personal supervisor with expertise in the subject you’re studying, and they’ll help you develop research questions and identify methods and theories to investigate and analyse your topic.

Mastering the clock: the necessity of time management skills

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Mastering the art of time management has become more critical than ever before in our fast-paced world.

Time management skills can empower people to take control of their lives, enhance their productivity, and achieve better work-life balance. Developing good time management skills can therefore be thought of as an investment in your personal and professional success. And, importantly, understanding effective time management is not just about doing more, but instead doing what matters most with the time you have.

What are time management skills?

Time management skills refer to your ability to plan, organise, and prioritise tasks efficiently to make the most of the time you have available. It’s a soft skill focused on allocating time wisely and prioritising the activities that most contribute to both personal and professional goals. 

These skills encompass a range of abilities, from setting realistic goals and knowing how to say no to people, to avoiding procrastination and multitasking effectively to prioritising getting things done.

Examples of time management skills

Goal-setting

Setting goals is a fundamental time management skill. By defining clear, achievable objectives, you can create a clear roadmap for your actions and give yourself enough time to complete tasks. This includes setting both short and long-term goals which provide a sense of direction and purpose and can guide daily activities with greater intention.

Prioritisation

Prioritising tasks involves identifying and focusing on the most important activities or the actions that will have the most impact. This might include categorising tasks based on urgency and importance to determine which are the best areas to dedicate time and energy to.

Task-list management

Creating a to-do list is a classic and effective time management technique. It can help you to visualise yourworkloads, break them down into manageable tasks, and then track progress. Regularly reviewing and updating your to-do list ensures priorities remain aligned with overarching goals.

Overcoming procrastination

Procrastination is a common obstacle to effective time management, whether it’s putting off a big task with lots of little, unimportant ones that eat into your workday, or just scrolling on social media for a lengthy amount of time. Overcoming this challenge typically involves recognising and then addressing the factors that contribute to delaying tasks. It also helps to break down large tasks into smaller, more manageable steps, which can make them less daunting and therefore feel more achievable.

Multitasking

Multitasking can be a valuable skill, but it requires careful consideration because juggling multiple tasks simultaneously can be counterproductive if not done efficiently. The key is to identify tasks that complement each other. Grouping related or similar tasks often means they can be performed simultaneously without compromising quality.

The advantages of developing time management skills

Time management skills bring a number of benefits:

  • Better work-life balance. Better time management enables youto strike a balance between your professional and personal life. By allocating time strategically, you can fulfil your work responsibilities without neglecting personal wellbeing, family or hobbies.
  • Reduced stress levels. Poor time management often leads to increased stress levels and even burnout. By organising tasks, setting realistic goals, and avoiding last-minute rushes, you can minimise stress and maintain a healthier mental and emotional balance.
  • Increased productivity. Good time management skills are associated with heightened productivity. This is because focusing on the most important tasks and avoiding time-wasting activities means you can accomplish more in less time, leaving room for additional projects or leisure time.
  • Achieving goals and objectives. Setting and prioritising goals are integral components of time management, and having a structured and intentional approach to your daily tasks can help you achieve your objectives, both in and outside of work.

How to develop time management skills

Set SMART goals

SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound objectives. By adopting this framework, you can set goals that are well-defined and realistic, and enable effective planning and execution in your work.

Prioritise tasks

Prioritising tasks requires assessing both the urgency and the importance of each task. The Eisenhower Matrix, which categorises tasks into four quadrants (Do, Decide, Delegate and Delete), is a helpful guide for allocating time to the urgent tasks and important activities that best align with your goals.

Use time management techniques

There are various time management strategies to explore and experiment with, including the Pomodoro technique, which involves working in short, focused bursts with breaks in between. 

It’s helpful to try different approaches to find the ones that best support individual preferences, workflows, and specific tasks. 

Delegate tasks

A top time management tip is to recognise the importance of delegation. Delegating tasks to other team members or colleagues can free up time for more crucial responsibilities. It also helps to foster collaboration with peers and can help enable more efficient project management.

Tools for time management

The number of tools available for time management increases all the time, but most fall into one of a few broad categories:

  • Task list apps. Use task list apps to create, organise, and manage to-do lists efficiently. These apps often come with features like due dates, reminder notifications and prioritisation options.
  • Project management tools. For larger tasks or projects involving multiple team members, project management tools like Trello, Asana, or Monday.com can be invaluable. They provide a centralised platform for task allocation, progress tracking and collaboration.
  • Time-tracking software. Time-tracking software helps people monitor how they spend their time. This awareness can be crucial for identifying time-wasting activities and optimising daily routines.
  • Calendar apps. Calendar apps help people to schedule and plan their days, weeks and months effectively. They often come with features such as reminders and the ability to block out specific time frames for focused work. Some of these tools can also remind you to take regular breaks in order to stay alert and reduce stress or strain. They may even be helpful in determining the time of day when you’re most productive so you can schedule specific activities in optimal time slots.
  • Boost your time management skills while advancing your career

Develop your professional adaptability alongside leadership skills with the 100% online MSc Finance, Leadership and Management programme from the University of York. This flexible Masters programme will give you valuable insight into your own professional development while building your problem-solving and communication skills alongside self-management and time management skills.

Your studies will prepare you to respond rapidly and effectively to changing business and financial environments, and upon graduation you will receive affiliate CMI membership and be awarded a Level 7 certificate in Strategic Management and Leadership Practice.

Modules on this programme cover topics such as:

  • Operations Management
  • Business Finance 
  • Leading and Managing People
  • Marketing and Ethics in Global Business
  • Corporate Financial Strategy
  • Investment Management
  • Asset Pricing.

The benefits of learning about international business management at Masters level

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Our era is one marked by globalisation and interconnected economies, so it’s no surprise that a solid understanding of international business management has become increasingly important for anyone looking to succeed in business, finance or leadership. 

Pursuing a Masters degree that builds this knowledge not only equips students with a comprehensive understanding of global business practices but also opens doors to a myriad of opportunities. And as businesses continue to expand across borders, the demand for professionals with this knowledge is set to soar, making it a strategic investment in your academic and professional future.

What topics are covered under international business management?

The term international business management covers a broad spectrum of subjects and sub-topics that help put the global business environment into context. 

Areas of study can include:

  • international marketing
  • business strategy
  • marketing management
  • operations management
  • decision-making in an international context
  • sustainability
  • entrepreneurship
  • human resource management
  • project management
  • financial management
  • supply chain management

In the context of Masters-level study on the topic, coursework typically aims to prepare students for the multifaceted challenges of managing business on a global scale. It may involve case studies, seminars, and research projects that employ real-world simulations and help to explore the international business landscape, as well as honing practical skills essential for success in the globalised job market.

Advantages of studying international business and management as part of a Masters degree

Enhanced employability

An in-depth understanding of international business management can be a powerful catalyst for career advancement. Employers worldwide recognise the value of specialised knowledge in navigating the intricacies of global business, so graduates with this understanding often find themselves in high demand across various industries, from multinational corporations to government agencies and international consultancies.

“In a nutshell, students need to develop a global perspective to be successful in business,” Prospects explains. “Studying international business allows you to see how globalisation has brought about an increasing ‘connectedness’ of businesses, markets, people and information across countries.”

“Studying global business can enable you to navigate the challenging, ever-changing business world while capitalising on opportunities for expansion and connection,” adds Harvard Business School. “As the world becomes more interconnected than ever before, employers are increasingly regarding international business as a desired skill for future hires.”

Practical skills for the real world

Unlike undergraduate studies, postgraduate programmes often emphasise hands-on, practical research methods and learning. Students are frequently exposed to real-world scenarios through projects, internships or work placements. Those who are employed may even relate their learnings directly to their existing professional roles and work experience, allowing them to apply theoretical concepts to actual business challenges. This practical approach cultivates enhanced problem-solving skills and equips graduates with an ability to make informed decisions in a global business context.

Specialised expertise

In addition to building expertise in the fundamentals, international business management studies at Masters level offer the opportunity to delve deeply into specialised areas, enabling students to carve out a niche in their chosen field through optional modules or independent study. Whether focusing on strategic management or supply chain logistics, this specialisation enhances their expertise and makes them valuable assets in the job market.

How to apply international business management studies to a career

There are several ways to apply any knowledge gained in international business management to a career. 

For example, make use of any available networking opportunities. Masters degrees in business often facilitate networking through industry partnerships, seminars, and open days, providing students with the chance to connect with other students – including UK and international students, professionals, potential employers, and alumni, creating a bridge between academic knowledge and real-world applications. These connections can lead to mentorships or even job opportunities.

It’s also worth noting that the diversity of the subject area – and the diverse perspectives and cultural insights that it brings – creates graduates with well-rounded skill sets suitable for any international or business environment.

Current trends and challenges in international business management

Examples of some of the conversations happening in international business management right now include:

  • Globalisation and technology. As businesses continue to expand globally and technology continues to rapidly evolve, the integration of both is increasingly important. The rise of e-commerce, digital marketing, and virtual collaboration tools have already reshaped how businesses operate, but technology is also being leveraged for international business expansion and transformation. 
  • Sustainable business practices. Sustainability has become a central concern for businesses worldwide, so topics such as corporate social responsibility, ethical considerations in international trade, and green supply chain management are all becoming increasingly important.
  • Evolving regulatory landscapes. The international business arena is subject to an ever-evolving regulatory landscape, so it’s useful to have the necessary knowledge to navigate complex legal frameworks and trade agreements, and to understand current geopolitical considerations. 

These conversations largely align with the Five Forces Driving the Future of Business Education, as described by the Association to Advance Collegiate Schools of Business (AACSB) – a global nonprofit that works with business schools and other institutions in higher education, so international business students learn the key themes of importance to the sector today.  

Develop your knowledge and skills in international business and management

Build leadership skills with an international lens with the 100% online MSc Finance, Leadership and Management programme from the University of York. This flexible Masters programme will give you valuable insight into your own professional development while building your problem-solving and communication skills.

Your studies will prepare you to respond rapidly and effectively to changing business and financial environments, and upon graduation you will receive affiliate CMI membership and be awarded a Level 7 certificate in Strategic Management and Leadership Practice accreditation.

 

Modules on this programme cover topics such as:

  • Operations Management
  • Business Finance 
  • Leading and Managing People
  • Marketing and Ethics in Global Business
  • Corporate Financial Strategy
  • Investment Management
  • Asset Pricing

Find out more about our MSc Finance, Leadership and Management including entry requirements, tuition fees, English language requirements (including IELTS), academic year start dates, course content and the online learning environment.