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Retail Management Major

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Retail Management

267 Bachelor's Degrees Annually
101 Master's Degrees Annually
#64 in Popularity
$103,330 Median Salary

Types of Degrees Retail Management Majors Are Getting

The following table lists how many retail management graduations there were in 2018-2019 for each degree level.

Education Level Number of Grads
Bachelor’s Degree 267
Basic Certificate 253
Undergraduate Certificate 131
Master’s Degree 101
Associate’s Degree 81

What Retail Management Majors Need to Know

O*NET surveyed people in occupations related to retail management and asked them what knowledge areas, skills, and abilities were important for their jobs. The responses were rated on a scale of 1 to 5 with 5 being most important.

Knowledge Areas for Retail Management Majors

Retail Management majors often go into careers in which the following knowledge areas are important:

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  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

Skills for Retail Management Majors

When studying retail management, you’ll learn many skills that will help you be successful in a wide range of jobs - even those that do not require a degree in the field. The following is a list of some of the most common skills needed for careers associated with this major:

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  • Speaking - Talking to others to convey information effectively.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.

Abilities for Retail Management Majors

As a retail management major, you will find yourself needing the following abilities:

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  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Speech Clarity - The ability to speak clearly so others can understand you.
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Speech Recognition - The ability to identify and understand the speech of another person.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.

What Can You Do With a Retail Management Major?

People with a retail management degree often go into the following careers:

Job Title Job Growth Rate Median Salary
First-Line Supervisors of Retail Sales Workers 3.8% $39,630
General and Operations Managers 9.1% $100,930

Who Is Getting a Bachelor’s Degree in Retail Management?

267 Bachelor's Degrees Annually
85% Percent Women
45% Percent Racial-Ethnic Minorities*
The major attracts more women than men. About 85% of the recent graduates in this field are female.

Racial-Ethnic Diversity

At the countrywide level, the racial-ethnic distribution of retail management majors is as follows:

Racial-Ethnic Diversity of Retail Management Students with Bachelor's Degrees
Race/Ethnicity Number of Grads
Asian 11
Black or African American 23
Hispanic or Latino 66
White 139
International Students 6
Other Races/Ethnicities 22

Geographic Diversity

Students from other countries are interested in Retail Management, too. About 2.2% of those with this major are international students.

How Much Do Retail Management Majors Make?

Salaries According to BLS

Average salaries range from $45,080 to $123,880 (25th to 75th percentile) for careers related to retail management. This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Median Salary for a Retail Management Major  ( 45080 to 123880 )
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250K
Median Salary for a High School Graduate  ( 30000 to 57900 )
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250K
Median Salary for a Bachelor's Degree Holder  ( 45600 to 99000 )
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250K
Median Salary for an Advanced Degree Holder  ( 55600 to 125400 )
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250K

Some careers associated with retail management require an advanced degree while some may not even require a bachelor’s. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

Find out what the typical degree level is for retail management careers below.

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Education Level Percentage of Workers
Less than a High School Diploma 3.5%
High School Diploma - or the equivalent (for example, GED) 20.0%
Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production) 6.4%
Some College Courses 10.4%
Associate’s Degree (or other 2-year degree) 8.7%
Bachelor’s Degree 15.2%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master. 6.9%
Master’s Degree 6.5%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level. 1.7%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession. 0.2%
Doctoral Degree 22.0%

Online Retail Management Programs

In the 2018-2019 academic year, 105 schools offered some type of retail management program. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level Colleges Offering Programs Colleges Offering Online Classes
Certificate (Less Than 1 Year) 56 7
Certificate (1-2 years) 52 5
Certificate (2-4 Years) 0 0
Associate’s Degree 39 4
Bachelor’s Degree 0 0
Post-Baccalaureate 56 7
Master’s Degree 1 1
Post-Master’s 0 0
Doctor’s Degree (Research) 0 0
Doctor’s Degree (Professional Practice) 0 0
Doctor’s Degree (Other) 0 0

Is a Degree in Retail Management Worth It?

The median salary for a retail management grad is $103,330 per year. This is based on the weighted average of the most common careers associated with the major.

This is 159% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $1,268,600 after 20 years!

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You may also be interested in one of the following majors related to retail management.

Major Number of Grads
General Business Administration and Management 350,924
Interior Design Management 16,189
Organizational Leadership 12,591
Supply Chain Management 9,732
Operations Management 5,802
Office Administration 5,025
Project Management 3,344
Non-Profit/Public/Organizational Management 3,071
Purchasing, Procurement/Acquisitions and Contracts Management 1,294
Transportation/Mobility Management 731
E-Commerce 233
Research and Development Management 194
Customer Service Management 184

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

More about our data sources and methodologies.

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