Bang for Your Buck (Blog Post #3)

“Success seems to be connected to action. Successful people keep moving. They make mistakes, but they never quit.” – J.W. Marriott

Hospitality is an industry that is managed by people, for people. Admittedly, like most fields, you do not enter on top. But as one of the fastest growing industries in the world, you can expect that job advancement is one of hospitalities greatest strengths. In fact, the World Travel and Tourism Council reported that it has the “highest potential for growth than any other [industry]” (“The Many Benefits…”, Ecole Hoteliere Lausanne). Having not even officially entered college yet, your first job may seem very far away. But starting your education knowing that you will likely have a job lined up after graduation is a great feeling. A very shortened list of potential occupations is included here:

  • General Manager
  • Revenue Analyst
  • Banquet Manager
  • Special Events Coordinator
  • Maintenance and Engineering Supervisor
  • Director of Finance and Accounting
  • Reservations Manager
  • Information Technology Manager
  • Director of Marketing
  • Wedding Coordinator

(For the complete list, visit Wage Watch)

This list is just a glimpse into the opportunities that exist for those who choose to pursue hospitality as a career. On the other hand, this is also particularly important for those of you who may already have an academic major in mind- one that may not pertain to hospitality. By choosing to study this field, you can expect to learn a skill set that is universally applicable, not only to the various positions within hospitality, but anywhere.  Hospitality should be not be seen as a substitute, but rather as a complement, regardless of what you choose to study.

Okay, you get it. Endless opportunities exist in hospitality. But you want numbers. As you know, there is no such thing as a “cheap” college program and you want to make sure your investment will produce a worthwhile return. Having a job you love is awesome, but having a job you love with a great salary is even better. Incomes can spread wide across this industry, but I have included a graph of the average salaries of typical positions:

Hospitality-Salary
Image credit: Concordia University – St.Paul.

According to the IRS Statistics of Income in 2014, the average American individual (also referred to as “single-person household”) makes $34, 940 (Frankel, USA Today). Based on most of these incomes, those working in hospitality make more than the average American. This is especially true for those who push themselves to work at the manager and executive level. By choosing to focus your education in hospitality, you are already starting ahead of the pack. According to the professionals at Concordia University, St. Paul, “Hospitality management degrees are a valuable credential in a fast-paced industry and provide you with a platform for entry. Professionals who have education and experience are best positioned for high salaries” (“What to Expect…”, Concordia University, St. Paul). In my own words, an education in hospitality is the definition of the most bang for your buck.

Word Count: 492

Citations:

“2017 Hospitality Benchmark Compensation Survey Positions.” Wage Watch. N.p., 2017. Web. 06 Apr. 2017.

Frankel, Matthew. “Here’s the average American household income: How do you compare?” USA Today. Gannett Satellite Information Network, 24 Nov. 2016. Web. 06 Apr. 2017.

“The Many Benefits of a Hospitality Management Career.” Ecole Hoteliere Lausanne. N.p., n.d. Web. 06 Apr. 2017.

“What to Expect from Your Hospitality Management Salary.” Concordia University, St. Paul Online. N.p., 28 Aug. 2013. Web. 06 Apr. 2017.

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