In a field as diverse as Tourism and Hospitality Management, the salaries vary with the level of experience and specific jobs. The highest paying management jobs are often extended to those who have advanced academic degrees along with relevant experience.
The average annual salary in Tourism Management is $55,837[i] in the US as of March 2021. While the average salary for Hospitality Managers is $48,075[ii] per annum. The COVID-19 pandemic took a serious toll on the tourism and hospitality industry. But now as the international borders are opening up, we can see that business is starting to pick up again[iii].
Instead of looking at the overall average salaries, let’s discuss these in terms of three basic parameters[iv] that affect the salaries of professionals in Tourism and Hospitality Management:
1. Level of relevant experience
Generally speaking, more experience equates to better pay. However, you can compensate for less experience with your advanced academic qualifications or a special skill-set and earn a higher salary. In the Tourism and Hospitality Management domain, you can expect the following average salaries at various stages of your career:
2. Supply and demand for industry experts
You can understand this point by considering Thailand, which is a tourist hotspot. The average annual income of a hotel manager in Thailand is ฿2,679,599[viii]. This is higher than what a similarly experienced professional will earn in the states (see table above).
This is because Thailand has a large number of hotels. So there is a constant need for managers but not enough local professionals available that qualify for the job. Hence you can expect a good salary as a hotel manager in Thailand because your expertise is in short supply and in high demand in this region.
Related Blog- Why You Need a Masters in Tourism and Hospitality Management
3. The Corporation you work for
Larger companies not only offer you more growth potential but also higher salaries in entry-level and senior positions[ix]. Let us consider the example of a Marketing Manager who has an advanced degree in Tourism and Hospitality Management. At the major conglomerate AMEX (American Express) Global Business Travel the average annual salary for this position is $71-$131K[x]. Whereas at AAA Tourism; a professional at the same level in his/ her career has an annual salary between $61 and $105K[xi].
Related Blog- The Art of Hospitality: How to Create a Memorable Guest Experience
Concluding words
Many factors influence your salary, but to this day, the most dominating considerations remain the level of experience and qualifications. If you look closely at the resumes of all the highly-paid executives at your workplace, you will notice that they all have at least a Masters degree or some other postgraduate qualification.
You can join the ranks of your superiors by earning a Masters in Tourism and Hospitality Management online. It will improve your knowledge and familiarity with the field and qualify you for better salary packages as well!
SNATIKA offers prestigious UK Masters in Tourism and Hospitality Management to senior professionals. With minimal effort and reasonable cost, you can earn a Masters and a Level 7 Diploma in just 12 months! Check out the program now!