Consider this before pursuing a degree in hotel and restaurant management

Image copyright

Choosing a career path is a big deal. And deciding whether or not to pursue a bachelor's degree is an important part of this career plan. So what to do during a pandemic ? Especially if you have been thinking about getting a bachelor's degree in hospitality management (hotel and restaurant management)?

It would be right to take a minute to consider whether a degree in hospitality is really worth it, since hospitality has been hit particularly hard by the pandemic and there are oodles of today, low-cost online accreditations are available. There are some important areas to explore, z. B. The prospects for the industry, what you will learn and what marketable skills you will gain by investing in the degree. From there, you can make an informed decision about whether a hospitality degree is right for you.

Important considerations when deciding on a hotel and restaurant management degree

As with everything in business (or in life), there is a cost and a benefit calculation that you have to make in order to decide which way to go. The cost side of the equation includes both the direct expenses of higher education, such as tuition, and the opportunity cost (d. H. How much money would you earn in these years if you went straight to work??). Hospitality and tourism management tuition varies widely by background (school reputation) and location. A bachelor of science in international hospitality management from EHL costs around 206 euros.000 USD (188 CHF) over 4 years, including board and lodging. According to nerdwallet's student loan calculator, a loan of 200 is.000 $ with 5% interest and a term of 10 years requires monthly payments of 2.121.31 USD. It doesn't necessarily mean you'll make 25 from your first year.000 dollars more per year to earn, but you should expect the difference in salary to help more than offset the cost of a degree in the long run.

Let's take a stylized example to illustrate this point: you are considering dropping out of high school and becoming a hotel concierge directly to hone your skills and eventually become a hotel manager. The average full-time hotel concierge or guest service manager earns from 23.000 to 38.000 USD per year. Let's assume for simplicity that it takes you 10 years to work your way up as a concierge before you can become a hotel manager without a degree. In those 10 years you would earn 300.000 US dollars with an average annual salary of 30.Earning US$ 000. Hotel managers typically earn from 61.000 to 200.000 $ per year.

Now let's assume that with a degree from EHL, it would only take you 3 years as a concierge to become a hotel manager. This means that in years 1-4 (-) 200.Spend $ 000 on education. Then in those years you will earn $5-7 $90.000. Finally, earn $210 in years 8 to 10.000. In this scenario, you would have 100.000 US dollars in salary earned, so you would be better off without a degree.

This example is meant to stylize the decision-making process, not to tell you whether or not you should graduate. What if EHL graduates earned more than non-graduates as hotel managers? Are there other long-term benefits of graduating, such as the ability to move into higher-paying corporate management positions? Are there networking and alumni opportunities to consider? Will your degree give you paid hands-on experience or expose you to differentiated entrepreneurship degree programs that are otherwise inaccessible to those without one? Need the degree to get a master in business administration (MBA) in the future and unlock even higher salaries in the future? Are there financial aid packages or scholarships available to help lower your expenses?

The first step to answering this question is to think about what you think the future will look like, and then confirm your hypotheses by talking to real people who work in the hospitality industry. Ultimately, this exercise will show you that there are no black and white answers. These calculations vary widely depending on which ??Segment of the hospitality industry you want to work. It probably doesn't make sense to study at EHL with full tuition to get into hospitality or entry-level guest service roles, but it may be the only way to move up into a business management position or higher at brands like marriott and hilton .

What are the prospects for travel and hospitality?

The pandemic has thrown industry forecasts into disarray. What had been shaping up to be another strong year in a decade-long travel and tourism boom turned into the opposite. Travel has leveled off and things are changing so quickly that it's difficult to grasp the future prospects of the industry.

One of the most reliable forecasting sources is STR, which tracks the health of the hospitality industry. STR's data insights blog tracks the regional and global impact of COVID. The bad news is that STR predicts a long road ahead, with recovery back to 2019 levels not happening until 2023. It's a long way off; but as we'll see below, this long road to recovery can be beneficial for early career professionals.

The good news is that the fundamentals of the industry remain strong. People love to travel. And while it's likely that business travel will be slower to return (and may change forever), the gradual recovery of the industry offers ample opportunities for career advancement.

What marketable skills will I learn?

The value of a hospitality management degree is not only in the future career opportunities, but also and be marketable skills that you will learn. There are four core areas that a hospitality management program will cover:

Operations. First and foremost, you'll learn the ins and outs of the hospitality business. This includes all day-to-day aspects of hotel operations: checking in guests at the front desk, managing guest requests in the back of the house, staff scheduling ,

Turnover. There are three main departments involved in running a hotel: sales, marketing and revenue management. You'll learn how each department contributes to a property's revenue and profitability. As these departments increasingly overlap, it's helpful to grasp all aspects of a hotel's revenue-generating roles.

Human resources management. One of the most important skills for any hospitality professional at the executive level is people and human resources. This is an important part of any hotel job because there are so many people to manage. Learn what it takes to manage a workforce, including performance management, hiring and training employees to meet service standards.

Customer service. The essence of hospitality is customer service. This is the most practical skill you will learn, as people skills will always be useful. With the practical hands-on training of a hospitality management degree, you will gain

Leadership. Many college degrees struggle to include a hands-on component this teaches you real leadership. You can study for four years and end up with no hands-on experience. All of the best hospitality management programs include an internship component as part of the degree requirements. This means you can get hands-on experience in an actual business after graduation. Even if you decide not to go into the hospitality industry, you can turn your real work experience into talking points for your interviews.

What can I do with a bachelor's degree in hotel and restaurant management?

The most obvious career path is a position in the hospitality industry. Your potential path with a degree in hospitality can include roles in a variety of departments, such as:

Operations: the operations of a hotel include front desk , housekeeping, maintenance and day-to-day operations. Roles here include managing a department, such as front-of-house or housekeeping, to a general manager position.

Revenue: sales, marketing and revenue management are responsible for generating business for the hotel. There are many roles to consider here: revenue manager

HR: one of the key back office functions of a hotel is the human resources department. This can be at both the property and corporate level. HR managers are responsible for staff operations: overseeing the hiring, firing, and performance management process to ensure everything is legal and meets company standards; handling employee complaints; and generally serving as an advisor and resource for employees throughout the operation.

Accounting: another core function of the back office is accounting. These employees are the ones who manage the financial inflows and outflows of properties (or groups of properties). Most positions in this specialization require another degree in accounting. So keep this in mind if you want to pursue a dual degree alongside hospitality management.

Business development/finance: business development involves finding locations for new hotels, evaluating the financial feasibility of acquiring existing hotels, and working on the financial side of the industry. Someone with a hospitality management degree working in business development has very unique skills, but may be in high demand.

Gaming: casinos have a very unique presence and require their own set of skills. Specializing in gaming can give you a competitive advantage under certain circumstances. Especially if you are interested in working in a hospitality market with a strong gaming component like las vegas. If you are interested in gaming, it also makes sense to consider UNLV's hospitality program!

Food and beverage: many hotels have expensive food and beverage operations. There are many aspects to manage here, from room service to catering to individual outlets, giving F&B many opportunities (both inside and outside hotel-owned outlets).

The skills learned in the hospitality management program are transferable to other fields as well. A graduate with a strong understanding of management, leadership and operations is well positioned for other roles as well. Some related roles to consider:

Hospitality technology: expertise in hospitality is in high demand among technology companies that serve the industry. You can translate your hospitality management degree into an entry-level position at one of these companies, which will set you on a career path in the technology industry.

Account manager/ sales manager. Sales and account management require many soft skills that you learn with a degree in hospitality management. There are also many entry-level jobs in these two areas ? Especially for those with strong sales and interpersonal skills.

HR. Human resource management is an essential part of any business. Put your organizational and operational knowledge to work alongside your interpersonal soft skills in human resources.

Management training: your degree is a signal that you are organized and you are capable of it. You could also look for a job in another industry starting on a management training course.

Hospitality consultants: there are many companies that offer hotels and hospitality brands as contractors and independent hospitality consultants. If you want to tackle a broader range of challenges for multiple clients, this might be a good choice for you.

Event planning: event planners do not necessarily have to be employees of a conference center affiliated with a hotel. From independent wedding planners to corporate event specialists, you can put your hospitality knowledge to work as an event planner.

For more information, see our in-depth guide to hospitality careers, including job descriptions, salaries and more.

How do I choose a hospitality management program?

When you choose a hospitality management program, the stakes are high. It's a big investment. Some things to consider when evaluating programs:

Quality: first and foremost, make sure you attend a reputable school. Some of the most prestigious include ecole heliere de lausanne, cornell university's school of hotel administration, hotelschool den haag and william F. Harrah college of hotel administration at the university of nevada. For a complete list, see our guide to the hospitality industry. Each school should be evaluated for quality of instruction and access to industry leaders. You also want teachers who are practicing experts in their field, not relics of a long-gone industry.

Specialization: next, look closely at the program' s class offerings. Does the program provide the courses you need for your career path? See specializations that interest you? Remember that it's not just about a general education; you also want to dive deep into the most marketable skills for today's economy. Make sure you get the kind of training you need to be successful.

Network: the biggest part of the investment is getting access to a quality alumni network that can help you find a job after you graduate. It may seem far away, but you'll want to take advantage of the power of the university network when looking for a job. Plus, a career office that connects you with the best job opportunities. Some notable graduates from top schools:

Cornell: andrew tisch, head of loews hotels; will guidara, restaurateur of eleven madison park and nomad; and TV personality aida mollenkamp.

UNLV: marco benvenuti, co-founder of hospitality tech company duetto; hotel-casino mogul george maloof; bill hornbuckle, president of MGM resorts international; celebrity chef and restaurateur guy fieri.

EHL: daisy soros, philanthropist; craig claiborne, new york times restaurant critic; georges plassat, businessman.

Hotel school: joris bijdendijk, dutch celebrity chef; marc bolland, businessman and CEO of marks and spencer; erik tengen, founder and CEO of oaky.

Cost: finally, you want to make sure the cost is worth it! Sticker shock is understandable, especially in the united states where college costs have skyrocketed. Consider the total cost of tuition and related living expenses and measure the income potential for your career. See the next section, as this is usually one of the most important criteria when deciding on a hospitality management program.

How much doeshow much does it cost to study hospitality management??

Of the criteria listed above, cost is often one of the most important. With fees and other ancillary costs, the total cost of a degree can get quite high. As a prospective student, you want to know that your degree is a good investment. Here's a breakdown of the costs of the best hospitality management programs, followed by a quick calculation you can use to determine your return on investment.

Cornell school of hospitality. Students can expect to get 58.$586 (out-of-state) or 58.586 (in state) per year for tuition and approximately $16.000 US dollars will be spent on room and board. For a cornell master's in hospitality degree, expect to pay 87.$879 for tuition and approximately 2.500 U.S. Dollars per month for books, fees and other living expenses. There are also several scholarships and funding options for those who want to finance the program with federal and private student loans. For more information on cornell hotel school tuition, funding, and scholarships, click here (undergrad) and here (graduate). There is also a useful financial aid calculator.

EHL . The total cost for an undergraduate degree is 197.789 swiss francs, including housing and health insurance. This cost is lower if you are a swiss citizen or receive a grant: "only" 112,010 francs, also including housing. There are also scholarships for international students and swiss nationals. More about EHL tuition fees and scholarships here.

Hotel school. Undergraduate tuition is one of the more affordable hospitality business schools for non-europeans and only 10.360 per year. Other expenses are variable, depending on where you choose to live while on campus. International students can also apply for the holland scholarship for students outside europe pursuing a bachelor's or master's degree in the netherlands. More on bachelor's degree costs for non-europeans here and europeans here.

University of nevada. Annual tuition for undergraduate programs at UNLV is $8.$604 for residents and 24.$258 for non-residents. Graduate tuition and fees are 6.517 U.S. Dollars for residents and 22.171 US dollars for non-residents. Depending on whether students live with parents, on campus or off campus, non-instructional costs range from 20.000 and 40.000 US dollars per year. Federal and private loans are available to finance your studies, as are scholarships. Learn more about tuition here, using these calculators to estimate total tuition and fees.

Of course, the sticker price doesn't necessarily mean you have to pay out of pocket . Each program offers financial aid and scholarships, so you can use a combination of loans and perhaps some "free" money to make tuition accessible to you regardless of your personal financial situation.

To calculate the return on investment in a hospitality management degree, you must first determine your career path looks like. Look at the average salary of hospitality jobs in our guide to the hotel industry and then calculate a 10% payback rate, a reasonable repayment expectation. And then divide it by the cost of your degree to calculate how fast your investment will pay off. Since the goal of a degree is to earn a higher salary (and thus increase your lifetime income throughout your career), this helps you compare one program to another. This is only a rough estimate, but a helpful calculation!

ROI= (target roll content*.10)/cost of the degree

Let's say you go to the university of nevada as a non-resident student and your target role is GM at a boutique hotel. According to our guide, the average salary for a hotel manager is between 75.000 and 140.000 US dollars. Take the midpoint of this as 100.000 US dollars, multiply it by 0.10 (assuming you use 10% of your salary to repay loans) and divide by the total estimated cost of 220.000 for a 4-year program. You are given an amortization period of 22 years. This, of course, does not include cash payments, scholarships or interest costs. You should therefore adjust this comparison calculator accordingly to take into account your own interest and additional costs.

So. Should I pursue a bachelor's degree in hospitality management?

Ultimately, the decision is yours. While it may seem difficult to enter the hospitality industry, we are optimistic about the future of travel and hospitality, especially when the time frame is three to five years out.

So now might be the perfect time to pursue a degree in hospitality management, because you have two big advantages at the start of your hospitality career: your salary requirements are lower and you have plenty of time for the industry to recover.

You could take the time to get your degree and really dive into a specialization that will remain competitive as the industry recovers. Then, when you're ready to enter the workforce, you're in good shape. For example, you can focus on revenue management and marketing, which are marketable skills regardless of industry. And then you will have more options after graduation, allowing you to enter the fields of management and operations, revenue or marketing.

Hotels will do more with less for the foreseeable future . So you just want to make yourself as competitive as possible when you choose a bachelor in hospitality management. If you use your study time wisely and develop a broad base of soft skills in collaboration, communication, team building and leadership, you will be well positioned to succeed!