What Is Research and Development Management?

If you like staying ahead of the latest products and trends and testing new ideas, research and development management may scratch that itch. R&D managers are responsible for researching market values and trends and developing new products and services for private companies, consumers, government, healthcare, and more.

Most careers in R&D require only a bachelor’s degree; all you may need to do is graduate with a degree in the field you want and take classes that hone your skills toward R&D. Some of the most common are in engineering, computer science, or marketing.

If you’re interested in becoming the future of the future, check below to see how much you can make, what you can do, and what fields are growing in R&D management.

Research and development managers conduct research to help companies develop new products and services. They poll consumers, test market viability, and anticipate trends to stay competitive in their industry. Companies may narrow their R&D focus to basic, applied, or developmental research practices.

R&D managers often work with human resources staff and top executives to support a project or department dedicated to R&D. They may also collaborate with technicians and designers to workshop and develop new products. According to Payscale, the annual average salary of R&D managers is $106,490 as of July 2024.

R&D managers aren’t limited to one field. Almost all companies test, research, and develop new products and services to improve on an old product or create something entirely new. The tech industry is one of the biggest fields that benefit the most from R&D. This industry is one of the fastest-moving fields, often creating or improving new products every year to a few years, especially with the recent boom in artificial intelligence.

However, it’s not always tech that needs innovation. Whether it’s food, transportation, medical, entertainment, or children’s toys, almost any industry that produces goods or services is always innovating to find the next hit or life-saving product.

A variety of fields, including science, engineering, and technology, depend on qualified research and development professionals. Graduates of a bachelor’s degree commonly work as entry-level R&D technicians, earning a salary of roughly $35 an hour, according to Payscale data accessed July 2024.

R&D engineers can qualify for mid-level jobs in science, technology, and manufacturing with an undergraduate degree but require a wide variety of skills and experience. Research and development engineers typically earn an average annual salary of $84,710, according to Payscale data from July 2024.

Many top earners work as research and development managers, earning more than $116,000 a year, according to Payscale data from June 2024. R&D manager positions typically require a master’s or doctoral degree.

The following are common careers for R&D professionals across multiple industries.

R&D technicians or engineers typically need at least a bachelor’s degree; however, some jobs may accept candidates with an associate degree for entry-level positions to build experience. Employers prefer candidates with extensive experience, especially for subfields of R&D.

Most R&D managers need a graduate degree, such as an MBA or a doctoral degree. Doctoral degree candidates can earn experience in R&D through university research. Some managerial roles will accept candidates in the process of earning a graduate degree or with advanced experience in lieu of a higher degree. Employers generally favor candidates with multiple years of R&D leadership experience.

The best R&D managers are organized and detail-oriented critical thinkers with excellent communication skills. People uninterested in exhaustive research and intimidated by math may not excel in research and development. R&D managers must possess exceptional problem-solving, logic, and teamwork-oriented skills.