It is necessary for all sorts of business structure, big or small, to have competent managers. These managers play an essential role in the sustainability and profitability of an organization. Whether you are a high school graduate or an entrepreneur, pursuing a business management degree is worthwhile. The knowledge and skills obtained while earning this degree through either traditional or online schools can go a long way to almost any industry.
Students who embark on the journey into becoming capable business managers in their interest can do it through different types of specializations offered by various schools. These specializations enable the students to customize their studies and help them get to know the right field for them. They get exposed to different business theories and gain competence in the areas of leadership, legal business, marketing, human resource and more. There are hundreds of schools that offer multifaceted business management degree programs. What you learn in the classroom will help you explore your areas of strength.
You might also be interested in: 25 MOST AFFORDABLE ONLINE GRADUATE SCHOOLS FOR A MASTER’S IN BUSINESS ADMINISTRATION (MBA) IN 2020
Are you a people person with high regard towards leadership roles? Do you take the lead and possess leadership qualities? Do you plan to start your own business? Business Management may be the right program for you!
- Business Management as a Degree
- Types of Business Management Degrees
- Business Management Specializations
- Online vs. Brick and Mortar Business Management Degrees
- Financing Your Business Management Education
- Business Management Career Pathways, Information, and Outlook
Business Management as a Degree
Business Management is one of the most popular majors among all academic degree programs. This degree program encompasses a wide range of specializations and career track. A business management major can help you prepare for a wide variety of roles in any industry. According to NCES.ed.gov, there were 372,000 total business degrees awarded in recent years. Locations with the high number of degree recipients are West Frankfort, IL, Schaumburg, IL, and Dayton, TN and places with the highest concentration of degree recipients are Tempe, AZ, New York, NY and San Diego, CA.
The education you’ll obtain from learning Business Management will equip you with necessary management procedures and tasks, and fundamental management skills applicable to almost all sorts of career fields.
Types of Business Management Degrees
An Associate’s in Business Management is the basic level of degree one can earn in two years. It provides a foundation of business theory and skills needed for business operations. Typically, this degree requires 60-70 credits to finish. Some of the courses required are Principles of Marketing, Introduction to Business, Financial Accounting 1, Business Law, Business Ethics, and Introduction to Human Resources. Depending on the institution, some associate degree programs are offered with specializations in Marketing, Operations, or Finance.
A Bachelor’s in Business Management takes four years for full-time students to complete. This degree emphasizes on students gaining a foundation of the aspects of the business world. Its major requirements include Accounting, Management Information System, Leadership and Ethics, Human Resource Management, Marketing, and Economic Principles. Courses must reach from 120 to 124 credit hours for most schools and an internship or research project is necessary.
A Master’s in Business Management helps students develop expertise in Business Management after completing a bachelor’s program. Pursuing this degree usually takes two to three years with full-time study. Core courses include Strategic Planning and Marketing, Operations and Project Management, Managerial Statistics, International Management, and Human Resource Management. A capstone research project or a master’s thesis project is also required. While there are schools that offer master’s in business management, most institution offer business management programs through MBA or Master’s in Business Administration. This degree requires 30 to 60 credit hours.
The Doctorate in Business Management degree is the highest level of education for a Business Management program after a master’s degree. Students may choose to enroll in a Ph.D. program in Management or a DBA (Doctorate in Business Administration) which typically takes 3-5 years to complete. The first two years are spent on coursework like Organizational Analysis and Behavior, Introduction to Research Methods, Probability Theory, and Applied Behavioral Research, to name a few. The faculty then helps or works with the students to initiate research. Students have to complete data analysis for their dissertation at the beginning of the third year and independently continue research for the rest of the term.
Business Management Specializations
The broad range of career options for business management graduates makes it the very reason why most institutions offer specializations for every business management degree level. Here are some of the specializations of business management, but are not limited to:
Accounting focuses on the study of public accounting and examination of tax accounting, auditing, financial and managerial related problems. This specialization is designed for business students who do not hold an accounting degree in accounting but want to explore careers in the accounting field. Some of the courses may include Auditing, Financial Accounting, Cost Accounting, Corporate Taxation, and
Managerial Accounting students may sit for CPA examination depending on the courses offered by the school.
Finance allows students to learn financial analysis by collecting financial information and preparing recommendations for financial and investing decisions. Courses in this specialization may comprise of relevant areas in finance like Financial Management, Investment and Portfolio Management, Risk Management, and Financial Modeling. Students also explore techniques in creating financial forecasts, international finance, and solve business issues by using principles of finance and accounting.
Marketing is designed to provide students with the essential skills and knowledge in strategic planning, marketing research, and analysis, product policies, marketing organization, and other marketing related topics. It emphasizes the importance of creativity and strong analytical skills. Students explore courses in Retail Management, Sales Management, Advertising Management, Marketing Strategy, and Marketing Research.
Economics enhances students view and a solid understanding of the macroeconomic and microeconomic variables. It also allows students to learn and develop an intensive analysis of economies using statistical tools and data of the business environment. This specialization strengthens the correlation between economics and finance. Generally, coursework in International Economics, Financial Institutions & Markets, Managerial Economics, and Market Structure are required for this specialization.
Entrepreneurship & Innovation Management
Entrepreneurship & Innovation Management focuses on entrepreneurship on high technology ventures, the development of new business opportunities and leadership skills necessary to deal with the challenges of innovation. Courses covered are New Ventures Financing, Social Entrepreneurship, Venture Capital and Banking, and Venture Capital & Private Equity. This specialization is perfect for students who either want to start their enterprise or enhance their leadership or managerial skills for an existing business.
Human Resource Management
Human Resource Management lets students learn more about the selection process of business personnel, application of foundational human resource skills, and management of talent or employees. This specialization is excellent for students who want to focus on people-centrist leadership. Human Resource Management, Compensation Administration, Current Issues in Human Resource Management, Human Resource Technology Management, Leadership, Training, and Development, and Strategic Staffing are required to pursue this concentration.
Management Information Systems
Management Information Systems addresses the management of the use and impact of information systems in organizations. With the fast-changing world of business, globalization and information systems have now played a more critical role. This specialization is ideal for students who are interested in the cutting-edge technology that modern companies use in business decisions. Courses help students focus on digital business transformation through data and techniques that help in managerial decisions. These courses include Research Methods in Information Systems, Introduction to Behavioral Research Methods for Business, Business Systems Analysis, Telecommunications & Networking Concepts, and Database Management Systems.
Operations Management focuses on topics like production control, quality management, supply chain management, quality control, and developing of good and services. Students are equipped with the business intelligence and practical problem-solving skills necessary in managing organizations. These are achieved through taking courses like Foundations of Operations Management Research, Operations Management & Quantitative Techniques, Project Procurement Management, Topics in Inventory Management, and Stochastic Models for Research in Business and Management.
International Business delves into business management topics that cover international marketing, finance, economics, and organizational management. Courses in this specialization will help students broaden their understanding of business management across borders and cultural boundaries. Some of the courses offered for this concentration may cover Global Comparative Management, International Economics, International Business, International Marketing, International Entrepreneurship, and International Business Law.
Project Management undertakes specific projects and tackles different techniques and strategies of all the aspects of its completion. Students learn how to manage diverse teams, complete projects on time and budget, and utilize appropriate methodologies in directing the success of business projects. A student may take up courses like Foundation of Project Management, Project Procurement Management, Project Management Strategy, Advanced Topics in Communications for Project Management, and Program and Project Portfolio Management.
Online vs. Brick and Mortar Business Management Degrees
As the evolution of online learning continues to expand, prospective students should look for and enroll in accredited institutions. While brick and mortar business management degrees are still present, an online format offers equivalent courses, so nontraditional, continuing and adult learners experience and learn the same quality of education with that of the traditional form. Brick and mortar business management degrees give a classroom environment where you can directly interact with the faculty/professors and peers. Several student activities are all in front of you for you to choose from.
The online version helps anyone who wants to have the college experience while not being on-campus at all. The ultimate challenge of being an online student of a business management degree program is the ability and consistency to manage your own time and be able to follow course schedules and meet deadlines at your own pace. Online students can work and study at the same time. Classes are guided by its respective advisers, and online participation is done through live video conferences. Also, schools ensure online students are provided with technical support ready to assist them anytime.
Students’ (of brick and mortar Business Management degree) only leverage against online format is the opportunity to interact with students vis-à-vis which is essential in honing interpersonal and communication skills in the business industry.
Financing Your Business Management Education
The cost of earning a Business Management degree depends on the level of education you want to pursue. One significant factor that determines tuition rates is the student’s residency. Nowadays, there is no escaping from the fact that college tuition is expensive. According to Data USA, the median out-of-state private tuition for a business degree is at $27,220 while the median in-state public tuition is at $6,330. But before you decide to keep back from getting into college because of its cost, know that there is about $130 billion available Federal student aid for the fiscal year 2019 (as per the Department of Education). This includes $30 billion in Pell Grants and $99 billion in student loans. An estimate of over 11 million students can take advantage of these financial aid resources.
There are two types of financial aid: merit-based aid and need-based aid. Merit-Based aid is awarded to students by a third-party organization or the institution itself based on their merits and not based on their financial need. Need-based aid is for students whose family or one’s income and contribution couldn’t cover the total college cost.
Scholarships, grants, loans, and work-study are other types of aid. Scholarships, which do not require repayment, are awarded by individual institutions and private organizations. Like scholarships, grants do not require repayment.
Grants, on the other hand, are offered by the federal and state government and other service institutions. The federal government offers the Federal Pell Grant, Federal Supplemental Education Opportunity Grant (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grant, Iraq and Afghanistan Service Grant. Federal and state government also offer loans which must be repaid with interest. Another type of funding is private loans which are provided by banks.
Lastly, the work-study program is for students who can work in federally funded jobs while enrolled with college courses.
Most schools let you explore your financial options and provide the necessary application information for financial aid.
Business Management Career Pathways, Information, and Outlook
Graduates of business management degree program leave the school prepared to join the workforce in a variety of industries. As reported by the Bureau of Labor and Statistics, Business Management degree holders can fill the following positions:
- Accountants and Auditors examine financial statements and compute taxes, prepare tax returns, and ensure taxes are paid on time. They inspect accounting books and systems ensuring they comply with laws and regulations. The demand for accountants and auditors is expected to grow by 10% until 2028. Median pay is $70,500 per year.
- Administrative Services Managers oversee the maintenance needs, facilities management, and handle the acquisition, distribution, and inventory of equipment and supplies. They also supervise building operations, planning and management, communication and facility functions. Employment for administrative services managers is likely to grow 10% up to the year 2028. The annual median pay for this occupation is $96,180.
- Advertising, Promotions, and Marketing Managers analyze the demand for products and services and direct business strategy for advertising. Their goal is to create an interest or influence consumers to purchase products and services of a department or an organization. These managers have to oversee that the campaign or advertising budget and materials are estimated and evaluated. The annual wage for advertising and promotions managers is $117,130 while marketing managers earn $134,290 yearly. Employment for this field of occupation is expected to grow 10% in the coming years.
- Compensation and Benefits Managers are responsible for monitoring and implementing the compensation and benefits for the company. They have to oversee salary structure, merit increases, insurance, and pension plans and devise appropriate base pay for every job position in the company. The job outlook for compensation and benefits managers is expected to grow 5% within the next few years which is about as fast as the average for all occupations. They are paid $121,010 annually.
- Financial Managers execute a solid business plan for the company by overseeing financial reports and investments, developing strategies and advising senior executives in making long-term and short-term decisions for the company. They look after the overall financial health of the company and have to stay up-to-date on new technological software and advances useful in the improvement and maintenance of the company’s financial reports and operations. The projection for financial managers’ employment will be at 19% until the year 2026. This is much faster than the average of all occupations. Median pay is $127,990 per year.
- Financial Analysts primarily work for financial managers. Financial analyst duties and responsibilities usually overlap with those of the business managers, but the latter has to call for the final decision making. Financial analysts collect, monitor and study data to analyze the financial status of the company. Making comparative and cost analyses through operational data is one of the essential duties of financial analysts. There is an 11% projected growth in the next seven years for employment, and the median annual salary is $85,660.
- Human Resources Managers ensure the Human Resource department or team carries out its functions and tasks. They plan, organize and control activities in the department. Developing and analyzing the company’s evaluation program, maintaining the company’s handbook on policies and procedures, and overseeing recruitment, new employee orientations and employee relations counseling are some of the duties of human resource managers. The projected growth rate for the employment of human resource managers is 9%, and the median yearly salary is $113,300.
- Industrial Production Managers oversee that the production processes and activities run smoothly. They also supervise in reducing production cost when necessary, decide which machine and equipment to utilize in the production, and monitor schedule and anticipate problems of production. Their duties require regular contact with employees and partners in the production or supply chain. The median wage for industrial production managers is $103,380 per year.
- Market Research Analysts mainly study market conditions and examine potential sales of products and services. They create visuals of market trends and present studies to clients or marketing management. They are typically hired by public or private sectors to make recommendations. A much faster growth of 23%, more than the average for all occupations is expected for market research analysts. Median annual wage is $63,120.
- Project Managers are the point persons for a particular project of an organization. Project managers plan, monitor and report on the project while acting as the intermediary between the upper management and the operations team who executes the project. Time management, documentation, issues and risks management are some of the responsibilities of a project manager.
- Public Relations managers oversee the creation of media content, strategy, and releases of an organization’s public relations. They maintain and forge relationships with media men, journalists, and influencers in any business sector whether for-profit or non-profit. They also manage and brief press officers and organize press conferences. Public relations managers’ employment growth is at 10%, and the median pay is $114,800 per year.
- Sales Managers typically lead a group of sales professionals or directly, a sales team. They supervise the organization by directing and setting goals, train and motivate sales team members, work with customer complaints, analyze data and records about sales trends, and devise strategies in expanding client or customer base. Employment growth is projected at 7%, and the median annual wage is $124,220.
- Tax Examiners and Collectors, and Revenue Agents are responsible for checking federal, state and local taxes which an individual or an organization owes. Reviewing tax returns, tax audits and tax payments and recognizing tax fraud are included in their duties. The median annual wage for tax examiners, collectors, and revenue agents is $54,440.
- Top Executives are the authoritative leaders responsible for managing the overall operational activities and oversee the organization’s budgetary operations. They also work with other senior management positions in establishing departmental goals, procedure, and policies. Projection of growth for top executives is 8% up until 2026. Median pay is $189,600 per year.
- Training and Development Managers ensure every employee in the organization is well-trained and does their job effectively and efficiently. They help design and develop training schemes to enhance the knowledge and skills of officers, employees and newly hired members of the organization. Employment for training and development managers is forecasted to grow by 10% within the next seven years. Their annual wage is $111,340.
Top 10 Business Management Occupations
An indispensable part of any business, big or small, business managers are responsible for overseeing and supervising a company. They manage the day-to-day operations in a business or organization. Their specific tasks include administrative services, human resources, policies and procedures, and accounts. It is the business manager’s job to direct the activities of workers as well as ensure that every department is on track to meet its financial goals.
Entry-level Education: Bachelor’s degree
The head of the sales department or team, sales managers have to set sales goals and how to achieve them. They develop training programs and work strategies that can help in improving the sales team’ records.
Entry-level Education: Bachelor’s degree
Operations managers oversee the different operations in the company. They are responsible for managing the daily operations of an office, department, or company through formulating and implementing policies as well as directing particular projects. Their job is similar to that of the business managers. However, the responsibilities of operations managers are confined to the processes and production aspects alone. They have more specific tasks, like increasing the efficiency of the production machine of the company.
Entry-level Education: Bachelor’s degree
The role of a financial manager is to oversee the financial health of an organization. Their tasks include preparing financial reports, directing investment activities, and developing strategies and plans for their company’s long-term goals.
Entry-level Education: Bachelor’s degree
To spark the audience’s interest in products and services, marketing managers are needed in any business or organization. Their duties extend to advertising, promoting, and marketing their offerings by planning programs that can foster awareness and trust in their brands. They usually coordinate with art directors, sales agents, and financial staff members.
Entry-level Education: Bachelor’s degree
Often referred to as management consultants, management analysts are the ones responsible for proposing ways to improve their organization’s efficiency. It is their job to advise managers on how to make organizations more profitable. This advice often leads to reduced costs and revenue growth.
Entry-level Education: Bachelor’s degree
When it comes to devising strategies and policies that will help the organization meet its goals, top executives are needed. They are the ones who plan, direct, and coordinate operational activities within the company.
Entry-level Education: Bachelor’s degree
Compensation and Benefits Manager
It is the job of compensation and benefits manager to plan, develop, and supervise programs that will compensate employees. They set the pay and benefits structure and determine competitive wage rates for various compensation plans. It is also their responsibility to prepare a program budget and make sure that it stays within the budget.
Entry-level Education: Bachelor’s degree
The duties of purchasing managers include overseeing the work of buyers and purchasing agents. They are responsible for buying products that the business will either use or resell to the customers. Their tasks extend to negotiating contracts with suppliers.
Entry-level Education: Bachelor’s degree
Training and Development Manager
In every business or organization, it is vital to plan, direct, and coordinate programs that can enhance the knowledge and skills of employees. This will help the latter become more productive and play an essential role in achieving the company’s goals.
Entry-level Education: Bachelor’s degree
Other Business Management Occupational Titles:
30 Highest Paying Business Management Careers
Chief Executive Officer
Chief executive officers are in public and private-sector industries. They are mainly responsible for the planning, coordination, and management of company operations. They are the ones who make sure their company has the right goals, and they meet those goals within the set timeline. They are leaders in the business industry who earn great respect from the people working inside and outside their company, organization, agency, or corporation. Although CEOs have the management position in the company, they still have to answer to a board of directors. They are vital for their companies’ success, so they need to be highly qualified, with a master of business administration degree and stellar work history.
Chief Executive Officer Salary: $194,350
Marketing managers create and implement strategies like marketing campaigns and brand identity to achieve the target sales of a company within the given marketing budget. Marketing managers are also responsible for monitoring the effectiveness of the strategies employed. They keep track of competitor data and market trends to ensure that the company’s products or services remain competitive or attractive to its target consumers. External or internal designers or design companies are also a close collaborator of marketing managers to properly execute their vision for the company’s brand, product, or service.
Marketing Manager Salary: $137,400
A sales manager is tasked to lead a group of sales professionals within a company. They hire and train salespeople and assign goals for them to meet based on the company’s targets. Sales managers also come up with sales plans that to reach or improve profits, gain or retain customers, and improve the selling strategies of their salespeople. Excellent communication skills are necessary, as they function as trainers and mentors for their sales team, and because it may also be the responsibility of sales managers to handle dissatisfied customers.
Sales Manager Salary: $126,040
Business Development Manager
Exploring new opportunities to expand a business or organization is one of the critical roles of a business development manager. They look into potential new markets, partnerships, or clients or even new products and services to offer to grow the company and increase revenue. They are expected to initiate contact with various people or organizations who can help the company venture into new waters. Advertising campaigns, frequent attendance in industry functions, cold calling, and other innovative forms of networking are expected from business development managers to create interest in the business.
Business Development Manager Salary: $123,396
Organizations hire financial managers to receive financial advice on their business plans and decisions. Financial managers are in charge of managing budgets, preparing financial reports, and recommending both short- and long-term steps to be taken based on the financial performance of the company. They are in charge of the overall financial health of the company, which can be through monitoring cash flow and looking for opportunities to reduce costs. They maintain significant relationships with external contacts like auditors and banks. Financial managers must also keep track of government-mandated obligations like taxes and changes in the country’s systems to avoid penalties or irregularities.
Financial Manager Salary: $121,750
Risk managers identify and prepare for possible financial risks that a company might encounter. Some may also cover risks to other aspects of a company, such as its security, operations, or even its reputation. They are then responsible for implementing plans that can either prevent these risks or mitigate them to ensure that losses are minimal.
Risk Manager Salary: $111,963
Supply Chain Manager
Efficient and timely procurement of parts or materials for a company’s product is the responsibility of supply chain managers. They are the company’s middleman for suppliers and service providers, negotiating deals and contracts that are beneficial to the company. Supply chain managers then oversee the manufacturing, storage, delivery, monitoring, and inventory of products. As they also handle large numbers of staff involved in the production and distribution of products, they must also implement standard operating procedures (SOPs) and safety measures within the workplace. Constant innovation and improvement of processes within their warehouses is also expected to improve productivity and product or service quality.
Supply Chain Manager Salary: $109,320
Economists study market trends, conduct research on various areas that can affect the economy (e.g., politics, international trade, and relations, population), and use the data to recommend a course of action for clients, companies, or government agencies that may be affected. A strong background in statistics is crucial, as economists study trends and data that can span decades and extensive sampling populations. If they are under a government office, they may also be expected to share their reports and analyses to the public in a way that can be understood by a lay audience. Business management degree holders with a major in economics can pursue this path, and later take on a master’s and doctor’s degree in Economics, which is required for higher-level economist positions.
Economist Salary: $102,490
Mainly working in the insurance industry, actuaries are people who assess risks and their financial consequences. They work with data on events like accidents or anything else that may involve a financial loss, and use that data to predict how much an insurance premium should be now for the company to be able to cover the economic cost of that future event. Actuaries can also be employed in the pension and healthcare provider industry.
Actuary Salary: $101,560
General and Operations Manager
General and operations managers handle the administrative, personnel, and purchasing services of a company. They are expected to utilize the company’s material and human resources by creating policies, attracting talents, evaluating staff performance, and running operations smoothly, among many others. General and operations managers cover a diverse set of responsibilities, and the focus of their work may vary from company to company.
General and Operations Manager Salary: $99,310
Corporate Investment Banker
Investment banks, private equity firms, and companies that provide financial services hire corporate investment bankers to make use of their expertise in areas like mergers and acquisitions, investing in stocks, bonds, etc., and venturing into Initial Public Offerings (IPOs). Corporate investment bankers help companies raise their capital by issuing debt and selling equity and ensure good deals for those in the business of buying and selling companies.
Corporate Investment Banker Salary: $98,173
Business analysts are problem-solvers for companies and their stakeholders. Their work entails frequently communicating with the important people in the organization. They work toward resolving the organization’s financial issues. These solutions usually involve the use of new technology and systems within a company, and thus, many business analysts become part of Information Technology (IT) departments. They are also tasked with introducing and implementing these solutions among the involved employees.
Business Analyst Salary: $94,881
Companies hire management analysts to evaluate their existing procedures for managing the organization and improving or designing new processes for smooth and efficient operations. Management analysts can also recommend organizational changes, especially in cases where there are redundant or unnecessary positions. These changes are then monitored closely by management analysts, along with the client, to determine if they are effective. Most management analysts work on a contractual, per project basis and are sourced from consulting companies.
Management Analyst Salary: $93,440
Financial analysts are vital to a company, as they are tasked with predicting the economic impact or outcome of business decisions that they plan to undertake. Financial analysts can make these predictions by collecting and studying large amounts of data about the market, the economy, and even past financial decisions of their company. Financial analysts’ recommendations then come from their analysis of that data. They also study the performance of a company’s various investments and look into the viability of other investment opportunities.
Financial Analyst Salary: $84,300
Business advisors can either be self-employed professionals or employees under a company and usually specialize in a particular field (e.g., start-ups, IT industry). Business advisors work with their clients to grow a business in aspects like funding, networking, and navigating the industry. They assess various plans under marketing, sales, etc., and recommend changes if needed. In other words, business advisors provide all the support required by a company, especially a new or struggling one, to grow. Business advisors are expected to have in-depth knowledge and expertise to be able to guide their clients in their industry of choice.
Business Advisor Salary: $71,168
Account managers handle certain clients on behalf of an organization and build strong, long-term relationships by ensuring that the clients’ needs and satisfaction with the product are met consistently. Clients are usually assigned to only one account manager for the duration of the working relationship. Account managers work closely with other units in the company that can influence the clients’ experience (e.g., manufacturing, logistics) and act as the middleman when concerns arise from the client. Being up to date with industry trends is also a must, as clients’ needs may also change with the times.
Account Manager Salary: $64,361
Compensation and Benefits Manager
Compensation and benefits managers plan their company’s compensation packages. They are part of the Human resources department, and together, they account for and distribute personnel salaries promptly. They are also responsible for providing monetary benefits for qualified employees. These benefits include insurance packages, retirement plans, bonuses, and other benefits the company can provide. When employees are ready to retire, they deal with the compensation and benefits manager for their retirement package. Those who suffered accidents can also consult them for their insurance policy.
Compensation and Benefits Managers Salary: $126,900
Public Relations and Fundraising Manager
One of the primary responsibilities if a public relations and fundraising manager is to raise funds for the company or organization he or she is working for. These managers are also responsible for their company’s public image. They run brand marketing events, PR campaigns, and fundraising campaigns. They produce and manage media releases that appeal to their target market. They are also experts in brand crisis management.
Public Relations and Fundraising Manager Salary: $123,360
“Entrepreneur” is a general term for anyone managing their own business. Their “salaries” are primarily based on the nature of such company. Entrepreneurs are mostly graduates of four-year business courses. However, there are also entrepreneurs who never earned a degree but have amazing business minds. Although most entrepreneurs manage their businesses, they can also manage other people’s business enterprises. They are the ones who plan, develop, and execute strategies. Entrepreneurs must be able to plan strategically and be highly skilled in financial matters.
Entrepreneur Salary: $10,000–$1 million or more
Personal Financial Advisor
Personal financial advisors need to earn a bachelor’s degree in either of the following fields: economics, business, finance, accounting, mathematics, or the law. If they have degrees in more than one of these fields, then that gives them a higher chance in this line of work. Having an excellent command of such areas gives them the educational advantage to succeed in this career. Their responsibilities to their clients involve managing their client’s monetary investments, whether it’s a short- or long-term duty. They also offer their knowledge of state and federal taxes to help their clients maximize their finances. They recommend setting up goals for the ultimate purpose of securing retirement savings, pensions, investments, and insurance. Personal Financial Advisors also help their clients manage their debts.
Personal Financial Advisor Salary: $90,460
Agents and Business Manager
Agents and business managers need to have earned a bachelor’s degree or master’s degree in business administration with a specialization in marketing. These types of managers represent performers, artists, and athletes. Their primary responsibility is to market the abilities, talents, skills, and potentials of their clients to prospective employers and production companies. Their duties include contract negotiations, career planning, research, and financial planning. As the vital link between the client and their employers, agents, and business managers are on top of their client’s schedules, tours, and other events.
Agents and Business Manager Salary: $113,890
Computer and Information Systems Manager
Computer and information systems managers are required to have a bachelor’s degree in computer science or information science as well as work experience of at least five to ten years. The job titles mostly attached to computer and information systems managers are chief technology officer (CTO), chief information officer (CIO), IT director, or IT manager. They are in charge of supervising computer-related activities in the company. That’s why CEOs or the board of directors choose master’s degree holders with more than ten years of work experience. Their duties include analysis of technology needs, execution of computer and information systems, and ensuring system security. They are also responsible for the other IT professionals within the company.
Computer and Information Systems Manager Salary: $120,950
Human Resources Manager
Human resources managers need to have at least a bachelor’s degree in a human-resources field such as psychology. That is the minimum requirement, but most HR managers have master’s degrees with years of experience working in the field. Their primary responsibility is to be the liaisons between the management and the employees. Although one person can be fully capable of fulfilling the tasks of an HR manager, large companies, corporations, or organizations appoint specific HR managers for recruitment, staff management, training, and development, and other employee-related programs within the company—forming sub-departments within the organization’s human resources department.
Human Resources Manager Salary: $99,720
Health Services Manager
Health services managers are required to have at least a bachelor’s degree in health services, healthcare management, care administration, public health, or public administration. However, most companies choose to appoint those who have master’s degrees with years of field experience as health services managers. They are in charge of heading the operations in medical facilities, clinics, or health departments. The duties of health services managers include employee supervision, schedule planning and management, record keeping, and budget management—among others. They are also known in the medical and health services industry as healthcare executives, health care administrators, or healthcare managers.
Health Services Manager Salary: $88,580
Administration Services Manager
Administration services managers are needed so that the everyday operations of their client’s business can run smoothly. They are in charge of facility management tasks, materials scheduling, as well as other organizational areas in their company or organization. The primary duties of administration services managers include allocating office space, updating equipment, supervising business-related operations, ensuring that contracts are being followed, preparing transportation services, supervising support services, grounds maintenance planning, and schedules, security system implementation, and many others. They are appointed so that administrative works are managed and executed efficiently, ensuring the maximum performance of the company or organization.
Administration Services Manager Salary: $94,020
One of the main goals of promotions managers is to increase the sales of their company, organization, or client. Their main task is directly related to advertising. They are the ones responsible for designing promotional materials for their company, including posters, events, and social media content—among other strategies. They also plan and execute advertising campaigns that often run for months and demand a large budget form the company. Since these ad campaigns are often expensive, promotions managers need to ensure that the company will get a welcome return on investment. It is also their responsibility to study the results of their campaigns and analyze the factors of their success or failure.
Promotions Managers Salary: $106,130
Elementary, Middle and High School Principal
In general, the responsibility of a school principal is to ensure that things run smoothly in the educational institution they are managing. Their specific duties are varied and often require patience and excellent people skills. Their primary responsibilities include management and supervision of the teachers and student body, staff evaluation, and campus safety and security. Their more community-based responsibilities include dealing with the parents, representing their school to the public, and being the school’s spokesperson to their community. Their salaries often differ depending on which district or city they are in. Principals who work in schools within small rural areas or large regions in the town often receive lower salaries than those who work in schools within affluent suburban neighborhoods.
School Principal Salary: $94,390
Employees are required to earn a bachelor’s degree or a master’s degree in hospitality or business administration before they are qualified to be lodging managers. Generally, lodging managers are responsible for the smooth management, safety, and steady profit of their lodging establishments. They need to tend to their guests in the most professional way, making sure that all the amenities they provide are working correctly. One of their primary duties is to hire and fire employees and workers. When there is not enough staff, sometimes they are also responsible for advertising campaigns for their lodging establishment as well as planning and executing interior designs.
Lodging Manager Salary: $49,720
Food Service Manager
Food Service Managers often work in restaurants, hotels, school cafeterias, entertainment establishments, large companies, and any other organization, where someone needs to take care of the food services for a large number of people. Food service managers are tasked to make sure that the dining facility they are managing is running smoothly and efficiently. They are responsible for preparing the food items as well as supervise the employees under their management. Their duties include inventory management, employee work schedules, event and catering schedules, handling of customer complaints, paperwork, and training new workers—among others.
Food Service Manager Salary: $69,654
Property, Real Estate & Community Association Managers
The minimum requirement for a property, real estate, and community association manager is a high school diploma with one to five years of work experience in the field. Although most employers go with candidates, who have certification and license. Their primary responsibility is to supervise and manage the operations of residential and commercial properties. Their duties include buying and selling property, renting property, hiring and supervising ground staff, and other property maintenance requirements. Community association managers are also known as property managers, homeowners’ association managers, leasing managers, and resident managers.
The property, Real Estate, and Community Association Manager Salary: $163,600
Part-time Business Management Jobs
Some schools hire Teacher Assistants to help out teachers in reinforcing lessons through reviewing materials with students one-on-one or in groups. Teacher assistants are also known as teacher aides, paraprofessionals, and education assistants.
Teacher Assistant Salary: $13,130
The most part-time assistant manager supports the manager with daily store operations. They also assume the manager’s duties in his/her absence. Sometimes, assistant managers help out in responding to customer queries. Most of the time, they set out to accomplish tasks assigned by the manager in an accurate and timely manner. This includes delegating daily workload to employees and ensuring shelves are stacked with new merchandise.
Assistant Manager Salary: $17,450
Retail Sales Associates
Retail sales associates ensure that retail stores are operational. They assist with customers’ query and sales. Sometimes, they are also requested to take charge of restocking inventory and operating the cash register, if necessary.
Retail Sales Associates Salary: $23,400
Most management analysts can find part-time work in firms that need someone to improve their operations, maximize profits, and increase efficiency. They are the ones who talk to vendors, executives, and clients to examine the strength and weakness of the business and help the decision-makers improve the situation.
Management Analyst Salary: 41,000
Budget analysts are integral in developing an operational budget and evaluating spending practices. Some small firms hire part-time budget analysts to consult with managers and decide on necessary funding. They are tasked to compile this data into a comprehensive budgetary plan.
Budget Analyst Salary: $38,110
10 Unique Business Management Careers
Real Estate Appraiser
Business Management graduates can find an unusual yet satisfying job in appraising properties. Their business and people skills can be put into good use in this kind of situation, allowing them to prepare reports on a commercial or residential property’s value.
Real Estate Appraiser Salary: $49,540
In this job, contract negotiators serve as the mediator between two businesses. They help design contracts that are agreeable to both parties. While some companies employ in-house negotiators, many businesses also choose freelance consultants that can help them draft contracts.
Contract Negotiator Salary: $68,840
Through their negotiation and communication skills, credit counselors work with clients to sort out their financial issues. Their job entails gathering information to assess the financial situation and determine an individual’s ability to pay creditors. They help in negotiating debt with creditors, set up repayment plans, lower interest rates, and negotiate late fees.
Credit Counselor Salary: $42,110
Market Research Analyst
It is the market research analysts’ job to study the latest products on the market and help companies determine which ones will be successful. They also establish the kind of buyers for the products and set the market prices.
Market Research Analyst Salary: $60,300
E-commerce Web Developer
Most business management graduates may not expect to find a job as a web developer, but if they have the coding and graphic design experience, they can combine it with their business management skills to create and maintain an excellent e-commerce site. Their developer skills can build upon their business prowess to give them a definitive edge over many competitors.
E-commerce Web Developer Salary: $66,100
If one does not feel like managing a business, managing an event is the next best thing. It is also exciting, especially for those who have social skills. Event managers are responsible for planning events, parties, and company meetings.
Event Manager Salary: $45,810
Public Relations Specialist
Most companies hire public relations specialists to help them plan public events, set up interviews and improve the public face of the company. They serve as the liaison between the employer and the clients or the public. They are responsible for establishing a good relationship with news media, consumers, local communities, and even the government.
Public Relations Specialist Salary: 61,980
Loan officers help clients deal with financial milestones like paying for a college education or buying a new house. They can find positions in a variety of settings, from commercial banks and credit unions to mortgage companies and car dealership. The best loan officers have excellent interpersonal skills and know how to advise, evaluate, and authorize loans to people and businesses.
Loan Officer Salary: $73,670
Commonly employed n nonprofit organizations like educational institutions and health-research foundations, fundraisers are tasked to bring in money by making cold calls, writing grants, and organizing fundraising events.
Fundraiser Salary: $56,840
Social Media Manager
Business management graduates who have mastered the use of digital technology can find many job opportunities in the digital marketing field. With their background in marketing, they will be able to help increase brand awareness among consumers through the use of social media channels like Facebook, Twitter, and Instagram. They should be able to create effective marketing campaigns and give direction to writers and other marketing teams.
Social Media Manager Salary: $56,770
Top Travel Business Management Careers
Consultants are indispensable to many companies. They are responsible for fixing problems within the organization. Since clients are usually spread across the globe, being a business consultant affords many business management graduates with travel opportunities.
Those who are in the retail industry can avail of travel opportunities as they hop from branch to branch and oversee store inventory. They also have a chance to travel all over the world when they attend vendor meetings, trade shows, and conferences that are essential in many business decisions. It is quite common in the fashion industry as well as e-commerce and department retailers.
As someone who oversees the process of new commercial and residential buildings, a construction manager can sometimes manage multiple projects in various cities. Because of this, they spend considerable time traveling from one project site to the next and make sure that requirements and goals are met.
Management analysts often travel to clients’ offices and working with them to improve their business processes. Some companies are situated abroad so this will afford them a lot of opportunities to travel internationally. It is the management analysts’ job to examine financial records, observe personnel at work, and meet with them to discuss business. Entry-level positions would typically require at least a bachelor’s degree; some companies prefer graduates with a master’s degree.
Public Relations Manager
Combining a lot of traveling with work is a common occurrence in a public relations manager’s life. They often assist clients with projects for promotion and image building purposes, including writing press releases, developing procedures for media inquiries, and creating advertising and promotional campaigns. Most of the time, public relations managers need to travel to another city or country to meet with clients.
Is Business Management right for me?
Generally, graduates of an associate degree in Business Management may well be qualified for entry-level jobs. Positions could be executive assistant, sales assistant, or sales associate. The list above more likely requires either a bachelor’s degree or a master’s degree depending on the qualifications from the company. Doctors of Business Management focus on conducting in-depth research and land teaching careers in prestigious universities and colleges.
When considering a college program, you must first reflect on your reasons and goals. If you’ve been thinking about getting into the business world, then it’s probably the right track for you. Business management presents a wide array of choices. You have to be sure of your choice or decision and whether it matches and aligns with your personality or not. You also have to envision your career. Get to research and know what the best program is for you.
If you have people skills, are a good leader, and enjoy conversations with different people, Business Management is the right program for you. If you enjoy multi-tasking, Business Management exposes you to careers that let you do that.
What are the admission requirements for a degree in Business Management?
Earning a business management degree begins with the admissions process. One has to research the admission requirements for each prospective school. Typically, applicants must meet prerequisites like test scores and submit admissions materials. Although there are schools that don’t require them, application fee/s should also be considered. At present, schools have come up with easy access to the application for admission online through their website or the Common Application.
Often, online program applications differ from that of on-campus programs because they come on rolling bases. Applicants are assessed through a first-come-first-served basis until classes reach their maximum seats. They also impose “technical requirements” as specifications of student’s operating system, internet connection, soundcard, hard drive space, processor, to mention a few.
To be considered for admission, here are some of the standard entry requirements (per degree level):
First-year applicants for an Associate’s degree in Business Management are required to submit high school or a General Education Development or General Education Diploma (GED) transcript. If you have attended another institution, an official college transcript is required.
First-year applicants for a Bachelor’s degree in Business Management may need to submit a completed application for admission, official high school transcript, SAT/ACT results, personal essay and letters of recommendation. For transfer students, the same application materials are required with the official college transcript and a transfer essay prompt.
Applicants for a Graduate degree in Business Management need to submit a completed application, official transcript from each undergraduate or graduate institution they have attended, a personal essay or statement, resume or CV, letters of recommendation, and Graduate Record Exam (GRE) scores.
What are the top qualities and skills can I acquire from earning a Business Management degree?
These qualities, skills, and traits are necessary for becoming successful in the business management field:
Consistency. A good manager should demonstrate consistency to give guidance to organization members or employees. By being consistent, you can ensure higher levels of productivity, increased levels of comfort, and promote employee understanding. In turn, your people understand, respect, and stand by you as their manager.
Excellent leadership skills. Being in the Business Management level requires you to be a leader who possesses good interpersonal skills and influence others toward reaching organizational or company goals. A good leader must also possess decisiveness. This translates to makes good judgment and well-informed decisions.
Competitiveness. Capable managers don’t just seek to beat the competition; they strive to learn from them. They set goals and build persistence within the team using techniques that lead to those goals that help individuals in the organization grow professionally while promoting social intelligence that is essential to fostering great work relationships.
Solid communication skills. A good leader must promote effective communication. They meet different types of individuals at any organizational level. The clarity in expressing ideas and information, listening skills, and visibility make an excellent communicator. Employees feel comfortable, and confusion is reduced when there is good communication within the organization.
Professional integrity. Honest and ethical, a Business Manager is expected to do the right thing for the right reasons. If you continuously examine your motivations before making managerial decisions and you value the rules that the company or organization lives by, you make a great Business Management professional.
What is a typical Business Management coursework?
The undergraduate Business Management program has one of the most comprehensive coursework. Its coursework typically incorporates a broad group of interdisciplinary topics. Depending on the institution, the curriculum is designed to provide hands-on or practical learning and discuss issues in subjects that are related to your specialization.
The program will likely include the following:
Principles of Accounting presents the accounting cycle, financial statements, the theoretical framework of the accounting, the role of accounting in costing, investment decisions and financial environment. Future managers are trained to use tools in achieving financial health of the company including income statements, cash flow, balance sheets, and retained earnings statements.
Business Ethics introduces moral principles, ethical issues related to business, law, business activities, and social responsibility. This also tackles the diverse environments of businesses.
Principles of Marketing is all about the fundamental principles in business, product and services, customer behavior, pricing, channels of promotion, and distribution. It is meant to provide students with a basic understanding of different business decisions concerning marketing strategies.
Human Resources Management covers principles and systems of effective management of human resources in an organization. It includes techniques in administrative issues, selection, planning, job and performance evaluation, labor organizations and managing the diverse environment of a workplace.
Managerial Economics provides basic concepts of microeconomics and macroeconomics which deals with subjects like scarcity, supply, and demand, competitive market conditions, opportunity cost, and economic growth.
Organizational Behavior and Development studies individual and group behavior in an organization. This also covers diversity, leadership, decision making, and corporate design and development. Students will also learn strategic planning, conflict in management and dealing with individual differences in a team.
How significant is a master’s or doctorate in business management?
Pursuing a graduate degree in business management leads to real career success. An undergraduate degree may get you to in-demand jobs, but earning a master’s or a doctorate can help you excel even more. In graduate studies, you’ll learn in-depth research.
A flourishing business needs to know what the market needs and this is where vital research comes in. Another importance of getting into graduate studies in business management is the fact that it can lead you to discover and explore the finer points of data analysis. A business may mainly be about making a living, but when you are an expert, you know there are more patterns and intricacies to help the company reach its goals and become truly successful.
Besides gaining highly desirable skills, getting a graduate degree brings forth excellent job security and higher earnings. MBA or doctorate holders can expect to get salaries which are twice as much as a regular college degree. The opportunity to consort with a strong business network is another advantage of having a graduate degree. The connections you’ll make will give you an even greater overall picture of the business world.