What Is a Business Management Degree and What Can You Do With One?
Business management is organising and overseeing a business's operations to achieve its goals and objectives.
It involves decision-making, planning, directing, and controlling various business functions to ensure efficiency and effectiveness.
A degree in business management equips graduates with the skills and knowledge needed to succeed in various industries and positions.
This article will discuss a business management degree and what graduates can do with it.
What is a Business Management Degree?
A business management degree is an undergraduate or graduate degree that teaches students business management principles and practices. It covers various topics such as accounting, finance, marketing, human resources, operations, and strategy. Students learn to analyse data, make decisions, and lead teams to achieve business objectives.
Many colleges and universities around the world offer business management degrees. Depending on the program and degree level, they can be completed online, in-person, full-time or part-time and take two to five years. There are also different business management degrees, including a Bachelor of Science in Business Administration, a Master of Business Administration, and a Doctor of Business Administration.
What Can You Do With a Business Management Degree?
A business management degree can open up many doors to various career opportunities. Graduates with a business management degree can work in multiple industries, including finance, healthcare, government, education, and non-profit organisations. Here are some of the common career paths for business management degree holders.
Business analysts use data and analytical tools to help businesses make informed decisions. They analyse business processes and operations to identify areas for improvement and develop strategies to increase efficiency and profitability. Business analysts also create reports and presentations to communicate their findings to stakeholders.
Marketing managers oversee the developing and implementation of marketing strategies to promote a company's products or services. They conduct market research, analyse consumer behaviour, and identify trends to create campaigns that target specific demographics. Marketing managers also manage budgets, hire and train staff, and work with other departments to achieve business objectives.
Human Resources Manager
Human resources managers are responsible for managing a company's workforce. They hire, train, and develop employees, oversee benefits and compensation, and ensure compliance with employment laws and regulations. Human resources managers also handle employee relations, such as conflict resolution and disciplinary actions.
Financial analysts help businesses make informed decisions by analysing data and financial statements. They assess a company's financial performance, evaluate investment opportunities, and make recommendations to management. Financial analysts also create economic models and reports to communicate their findings to stakeholders.
Operations managers oversee the day-to-day operations of a business to ensure efficiency and productivity. They manage staff, control budgets, and develop processes and procedures to improve operations. Operations managers also work with other departments to ensure products or services are delivered on time and within budget.
Many business management degree holders become entrepreneurs and start their businesses. They use their skills and knowledge to develop business plans, secure funding, and manage operations. Entrepreneurs also need to be able to adapt to changing markets, manage risk, and make strategic decisions to grow their businesses.
Project managers oversee the planning, implementation, and completion of projects within a company. They work with stakeholders to define project objectives, develop timelines and budgets, and manage resources. Project managers monitor project progress and make adjustments to ensure that projects are completed on time and within budget.
A business management degree is a versatile and valuable degree that can lead to various career opportunities. A degree in business management equips graduates with the skills and knowledge needed to succeed in the business world, such as leadership, decision-making, critical thinking, and communication skills. Graduates can work in many industries and positions, from business analysts to entrepreneurs.
Business management degrees are also highly valued by employers. According to a survey by the National Association of Colleges and Employers, business management is the second most popular major among employers, with 71.8% planning to hire graduates with a business degree.
In addition to the traditional career paths, business management graduates can pursue further education, such as a Master of Business Administration (MBA) or a Doctor of Business Administration (DBA). These advanced degrees can lead to higher salaries and more senior positions.
Moreover, pursuing a business management degree can also provide graduates valuable networking opportunities. Many business schools offer internships, mentorship programs, and career fairs where students can connect with professionals in their field of interest.
A business management degree is an excellent choice for students interested in pursuing a career in the business world. It provides graduates with the skills and knowledge needed to succeed in various industries and positions and can lead to exciting career opportunities and higher salaries.
The salary outlook for graduates with a business management degree varies depending on the industry, job position, location, and experience level. However, overall, graduates with a business management degree can expect to earn a competitive salary compared to other majors.
According to the United States Bureau of Labor Statistics, the median annual wage for management occupations was $109,760 in May 2020, significantly higher than the median yearly wage for all fields, $41,950.
Here are some specific salary outlooks for some of the common career paths for business management degree holders:
- Business Analyst: The median annual salary for business analysts in the United States is $76,520, with the top 10% earning more than $126,000.
- Marketing Manager: The median annual salary for marketing managers in the United States is $135,900, with the top 10% earning more than $208,000.
- Human Resources Manager: The median annual salary for human resources managers in the United States is $121,220, with the top 10% earning more than $205,720.
- Financial Analyst: The median annual salary for financial analysts in the United States is $83,660, with the top 10% earning more than $156,150.
- Operations Manager: The median annual salary for operations managers in the United States is $105,660, with the top 10% earning more than $185,000.
- Entrepreneur: The salary for entrepreneurs can vary widely depending on the success of their businesses. However, according to a survey conducted by PayScale, the median salary for small business owners in the United States is $73,000.
- Project Manager: The median annual salary for project managers in the United States is $75,690, with the top 10% earning more than $140,000.