Business Management Careers

Business management is an incredibly lucrative career. Any business, non-profit organization, or governmental body values effective management, which is why business management professionals can work in any industry.

Despite being a fairly broad topic and profession, most business management jobs share several fundamental skills.

Business students learn to be innovative, collaborative, and thought leaders. They have hard quantitative skills and soft human skills. This post covers business management career options, how to switch to a business management career, and more.

Why Choose Business Management?

Business management can be financially and personally rewarding. Business managers govern people and oversee processes. If you appreciate leadership and teamwork, you may enjoy a career in business management

Today's changing social, economic, and political climate demands good leaders. For starters, companies need leaders to guide them through the fresh problems of the post-pandemic world. This includes the rising need for socially conscious business practices.

Business management is for you if you're a lifelong learner, leader, and driven to make an impact. It can lead to CEO or CTO roles. Also, you can apply your management skills in other areas.

How to Start your Business Management Journey

Getting started on your business management journey usually requires a degree. Most positions call for a bachelor's degree, but you can choose to start with an associate's degree.

Here are the various education requirements for business management careers.

Education Requirements

Associate Degree

A two-year associate's degree in business management is the lowest academic credential attainable in this field. However, it offers the theoretical groundwork and practical abilities required for conducting business.

Common entry-level careers for those with an associate degree include secretaries, restaurant (food service) managers, executive assistants, and office clerks. They can also find work as human resources specialists, office managers, or bookkeepers.

Bachelor's Degree

A business management bachelor's degree has several advantages over an equivalent associate degree. Bachelor's degree holders can work as financial analysts, HR professionals, and management consultants.

After a few years, you can rise to management jobs with additional responsibility and personnel supervision. Students enrolled in bachelor's degree programs gain a fountain of knowledge useful in various industries and positions.

Master's Degree

A Master's in Business Management lets students gain experience after earning a bachelor's degree. This degree takes 2 to 3 years of full-time study.

Master's degrees in business management can lead to leadership roles in several sectors. A graduate degree shows proficiency in leadership and management techniques and enables entry-level and mid-level workers to take on greater responsibilities within their companies. Master's degrees are common for business development managers, CEOs, and HR managers.

Doctorate in Business Management

While many Ph.D. students first receive a master's, some transition directly from a bachelor's. Earning a Ph.D. in business management shows a high level of expertise. Ph.D. candidates often intend to work in academia or another field that requires extensive research. Graduates frequently become professors or land positions in the government. If you are more interested in the hands-on aspects of business, you can consider a Ph.D. in management or a Ph.D. in business administration.

Employment Prospects

Business management graduates can work in almost any field and are in high demand. The managerial and senior levels of business are extremely competitive, but the sheer number of positions makes up for this. Businesses of all sizes and sorts need strong, well-trained business managers.

Business Management Career Forecast

BLS expects that several management-related careers will develop rapidly in the coming years. For example, the employment of marketing managers is expected to expand by 10% from 2021 to 2031.

According to the BLS, the median salary for business development managers is $120,130. A business management degree isn't a niche degree, which means you can find work in most industries. After all, businesses are going on everywhere you look.

How to Boost your Business Management Career

Acquiring knowledge through experience is the best way to boost your career in business management.

However, there are other steps you can take to maximize your growth potential. These include taking educational courses and getting optional certifications from business institutions and professional organizations. You can also move up in your career and get ahead by networking and making personal connections.

Lucrative Business Management Career Paths

Because business management is such a large discipline, students have many career paths to follow. Project management, human resource management, and non-profit management are just a few specializations available to students. Here's a list of some popular career paths in business management.

Business Development Manager

Business development managers oversee department growth. They collaborate with the sales department to create winning proposals, negotiate favorable contracts, and keep all parties updated.

Average Salary

The average annual salary of a business development manager is $76,366. The salary ranges from $48,000 to $126,000.

Roles and Responsibilities

• Setting up customer meetings for business development

• Adopt a growth strategy centered on profit and client satisfaction

• Conduct market and customer needs research.

• Promote products/services that address or predict clients' goals.

Industries Employing Business Development Managers

The industries actively hiring business development managers include:

• Technical services

• Management enterprises

• Educational services

• Finance

• Insurance

• Healthcare and social help

Marketing Managers

Marketing managers examine product demand and direct advertising strategy. They aim to get consumers to buy a department's or organization's goods and services. These managers estimate and assess the campaign budget and materials.

Average Salary

The average annual salary of a marketing manager is $133,380. The salary ranges from $61,250 and $208,000.

Roles and Responsibilities

• Discuss contracts, budgets, marketing strategy, and advertising media with department heads or staff.

• Plan giveaways, sweepstakes, and coupons.

• Plan advertising initiatives, such as radio, TV, print, online, and billboards.

• Examine the appearance and feel of websites featured in ads or design.

• Conduct market research and analyze its results to identify business prospects.

• Create a price strategy for targeted products or services

• Provide marketing suggestions to clients.

• Hire and oversee advertising, promotion, and marketing employees

Industries Employing Marketing Managers

The industries actively hiring marketing managers include:

• Computer Systems Design

• Management services

• Technical consulting services

• Advertising services

• Construction

• Insurance carriers

Compensation and Benefits Managers

Compensation/benefits Managers oversee company pay and perks. They monitor wage structure, insurance, merit increases, and pension schemes and set base pay for every firm employment.

Average Salary

The average annual salary of a compensation and benefits manager is $127,530. The salary ranges from $77,040 to $208,000.

Roles and Responsibilities

• Manage and direct employees' daily tasks

• Determine the compensation and benefits plan for the company.

• Compare market rates of pay to create or adjust compensation packages.

• Pick and oversee third-party service providers like insurance brokers, financial advisors, and vendor administration firms.

• Oversee pay and benefits information for employees

• Verify that all compensation and benefits packages are in line with applicable laws and rules

Industries Employing Compensation and Benefits Managers

The industries actively hiring compensation and benefits managers include:

• Management firms

• Technical services

• Insurance carriers

• Government

• Healthcare and social assistance

Financial Managers

Financial managers ensure the company's long-term and short-term success by keeping an eye on the books, keeping track of investments, and providing strategic advice to the company's top brass. They oversee the company's financial health and must stay up-to-date on new technology applications and improvements to improve and maintain financial reporting and operations.

Average Salary

The average annual salary of a financial manager is $131,710. The salary ranges from $77,040 to $208,000.

Roles and Responsibilities

• Prepare financial statements, reports, and projections.

• Check finances to guarantee legal compliance

• Supervise accounting and budgeting workers

• Review financial reports to cut expenditures.

• Identify possibilities for growth by analyzing market trends to maximize profitability.

• Assist upper management with fiscal decision-making

Industries Employing Financial Managers

The industries actively hiring financial managers include:

• Manufacturing companies

• Banks

• Investment firms

• Insurance companies

• Retail

• Government agencies

Human Resources Managers

Human Resources Managers ensure the HR team performs its duties. They coordinate departmental activity. Human resource managers develop and analyze the company's evaluation program, maintain the rules and procedures manual, and handle recruitment.

Average Salary

The average annual salary of a human resource manager is $126,230. The salary ranges from $75,000 to $208,000.

Roles and Responsibilities

• Organize a company's workforce to make the most of everyone's skills.

• Manage employee benefits

• Consult with other managers on HR concerns like sexual harassment and equal employment opportunity.

• Organize and oversee the work of experts and support staff

• Oversee recruiting, interview, selection, and employment processes

• Handle staffing difficulties, such as settling disagreements and directing penalties.

Industries Employing Human Resources Managers

The industries actively hiring human resource managers include:

• Schools

• Government agencies

• Service companies

• Pharmaceuticals

• Telecommunications

• Publishing industries

Sales Manager

Sales managers head a sales group or team. They direct and create goals, train and encourage sales team members, handle customer complaints, evaluate sales data and records, and build a client or customer base.

Average Salary

The average annual salary of a sales manager is $127,490. The salary ranges from $61,090 to $208,000.

Roles and Responsibilities

• Solve sales and service complaints

• Approve budgets and spending

• Monitor client preferences to target sales efforts

• Review sales data

• Sales projections and product/service profitability

• Determine any discounts or unique pricing arrangements.

• Develop plans to attract new customers through direct sales, cold calling, and B2B marketing visits.

• Assign sales territory and set sales quotas

• Coordinate sales training

Industries Employing Sales Managers

The industries actively hiring sales managers include:

• Retail

• Manufacturing

• Automotive

• construction

Chief Executive Officer

CEOs manage the organization's operational and budgetary activities. They set departmental goals, procedures, and policies with other top managers.

Average Salary

The average annual salary for chief executive officers is $156,244. The salary ranges from $74,000 to $304,000.

Roles and Responsibilities

• Develop high-quality company strategies and plans to meet short- and long-term goals.

• Lead subordinates to increase employee engagement and build a high-performing management team.

• Manage the company's day-to-day functions to make sure they contribute to its goals and align with the company's overarching mission and vision.

• Invest wisely to grow the business and revenues.

• Enforce legal rules and company policies to ensure legality and integrity.

• Examine financial and nonfinancial reports to make improvements

• Create trusting relationships with major stakeholders and partners, and serve as a point of contact for significant shareholders.

• Analyze and solve problems to ensure firm growth and survival.

Industries Employing Chief Executive Officer

• Healthcare

• Telecommunications

• Retail

• Manufacturing

• Fintech

• Finance

• insurance

Public Relations Manager

Public relations managers control media content, strategy, and releases. They establish ties with media men, journalists, and business influencers.

Average Salary

The average annual salary of a public relations manager is $119,860. The salary ranges from $60,400 to $204,430.

Roles and Responsibilities

• Creating a positive business identity for their company or client is one of their main responsibilities.

• Identify audiences and how to approach them.

• Identify a reliable source to respond to media requests for comments or questions.

• Assist customers in making clear public statements

• Compose media materials and update press kits

• Help and update the company's leaders and public faces

• Build marketing and advertising plans

• Assign, supervise, and evaluate staff

Industries Employing Public Relations Manager

The industries actively hiring public relations managers include:

• Religious, grantmaking, civic, professional, and similar organizations

• Educational services; state, local, and private

• Social assistance

• Hospitals; state, local, and private

• Arts, entertainment, and recreation

Supply Chain Managers

A supply chain manager's job is to coordinate and control the entire manufacturing process, from the procurement of raw materials to the shipment of finished goods.

Average Salary

The average annual salary of a supply chain manager is $84,389. The salary ranges from $57,000 to $119,000.

Roles and Responsibilities

• collaborate with buyers and procurement managers to source products

• Contract negotiations with clients and vendors

• Control manufacturing and delivery operations.

• Forecasts, inventory, and performance analysis

• Maintain quality while controlling costs

• Keep track of the supply chain.

• Manage and encourage a supply chain team to increase performance and find process innovations.

Industries Employing Supply Chain Managers

The industries actively hiring supply chain managers include:

• Auto manufacturing

• Big-box retail

• Consumer goods

• Electronics

• Food and beverage

• Government agencies

• Lumber

• Pharmaceuticals

• Power and utility companies

• Transportation and freight companies

Administrative Services Manager

Administrative Services Managers keep up with maintenance needs and help to manage facilities. They also receive, distribute, and track equipment and supplies. They oversee building operations, management, communication, and facility functions.

Average Salary

The average annual salary of administrative service managers is $100,170. The salary ranges from $59,470 to $168,910.

Roles and Responsibilities

• Oversee clerical and administrative personnel.

• Set department goals and deadlines

• Recommend policy adjustments to improve business performance, such as reevaluating supply or recordkeeping.

• Maintain safe, secure, and well-maintained facilities.

• Maintain machinery, equipment, electrical and mechanical systems

• Make sure facilities satisfy health, safety, and environmental standards.

Industries Employing Administrative Services Manager

The industries actively hiring administrative services managers include:

• School districts

• Healthcare facilities

• Government agencies.

Pros and Cons of Business Management Careers

Businesses come in all shapes and sizes. As such, there's always a demand for individuals in business management. However, there are pros and cons to working in business management.

Pros

• Flexible career options

• High-earning potential

• High demand in the business space.

Cons

• High supply, which means there'll be lots of competition.

• Long work hours and fewer vacation opportunities.

Skills You'll Develop While Studying Business Management

Having business management abilities will position you well for future career progression and may even allow you to take on additional responsibilities in your current employment

Management and Leadership

You can still benefit from developing management and leadership skills if you don't have a team to manage. Management involves planning, coordinating, and regulating organizational resources and managing organizational change. Although these aren't organizational skills, you can use them in your own workplace to prepare for the future.

Communication

Bad communication can create disorder in a company. Miscommunication causes conflict and technical errors. A strong manager builds written and verbal communication abilities to maintain operations.

Leaders must explain, listen, and provide feedback. Leaders must effectively explain team initiatives, announcements, and career advancement phases to avoid miscommunication.

Simply put, if expectations are not conveyed effectively, employees won't be able to live up to them.

Financial Intelligence

As a business professional, you should understand financial concepts even if you're not a math person or envision yourself in a finance or accounting capacity. Financial intelligence is vital no matter your job.

Sales, HR, management, and marketing all require financial knowledge. Your ability to evaluate, analyze, and comprehend financial data to guide company decisions will help you land any choice job.

Creative Problem Solving

Business management requires critical thinking and problem-solving. You'll face tough challenges in any corporate context, regardless of your place in the organizational structure. You'll need to be able to recognize, formulate, and communicate questions that guide inquiry, observe patterns and create connections to find a solution.

Strategic Thinking

You, as a manager, are accountable for ensuring that the business achieves its objectives and overcomes its challenges. A competent leader can plan strategically and direct personnel toward a broader aim.

A successful manager asks big-picture questions and follows through with step-by-step plans. Strategic thinking involves planning to attain career goals. Reading this article shows strategic thinking.

How to Prepare for a Business Management Career

1. Get a business management degree

Business management careers require an associate's or bachelor's degree. An associate degree costs less and helps you start a career. However, many business management professions require a bachelor's degree, so you'll likely need one to advance.

You should choose a program based on how well it fits your professional aspirations, learning preferences, daily routine, and financial situation. When browsing schools, make sure they're accredited and offer internships.

2. Secure an internship

Internships aren't usually required to obtain a business management degree; however, some colleges offer them. In addition, an internship can boost your résumé and help you create contacts for after graduation.

Look for internships that align with your interests and the industry you prefer to work in when you graduate.

3. Know the type of job you want

Once you graduate, you'll be qualified for entry-level positions. The jobs you can apply for will be somewhat determined by your level of education. If you interned while schooling, then you have an idea of your interests and strengths. Follow that when applying for entry-level jobs.

4. Network

Networking is key to growing your career in business management. Networking promotes idea-sharing. New ideas keep you learning and improving professionally. Hearing what others are doing at their organizations can motivate you to learn new abilities. Your innovative thinking will set you apart from the competition in any company, no matter how big or little.

Business Management Resources to Help Your Career

The best places to acquire relevant resources are professional groups. In addition to connecting people, they also provide easy access to job listings. Self-directed learners can take advantage of Open courseware to continue their education at their own pace.

The following are some highly recommended groups for furthering your career.

• American Management Association

• Association for Financial Professionals

• Project Management Institute

• American Business Women's Association.

A good open courseware resource that can help boost your knowledge is the Applied Macro- and International Economics  from the Massachusetts Institute of Technology:

How to Switch to a Business Management Career

If you don't have a degree in business management, administration, economics, finance, or a related field, you'll need to return to school to switch to business management. Business is inherently competitive; thus, managers require authoritative qualifications and specialized knowledge.

If you have a bachelor's degree but didn't major in business, look for an MBA program that doesn't require a business degree. Reputable business schools welcome applicants from diverse academic backgrounds. Otherwise, get a bachelor's in business management or administration.

Frequently Asked Questions

What is Business Management?

Business management refers to the process of setting up and overseeing a company's resources, such as its employees, finances, and information. Business managers supervise operations and support workers in achieving their highest productivity levels. A business manager's responsibilities include hiring and training new staff members and achieving the company's operational and financial goals.

What certification do I need for a Business Management career?

Here are four certifications to add to your business management resume that can make you more marketable for high-paying positions.

• Certified Associate in Project Management (CAPM)

• Certified Supply Chain Professionals (CSCP)

• Project Management Professionals (PMP)

• SAP-certified Application Associate

Can I get a Business Management degree online?

Yes, you can. Numerous institutions provide online bachelor's in business management. It typically takes students four years to finish these degrees online. You should make sure it has been given proper accreditation before enrolling.

What fields can Business Managers work in?

Business managers can work in specialized business areas. For example, one business manager may manufacture while another handles financing, staffing, revenue, information, and more.

Is there a high demand for Business Management majors?

Yes, there is. Many students choose business management as their major. Because of the strength and adaptability of their business management and administration skills, employers highly value graduates in this discipline.

Final Thoughts

If you have leadership qualities and excellent strategic thinking, business management may be for you. The best thing about business managers is that their talents can be applied to almost any field, from home economics to government.

However, generalizing in this field might dilute your expertise and decrease your worth to employers. Therefore, your best option is to develop expertise in one or two areas.