Business management is a versatile field that offers opportunities for individuals with a variety of interests and skills. Talented business managers are in demand and will remain so as the global business environment becomes more complex.
If you get along well with people, have an interest in business and technology and have excellent communication skills, you could be a good fit for a career in this field. The ability to think critically and a willingness to work independently are important factors in determining success in business management. In addition, an enjoyment of solving complex problems and an understanding of complicated financial data are helpful.
There are numerous ways to pursue a career in business management. For instance, you could earn a degree in the field through flexible education options like the online Bachelor of Arts (BA) in Business Administration – Management program from Florida Institute of Technology. The following guide to majors in business management will give you in-depth information about various educational paths and job opportunities including what you’ll learn, the expectations and requirements of a business management career and what it may take to succeed.
What Is Business Management?
Business management is the process of developing the strategies, plans, procedures and policies that guide a business on both a day-to-day and long-term basis. It involves coordinating human, financial and material resources to achieve organizational objectives.
Whether you’re interested in becoming an entrepreneur and launching your own business or joining a Fortune 500 firm and starting your climb up the corporate ladder, it’s imperative to start your path to your business management career with a strong educational foundation. Doing your due diligence in researching prospective programs and educational models ensures you can maximize the impact of your business degree.
What Will You Learn by Obtaining a Business Management Degree?
Majoring in business management offers a broad foundation in business basics such as accounting, budgeting, marketing, planning, hiring and leadership. When pursuing an advanced degree, you may choose to concentrate in any of these areas, as well as in human resources, health care management or computer information systems.
Working in teams is a mainstay of business management education and a valuable way to prepare for the real world. Your coursework may include accounting, finance, business law, economics, statistics, principles of management, organizational development and human relations. Through your business management classes, you’ll be honing your problem-solving, critical-thinking, forecasting, project management and entrepreneurial abilities.
Requirements to Earn a Business Management Degree
Because business management is such a versatile career, you can choose the educational path that best prepares you to achieve your career goals. The following are career path options professionals can take:
- Associate degree — Earning a two-year associate degree in business administration or business management can offer opportunities to break into the business world. Advancement often requires a bachelor’s degree, which you can pursue while working in the field.
- Bachelor’s degree — A baccalaureate degree program, such as Florida Tech’s BA in Business Administration – Management, may open the door to additional career options. Employers hiring for business management positions usually require a bachelor’s degree at minimum. Additional education, professional certification or a graduate degree may be necessary to advance your career — all of which a quality bachelor’s in business management will prepare you for.
- Master’s degree — For top-level positions, employers may prefer candidates with advanced degrees. With a bachelor’s in business management under your belt, you can advance your education further by earning a general or specialized Master of Business Administration (MBA) degree. Along with appropriate experience, an MBA positions you to compete for senior-level jobs. Earning an MBA typically takes an additional one to two years beyond the bachelor’s level.
Some employers may offer tuition assistance to help you obtain a bachelor’s or master’s degree while establishing yourself in your career. Plus, with the online model of Florida Tech’s business management programs, you have the flexibility needed to complete your degree while you continue working, gaining experience and earning an income.
What Kind of Jobs Can You Get With a Business Management Degree?
Business management career opportunities vary in level of responsibility, salary expectations and education and preparation required. The following are a few examples:
- An associate’s degree may qualify you for labor relations specialist, office manager or administrative specialist jobs.
- Positions such as business analyst, account executive, HR manager and management consultant typically require a four-year degree, such as a BA in business administration in management.
- Many senior- and executive-level leadership and management professionals get to where they are with only a bachelor’s degree, experience and determination. However, earning an MBA in your field of choice could help you qualify and compete for top positions, such as chief executive officer, senior management consultant, director of operations or brand manager.
Additional potential careers include management analyst, retail store manager, hospitality manager, human resources administrator and small business manager. Business management can apply to areas such as organizational behavior, human resources, operations and strategic planning. You can work in a variety of industries including manufacturing, medical and health care, charities, hotels, government, information technology, fashion, grocery, advertising and promotions, utilities and construction. Opportunities exist in the public, private and nonprofit sectors.
With a field as varied and open-ended as business management, consider your strengths when selecting a concentration. If you enjoy dealing with people one-on-one, human resources may be a good fit. An entrepreneurial focus is suitable if you are planning on starting your own business. It is critical to research specific management roles to select a path that suits your interests.
Salary Expectations for a Business Management Career
Business management majors can expect to see solid employment growth across a variety of industries in the coming years, according to federal projections. Potential salary ranges for business management professionals will vary according to several factors including the specific industry, regional market conditions and a candidate’s educational qualifications and employment history. As of May 2023, the U.S. Bureau of Labor Statistics (BLS) reported median annual wages for the following management roles nationwide:
- Advertising, promotions and marketing managers: $156,580
- Medical and health services managers: $110,680
- Computer and information systems managers: $169,510
- Financial managers: $156,100
- Training and development managers: $125,040
- Human resources managers: $136,350
Depending on your exact role, your professional responsibilities may include supervising staff, analyzing data, planning operations and making crucial business decisions. Business managers may take care of day-to-day tasks such as hiring, training, purchasing and quality control in smaller firms. For larger organizations, formulating policy, planning for resource needs, setting overall direction and implementing strategies are some of the tasks often required of business managers.
Training, Other Qualifications and Advancement in Business Management
Business management professionals need a wide variety of up-to-date business expertise to succeed and advance in their careers. Additional requirements will vary according to each individual position, but employers generally seek strong decision-making and organizational ability. Candidates for a career in business management must develop outstanding interpersonal and communication expertise, as well as creative problem-solving ability.
After obtaining work experience and a quality business education, business professionals may advance to positions with more responsibility and higher pay. Some graduates may pursue further study in finance, human resources, marketing, international business or computing to develop their expertise in a business concentration. For instance, labor relations specialists may receive promotion to a human resources director position; department managers may become operations managers; management consultants may be promoted to chief revenue officers. As a business management major, you could find yourself positioned for opportunities throughout your career, up to and including the executive suite.
Business Management Majors Offer Versatility and Opportunity
If you would like to make a difference in the exciting world of business, earning an online BA in Business Administration – Management degree from Florida Tech is a great place to begin. A business management major provides the broad knowledge employers need while giving you the option to concentrate in many interesting and rewarding areas.
Learn more about Florida Tech’s online BA in Business Administration – Management program.
