If there’s one thing all businesses consistently need, it’s strong leadership. A business management degree provides leadership training along with basic business instruction, preparing students for careers as managers, executives, and entrepreneurs. Each of these fields has strong career potential, including six-figure income averages, making a business management degree a solid choice for your educational path.
What Is a Business Management Degree?
A business management degree combines business education with leadership training to prepare students for roles in managerial positions. It combines business theory, leadership training, and accounting and finance instruction. This degree is considered a well-rounded option for people who want an open-ended education that provides multiple career paths.
Business Management Degree Classes and Coursework
The coursework in a business management degree focuses on critical thinking skills, business ethics, communication, and general business knowledge. While each school has a slightly different take on what is included, these are the basic concepts covered.
Some examples of classes in a business management degree include:
- Introduction to Business
- Management Information Systems
- Accounting
- Marketing
- Entrepreneurship
Today, business students have many options to consider as they move forward with their degrees. Some can choose to pursue degrees through traditional on-campus instruction, while others can pursue online business management degree programs that are flexible and let them study at home.
Types of Business Management Degrees
Business management degrees are available at nearly every level. A Bachelor of Business Management is a common choice, but you can also find other options. The different levels of degrees available for those interested in studying business administration and management include associate degrees and certificates, and bachelor’s, master’s, and doctoral degrees.
Students can start with their existing level of education and add business training and managerial studies to help them take positions of leadership in the business world. Those who already have a degree or who have started a career in business can add additional training to open the door to new opportunities by taking graduate programming in the field.
Is Business a Good Major?
Majoring in business opens the door to a variety of career opportunities. Students can become professionals in the business world, or they can enter their own business and focus on entrepreneurship. Business training can also provide the foundation for marketing and financial planning careers. Some business management majors will end up in administrative roles in non-traditional fields outside of the corporate world. The flexibility of this degree path is a definite perk.
Business is also a high-paying field. Students with business degrees position themselves to make six figures easily when they make it into leadership roles. Many six-figure career options require just a bachelor’s degree, making this one of the few career paths where you can earn a high salary without graduate-level training.
This combination of flexibility and lucrative career options make business administration and management a solid choice for your education.
Business Administration & Management Degree Jobs
While working as a manager seems logical for someone with a business administration and management degree, this career path is just one of many. Some other options that can be available to business leaders include:
- Sales and Marketing
At the heart of most business work is the need to sell. Businesses sell either products or services, but they need solid marketing professionals on board to help them do so successfully.
Managers who take sales and marketing roles help plan the programs and promotions that earn income or get more interest in their products or service. This is a high-demand career that is expected to grow at a rate of 10% between 2020 and 2030. As of 2020, the average pay was $141,490 according to the Bureau of Labor Statistics.
- Computer & Information Systems
Technology is vital to the modern business. Computer and information systems manage everything from point-of-sale machines to back-office inventory control. This trend means businesses need qualified tech professionals on board.
Business management majors can add technology classes to their electives list to position themselves for a role in computer and information systems leadership. These professionals direct and manage the computer-related activities in an organization. Computer and information systems managers can get started with just a bachelor’s degree, and this career path is expected to grow at a rate of 11%. It’s also a lucrative option with an average pay of $151,150 a year.
- Financial Managers
Businesses make money, and that money needs proper management. Many managers are great at leading people but struggle to manage finances. A career as a financial manager helps you fill that gap by putting your business training to work managing money instead of people.
By focusing your business education on finance, you can position yourself to take on a career as a financial manager. Financial managers direct investment activities for businesses and clients to help them reach long-term financial goals. They may work in investment firms, banks, and insurance companies, and some will work within other organizations to direct the group’s finances. This role is predicted to see 17% growth from 2020 to 2030, and the average pay in 2020 was $134,180 a year.
- Economics
Economic trends play a role in business success and failure. Businesses that can follow these trends and adjust to them will be better positioned for long-term success than those that ignore them. Economists help businesses do just that.
An economist studies economic trends and uses that data to help make decisions about resource use and services within an organization. Economists need to understand business principles as well as data and statistics to best perform in this role. This career path requires a master’s degree in economics, but a business management bachelor’s degree provides the right educational foundation. Expected job growth is 13% and the salary average in 2020 was $108,350.
- Retail
Retail establishments use a lot of business skills in their day-to-day operations. They must know how to market, lead people, and manage inventory and finances. This work requires the right leadership skills, which retail managers can learn in an online business management degree program.
Becoming a manager in a retail setting is a rewarding career path. You will have the chance to work with people on a daily basis while putting your business and management knowledge to work. Your goal in this role is to organize the sales teams within the retail establishment to ensure they are selling well. While the BLS does not estimate a high growth for this field in the next ten years, the income potential is excellent. The average salary in 2020 was $132,290.
- Human Resources
Human resources is the department within a business that focuses on managing and caring for its employees. Because this is a people-focused role, it requires professionals with good leadership potential.
Human resources is a career you can start with a Bachelor of Business Management. A human resources manager plans and coordinates many of an organization’s administrative functions. They strive to make sure the employees of the organization have their needs well met. This field is expected to grow at an average rate over the next ten years, and the pay range is excellent at an average pay in 2020 of $121,220.
- General Management
General management refers to managers of just about any type of business or non-profit organization. While the work of a general management professional varies depending on where they work, the overall skills needed remain consistent, making this one of the many careers with business management degree requirements.
Managers are needed in almost any field. Getting training in general management means you are prepared to work in many fields and can step into a leadership position when the opportunity arises. According to the BLS, the average pay across all management occupations was $109,760 in May of 2020. This is the highest wage of all occupational groups the BLS tracks, which means focusing your education on business management could have a high return on investment.
- Executive
Becoming the CEO of a company requires the right training and plenty of time working within the organization. This high-level leadership role is in charge of many of the most important decisions the company makes.
Executive roles refer to the top leadership positions within an organization. Often these professionals work themselves up from starting leadership roles to the head position. This career is demanding, as these individuals work long hours, but it can be highly financially rewarding. The BLS indicates the average pay is $103,650, but the opportunities for advancement are high. Those who land in the role of Chief Executive can earn $185,950 a year, while those in the top 10 percent earn over $208,000 a year.
- Entrepreneurship
Starting your own business requires strong business knowledge. It also requires leadership, even if you are not directly leading a team of people. You must be driven and able to see the big picture, and a Bachelor of Business Management with an emphasis on entrepreneurship can open those doors.
The BLS can’t track the salary of an entrepreneur, because this is not a traditional path of employment. A study by Entrepreneur.com indicates the average salary for an entrepreneur falls around $70,000 a year. Yet this field brings more than just a paycheck. Owning your own business means flexibility, the opportunity to work as much or as little as you want, and the feeling of pride and accomplishment that come with being your own boss.
Benefits of Getting a Business Degree
Whether you are looking to launch your own business or want to work in the corporate world and have a higher income potential, earning a degree in business administration and management is a wise move. With so many business management degree jobs available, even with just a Bachelor of Business Management, you have flexibility and ample career paths to pursue.
If you are considering a career with business management degree requirements, Siena Heights University can help. We offer a robust Bachelor of Business Administration and Management degree program that will launch a successful career. With online options and many specific concentration areas you can choose from, this degree will prepare you well for a future leadership role. Reach out to our admissions team today, or call (800) 521-0009 to learn more about our Bachelor of Business Administration degree.
