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What does it mean to earn a business management degree?
The answer is in the name, business management is all about taking responsibility for managing all sorts of administrative tasks for an organization.
We’re talking about planning or organizing the resources of a business in order to accomplish one’s goals efficiently and effectively. Which can take form in a variety of ways based on your chosen expertise.
For hopeful business managers looking to learn a little more about what it means to be involved in the business environment, continue reading this guide on everything you need to know about being a successful business manager!
Business Management | OVERVIEW
Let’s start with a brief definition:
Business Management is the study of running a business and the requisite leadership skills required in order to supervise others.
As for what you can do with a business management degree? Well…
Business Management Career Options
The possible paths for those with business management or business administration under their belt are endless, with specializations in the following:
- Project Management
- Human Resources Management
- Business Management Strategy
- Financial Analysis (Accounting)
- Strategic Planning
- Business Leadership
- Business Venture Management
- Marketing Research
- Sales Management
- Customer Expectations Analytics
- Regulatory Affairs
- Real Estate Brokerage
These are just examples of potential career paths; it should be noted that some may require acquiring specialized knowledge or furthering your secondary education.
People Also Ask: Is a business major the right fit for me?
Now that we’ve gotten the ‘basics’ out of the way, let’s talk about you! That is…
Before we go and explore what it takes to pursue a business management degree or to study through a business program, let’s first talk about whether a business degree is even the right fit for you. After all, certain schools of thought believe that certain people are just more or less suited for certain jobs.
In the case of business management and business administration, the ones who usually find the most success are those with leadership capabilities, interest in mathematics, and critical thinking and problem-solving abilities.
Does that sound like you? If not, does it sound like someone that you want to become?
If your answer is ‘yes’ then let’s talk about your prospects!
Business Management Degree | Levels of Education
Much like with most majors there are different levels of education when it comes to Business Management Programs. The level of your business degree, of course, will correspond with your chances of finding higher-ranking jobs.
To give you an idea of what level you might require for your chosen career path, here is an example breakdown of the different levels of business management degrees:
LEVEL 1 | Business Management: Associate Degree!
An associate degree in business management is more than enough for many students.
It typically takes two years to complete.
With the average credit course (whether it be
Basic courses in accounting, finance,
In this case, the most important is to get that foot in the door effect. Allowing you to start at the lowest levels (usually entry-level positions) and work yourself up bit by bit with work experience rather than getting a more advanced degree.
Even at this stage, with just the requisite two-year program, your options are pretty wide-reaching still. It’s a highly versatile degree that can help you land, as mentioned, an entry-level position in most organizations.
LEVEL 2 | Business Management: Bachelor’s Degree
A bachelor’s degree in business is the mid-tier business degree level for students who don’t want to stop at an associate degree but are not ready (or want to skip altogether) for an MBA, which takes longer.
It varies greatly, running from 10 months full-time to three years part-time.
Costs of tuition vary greatly for MBAs. Starting at $55,000 and going as high as $160,000 and higher.
Focuses on business management as it applies in the real world.
Of course, comparing a two-year program with four-year degrees is most crucial when you think about your career goals. An associate degree is usually enough for most.
But, if you want to start off with a higher chance to earn more and a decreased risk of being unemployed, then a four-year bachelor’s degree may just be your best bet.
It’s also better to pursue a BA if you’re looking to seek a career that requires a graduate degree. Which are expectedly more competitive but usually have better opportunities for job growth and higher starting salaries.
LEVEL 3 | Business Management: Master of Business Administration (MBA) or Master’s in Management (MIM)
In order to improve their chances of finding a high-paying job, some students pursue master’s degrees. With one of these under your belt, you can be sure to be one of the top picks for most business jobs out there.
For those who want to pursue a graduate-level business degree, they have several options, here are two examples (MBA and MiM degrees):
Master of Business Administration (MBA)
The two are similar enough when it comes to experience. But an MBA is definitely considered ‘higher-in tier” and thus, more expensive. Which is why MBAs are mostly pursued by those who already have work experience (at least three years).
Because of the cost of MBAs, business majors are usually recommended to wait until they have more experience before pursuing it. It’s best for those who are looking to make a career change as it increases job opportunities and earning potential.
Master’s in Management (MIM)
A Master’s in Management (MIM) degree is for early-stage professionals who are looking for a lower-cost degree that can help them increase their career options.
It typically takes 1-2 years (1 year full-time and 2 years for part-time students).
Costs will vary between $30,000 and $120,000.
Focuses on business management theory.
Pursuing a Master of Business Administration degree is out-of-reach for many who have just started business schools, making MiM degrees a more preferable option. After all, in the end, it still enhances one’s job opportunities.
People Also Ask: What business management program is right for me?
In the end, the most fitting business management program for you is dependent on two things: your budget and your current experience.
To start off with, your budget!
- Out of all the degree programs, an associate degree is the cheapest and will get you a job soonest (allowing you to pursue more advanced programs part-time in the future without financial aid.)
To continue from that point, there is a matter of your current experience:
- Many students choose to pursue careers before trying for an MBA or MiM to gain work experience (and, in fact, some business schools that offer master’s programs in business management and business administration have prerequisites that exempt students without work experience.) So, you can wait a bit before pursuing higher secondary education if need be.
Just don’t forget! Your college education is just one aspect that is considered when you’re in a stack of others with similar degrees.
People Also Ask: Does that mean I can become a manager with a high school diploma?
It’s perfectly possible, yes. Although it’s a lot more difficult.
Most businesses do want their business managers to have at least a bachelor’s degree, with higher-up positions requiring a master’s degree.
But if you’re only pursuing an entry-level position, you may very well be considered even without a college degree.
People Also Ask: What’s the difference between business management and business administration?
The terms are usually used interchangeably, to be completely honest.
Although, if you’re asking about degrees: while their core curriculum is pretty much the same, the difference lies in where they end up as far as management positions go.
For example, a degree program in management usually focuses on human resources management (i.e., learning business leadership and working with people). On the other hand, a degree program in administration usually focuses on the planning and the execution of business strategies (i.e., market research, financial analysis, etc.)
People Also Ask: Which school has the best business management programs?
The top three schools when it comes to business programs (in the US) are as follows:
- University of Pennsylvania
- University of California — Berkeley
- Harvard University
What Do Business Managers Do?
Now let’s go back to talking about career prospects! As mentioned before, a business management degree is actually very flexible. Here are just some examples:
- Business Analyst
- Chief Executive Officer
- Financial Analyst
- Public Relations Manager
- Human Resources Manager
- Business Strategy Consultant
And so on and so forth. But, on the ‘general’ side of things, someone that excels in business management typically works as a leader for organizations or small businesses (in both brand locations and primary business locations.)
They’re in charge of things like maintaining the company’s financial assets, communicating with upper management and regular employees, developing training programs to improve employee efficiency, etc.
It really is quite an open-ended job in this regard. With responsibilities varying based on multiple factors.
How Much Can You Earn with a Degree in Business Management?
The average salary or median annual wage for business management degree holders is around $60,000 to $75,000.
This will of course vary based on the level of your experience, your special certifications, educational background, and subjects of specialization. The better your qualifications, the higher the salary, basically.
For example, the average yearly salary for some sales managers and marketing managers is more than \$100,000 to \$120,000 a year.
What Are the Requirements for Becoming a Business Manager?
It depends on what position you’re aiming for.
An associate degree in business management should be enough to get you most entry-level positions in business and finance.
However, if you’re looking to gain a higher-level leadership position, a BA or a master’s degree in the field may be required (as well as some work experience.)
Conclusion: Business Management 101
If you think that getting a business degree is the right path for you, then you should go for it! The competition for careers in the field is pretty fierce, but it’s manageable so long as you have the right kind of education under your belt.
So, there really shouldn’t be anything stopping you from doing what you want to do!