Businesses are multi-faceted entities that require many people coming together to provide the care, consideration and decision-making to ensure smooth functioning. Within all industries, there are business management jobs that place individuals in charge of many pieces of the operations to oversee business processes and employee relations.
To land a business management job, you need a degree in business management or a related field like business administration, communications, management science or economics. There are many skills that augur well for the positions, as well as related jobs that may be a better fit for those seeking to enter the world of business with just an associate’s degree.
Here, we will take a look at what you can expect and how to best be prepared for your role in a business management job.
What is a Business Management Degree?
A business management degree is a broad and interdisciplinary field of study that offers courses in the principles of accounting, business law and ethics, human resources management, project management and the like. It prepares graduates to be able to enter a business and oversee operations, pinpoint where to cut costs, and implement standard practices to help the organization operate at its best.
Most positions within the field will require at least a four-year bachelor’s degree in business management or one of the abovementioned related degrees. Additionally, for those who want to land higher positions and climb the career ladder, a Master’s in Business Administration (MBA) is advisable. However, there are related entry-level jobs that only require an associate’s degree.
Before we jump into the jobs, let’s take a look at the desirable skills.
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Must-Have Skills for Business Management Jobs
Since business management is such an important job that has many moving pieces, there are a variety of skills that are necessary to be good in the position. These include:
As a manager, you’ll be working with multiple employees across many departments, so it’s important to have clear, strong and concise communication abilities.
Since you’ll oversee others, you want to know how to lead rather than boss people around. This includes knowing how to delegate tasks and ensuring that you are empowering the people around you.
As a leader, you will be in a position to make decisions. These decisions will affect the everyday operations and longevity of the company, so they must be carefully considered.
There are many different tasks you’ll have to deal with. Although multi-tasking is not the most efficient way to operate, you’ll have to know how to switch between tasks quickly and stay organized.
5. Business development skills:
Pitching ideas to gain new clients and communicating business goals to the marketing department to help grow business will likely come up during your role in business management. That’s where your communication skills can really shine!
6. Financial understanding:
Of course, you’ll have to have a grasp on economics, operations research, accounting and more to conduct a cost benefit analysis and be able to make well-informed decisions.
7. Critical thinking:
You must be able to see both the short- and long-term view and be able to provide problem solving for when issues arise.
8. Project management skills:
As a delegator, you’ll oversee many different projects and business functions, so organization will be key.
Average Salary/Career Prospects
The field of Business Management is spread across industries and has salary expectations that vary by trade, organization, location and educational experience. However, according to the Bureau of Labor and Statistics, the average salary of a business manager is $77,000 per year. In the next decade or so, the growth of the field is projected to increase by 15% as businesses cater to an increasingly online and digital world.
Bachelor’s Degree Positions
When you have your bachelor’s degree in business, or in a related field, there are many opportunities that become available. These positions generally require the minimum of a bachelor’s degree to land.
1. Project Manager:
Regardless of the industry, project managers oversee a project from inception to completion and work to ensure all the moving parts come together at the right time, in the right place and at the right cost. They may allocate budgets, too.
2. Business Analyst:
A business analyst uses data to make insightful decisions about how to conduct business operations. Based on employee feedback and the numbers, business analysts may choose to redesign and implement new business processes to maximize efficiency and minimize costs.
Consultants either work independently or as part of firms to go into other businesses, assess the processes, and offer enhanced practices to make them better. They are leaders, problem-solvers and smart decision-makers.
4. Risk Manager:
All businesses face risk, from compliance to market to competitive, so a risk manager assesses the likelihood and outcome of risks and helps to put into place processes that will reduce risk for the business overall.
Related Jobs: Associate’s Degree Positions
If a bachelor’s or master’s degree isn’t for you, but you still want to work within the world of business, there are related positions that may only require an associate’s degree.
1. Customer Service Representative:
As the title implies, this position deals with customers and helps them address their needs via phone, email or in-person communication. This position requires patience and problem-solving skills.
2. Sales Associate:
Across industries, sales associates help sell merchandise or services. They answer customer’s questions and help to find what a customer wants. Oftentimes, sales positions have a base salary and commission.
3. Administrative Assistant:
Administrative assistants help to schedule meetings, answer phone calls, organize paperwork, etc. They pay high attention to detail, have good communication skills and should be able to work well under pressure.
4. Bookkeeping and Accounting Clerks:
These positions help to keep a company’s financial transactions recorded and organized. They must comply with rules and regulations and be prepared should an audit be required.
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What to Study?
If you feel business is the field to enter, you can earn your degree online tuition-free. University of the People offers an Associate’s, Bachelor’s and Master’s degree in Business Administration that will give you foundational and deep knowledge in courses that are relevant to management positions. From Financial Accounting to E-Commerce and Business Communication to Leadership, the program’s curriculum will prepare you for your job in business management.
The entirely online program is flexible and accessible, which means you can study whenever and wherever you choose to with nothing more than an internet connection. In both the world of business and the online university, you will network with people from around the world which can open the door to opportunities that would otherwise not be possible.
Having your degree will set you up to enter business management jobs and work your way up the ladder, especially if you continue with schooling and earn your MBA.
The Bottom Line
Business management jobs require interdisciplinary knowledge and a diverse skill set. Across industries, the positions share commonalities like the requirement of individuals with strong problem-solving abilities, communication skills, leadership capabilities and financial understanding.
Depending on what type of position you want, you may be able to start by earning your associate’s degree and entering the field. However, for higher paying jobs, you’ll likely need a bachelor’s degree.
Take your first step today and find out more about what it’s like to study business administration at University of the People!