A bachelor's degree in business administration is the foundation for a career in business. Some professionals in this field include risk managers, management analysts, and executives. Those who wish to specialize can continue studies to complete a master's degree in business administration before entering the workforce.
Graduates of business management programs typically develop a versatile knowledge base that prepares them for many careers in business and industry. Degree programs are available at the undergraduate and graduate levels, and career opportunities for students who successfully complete these programs can be diverse. A career in business management typically can begin after attaining an associate's degree in business management, which provides a solid foundation in business management, while bachelor's or master's degree programs allow for further specialization.
|Career||Risk Manager||Management Analyst||Top Executive|
|Recommended Education||Bachelor's degree*||Bachelor's degree*||Bachelor's degree*|
|Projected Job Growth (2018-2028)*||None reported||14%||6%|
|Median Salary||112,897 (2019)**||$83,610 (2018)*||$104,980 (2018)*|
Sources: *United States Bureau of Labor Statistics, **Salary.com
Business management degree holders can learn about essential topics in business, such as administration, finance and operations. This may qualify them to hold leadership positions within an organization. Depending upon their specific concentrations in the program, business management graduates might be prepared to work in a variety of positions, including risk manager, management analyst or even top executive.
Risk managers are responsible for assessing and mitigating financial risks within an organization. They are typically in charge of a risk management department that implements programs to reduce asset loss by theft, property damage or liability. Risk managers may communicate with lawyers and government officials in order to determine applicable laws and statutes and to ensure organizational compliance. According to Salary.com, risk managers earned a median annual salary of 112,897 in September 2019.
Management analysts help companies and organizations discover ways to streamline operations, increase efficiency or solve organizational problems. Management analysts are frequently consultants hired during times of expansion or reorganization. These professionals often specialize in certain areas of business, such as operations or human resources. According to the U.S. Bureau of Labor Statistics (BLS), opportunities for management analysts were expected to grow by 14% between 2018 and 2028 (www.bls.gov). The BLS also reported median annual salaries for these professionals to be $83,610 as of May 2018.
Graduates with advanced degrees and extensive corporate experience can sometimes find employment as top executives. Top executives include professionals with such titles as chief executive officer (CEO), operations manager, chief financial officer (CFO) and chief information officer. It is their responsibility to initiate strategies to meet an organization's goals. They typically rely on a number of upper-level personnel to carry out orders and relay communications to different divisions within the organization. According to the BLS, competition for executive positions is generally very high and salaries vary greatly depending on the size of the organization. As of May 2018, median annual salary for top executives was $104,980, while chief executives earned a median annual salary of $189,600. The BLS also expected top executives to experience a job growth rate of 6% between 2018 and 2028, while chief executives were expected to experience a job decline of 5% during the same decade.
Degree programs in business management are available at almost every level of postsecondary study. Associate degree programs in business management may allow undergraduate students to study fundamental business principles, including accounting, finance and management, and can allow for specific concentration options in areas like sales or hospitality. Bachelor's degree programs are commonly available as Bachelor of Business Administration programs that allow for concentration options, including management as well as finance, accounting, marketing and information systems.
Certificate programs in business management could work as short, foundational programs for professionals just entering the field or individuals who want to advance in a business management position. Master of Business Administration degree programs, like BBA programs, typically offer several concentration options, including an option in management. These can include subjects like human resource management and operations management. Ph.D. programs may be available in either business administration or management, and could prepare students for positions in research or academia.
A degree in business administration covers finance, management, accounting, marketing, and other topics pertinent to business professionals. With a bachelor's degree, it's possible to pursue a career as an executive, a risk manager or a management analyst. Management analysts focus on improving company efficiency and address issues within a company; they can expect a high rate of job growth from 2018 to 2028, while top executives, who are responsible for helping their organization meet its business goals, can expect an average rate of job growth during this same time period.