Career Opportunities With a BA in Management
Business management could be described as both a science and an art form, with the best managers relying on tried-and-true leadership strategies and innovative managerial styles to lead their teams to success. Most professionals, however, are not born managers—they study business principles emphasizing the best practices in management to secure business management jobs.
The Scope of Business Management
Business management plays a crucial role in any organization, with companies and corporations of all sizes and industries relying on a series of managers to oversee operations. Business managers must often establish short-term and long-term goals for their departments to help the company succeed. As a result, business managers must be well-versed in strategic planning and have a solid understanding of business principles, theories and best practices.
According to Coursera, business managers may be required to:
- Monitor productivity and work to motivate members of their team.
- Ensure that all members of their department remain in compliance with company guidelines.
- Effectively problem-solve, often ensuring that all team members work well together.
- Serve as a mentor for employees working on building and developing their careers.
The Significance of a Degree in Business Management
While other business degrees allow students to pursue niche roles in the business industry, a business management degree uniquely prepares graduates to take on mid and upper-level management positions immediately following graduation. Business graduates may climb the corporate ladder for a few years without a management degree before attaining a management-level position. However, graduates with a Bachelor of Business Administration in Management may be more qualified for management positions during the first years of their careers.
According to Coursera, a business management degree focuses primarily on business management skills and practices, which is why graduates can pursue management-level positions. Typical topics covered in a business management degree include business analytics, marketing, finance and organizational management.
Skills Required for High-Paying Business Management Jobs
To secure the most lucrative and rewarding business management degree jobs, you will want to focus on developing soft and technical business skills.
According to Indeed, these are some of the most critical skills required for high-paying business management jobs:
- Organizational Skills — Business managers must be detail-oriented, organized individuals responsible for creating schedules and monitoring the progress of all employees who report to them.
- Analytical Skills — Businesses across all industries rely heavily on data collection and analysis to make thoughtful and precise decisions about their operations, so managers must be equipped with strong analytical skills. Well-developed analytical skills allow managers to monitor projects, review progress and resolve complex issues.
- Strategic Skills — Complemented by analytical skills, strategic skills allow managers to be forward-thinking professionals who can employ the best business practices to achieve long-term goals.
- Communication Skills — Above all else, managers must be effective communicators who know how to convey what they want and need to their team. They should be able to efficiently use various communication tools to be accessible and transparent.
Essential Skills for a Successful Career in Business Management
In addition to developing the interpersonal skills and competencies required for a career in management, aspiring professionals also should focus on honing these specific business skills:
- Data Analysis
- Economic Forecasting
- Project Management
- Financial Management and Accounting
- Negotiation
- Market Research
Exploring the High-Paying Business Management Jobs
Job-seekers will find that business management positions are not only more enticing on a professional level but also on a financial level. Traditionally, business management positions offer higher compensation than non-management positions. According to the Bureau of Labor Statistics, the median annual wage for management occupations is about $107,000, with job opportunities expected to climb between 2022 and 2032. The BLS anticipates that about 1.1 million management positions will be added each year during those years.
These are some of the high-paying business management degree jobs that you may be qualified for:
Financial Manager
Financial managers are business professionals responsible for overseeing an organization's financial health. According to the Bureau of Labor Statistics, financial managers work across all industries, with many employed by banks and investment firms.
On a day-to-day basis, financial managers may be responsible for:
- Developing investment strategies.
- Creating financial reports.
- Analyzing industry-specific trends.
- Overseeing the finance department.
- Providing financial guidance and advice to other managers or executives in the organization.
The BLS notes that the median salary for financial managers is more than $139,000 per year.
Marketing Manager
Marketing managers are responsible for overseeing a marketing and communications team, and they work to develop marketing strategies that will help increase the organization's brand identity and allow it to reach its sales goals.
The primary responsibilities of a marketing manager include:
- Developing a marketing strategy for the organization and delegating tasks accordingly among the marketing team.
- Organizing promotional events.
- Securing press coverage of marketing events.
- Analyzing marketing campaign data to verify that promotions are reaching the intended audience.
- Collaborating with other senior-level managers to position the organization in the best possible light.
According to the Bureau of Labor Statistics, marketing managers earn a median annual salary of about $138,000 per year.
Operations Manager
Operations managers are typically high-level managers who oversee multiple departments within an organization to verify that all business operations are moving forward smoothly and efficiently.
According to the Bureau of Labor Statistics, operations managers are often responsible for:
- Overseeing daily operations at a business.
- Creating and implementing company policies.
- Providing personnel and administrative services.
- Maintain quality assurance.
- Develop programs to attract and retain top talent.
The median annual salary for operations managers is about $98,000.
Business Development Manager
Business development managers are senior-level managers in charge of developing and achieving the organization's long-term objectives. According to Indeed, business development managers often work closely with sales and marketing managers and other company executives to create effective organizational strategies.
A business development manager may be responsible for:
- Completing market research.
- Identifying prospective clients for the organization.
- Developing positive business relationships with prospective clients.
- Overseeing progress and verifying that sales objectives are met.
- Providing training and development programming for existing employees.
According to Salary.com, the median annual salary for business development managers in the United States is about $134,000.
H3: Human Resources Manager
Human resources managers are responsible for overseeing the human resources department at an organization. They work along with the human resources specialists on their team to ensure that company policies are created and implemented and that the organization can attract and retain the most qualified professionals.
According to Indeed, some of the primary responsibilities of a human resources manager include:
- Overseeing the process of attracting, hiring, and onboarding new employees.
- Creating job descriptions that align with industry standards and meet all government regulations.
- Developing training materials for new and existing employees.
- Working with senior management to develop a competitive compensation strategy.
- Utilizing performance management tools to evaluate employees effectively.
- Resolving employee complaints and conflicts.
The Bureau of Labor Statistics notes that the median annual salary for human resources managers is $130,000.
Sales Manager
Sales managers oversee the sales department for an individual organization, often working to motivate a sales team and monitor progress as the department works to reach its objectives.
According to Indeed, some of the responsibilities of a sales manager include:
- Procuring leads that can be pursued by the sales specialists.
- Collaborating with senior management to identify sales objectives.
- Developing a sales strategy to meet objectives.
- Mentoring the sales team so that they can effectively pursue leads and generate revenue for the organization.
The median salary for a sales manager is about $130,000 per year, according to the Bureau of Labor Statistics.
IT Manager
Computer and information systems managers, commonly referred to as IT managers, are required to oversee and maintain the computer network of an organization. They also lead the team of IT professionals who work to protect the network and address any IT concerns that arise.
Some of the tasks that the IT manager may be responsible for include:
- Monitoring the infrastructure of the computer network.
- Monitoring activity taking place on the network.
- Creating and maintaining a budget for the IT department.
- Managing IT inventory, including evaluating equipment health and implementing a preventative maintenance plan.
- Developing and implementing a security plan for the organization's digital infrastructure.
According to the Bureau of Labor Statistics, IT managers earn a median annual salary of about $164,000.
Compliance Manager
Within each industry and economic sector, government guidelines and regulations must be complied with. Compliance managers are often in charge of ensuring that the organization remains in compliance with all guidelines, and they are required to be aware of any changes in expectations.
According to Indeed, the job responsibilities of a compliance manager may include:
- Collecting and analyzing business data ensures that the organization complies with all guidelines, recommendations and expectations.
- Creating an innovative risk management strategy for the organization.
- Making recommendations for company policy updates or additions that will help maintain compliance.
- Identifying infractions and managing them accordingly.
Compliance managers earn an average salary of $91,000 per year, according to GlassDoor.
Investment Fund Manager
Investment fund managers may work individually or as part of a team to manage and grow an investment fund effectively. They are required to create and implement an investment strategy that helps them maintain control over the direction of the fund.
Investopedia notes that investment fund managers may be responsible for:
- Conducting market research to know the best companies and organizations to invest in.
- Staying up-to-date on the latest financial market trends to make strategic decisions for the fund.
- Meeting with clients to review fund progress and document growth.
Investment fund managers are often paid a fee based on the fund that they manage, so their salary can vary. According to GlassDoor, investment fund managers earn an average salary of about $111,000 annually.
Health Services Manager
Health services managers are business managers employed by organizations in the healthcare sector to oversee operations at clinical facilities and other healthcare organizations.
Some of the job responsibilities of health services managers may include:
- Overseeing business operations at a healthcare facility.
- Scheduling staff to increase efficiency and improve patient satisfaction ratings.
- Serving as a point of contact between business staff and medical providers.
- Creating and monitoring a budget for facility operations.
According to the Bureau of Labor Statistics, health services managers earn a median annual salary of about $104,000.
How to Navigate Your Career Path in Business Management
Once you know that you want to pursue a career in business management, you should begin exploring the pathways that can lead to these upper-level positions in your chosen industry.
Steps to Start a Career in Business Management With a Bachelor's Degree
One of the best ways to fast-track your career in management is to earn a Bachelor of Business Administration in Management degree. This well-rounded degree program offers a comprehensive foundation in business principles while zeroing in on the most practical and effective management concepts and theories. A BBA in Management will make you better qualified for management-level positions than other candidates with undergraduate degrees in separate business areas.
Advancement Opportunities in Business Management
While a business management degree can help you launch your career at the management level, it's worth noting that there are advancement opportunities within management. Many mid-level managers find that their careers continue to progress into upper management, with some even pursuing opportunities at the executive level.
What Can You Do With a Master's Degree in Business Management?
A graduate degree in business management will provide you with an advanced understanding of specialized business topics while simultaneously honing your leadership skills. With a master's degree in business management, you may be able to advance your career and pursue higher-level management positions in your chosen industry.
Alternative Career Paths for Business Management Graduates
While many business management students aspire to work in managerial positions after graduation, there are alternative pathways to consider.
Non-Traditional Roles for Business Management Degree Holders
Graduates with a business management degree may be surprised to find out that these are some of the non-traditional positions that they can consider:
- Non-profit Manager
- International Business Specialist
- Contract Negotiator
- Online Training Developer
- Post-secondary Educator
Evaluating the Right Career Path in Business Management
One of the advantages of the business management degree program is that it provides graduates with a specific skill set while still giving them flexibility and versatility regarding which career path they pursue. As you begin to explore the career options and pathways available, it's important to consider various factors before narrowing in on one industry or sector.
Factors to Consider When Choosing a Business Management Job
Finding a job in business management is more than securing a position that allows you to utilize your skill set – it's also about discovering a career opportunity that aligns with your professional interests and personal goals.
These are a few of the factors that you should consider when choosing a business management job:
- The job responsibilities of the position. Different management positions require candidates to perform various duties, and there is no one-size-fits-all approach to leadership. Verify that the job duties you are applying for are well-suited to your strengths and skill set.
- The hours required. Most management positions require employees to work full-time, with some requiring hours exceeding the traditional 40-hour workweek.
- Opportunities for upward mobility. Most business management professionals want to begin a career with room for growth.
Is a Career in Business Management the Right Choice for You?
Individuals who are passionate about business and enjoy looking at the larger picture may be well-suited to careers in management. With opportunities to mentor colleagues and directly impact organizational growth and success, business management can be an incredibly rewarding career.
Launch Your Management Career at The University of Memphis Global
Recognizing that business management requires a solid foundation and a certain finesse, UofM Global has designed a Bachelor of Business Administration in Management degree program that offers students a comprehensive understanding of what is required of managers in today's ever-evolving economy.
Request more information about our management bachelor's degree program today.
Sources
https://online.hbs.edu/blog/post/business-skills-every-professional-needs
https://www.indeed.com/hire/job-description/finance-manager
https://www.indeed.com/hire/job-description/marketing-manager
https://uk.indeed.com/hire/job-description/it-manager
https://www.coursera.org/articles/medical-and-health-services-managers