Are you considering a career as a business manager? It’s a vast field with exciting, rewarding job opportunities and several lucrative options. From human resources to finance, marketing, and operations, business management professionals play a crucial role in the success of any organization. But what does the future hold in terms of employment and salary? This article will explore the current business management career outlook and provide insight into what to expect in 2023.
What Makes Business Management a Rewarding Career Choice?
A career in business management can offer a variety of opportunities and challenges. Those pursuing a career in this field may work in a fast-paced environment with ever-changing goals and objectives. As the business world becomes more complex, the demand for qualified business managers continues to grow.
Across all occupations, the Bureau of Labor Statistics predicts that the job growth for business managers will increase by 7% from 2019 to 2029. Pursuing a career in business management can allow individuals to work in various industries and organizations. With the proper skill set, business managers can find positions in small businesses, large corporations, government agencies, and non-profit organizations.
One trend likely to continue in the coming years is the growth of e-commerce and online businesses. Consumers increasingly make purchases online and need managers with experience in e-commerce, digital marketing, and online business operations. A graduate with an Online Business Management Degree will be well-equipped with the skills and knowledge needed to succeed in these growing business fields.
Types of Business Management Degrees
This degree can prepare you for multiple jobs in the business world. There are many different business management degrees, each with its focus and curriculum. The most common types of business management degrees are the Bachelor of Business Administration (BBA), Master of Business Administration (MBA), and Doctor of Business Administration (DBA).
The BBA is the most popular business management degree. It typically takes four years to complete and provides a broad overview of business concepts. The BBA curriculum typically includes coursework for accounting, finance, marketing, and human resources.
The MBA is a more advanced degree that usually takes two years to complete. MBA programs often have a narrower focus than BBA programs, such as finance or marketing. The MBA curriculum includes accounting, finance, marketing, management theory, and statistics coursework.
The DBA is the highest level of business management degree available. It typically takes three to five years to complete and focuses on research and theory in addition to coursework in accounting, finance, marketing, and management theory.
An Online Business Management Degree Program
Online business management degrees are also available, allowing students to earn their degrees while balancing work and personal responsibilities.
These programs typically cover the same material as on-campus programs and are taught by the same experienced faculty. An online business management degree can prepare individuals for various roles within the business world, including management positions in finance, marketing, and operations.
The length of an online program can vary depending on the institution and the type of degree. Students will also learn about leadership and strategic management, which are vital skills for any management position. Depending on the program, students may also have the opportunity to specialize in a specific area of business management, such as human resources or operations.
These degrees are respected and provide the same education as on-campus programs. They are also becoming more prevalent and accepted by employers.
One of the benefits of an online business management degree program is the flexibility it offers. With online classes, students can work and study simultaneously, allowing them to continue earning an income while pursuing their education.
Business Management Specializations
There are several business management specializations, each with unique skills and knowledge. The most common business management specializations are human resources, marketing, accounting, and operations.
Human resources managers are responsible for employee recruitment, development, and retention. They also oversee employee benefits and compensation programs.
Marketing managers develop and implement marketing plans to generate interest in a company’s products or services. They may also be responsible for advertising, public relations, and market research.
Accounting managers oversee an organization’s financial records and prepare financial reports. They may also be involved in budgeting and forecasting.
Operations managers plan, direct, and coordinate the activities of an organization’s production facilities and departments. They may also be responsible for quality control and Inventory management.
Financing Your Business Management Education
With the ever-changing landscape of business, management careers are in high demand. Business management education can be expensive, but there are many ways to finance your education. Here are some options to consider:
- Scholarships – Many scholarships are available to those pursuing a business management education. Check with your school’s financial aid office or search online for scholarships for business management students.
- Grants – Like scholarships, grants are available to help finance your business management education. Again, check with your school’s financial aid office or search online for grant opportunities.
- Loans are another option to finance your business management education. Federal and private loans are available, and you may be eligible for loan forgiveness programs if you pursue a career in public service after graduation.
- Employer Reimbursement – Many employers offer educational reimbursement programs to help offset the cost of your business management education. Check with your HR department to see if your company offers this benefit.
A Look At Career Paths In Business Management
There are many different business management career pathways that you can take. The most common path is becoming a company or organization manager. Other popular career options include becoming a consultant, working in human resources, or even starting a business.
The information and outlook for business management careers are very positive. According to estimates, the demand for managers will increase by 7% over the next decade. This growth is due to the continued expansion of businesses and organizations. As companies expand, they will need more managers to oversee their operations.
The median annual salary for business managers was $96,540 in 2018. The top 10% of earners made more than $166,400 per year, while the bottom 10% earned less than $46,480 per year. The best-paid managers tend to work in industries such as finance and insurance, while the lowest-paid managers typically work in retail and hospitality.
Conclusion
Business management is an ever-evolving field, and the career outlook for 2023 promises to bring many exciting opportunities. From managing teams and developing strategies to overseeing operations, business managers will continue to be in demand as organizations adapt to changing market trends. Whether considering a career change or advancing your current trajectory, understanding the business environment and honing your skills can make you competitive when pursuing these positions.
