What Can You Do With a Business Management Degree?
Author: University of North Dakota
May 23, 2024
The genesis of management as a formal field can be traced back to the Industrial Revolution, which introduced the complexities of running large-scale operations and necessitated structured organizational strategies.
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As commerce evolved, management separated into a distinct area of study and practice, specifically tailored to address the nuances of business operations. This transformation heralded the rise of business management, a crucial discipline that intertwines strategic planning, organizational behavior and decision-making processes.
Today, business management is a prominent field, attracting many students keen on pursuing degrees in it. But what can you do with a business management degree? Read on to discover the various career paths and roles this versatile degree can lead to.
Understanding the Basics
Understanding the basics is vital in any field and business management is no exception. Before discussing what you can do with a business management degree, let's ensure you're thoroughly informed about what this degree entails.
What is a Business Management Degree?
A business management degree is an academic program designed to equip students with the fundamental and advanced knowledge necessary to manage and lead organizations. This degree covers a broad spectrum of critical business disciplines.
Students aspiring to earn this degree must meet the management degree requirements by successfully completing various courses, including:
- Principles of Microeconomics
- Principles of Management
- Operations Management
- Marketing Foundations
- Strategic Management
These courses are meticulously crafted to impart a comprehensive understanding of how businesses operate and thrive.
From developing an astute business acumen to mastering strategic thinking and leadership skills, the program aims to prepare graduates for a range of challenges in the business world. Through this curriculum, students learn about various management theories and gain practical skills in problem-solving, effective communication and strategic decision-making, making them well-prepared for the dynamic business landscape.
What Can You Do With a Business Management Degree?
Below, we explore some of the specific roles that business management degree holders commonly pursue, showcasing the diversity and potential of this dynamic field.
1. Business Manager
Average salary: $77,274 per year
A business manager oversees a company's operations and strategic direction or a specific department within it. Their responsibilities include setting goals, managing budgets and leading a team to achieve organizational objectives.
2. Human Resources Manager
Average salary: $77,650 per year
Human resources managers are vital in any organization. They are responsible for overseeing all aspects of employee management, including recruitment, training, performance evaluations and benefits administration. HR managers also ensure the workplace operates smoothly and adheres to all labor laws.
3. Office Manager
Average salary: $51,476 a year
Office managers are the backbone of daily operations in many businesses, ensuring
that everything from administrative duties to office supplies and facility maintenance
is managed efficiently. They handle various tasks to support the organization, including
scheduling meetings, organizing files and managing administrative staff.
4. Project Manager
Average salary: $102,682 per year
Project managers are tasked with planning, executing and finalizing projects within a specified timeline and budget. They coordinate teams, manage resources and ensure that project goals align with the business's strategic interests.
5. Financial Manager
Average salary: $124,326 per year
Financial managers play a critical role in the financial health of their organizations. They produce financial reports, direct investment activities and develop strategies and plans for the long-term financial goals of their organization. Their expertise in managing the financial actions of a company is pivotal in guiding senior executives in making sound business decisions and in maintaining the financial stability of the firm.
6. Marketing Manager
Average salary: $83,488 per year
These managers develop, implement and execute marketing strategies to promote a company's products or services. They work closely with other departments to create compelling advertising campaigns, manage social media presence and analyze market research data to adjust strategies as needed.
7. Logistics Manager
Average salary: $76,301 per year
Logistics managers oversee a company's supply chain operations. They manage everything from inventory control to transportation and warehousing. Their expertise in planning and coordination is critical for minimizing costs while maintaining quality and meeting customer demands.
8. Account Executive
Average salary: $79,235 per year
Account executives are the key point of contact between a company and its clients, responsible for building and maintaining strong relationships. They work to understand client needs, pitch products or services and ensure client satisfaction.
9. Business Analyst
Average salary: $98,662
Business analysts are instrumental in bridging the gap between IT and the business using data analytics to assess processes, determine requirements and deliver data-driven recommendations and reports to executives and stakeholders. They use their deep understanding of both technological and business practices to ensure that the implemented solutions meet the strategic goals of the company. Their ability to analyze market trends and business data enables organizations to make informed decisions.
10. Business Consultant
Average salary: $99,275 per year
Business consultants advise companies seeking to improve their efficiency and profitability. They analyze business practices, identify areas for improvement and recommend solutions to complex business problems.
11. Management Analyst
Average salary: $84,961 per year
Management analysts strive to enhance organizational efficiency by solving specific problems and implementing better management practices. They conduct organizational studies, develop solutions to business problems and may specialize in certain areas, such as inventory management or reorganizing corporate structures.
12. Partnership Manager
Average salary: $110,328 per year
These professionals are primarily found in nonprofit and educational institutions, where they are responsible for fundraising and donor management. They strategize to increase funding through grants, donations and other sources, ensuring the organization has the financial support needed to fulfill its mission. Development directors also build and maintain relationships with benefactors and key stakeholders.
13. Director of Operations
Average salary: $107,680 per year
Directors of operations have a broad role that includes overseeing a business's day-to-day administrative and operational functions. This might involve supervising several departments, improving operational systems and working closely with upper management to meet company objectives. Their goal is to streamline operations, ensure the business is efficient and increase profitability.
14. Risk Manager
Average salary: $103,704 per year
Risk managers are vital for ensuring the financial and operational safety of a company. They identify, evaluate and mitigate risks that could impact the business, including financial uncertainties, legal liabilities and strategic errors. Their responsibilities include developing risk management controls and advising senior management on aligning strategies with business objectives. This role demands strong analytical abilities and a proactive approach to problem-solving, highlighting its importance in business management.
15. Client Services Manager
Average salary: $70,329 per year
Client services managers ensure that a company delivers a high level of service to its clients, enhancing client satisfaction and retention. They manage client relationships, resolve any issues that arise and work closely with sales and marketing teams to meet clients' needs.
16. Sales Representative
Average salary: $76,681 per year
Sales representatives are critical to generating revenue for companies. They interact directly with potential and existing customers, present products or services, negotiate contracts and close sales.
Benefits of a Business Management Degree
A business management degree is immensely beneficial for those seeking a career in this field. Beyond providing a comprehensive education in fundamental business operations, this degree cultivates versatile skills essential in today's fast-paced business world.
Firstly, the curriculum is designed to enhance analytical abilities, teaching students how to interpret complex data, predict market trends and make informed decisions. These critical thinking skills are invaluable, enabling graduates to tackle business challenges strategically.
Leadership development is another significant benefit of a business management degree. Students learn how to motivate teams, manage conflict and lead projects to successful completion. These leadership skills are crucial for managerial roles where the ability to guide teams and influence company culture can determine the success of an organization.
Additionally, networking opportunities abound within business management programs. Students often have the chance to connect with peers, professors and industry professionals through internships, alumni networks and business simulations, which can open doors to future job opportunities and collaborations.
Is a Business Management Degree Worth It?
Considering the significant investment in education, determining whether a business management degree is worth it involves looking at potential career outcomes and economic returns.
Employment in management occupations is projected to grow faster than average from 2022 to 2032, with about 1.1 million openings each year. Additionally, the median annual wage for management occupations is notably higher at $116,880 compared to the annual wage for all occupations, which is $48,060.
These statistics suggest that a business management degree opens doors to numerous career opportunities and offers a substantial financial return on investment, making it a worthwhile consideration for prospective students.
The Bottom Line
A business management degree is undeniably worth pursuing, not just for its broad applicability across industries but also for its role in personal and professional growth. As illustrated by UND alumna Lauren McCreary, this degree fosters business acumen and invaluable leadership qualities. Lauren transformed from a self-described follower into a leader, catalyzed by the supportive environment and robust academic framework at the University of North Dakota.
So, whether you're stepping out of your comfort zone or preparing to lead, UND is the place where your leadership journey can begin. Embrace the challenge and like Lauren, you may find yourself paving the way for others and ready for whatever comes next.
FAQs
Some of the highest-paying jobs in business management are executive roles such as Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Chief Operations Officer (COO). These positions are at the top of the corporate ladder and are responsible for a company's strategic direction, financial health and overall operations.
The duration of completing a business management degree depends on the program and the mode of study. Typically, a full-time student can expect to complete a bachelor's degree in business management in about four years. For those pursuing part-time study, the duration can extend to six years or more. Accelerated programs and online options may offer opportunities to finish the degree in a shorter time frame, depending on the student's commitment and prior educational background.