Many business professionals with the title of supervisor or manager have gone to school to get educated in business management. A business management degree can provide students with the knowledge needed to help them achieve their career goals in departments such as HR, marketing, and finance. Understanding more about business management degrees can help you determine if pursuing one is right for you. In this article, we discuss what a business management degree is, nine benefits of having a business management degree, and some high-paying jobs you can get with it.
What is a business management degree?
A business management degree is a valuable tool that can help you gain employment in various managerial roles. It also provides knowledge for people interested in becoming entrepreneurs. From undergraduate to graduate degrees in business management, you can pursue varying levels of education depending on your long-term goals. Many colleges and universities offer in-person or online classes and have different specialty areas students can choose based on their interests.
9 benefits of a business management degree
Some of the many benefits of having a business management degree include:
1. Increase employability
Obtaining a bachelor’s degree in business management prepares you for jobs by equipping you with many management-related skills, such as how to manage employees, how to effectively communicate, and how to create a strong teamwork mentality within your team. Many employers look for these skills when hiring someone for a management position.
In addition, while you’re in school, you can determine which area you’d like to specialize in based on your interests and ambitions, such as resource management or human resources. Businesses in specialized areas may prefer candidates with specializations who have advanced knowledge in their area of management. For example, if your specialization was in finance management and an employer was hiring for a management position in finance, you might have the skill set they’re looking for rather than another candidate with experience in consultancy management.
2. Develop fundamental management skills
Whether you want to be an entrepreneur or are more interested in a management position, earning a business management degree can help you develop the essential skills required for either role. With no prior work background in management, you are still likely to have a solid understanding of many hard skills that other managers have learned through years of experience, such as how to effectively negotiate and how to develop a formal business plan. A formal education can also teach you skills like how to analyze data to help you form better financial or marketing strategies.
Other common management skills you learn include:
3. Get an introduction to the business industry
Although employers often look for experience on a resume, a degree in business management can give you the knowledge that could otherwise take years of work experience to gain. A degree provides detailed insights into different industries, and you can learn about topics such as market trends and industry reports. Rather than learning those things on the job, you can learn them in school and be prepared to implement them as soon as you’re hired for your first managerial position.
4. Learn about multiple disciplines
Some students pursuing a business management degree are undecided about which area of specialization they’d like to pursue. During the beginning of your studies, you often learn about the different specialties within management and their overall function in a business setting. With a broader understanding of each discipline, you can decide whether you’d rather focus your studies on one particular area or get a more well-rounded knowledge of each area of management. Some specializations you can learn more about include:
5. Become an entrepreneur
Some people choose to get a degree in business management, intending to start their own business upon graduating. The knowledge learned during your studies can provide a solid foundation of the elements required to start a business. Some schools offer extracurricular opportunities for students interested in entrepreneurship to meet and discuss their ideas. They also sometimes bring in successful entrepreneurs to speak to interested students to discuss their challenges and successes in a Q&A format.
6. Increase your credibility
The more education you pursue, the higher your credibility as a management professional may be. Many businesses look to hire management professionals with a degree in business management because their education helps them become well-rounded in many aspects of administration. Business management increases credibility for aspiring entrepreneurs as well. Graduates looking to start their own businesses may be more likely to secure financial investments because they appear more knowledgeable to investors.
7. Network with individuals with similar interests
Another benefit of studying business management is that you have the opportunity to network with a variety of people with similar interests. As a student, you can meet recruiters, professors and students who have many of the same work values and enthusiasm for the business. This offers the potential to find a mentor and discuss work opportunities after graduation.
For example, a student interested in starting a small business can ask one of their professors for advice and receive expert suggestions that they wouldn’t have had the chance to ask if they weren’t in school. In addition, after you graduate and begin to work as a business professional, you can contact your classmates if needed to consult on a new venture you’re hoping to pursue or to get their opinion on a work-related matter.
8. Obtain a higher salary
Often, candidates who have a degree related to the position they’re applying for are able to get higher salary offers than someone without the credentials. If you learned a specialized skill while in school that can help a business make more profits, many employers see you as an asset to their business. Because of your unique talents, they may be willing to pay you more generously for your efforts.
9. Work in a flexible environment
Recently, some flexible companies have converted many office jobs into remote working positions, or part-time work-from-home positions after realizing they can save commuter and rental property costs if their employees work remotely. Managers and their employees can complete most of their tasks from home with the assistance of online messaging services and video conferencing. If you have strong leadership skills and can delegate and communicate effectively with your team, your employers may offer remote working capabilities as part of their benefits package. Some common roles that can work remotely include:
High-paying jobs you can get with a business management degree
Below is a list of some of the jobs you can work toward once you’ve obtained a business management degree, all paying over $60,000 per year. For the most up-to-date Indeed salaries, please click on the links below:
1. Marketing manager
National average salary: $63,165 per year
Primary duties: A marketing manager is responsible for promoting a business’ services or goods to generate interest and more sales. Some of their duties include generating new sales leads, creating estimates and budgets for advertising campaigns, and developing pricing strategies. A marketing manager is also responsible for overseeing the entire marketing department, coordinating marketing strategies with other department managers and overseeing promotional, branding and advertising campaigns.
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2. Sales manager
National average salary: $72,354 per year
Primary duties: A sales manager is responsible for leading a sales team so that they are continually growing professionally and meeting their sales goals. Typical duties include developing business plans, creating strategies to meet quarterly goals and coordinating with the marketing manager about lead generation. A sales manager also provides a lot of assistance to their team by arranging frequent training, developing their strengths with motivation and support, and tracking the sales of each employee to determine if there are any areas of improvement that allow them to provide assistance.
3. Compensation and benefits manager
National average salary: $84,130 per year
Primary duties: A compensation and benefits manager works closely with the HR department to plan a company’s benefits and compensation packages for employees. Some of their responsibilities include evaluating and making changes to current employee compensation and benefits packages, ensuring all packages comply with legislation and supporting the HR team with recruitment. Other duties consist of preparing and presenting presentations, managing HR employees, and overseeing the daily operations related to compensation and benefits.
4. Engineering manager
National average salary: $107,781 per year
Primary duties: An engineering manager is responsible for managing multiple teams and coordinating and supervising engineering projects. Some of their leadership duties consist of planning strategies to help team members complete a project on time, offering training and professional development to their employees and providing guidance to their team as needed. Other responsibilities include proposing and managing budgets, designing and developing products, and hiring contractors.
I hope you find this article helpful.