Business Management Careers Information
Are you a people person? Do you thrive at the head of the pack and enjoy striving to get the most out of people? If so, business management may be the right career path for you.
Business Management Careers & Degrees
Business managers work in a variety of settings and situations, ranging from very small companies to large transnational corporations. They can be in charge of departments responsible for everything from accounting to energy policy to human resources, or can lead departments that lend support to multiple departments. The one consistent aspect of any business management position is the need to be able to motivate and coordinate workers in the most efficient way possible.
Depending on the nature of the company and department, business managers can have wide-ranging duties extending beyond personnel management and coordination. Managers may be responsible for finalizing contracts and overseeing production; they may oversee teams of analysts and make final decisions on new purchases or acquisitions; they may even oversee development of company property and grounds.
Whatever the specific tasks of a business manager, they all have the onus of responsibility. It is the task of the manager to device creative and efficient solutions to problems, and engage his or her team in solving those problems. When things go right, the managers often get credit. When things go wrong, the managers almost always shoulder the blame. If you enjoy leadership positions and taking responsibility, these may be the positions you should aspire to.
Business Management Careers Path
To become a business manager, a bachelor’s degree is the minimum. Depending on the industry and specific functionality of the management position, the degree you seek may vary. Business administration degrees are perhaps the most versatile, but degrees in finance, accounting, economics, or other related fields will be relevant as well perhaps more so, depending on the position.
Degrees in computer science, information technology, and other similar fields are becoming more and more useful to the field of business management as well. As computing technology becomes ever-more ingrained in the business world, a keen understanding of typical computer programs, and an ability to adjust to proprietary software, is crucial. Regardless of your degree or specialty, an understanding and familiarity with computers is often absolutely crucial.
A great many business managers also hold a Master’s of Business Administration, or MBA, degrees. When hiring or promoting business managers, an MBA tells the hiring executives that the candidate has had formal training in addressing and coping with complex administrative and managerial situations.
Though there are often no specific licensing requirements for business managers, certain fields may require them.
Business Management Careers: Compatible Personality Traits
Strong leadership qualities, very strong interpersonal skills and the ability to work easily with a wide range of people, analytical, strong problem-solving skills, ability to stay calm under pressure, ability to multitask seamlessly
Business Management Careers: Salary Expectations
Just as the specific duties and day-to-day activities of business managers will vary greatly by employer and specific industry, wages can also be highly variable. Generally speaking, however, business managers can expect to earn around $73,520 annually, with most earning between $52,240 and $99,980.
Industrial specialists earn an average of $82,169, facility operations managers earn an average of $78,995, and support services managers earn around $71,049 per year.
Business Management Careers: Job Outlook
According to the Bureau of Labor Statistics, job opportunities in business management is projected to grow at 12% by 2018, which is the average number for all careers. Higher-level management jobs will face much stiffer competition, obviously.
The employment prospects for facility managers and efficiency specialists are expected to rise slightly faster than normal, however. Businesses are realizing the importance of streamlining operations to stay competitive with overseas competition, and will be seeking managers well-trained in cost-cutting, energy efficiency, and with an awareness of global market and operational procedures.
The number of jobs is projected to grow about as fast as average. Applicants for the limited number of higher-level management jobs will face keen competition; less severe competition is expected for lower-level management jobs. Demand should be strong for facility managers.
Slightly Off the Footpath
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Psychologists, on the Internet at http://www.bls.gov/oco/ocos002.htm (visited August 10, 2011).
