Business Management Degrees


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Salaries For Degrees in Business Management

Those who majored in Business Management can be employed in a variety of occupations.  While no one can say with certainty what you personally will do with a degree in Business Management, our survey panel picked the following occupations as likely options:

The median salary for people with a degree in Business Management is highly dependent on individual negotiating skill, seniority in the field, policies at your employer, region, and more besides.  Your individual experience will likely vary.

Where does this come from?

The Bureau of Labor Statistics, a unit of the US government, classifies all workers into some 800-odd occupational categories.  We paid a army of freelancers to solicit their opinion on what type of degree a holder of each type of job would likely have majored in.  For pairs which had a high degree of consensus, we created a link between the degree and the job.

From this, we calculated the average salary for Business Management degrees and converted it into a lifetime value.  We then compared it against other degrees at the same level of schooling (such as associate's, bachelor's, or master's), so that you can make informed educational and employment decisions.

What do Business Management Students Learn?

The need for Business Managers is a continual need; individuals to fill these spots are required in every city and state. In order to succeed, a business must not only have employees, but a leader as well. Business Management graduates fill this need, directing employees, overseeing daily operations and handling a wide variety of administrative tasks. Dedication, attention to detail and a positive attitude are the only requirements needed to succeed in this field, in addition to a degree. Most colleges and universities across the country offer one or more degree choices in Business Management. Professionals holding these degrees are needed in the fields of hospitality, corporate business, private business, nonprofit organizations and retail business. This article will discuss what knowledge is acquired when studying Business Management, what to expect during and after courses, which campus-based and online schools are the best and famous successful Business Management professionals.

Knowledge Gained

Graduates of a Business Management program will enter the field with the knowledge of all aspects related to running a business. While many businesses have accountants, the Business Manager will often be responsible for reading accounting reports and understanding them; for this reason, Business Accounting and possibly several more accounting classes will be required, depending on the degree route chosen. Psychology, Sociology, Communication and Cultural Diversity are also important subjects that are learned. These subjects give Business Managers need the knowledge and skills they need to not only communicate effectively with employees, but also the capability to understand their point of views, thought processes and culture. In addition to being helpful when working with employees, these skills are also beneficial when dealing with clients and customers.

Skills that are acquired are also include careful analysis and study. Not only do Business Managers need to study their employees and clients, but they also must learn how to effectively analyze reports for sales, averages and losses. By combining this information, Business Managers must forecast and predict possible future business income and loss, according to the reports. The responsibility to be concise and accurate is an important quality that is learned because of this. Critical thinking and decision-making are crucial aspects in this field; Business Managers learn the leadership skills to set goals, follow through, take charge and help employees work toward goals together. Marketing is another important aspect of Business Management. Companies must find ways to advertise and market their services. Business Managers are often responsible for determining the targeted marketing group and formulate a plan to successfully market products or services. Successful Business Managers who are able to effectively achieve all of these aspects will be a valuable asset to any company.

What To Expect After Graduation

Once a student has received their Business Management degree and is facing the dreaded job search, there are a few important things to understand. Beginning Business Managers should not expect a golden career opportunity immediately after graduation. Everyone must begin somewhere and often the first job will lead to a better opportunity. Salaries for Business Managers who are new to the field are much lower than those awarded to individuals with more experience. This may seem disheartening, but salaries and job opportunities increase by being reliable and diligent in the tasks required. Students may decide to pursue a career in the hospitality industry, working in hotels or restaurants. Retail is another popular avenue, with a plethora of chain and private store venues offering jobs each year. Corporate businesses tend to hire only those who have completed post-graduate studies. To work in hospitality or retail, companies have varying requirements, ranging from a minimum of Bachelor's to Master's degrees, with only a few accepting an Associate's degree. Most schools do not offer the Associate's program. Usually larger companies will require a higher degree. These positions are often demanding, but offer attractive benefits and salaries.

Online Schools Offering Accredited Business Management Degree Programs

The availability of online Business Management degrees has increased in the past several years. While some programs are not accredited, most are. When looking for a Business Management program, it is important to understand that any school offering a certificate instead of a degree will likely be a waste of time. Most companies today who hire Business Managers will accept nothing less than an Associate's degree. In order to ensure an online school's accreditation, check the Department of Education's searchable database for their information. Schools that are not included in this database should be avoided. Following are a list of some reliable and reputable schools offering Business Management degrees online, each offering Bachelor's and Master's degrees:

Top Colleges & Universities Offering Campus-Based Business Management Degrees

There are enough programs in a variety of schools in Business Management; if students prefer to study on campus, there is no need to enroll in online programs. Some students learn better from a lecture setting, rather than a self-study program. Following are a list of the top schools offering Business Management degrees in either a Bachelor's or Master's degree option:

  • University of Michigan - Ann Arbor, MI 48109 (734)764-1817 http://www.umich.edu
  • University of Pennsylvania - 3600 Chestnut Street, Suite 200 Philadelphia, PA 19104-6106 (215)898-5000 http://www.upenn.edu
  • University of California - Berkeley Berkeley, CA 94720 (510)642-6000 http://www.berkeley.edu
  • University of California - Irvine 510 Aldrich Hall # 5 Irvine, CA 92697-0001 (949)824-2100 http://www.uci.edu
  • University of Cincinnati Business School - 2925 Campus Green Drive Cincinnati, OH 45221 (513)556-7002 http://www.business.uc.edu

Famous People Who Studied Business Management Tom Peters.

Peter Drucker is one of the most well-known Business Management experts in history. His books and articles are respected and famous in the world of Business Management. Drucker accurately predicted the majority of all the major developments that took place in the 20th century, including Japan becoming the dominating economic power in the world. He stressed the importance of knowledge work productivity as a revolution in the world of management.

As the executive VP of Ohio State University in Columbus, Joseph Alutto is another famous Business Management expert. Coming from a background where he spent his younger years working hard to pay for college, he successfully completed his degree and has continually moved forward in impressive fashion. Today Alutto is also the director of United Retail Group, M/I Homes and Nationwide Financial Services.

These two examples are both famous, there are plenty of Business Management graduates who pursue careers and grow into high-profile positions. Those who earn higher degrees may find themselves in a high-profile CEO position after they have gained valuable experience working.

Many management experts have cemented their position in history by capturing a trend and owning the word for a specific concept. For example, Tom Peters (pictured right by Allison Shirreffs) is known for pushing "excellence."

 

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