Management professionals plan, organize, manage resources, and lead people to meet the goals of their organization, in addition to defining those goals. Business management professionals use these skills in companies focused on producing goods and services and selling them to the public for profit. In addition to working in all levels of any large business, business management graduates also manage entire small businesses on their own, and some use their skills to start their own business.
Outside of business activities, the management training and experience you gain from studying business management applies to any field where you must organize resources and lead people toward a common goal. Business managers often pursue careers at nonprofit and charitable groups, as well as other organizations such as hospitals, schools, and large firms. Business management even leads some into careers as lawmakers or politicians.
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Degrees in business management are available at all levels and can be pursued through traditional on-campus programs or online programs. There are also hybrid courses, which combine regular online study with periodic in-person meetings.
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A business management degree trains you to lead people toward a goal and manage an organization’s operations. These skills are in wide demand in all kinds of organizations, including private companies, nonprofit organizations, government and even healthcare. Combining skills in another field, such as hospitality or information technology, unlocks other rewarding career options in business management, whether heading a department, consulting, or founding your own business.
The job outlook for business and management careers is encouraging, based on the projections of the Bureau of Labor Statistics, which tracks information on many categories of management professionals. BLS anticipates job growth across most business fields, although the rate of growth will vary. For example, the job market for financial managers is competitive, with an estimated 9 percent growth rate through 2020 (below the national average), whereas the job market for construction managers is stronger, with an estimated 17 percent growth through 2020 (slightly higher than the national average). Some management fields are expected to see job loss by 2020, particularly in food service and agriculture and ranching. You should keep in mind, however, that these are projected trends for the entire nation and don’t necessarily mean that you won’t be successful in these types of management careers.
Business management careers are well compensated. BLS statistics indicate that many fields have median pay over $100,000 per year, with the highest averages coming from the architectural, information technology and natural resources fields. Management jobs that require less training and those in the nonprofit fields have lower pay. For example, the median salary for a social service manager is $57,950 per year. If you are considering starting your own business, your income will vary but your business management skills will help you market company and organize and delegate work to maximize productivity.
Some possible career paths include: