There has been a lot of talk recently about what types of careers in business administration are available. It’s an important discussion because it’s often the major is chosen first by most of America’s billionaires, according to Business Insider.
Human Resources Management
One of the best careers for business administration students to consider is that of a human resources manager. This position is possible to obtain with just a bachelor’s degree, although senior-level positions are only available after a graduate degree has been earned. Professionals in this career work in human resources as supervisors and are responsible for interviewing, hiring, and letting employees go. Their responsibilities can also include designing and implementing human resources policies, such as ethics, code of conduct, and more.
Senior Business Analyst
A senior business analyst is a career open to graduate business administration students. This position is integral to a company’s health, especially as technology becomes the new path forward for these entities. Career professionals in this field focus on a company’s structure, aiding their employers to make the company leaner, more efficient, and more competitive in a growing market. These professionals can work for a company as an employee or be self-employed. Business analysts often work in a consultant capacity and work for businesses as short-term contractors. Many also choose to specialize in a particular industry, such as healthcare or technology.
Those who go on to build their education further with a master’s degree in business administration will find that several executive positions within a company or business will be open to them. This can range from a vice-president position all the way up to CEO, depending on the company and their needs. Positions are available in a wide range of industries and can include start-ups, small firms, and multinational companies. It is also possible for business administration professionals to build their own company, using their background as an advantage when seeking out angel investors.
If a student goes on to earn a terminal degree in business education, such as a doctoral degree, then education is a popular path forward. That’s because, with a doctorate, students can join the faculty at a major college or university. It’s a great option for those who are passionate about business and want to be able to educate the next generation of business owners and operators. Many professionals also choose to work in the field prior to taking on a position at an institution, enabling them to teach from an experienced professional’s perspective.
An investment analyst is a unique career that business administration doctoral students may be interested in. This position is in demand by banks, multinational corporations, and investment firms. Students with a terminal degree that specializes in business administration and finance are especially sought after. The position enables professionals the opportunity to analyze investment portfolios, potential agreements, and any investments that may not be suitable for the company’s growth plan. While this position does require quite a bit of education, it also has a high salary, complete with bonuses, profit sharing, and other benefits.
Marketing managers coordinate campaigns to promote business products and services. Marketing management teams reach out to potential customers using various media, such as television, radio, Facebook, and email. It’s their duty to spark public interest and increase business revenue through smart ads. Most marketing managers have a bachelor’s degree in business administration. Associate degree holders with years of marketing experience could also qualify. The Bureau of Labor Statistics reports a mean annual wage of $149,200 in marketing management. Openings for marketing managers will increase by 8 percent by 2028.
Supply Chain Specialist
Supply chain specialists oversee the logistics of distributing business goods to wholesalers and customers. Supply chain specialists ensure companies have the materials to manufacture products and keep inventories stocked. It’s their job to keep production numbers high and ship goods around the globe. Most supply chain positions require at least a two-year associate degree in business administration. Some prefer certification from the Association for Supply Chain Management. Supply chain specialists have average earnings of $78,680. The Bureau of Labor Statistics predicts employment of supply chain specialists will rise 5 percent this decade.
Real Estate Appraiser
Real estate appraisers assess the monetary value of residential and commercial properties that are being sold or insured. Appraisers carefully view every property detail and run market analysis to estimate the worth. It’s their mission to inspect homes and businesses inside out to ensure accurate valuations. Many real estate appraisers have a bachelor’s degree in business administration. Getting certified by the Appraisal Foundation and passing entry-level state licensing also helps. Appraisers can expect a mean yearly income of $61,870. The Bureau of Labor Statistics projects that real estate appraisal positions will grow quickly by 7 percent.
Compliance officers review business practices and finances to double-check their legal conformity to industry standards. Compliance officers are inspectors who enforce government laws and regulations inside companies. It’s their role to find noncompliant procedures and offer law-abiding solutions to prevent fines. The majority of compliance officers have business administration bachelor’s degrees. Some also become Certified Regulatory Compliance Managers (CRCMs). The Bureau of Labor Statistics lists median compliance officer pay of $68,860. Demand for compliance officers is increasing faster than average by 7 percent.
Financial advisors assist clients with strategically investing their wealth to save for retirement, college, childrearing, and other life events. Financial advisors educate people on the risks and rewards of certain stocks or bonds. It’s their purpose to build diversified portfolios where clients reap lucrative return profits. Most financial advisors hold a bachelor’s or master’s in business administration with a finance emphasis. Becoming a Certified Financial Planner also proves an advisor’s skills. The Bureau of Labor Statistics says financial advisors make $121,770 on average. Financial advisors will see a 7 percent market uptick for 19,100 openings by 2028.
Operations Research Analyst
Operations research analysts use cutting-edge statistical software to study collected business data. Operations research analysts create models, graphs, and reports to better understand problems affecting the business bottom of line. It’s also their responsibility to mathematically weigh the benefits of different problem solutions. Analysts generally hold a bachelor’s in business administration or MBA degree. Double majors in quantitative fields like data science are handy. Operations research analysts bring home an $88,350 mean annual paycheck. The Bureau of Labor Statistics forecasts rapid growth of 26 percent in operations research analysis.
Management accountants keep executives informed of the business finances by preparing exact, well-checked reports. Management accountants create detailed records of income and expenditures to assist with budgeting. It’s their duty to monitor the corporate money flow and give managers the data for smart financial decisions. Management accountants need a bachelor’s degree in business administration. Most take the Certified Management Accountant (CMA) exam too. Accountants receive a median yearly salary of $70,500. The Bureau of Labor Statistics predicts 10-year employment growth of 6 percent for management accountants.
Project Management Specialist
Project management specialists lead teams of qualified employees to tackle business tasks in a productive manner. Project management specialists set the goals, budget, timeline, and resources to keep assignments on track. It’s their mission to coordinate a smooth project process to satisfactorily fulfill client requests. Project management specialists usually need a business administration bachelor’s degree. Many employers seek Project Management Institute (PMI) certification. The Bureau of Labor Statistics features an $80,220 average annual sum for project management specialists. Hiring in project management is speeding up by 6 percent.
Hospitality managers direct the day-to-day operations of lodging businesses for the optimal guest experience. Hospitality managers work for hotels, resorts, cruise ships, casinos, spas, condominiums, B&Bs, and more. It’s their task to oversee a hospitable staff and keep the amenities satisfactory for all lodgers. Hospitality managers can excel with an associate or bachelor’s degree. Business schools approved by the Accreditation Commission for Programs in Hospitality Administration are best. Hospitality managers are given average pay of $62,270. The Bureau of Labor Statistics sees 1 percent job growth for the 53,100 hospitality managers.
Training and Development Specialist
Training and development specialists create business-wide education programs to teach hired workers the necessary skills. T&D specialists develop in-person and online workshops for employees to advance understanding of job tasks. It’s their goal to continually update training curricula to industry changes for a prepared workforce. T&D specialists normally need a business administration bachelor’s degree. Certification from the Association for Talent Development is voluntary. Training and development specialists enjoy a $65,640 mean salary. The Bureau of Labor Statistics models 9 percent growth for 28,900 more T&D specialists.
Fundraisers solicit donations from philanthropic benefactors to increase a nonprofit business’s budget. Fundraisers aid worthy charitable causes by attracting donors with ads, parties, races, social media challenges, and other events. It’s their responsibility to report all contributions based on campaign finance laws too. Fundraisers often graduate from four-year business administration bachelor’s programs. Choosing a BBA specialization in nonprofit management or public relations is wise. The Bureau of Labor Statistics states that fundraisers have median earnings of $57,970. Fundraisers can expect a sunny job outlook with fast 9 percent growth.
Risk managers implement strategies to protect for-profit businesses from financial losses. Risk managers develop a protocol to reduce the negative impacts of worker injuries, fraud, storm damage, cyber attacks, and other business threats. It’s their proactive work creating contingency plans that keep companies afloat in perilous times. Risk managers need a bachelor’s or master’s degree in business. Some also have the Risk Management Professional (RMP) certification. Risk managers benefit from average annual income of $147,530. The Bureau of Labor Statistics projects rapid 16 percent growth for risk management this decade.
The business field is growing fast, and with technology changing the scope of what businesses can do, the field is going to require more professionals that can keep up with it’s demands. That’s why learning about the different options available with business administration is important and necessary.