In most cases, when we think of people who have a business degree, we relate this thought to a glamorous life of suits and ties. We imagine these individuals on top of notorious corporations, always on the next big move in the market. And quite frankly, this image is quite an adequate one! However, professionals of this sort come in all shapes. We can see them on the front page or behind the scenes, still managing things and ensuring they’re going smoothly.
If you have good analytical, problem-solving, and decision-making skills and decide to cultivate these skills by pursuing a business administration degree in business, you might find yourself among those professionals on top of notorious corporations very soon. Earning a business degree is usually seen as one of the smartest career choices that come with many advantages. So, if you are exploring your options for your college education, know that there are numerous compelling benefits of a business degree.
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Why Get a Business Administration Degree?
Probably the idea of autodidact-ing and self-learning sounds very appealing. I mean, Steve Jobs made it, and Elon Musk taught himself rocket science. How hard can it be? Well, back to a reality check, few are the people who can make something out of their careers without getting a degree in advance. The world of business offers plenty of these career opportunities and allows for qualified candidates to move on to further prosperous post-graduate studies (such as earning an MBA or CPA).
The need for individuals with a business degree is evident, from nonprofits, major corporations, and government entities to entrepreneurial startups.
What Can You Do With a Business Administration Degree?
You can enter various career paths across multiple industries with a business administration degree. This degree equips you with foundational knowledge and skills in business management, finance, marketing, operations, and more. Possible career options include:
- General Management Roles: Graduates often begin their careers in entry-level management positions, gradually advancing to higher leadership roles within organizations.
- Marketing and Sales: You can work in marketing research, advertising, public relations, or sales management, developing strategies to promote products and services.
- Finance and Accounting: Opportunities in financial analysis, investment banking, accounting, and financial planning, focusing on managing financial resources and ensuring fiscal responsibility.
- Human Resources: Roles in recruitment, training, benefits administration, and organizational development, responsible for fostering a positive work environment.
- Entrepreneurship: Launch and manage your business venture, applying your business acumen to create, develop, and grow a successful enterprise.
- Consulting: Offer your expertise to businesses seeking solutions to improve their operations, strategies, and overall performance.
- Project Management: Lead and oversee projects, ensuring they are completed on time within scope and budget.
- International Business: Engage in global trade, multinational corporations, and international expansion, navigating the complexities of diverse markets and cultures.
The flexibility of a business administration degree allows you to pivot between these roles and industries, depending on your interests and evolving market demands.
Benefits of Studying Business Administration
Business makes the world go round; it creates so many job opportunities that people depend on. According to the U.S. Bureau of Labor Statistics (BLS), the number of job positions in business and financial operations is growing and will continue to grow over the next decade. With this in mind, a major in business administration can be a very valuable asset with countless benefits. Read on about five main benefits that will squash any doubts you may be having.
1. The market demand
Those who earn a degree in business administration or a related field are in high demand. In today’s chaotic economy, business management degrees are sought after by many employers and are looked at as a keystone to success.
A business degree will provide you with a major advantage when applying for any job, compared to those who don’t have a degree or who have a less marketable degree. The reason behind is that a degree in business provides a variety of useful skills that can be used in any type of profession. Good leaders, recruiters, and employers know that hiring such professionals, it’s a win-win situation. So they’re constantly on the hunt, and you’re never out of the game!
2. Competitive earning potential
Out of the gate, many students who graduate with a BB or BSBA enjoy higher than normal average salaries. According to the Department of Labor and Statistics, the median income for a career related to degrees in business begins at around $60,000 annually, with chances for advancement within just a few years. The future of degrees in business looks bright even for the upcoming years. The same source states that the Employment of business and financial operations occupations is projected to grow 10 percent from 2016 to 2026, faster than the average for all occupations.
What resonates with this increased earning potential?
The world is going through a growing economy, globalization, and complex tax. Professionals are highly required to provide qualitative market research to understand customers and product demand. So if you think you can own this field with your expertise, you can pretty much choose your salary and demand for high figures.
3. Career flexibility
All hail to the tech revolution for converting many business-related jobs that used to be performed from the office, into remote or part-time options. What most people are looking for nowadays, career-wise is to meet their employee’s work needs and for them to respect their own schedule. It’s a mutual understanding, and as long as you get the work done, does it matter where you do it?
Luckily, many flexible companies are giving their workers great latitude and space to adapt to a convenient schedule. Here are just some of the jobs that you can perform remotely, part-time, or with a schedule of your own choice:
- Sales Manager
- Tax Manager
- Management Consultant
- Business development manager
- Business process analyst
Note: All you need is discipline, a smartphone, and a laptop.
4. Job versatility
It is utterly amazing how many doors can a business administration degree open for people. It will provide them with skills useful for a wide variety of career paths. These can include inter-related fields finance, management, insurance, sales, manufacturing, publishing, teaching, consulting, administration. And if you don’t want to pursue a typical business administration career, then you can move on to more creative paths such as public relations, or marketing.
You can use your knowledge to conduct market research, develop marketing strategies, liaise with copywriters and designers, or evaluate campaign results. Whereas if someday, you get tired of climbing that corporate ladder, a business administration degree equips you with the entrepreneur set of skills to start a business of your own and run it profitably.
5. Networking skills
The networking opportunities for university student life are transformative. As a student, you get to meet professors, recruiters, and like-minded students who share the same interests as you. Except for dwelling on wise topics of the future, having fun, and creating friendships, you can also seek your first job through your network of people.
For instance, professors can guide you into identifying potential job opportunities after college or provide you with recommendations that can be of enormous help. At Potomac University, you will also benefit from meeting recruiters at university-sponsored events. You can take advantage of this excellent way of developing contacts and land interviews with well-respected companies in the community.
6. Leadership skills
A business administration degree will equip you with valuable leadership skills that will set you apart from other candidates when it comes to applying for a job after graduation. Not everyone has what it takes to be a leader, but a business administration degree will undoubtedly give you an edge in this path by teaching you networking and leadership skills that should be well-sharpened and put to use when needed.
7. Understand market operations
As a business administration major, you will work with the market and see how it operates. You will learn to use money wisely, make smart investments, know how to make good use of funds when given a chance to manage it.
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8. Real-time practical skills
While studying business administration, you will learn real-time practical skills that are necessary in business occupations or any other you may find yourself in. Some of these skills involve:
- Communication skills: These skills are vital because it is crucial that everyone is on the same page when working. Plus, you will need excellent communication skills when introducing products or negotiating.
- Teamwork: Many jobs require collaboration in order to get work done in the most efficient way possible. It allows a group of people to accomplish things together by utilizing everyone’s skills and ideas. You know what they say: two heads are better than one.
- Networking skills: A business administration degree will help you become familiar with networking or interacting with other people and having mutual benefits. So, wherever you find yourself in the future, you will greatly benefit from this skill.
- Creativity: Being creative is one of the most valuable traits a businessperson can have. A business major will enable you to design and create new businesses, and also come up with creative ideas to solve different problems.
When you’re weighing the odds of your future career, of course, you will look down to the pros and cons. And you might be wondering what are the pros and cons of business management, in this case. We’re sure we went through some of the most highlighted pros, that most definitely outweigh the scarcity of the cons. What you will encounter as difficult, maybe the major competition in the business industry. Also, in order to differentiate yourself from the competition, having a graduate degree is a must.
So if you’re ready to take the next step towards earning a degree in business administration, why not choose Potomac University? You can contact us directly, to get more information on our exciting career opportunities.
Frequently Asked Questions (FAQ):
Is business administration a good major?
Whether business administration is a good major depends on your interests, career goals, and the specific skills you wish to develop. A degree in business administration can be valuable for roles in management, marketing, finance, human resources, and more, making it a solid choice for those interested in pursuing a wide range of business-related careers.
What are the highest-paying jobs in business administration?
The highest-paying jobs in business administration often include executive-level positions such as Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Vice President of Operations. These roles typically require extensive experience and a strong track record in business leadership. Additionally, careers in management consulting, investment banking, and healthcare administration can offer high earning potential due to the complex nature of the work and the strategic decisions involved.
What is the difference between business management and business administration?
The terms “business management” and “business administration” are sometimes used interchangeably, but there are distinctions between the two. Business management focuses more on the practical aspects of leading and overseeing a team or organization, including decision-making, communication, and day-to-day operations. On the other hand, business administration often encompasses a broader scope, including aspects like organizational theory, strategic planning, and a deeper understanding of various business functions.
Is business administration better than business economics?
Whether business administration is better than business economics depends on your career goals and interests. Business administration covers a wide range of business areas and is more focused on management, operations, and strategy. On the other hand, business economics delves into the economic factors influencing business decisions.
Business administration might be a better fit if you’re interested in managerial roles and a holistic view of business. If you’re intrigued by the economic analysis of business trends, business economics could be more appealing.
Is business administration better than management?
Business administration often provides a broader foundation covering various business functions, while business management hones in on leadership and overseeing teams. Both fields have their merits; the choice between them depends on whether you want a more comprehensive understanding of business or if you aim to focus specifically on leadership and management skills.
Can a business administration degree lead to advanced roles?
Yes, a business administration degree can certainly lead to advanced roles. Many professionals with a business administration background start in entry-level positions and progress to higher-level roles over time. With experience and proven skills, you can move into managerial, directorial, and executive positions within various departments or even become an entrepreneur and start your own business.
Can I specialize while studying business administration?
Business administration programs often offer specialization options. These specializations include marketing, finance, human resources, international business, and more. Choosing a specialization allows you to tailor your education toward a specific area of interest, enhancing your expertise and making you more competitive in that particular field.
Can a business administration degree be combined with other areas of study?
Yes, a business administration degree can be combined with other areas of study, either as a double major or through interdisciplinary programs. For instance, pairing business administration with a technology-related field could benefit today’s tech-driven business landscape. This combination of skills can open up unique career pathways and make you a well-rounded professional.
Are there opportunities for further studies after a business administration bachelor’s degree?
After obtaining a bachelor’s degree in business administration, there are numerous opportunities for further studies. Many individuals pursue a master’s in business administration (MBA) to deepen their knowledge and skills, specialize further, or pivot their careers. Additionally, doctoral programs in business administration are available for those interested in advanced research and academia within the business field.