Business Administration is a field of study that deals with the process of managing and supervising business operations. It extends to other fields including finance, accounting, marketing and project management.
Business Administration often involves managing business operations, decision making and other processes involved in achieving a common goal and objective. There are many different kinds of degrees you can get for Business administration and they include:
- Associates of Business Administration
- Bachelor of Business Administration
- Master of Business Administration
- Doctor of Business Administration.
A Business Administration Degree is often used to give students strong academic foundations in the main business functions which include accounting, project management, marketing, logistics, human resources, finance, organizational behavior, and information technology.
What Kind of Jobs Can I Get With a Business Administration Degree?
If you are interested in starting a career in business, then a degree in Business Administration is a good choice. If you get a degree in Business Administration, you will have limitless career choices because this makes you eligible to work in the public, private or government sector.
There are numerous career opportunities for you if you have a business administration degree and some of these career opportunities include the ones listed next.
Loan officers are responsible for recommending, evaluating and approving loan applications for individuals and businesses alike. They decide which organizations should get a loan and which one should not get a loan.
You will be in charge of obtaining, verifying and evaluating the financial details of loan applicants including their income level and credit scores. They are also responsible for reviewing loan agreements to ensure that all federal and state regulations comply.
Organizations that employ load officers include credit unions, commercial banks, and other financial institutions.
- Based on research, this job is expected to rise by 8% between now and 2024.
- The average salary for a loan officer is around $76,000 annually.
Sales Managers are responsible for monitoring the sales team of a business organization and also the revenue generation of the organization. They are often in charge of analyzing sales data, develop sales training programs for the sales representatives and setting sales goals.
They are also responsible for evaluating the profit generation capacity of goods and services. You might also be in charge of projecting sales, approving expenditures, assessing customer preferences, preparing budgets and resolving customer complaints.
- It is predicted that the job prospects for a Sales Manager will increase by 7% between 2016 and 2026.
- The average salary is $117,960 annually.
Market Research Analyst
Market research analysts make use of data analysis skills and software to get information about who their potential customers are, what products or services they should be marketing and how they can effectively market these products.
They do this by studying market conditions. You will be in charge of developing surveys and training and monitoring interviewers who perform the surveys. The results are then analyzed and reported to the management. Market research analysts are able to work in a lot of industries and consulting firms.
Their responsibilities also include monitoring and predicting sales trends, collecting and analyzing data and reporting to the management and evaluating the efficiency of marketing campaigns.
- It is predicted that the job prospects for Market research analysts will increase by 23% between 2016 and 2026.
- The average salary is $70,000 annually.
Human Resources Specialist
Human Resources Specialists are in charge of managing the administrative functions of an organization. They are responsible for recruiting new employees, interviewing and hiring.
As a Human resources manager, you will also have to consult with other executives of the organization to plan the business strategy and act as a liaison between management and employees.
Other responsibilities include planning and supervising the organization’s workforce in a way that will enhance each employee’s talents. Giving the management advice on organizational policies like sexual harassment regulations, monitoring support staff and specialists, coordinating disciplinary procedures, mediating disputes and equal employment opportunities.
- It is predicted that the job prospects for Human resources specialists will increase by 9% between 2016 and 2026.
- The average salary is $106, 910 annually.
A Financial Analysts would be responsible for maintaining the financial health of an organization. They are in charge of creating financial reports, managing investment processes and coordinating with leading executives on developing strategies for the organization’s long-term financial objectives.
As a financial analyst, you are also in charge of creating business activity reports and predictions, reviewing financial reports, preparing financial statements, making sure legal requirements are met, developing strategies to reduce the cost of production and analyzing market trends to find opportunities for expansion and acquiring new businesses.
- It is predicted that the job prospects for Human resources specialists will increase by 19% between 2016 and 2026.
- The average salary is $121,750 annually.
If you are interested in helping companies improve their business efficiency then this is the job for you. This job will help reduce costs to make companies more profitable, find issues in the company then create a solution, create change to improve organization and manage projects to improve company growth.
- It is predicted that the job prospects for a Business Consultant will increase by 14% by 2024.
- The average salary is $71,599 annually.
You like to work with money then maybe a corporate finance job will work for you. You can expect to help with a company’s financial planning, helping determine where to grow the business, mergers, acquisitions, raising capital, and managing the financial risk with growing the company.
- It is predicted that the job prospects for a Corporate Finance job will increase by 6% by 2028.
- The average salary is $66,500 to $85,000 annually.
You will need to help create an efficient process for delivering services or goods. Maximizing the productivity of the company is key to growing the company. This includes managing inventory, supply chain management, purchasing, quality checks, and quality of products or services are high.
- It is predicted that the job prospects for an Operations Management job will increase by 12.5% by 2022.
- The average salary is $61,177 annually.
Public Relations Specialist
You want to be in PR then you will be the one driving the public-facing look of the company. This involves doing press releases, public relations, reaching specific audiences and overall communication to the public.
The duties include responding to questions about the company, help with all company communications, write out public releases about the company, set-up interviews, write speeches and maybe help with fundraising.
- It is predicted that the job prospects for an Operations Management job will increase by 9% by 2026.
- The average salary is $66,540 annually.
What Business Administration Degree Pays The Most?
Unlike most of the other career degrees, Business Administration provides you with the opportunity to build a career in a wide range of fields. With a Business Administration degree, you can work in almost any industry you want.
This is because the major deals with the management and operational skills that are essential to running any business organization. According to some research, these are the salary ranges and job growth projections of some of the career prospects of Business administration.
- Sales Management: Average annual salary of $117,960
- Financial Management: Average annual salary of $121,750
- Human Resources Management: Average annual salary of $106,910
- Marketing Management: Average annual salary of $131,180
- Health care Administration: average annual salary of $83,810
- Food Service Management: Average Annual salary of $50,820
I might not be able to tell you the exact salary to expect from a business administration degree due to the fact that there are numerous career paths with different levels of demand and supply.
And just like most of the other careers, the higher the degree you hold, the more likely it is that you will have a higher salary. So typically a Bachelor’s degree in business administration can add up to $2,000 to $5,000 per year in earning capacity while a Masters in Business Administration can add up to $7,000 to $11,000 per year in earning capacity.
Which is Better Business Management or Business Administration?
Business Administration is a field of business that includes general operations like human resources, accounting, management, marketing, sales, and economics.
Business Management is a field of business that deals mainly with management, human resources, and leadership. This degree is mainly concerned with organization, analysis, and planning of business operations.
Even though both of these degrees provide you will numerous career prospects I will have to say that Business administration is better because this degree provides you with the knowledge to go into a specific type of career like project management, human resources, marketing, and finance.
If you specify your area of interest and the type of career you want, a business administration degree will give you an advantage when you are looking for a job. But if you are looking for a more general business degree, then you can go for a business management degree.
How Long Does A Degree In Business Administration Take?
Business administration degrees are one of the most popular college degrees in the world. And this is due to the fact that with this degree, you have unlimited career prospects waiting for you in any industry. Generally, most Business students will have to spend about 4 years in college but there are shorter degree options.
Associate Degree in Business – 2 Years
You can normally get this degree in a community college. It is often referred to as the Associate of Science in Business Administration. These programs often take just about two years to complete.
Bachelor of Business Administration Degree – 4 Years
The Bachelor of Business Administration degree often takes about 4 years to complete. With this degree, you can seek career opportunities ranging from personal financial advisor to a loan officer and management analyst.
Master of Business Administration (MBA) Degree – 2 Years
Once you are done with your undergraduate education and you have spent some time in the workforce you can decide to go back to school to get your MBA. Getting a Master of Business Administration degree is often done mostly by business professionals who are interested in rising up the corporate ladder.
Just like most of the master’s degree for most of the other fields, a Master of Business Administration degree will take about two years to complete.
Why Should I Study Business Administration?
There are a lot of reasons why it is a good idea to study Business administration and some of them include:
- Wide range of job prospects.
- This will boost your confidence.
- It helps to improve your communication skills.
- Business enhances your creativity.
- It improves your management skills.
What are the Best Colleges to get a Business Administration Degree?
- Babson College
- University of California Berkley
- Michigan State University
- The University of Southern California
- University of Texas Austin
- University of North Carolina
- Indianan University
- Massachusetts Institute of Technology
- Texas A&M University
- Arizona State University
What is The Average Salary of a Business Administration degree?
A degree in Business administration provides you with opportunities to work in a wide range of fields ranging from management to sales to marketing, finance, insurance, and human resources.
According to research, the average salary of a business administration degree is $102, 590. There are many great reasons to get a business administration degree. The question for you is this the right degree for what you are interested in doing with your life and career.
You can also see the easiest college majors if business administration is not for you.