Business administration degrees have become increasingly popular in recent years due to their versatility and practicality. According to the National Center for Education Statistics, business administration and management was the most popular major in the United States in the 2018-2019 academic year, with over 370,000 degrees conferred.
A business administration degree gives students a wide range of skills and knowledge employers highly value. In this article, we explored several career paths that you can pursue with a business administration degree.
1. Work in International Business
In today’s global economy, businesses need professionals with expertise in international business practices. With a degree in business administration, you can work in international business. Helping organizations to expand into new markets and manage cross-cultural communication and negotiations.
Working in international business involves understanding the complexities of doing business across borders. You’ll learn about international trade, finance, business strategy, and the legal and regulatory requirements for business in different countries.
You’ll also develop cross-cultural communication and negotiation skills essential for working with partners and clients from different cultures.
International business professionals may work in various roles, including global business development, international marketing, and international trade compliance. They may also work for multinational corporations, government agencies, or non-governmental organizations.
2. Start Your Own Business
Starting your own business is exciting and rewarding for many business administration graduates.
To start a successful business, you must have a strong business plan outlining your goals, target market, products or services, marketing strategy, and financial projections. Your business plan will serve as a roadmap to help you stay focused and make informed decisions as you launch and grow your business.
In addition to a strong business plan, you’ll also need the skills and knowledge to manage the day-to-day operations of your business. It includes leadership, finance, marketing, sales, and customer service skills.
A business administration degree will equip you with the skills needed to establish a solid foundation in these areas, giving you the confidence and expertise you need to succeed as an entrepreneur.
3. Work in Marketing and Sales
Marketing and sales are critical functions for any business, and a business administration degree can provide you with the knowledge and skills you need to excel in this field.
Marketing and sales professionals are responsible for understanding consumer behavior and preferences. They analyze market trends, conduct market research, and identify customer needs and desires to develop effective marketing and sales strategies that resonate with their target audience.
Advertising and branding are also important aspects of marketing and sales. Professionals in this field create a strong brand identity, develop advertising campaigns, and promote products or services to potential customers.
According to the Bureau of Labor Statistics, the median annual salary for promotions, advertising, and marketing managers in the United States is $135,030, with a projected job growth rate of 10% from 2020 to 2030.
With experience and a solid track record of success, marketing and sales professionals can advance to higher-level management positions with even higher salaries.
4. Pursue a Career in Finance
Finance is a popular career path for business administration graduates. In finance, professionals are responsible for managing financial resources and making strategic investment decisions. It includes analyzing financial data, preparing financial reports, and developing investment strategies that align with organizational goals.
You can pursue several career paths in finance with a business administration degree. One option is to work in banking, where you’ll be responsible for managing customer accounts, providing financial advice, and facilitating transactions.
Another option is to work in investment management. Where you’ll be responsible for managing investment portfolios and making investment decisions on behalf of clients.
Finance is a high-paying field, with financial analysts and managers earning a median salary of over $80,000 annually in the United States.
Careers in finance also offer excellent career growth opportunities, with jobs projected to grow faster than average over the next decade.
5. Become a Management Consultant
Management consulting is a popular career path for business administration graduates. Management consultants work with organizations to identify improvement areas, develop change strategies, and implement new processes and systems. They may work with businesses of all sizes, from small startups to large corporations and in various industries.
As a management consultant, you must have strong analytical and problem-solving skills and excellent communication and interpersonal skills. You’ll be responsible for working closely with clients to understand their business need. Develop recommendations for improvement, and communicate these recommendations effectively.
Management consulting is a highly lucrative career path, with management consultants earning a median annual salary of $87,660 in the United States. According to the US Bureau of Labor Statistics, management consulting will experience a faster-than-average job growth rate of 11% from 2020-2030.
6. Work in Human Resources
Human resources is another field that requires strong business acumen. With a business administration degree, you can work in various human resources positions, such as HR management, talent acquisition, and employee relations.
In human resources, professionals manage employee relations, develop policies and procedures, and ensure compliance with labor laws and regulations. It includes managing employee benefits, designing training and development programs, as well as maintaining accurate employee records.
With a business administration degree, you’ll learn about organizational behavior, employee relations, and labor laws, which are essential skills for anyone working in human resources. You’ll also gain valuable leadership, communication, and problem-solving skills, which employers highly value.
Human resources professionals are in high demand, with a projected job growth rate of 6% from 2019 to 2029 in the United States. According to the Bureau of Labor Statistics, the median annual salary for human resources managers was $121,220 in May 2020.
7. Pursue a Career in Operations Management
Operations management is a critical component of any business. Professionals in this field oversee the production and delivery of goods and services. And manage resources such as staff, equipment, and materials.
With a degree in business administration, you’ll learn about operations management, including process design, quality control, and supply chain management.
Operations managers are critical in ensuring that businesses operate efficiently and effectively. They manage costs, optimize processes, and improve productivity to increase profitability. They also work closely with other departments, such as marketing and finance, to ensure that business objectives are aligned and resources are used effectively.
Your degree will provide you with all the skills and knowledge you need to succeed in operations management. You’ll learn about process improvement methodologies such as Six Sigma and Lean, which identify and eliminate waste in business processes.
Operations management is a rapidly growing field with a projected job growth rate of 10% from 2020 to 2030 in the US. According to the US Bureau of Labor Statistics, operations managers can expect to earn a median salary of $105,810 per year.
A business administration degree can open opportunities in different industries and positions. With an MBA, you can specialize in a particular business area, giving you a competitive edge in the job market.
If you’re interested in pursuing a business administration degree. Consider enrolling in online programs that offer flexibility and convenience for busy professionals like yourself.