Is business management a good degree? According to UpCounsel, business management is defined as “managing the coordination and organization of business activities. This simply means it is an important player in the business world.
A lot of students are conflicted when it comes to making a choice of getting a degree in business administration. Uncertainty of where their degree–if gotten–might play a part in their reluctance to get one.
Well, a quick explanation of what a business management degree is and where it is applicable might help you make an informed decision in regards to getting one.
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What is a Business Management Degree?
A business management degree simply focuses on how to run businesses efficiently and maximize business output.
Its whole structure is designed to inoculate and improve skills and practices needed to advance in a business setting.
Views online agree with this, as such improves the already established notion of a business management degree.
How do I get a Business Management Degree?
Getting a business management degree will require you to have a strong educational background during your college year, as it is most competitive.
A satisfactory grasp of English, communication, and social sciences is a necessity. Also, a good score in Mathematics is highly desirable.
Some schools require diverse grades to apply for a course in a business management degree program. So, while one course might require a B grade for entry, the other might require an A.
A statement of purpose is often required, and as UCAS put it, they would be looking out for your interest in business and evidence that an interest exists.
These requirements are just for a bachelor’s degree in business management or administration. To get a master’s degree in business management, an individual has to complete four years or the equivalent in their country of business management or an associated business field.
Ideally, a prior academic qualification qualifies you for a master’s degree in business management. But, vocational courses which have met particular criteria are also accepted.
What Courses Are Offered in a Business Management Degree Program?
Different institutions offer different amounts of courses in a business management degree program. What remains constant, is the similarity of the courses across multiple institutions.
They might have different names for each course or merge two or more courses to form one, but they all maintain the same core; to help a student advance in a cut-throat business world.
Courses are all designed to ensure that a student studying for a business management degree gets the most out of the degree program.
Some of these courses taught in a business management bachelor’s degree program according to the University of People include but are not limited to;
- Principles of Business Management
- Microeconomics
- Macroeconomics
- Business Communications
- Principles of Marketing
- E-commerce
- Principles of Finance
- Multinational Management
- Entrepreneurship
- Business Law and Ethics
- Business and Society
- Organizational Behavior
- Business Policy and Strategy
- Leadership
- Quality Management.
All these courses are geared towards expertise in business management when an individual is done with them.
How Long Does a Business Management Degree Last?
Business management degree programs usually last as long as most other degree programs.
They last anywhere from 3-4 years, with a master’s degree program going anywhere from a year to 2 years.
In some situations, a business management degree can be fast-tracked. If you are looking to fast-track your business management degree program, you can opt for an associate’s degree in business.
You don’t have to worry about acceptance when you are done with your associate’s degree in business as many professionals agree that an associate’s degree in business is worth it.
The crux of the matter is that a business management degree won’t take too long and offers you an edge in the business world.
How Much Does a Business Management Degree Cost?
Getting a business management degree is quite an expensive venture.
Getting a business management degree will cost an estimated $33,896, with an overall estimate of $135,584 over four years.
An associate degree in business is much cheaper than a business management degree. It costs anywhere from $90 to $435 per credit unit. The overall expenditure could be pinged anywhere between $6,000 and $26,000.
A master’s degree in business management might set you back $40,000 for a year, and $80,000 for the entire duration of the master’s in business management program.
What Skills Are Available To A Student Involved In A Business Management Degree?
Studying for a business management degree means that a lot of skills necessary for excelling in a business environment are imbibed in you before the completion of the degree program.
These skills are highly sought after, and having them in one’s arsenal can boost the chances of a person getting noticed in an ocean of promising persons in the business world.
These skills include:
- Decision making.
- Analytical thinking.
- Problem-solving.
- Communication.
- Logical thinking.
- Numeracy.
- Understanding of financial data.
- Self-motivation.
- Time management.
- Appreciation of organizational operations.
- Project and resource management.
- Presentation.
- Report writing.
- Knowledge of economic fluctuation.
- Knowledge of external factors affecting businesses.
What are The Best Schools To Get A Business Management Degree?
A lot of schools offer admirable business management degree programs. But, some stand out from the rest because for obvious reasons
These institutions have shown the admirable quality of consistent excellence and repeated output of economic leaders through the years.
According to QS Top Universities rankings, these are the top 20 universities offering a business management degree;
- Harvard University.
- INSEAD.
- London Business School.
- Massachusetts Institute of Technology(MIT)
- The University of Pennsylvania.
- Stanford University.
- The University of Cambridge.
- The London School of Economics and Political Science(LSE).
- Bocconi University.
- The University of Oxford.
- HEC Paris School of Management.
- The University of California, Berkeley(UCB).
- National University of Singapore(NUS).
- Northwestern University.
- Copenhagen Business School.
- The Hong Kong University of Science and Technology.
- Â The University of Chicago.
- Columbia University.
- The University of Warwick.
- The University of Melbourne.
Although most of these universities are based in Uk or US, getting a business administration degree in Canada wouldn’t be a bad idea.
Also, several online courses are available for individuals who are looking to get a business administration degree from the comfort of their homes.
What is a Business Administration Degree Good For?
A number of opportunities are available to a person with a degree in business administration. That chance rises significantly if the individual has a master’s degree in business administration.
Business administration degree holders are highly sorted after in various industries that have an inkling of business in them. Getting hold of a job or starting out as a business administrator wouldn’t be much of a struggle if one knows the right place to look.
Below are some of the opportunities available to a business degree holder:
- General or Operations Manager.
- Accountant or Auditor.
- Industrial production manager.
- Human resources manager.
- Management analyst.
- Business Consultant.
- Market Research Analyst.
- Loan Officer.
- Meeting, Convention, and Event Planner.
- Training and Development Specialist.
- Insurance Underwriter.
- Labour Relations Specialist.
What Is The Average Salary of a Business Administration Degree Holder?
Business degree holders are paid above-average salaries. This makes business administration an attractive prospect for many.
It is fiercely competitive and with the rise of employee poaching in the business world, a need to keep the best employees by providing attractive salary packages exists.
A business administrator can earn anywhere from $132,490 to $141,127 per annum. This figure is just an average, and a person can earn higher or lower per year.
MBA holders earn much more and are more likely to land jobs than those without. However, MBA holders start out with higher jobs and are often tasked with more responsibilities and control.
Salaries may vary in different countries, so, it would be in the best interest of an individual to research the salary range for a business administration degree holder in their particular country of interest.
Is Business Administration a Good Career?
Business administration is a fiercely competitive field. It is no longer what it was a few years ago. One would require a lot more skill and education to catapult to the top of the pile in today’s business administration pool.
A consolation however is that the job growth index is above average. More jobs would exist as long as willing workers exist.
The attractive salary stands out as an allure that is too hard to resist. Most jobs open to a business administrator pay an above-average salary.
There is also the small but rather positive issue of companies ranging from car manufacturers to healthcare facilities on the outlook for someone with expert knowledge of business administration.
Companies are looking for doctorates in business administration as various industries become modernized. This doesn’t automatically spell the end for persons without this. So, while an associate degree can get you an entry-level job, you would need to brush up on it quickly.
Spotting industry trends, developing strategies to adapt to them, and adapting them will significantly boost a person’s chance to be the best of the very best.
Learning a new language, especially one that is considered a top language, for example, French, can significantly up your chances. Being tech-savvy wouldn’t do much harm either.
Overall, business administration despite being competitive can be considered a good career choice. Let’s meet at the next one great World Scholar.