What Is Business Management? And Is It Right for You?

Managers are key team leaders with a major impact on a business’s success — and demand for those professionals is on the rise.

The Bureau of Labor Statistics (BLS) projects major growth in management occupations over the next decade and reports their median wage to be more than $116,000. If you’re a team-oriented problem solver who wants to make a difference at a business, business management might be the career for you.

Business management is as varied as the private sector itself, with managers in each industry benefiting from different skill sets. As disruptive technologies like artificial intelligence reshape the business landscape, managers are key players in helping their teams navigate marketplace changes.

Read on to learn more about the many opportunities within the booming field of business management.

So what actually makes up the business management field? Business management refers to the planning, organizing, and executing of plans that will further educational objectives. And at the heart of business management is the people: the managers.

Business managers often need to have any combination of accounting, marketing, and human resources (HR) skills.

To enter the business management field, it’s also helpful if you possess leadership and communication abilities. You will likely be required to oversee several projects at once, so knowing how to navigate that is a crucial time-management skill.

Looking to gain experience in a little bit of everything? Business management degrees are extremely versatile, with widespread application in nearly every professional field.

You can enter industries like corporate business, finance, and information technology. But opportunities also exist in fields like nonprofit management, education, and local government.

You may also decide to pursue occupations that require niche management skills. You can focus on a particular area of expertise, such as sales or healthcare management.

Either way, there’s a business management role out there that’s right for you.

A business manager is expected to have a thorough understanding of a company’s goals and must be able to plan, organize, and help execute activities that will further those goals. Business management jobs vary by industry, but employers will generally expect you to at least have a college degree and demonstrate specific job skills.

Business management jobs typically require at least a bachelor’s degree. Colleges commonly offer majors in business management or business administration bachelor’s. But students may also choose to major in an area of interest such as finance, accounting, or marketing.

Some jobs in business management require a master’s degree, such as an MBA. Graduate-level degrees may concentrate on an area such as strategic management or entrepreneurship.

Business management degree programs at all levels emphasize coursework in HR, finance, and accounting. And most business management degree programs culminate in a capstone project.

While business managers across sectors need communication and leadership skills, you might also benefit from earning hard skills in high-demand areas like data analytics.

Do you have the required education but wonder what else is necessary?

Certain skills like leadership, communication, and teamwork can help you succeed in a business manager role.

While opportunities vary, most employers will prefer that you have prior work experience in business management or administration. Some jobs might hire you with a master’s degree or MBA in lieu of extensive management experience.

Your specific field of employment — such as nonprofit management, operations management, or corporate finance — may require that you demonstrate additional skills.

Your day-to-day responsibilities may vary slightly based on your position.

Some common job duties include managing an organization’s financial and interdepartmental activities and overseeing operations.

You’ll typically manage short- and long-term objectives simultaneously. You may be expected to perform duties including setting sales strategy, preparing budgets, maintaining relationships with partnering organizations, and interacting with clients and shareholders.

As a business manager, there’s the potential for a career with a high-paying salary in nearly every sector.

Industries such as corporate management, elementary and secondary schools, and computer systems design employ the highest levels of business managers, according to the BLS.

Those with a bachelor’s degree and leadership experience commonly pursue jobs as HR, financial, marketing, or information technology managers. Professionals in these jobs make median annual salaries ranging from $130,000-$170,000, as of May 2023, according to the BLS.

Business management includes entry-level to top executive jobs.

While most management jobs require only a bachelor’s degree, you can typically advance your standing and increase your earning potential with professional experience.

Wondering whether you fit the job description?

Reflecting on your skills, interests, and career goals can be more helpful than you think.

Ask yourself: Do you love problem-solving, networking, and learning new things? Are you a people person? If so, then you may want to consider becoming a business manager.

Business management requires you to excel in communication and listening skills. You should also show empathy and resilience as you work to climb up the ranks of the corporate world.

Business managers who work well under pressure typically find success in this career.

Frequent self-reflection and upskilling of your talents may take you far — and help you broaden your job prospects across any field or industry.

Note: The insights on this page — excluding school descriptions — were reviewed by an independent third party compensated for their time by BestColleges. Page last reviewed June 7, 2024.