Business Management Careers
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If you want to lead teams and grow a business, a career in business management might be right for you.
The median annual wage for management occupations was $116,880 in May 2023, according to the Bureau of Labor Statistics (BLS). The BLS also projects fast growth for that field over the next decade, meaning business management is a high-demand career.
The broad field of business management includes several specializations and occupations, from information systems management to healthcare managers and supply chain managers. If you’re an analytical, team-oriented thinker who wants to impact a business, pursuing a business management position might be a good fit for you.
Featured Online Business Management Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Business Management Career Outlook
Graduates with a business management degree may qualify for many different careers and benefit from high levels of demand in virtually every industry. Business is a highly competitive field at the management and executive levels, but the sheer volume of opportunity offsets fierce competition for top jobs. Enterprises of all sizes and types need the expertise and leadership that strong, well-trained business managers provide.
The BLS projects that many management-related career paths will enjoy outstanding rates of growth in the coming years. For example, the BLS projects a 10% increase in management analyst positions between 2022 and 2032, far outpacing the average projected growth for all occupations in the U.S. The following table offers further specifics, breaking down popular business management career paths by median earnings across a professional’s career cycle.
| Job Title | Entry-Level (0-12 months) | Early Career (1-4 Years) | Midcareer (5-9 Years) | Experienced (10-19 Years) |
|---|---|---|---|---|
| Business Manager | $56,000 | $60,000 | $69,000 | $74,000 |
| Human Resources Manager | $56,000 | $66,000 | $75,000 | $79,000 |
| Finance Manager | $65,000 | $87,000 | $105,000 | $108,000 |
| Marketing Director | $53,000 | $66,000 | $91,000 | $112,000 |
Switching to Business Management From Another Career Field
You don’t have to have a background in business management to land a job in the field. A number of different careers have transferable leadership skills that can prepare you to head a business.
Nick Ducoff, for instance, moved from practicing at a major law firm to starting a private enterprise. He eventually founded several ventures before becoming the head of institutional growth at the Solana Foundation.
“I graduated with honors and then practiced law at a big firm, where I was able to marry my interests in business and law, working with startups and venture capital firms,” Ducoff previously told BestColleges. “I got the entrepreneurial bug and left a very lucrative and rewarding law firm to start my first company. That company was acquired, as was another startup I did after that.”
Making a career switch is a big choice and can mean sacrificing job security for a new opportunity. If you have a strong idea of what you want to do and have the transferable leadership skills and business acumen to make it work, a career under the vast umbrella of business management can lead to a host of new opportunities.
Skills Gained With a Business Management Degree
Business leaders need to be effective communicators, analytical thinkers, good leaders, and problem solvers. A business manager needs to be able to lead a team and manage the needs of their employees while also effectively managing and growing their business. Responding to team and business needs is an intense job and requires a number of key skills regardless of what industry your business is in.
“The concrete skills you’ll get from a business degree, such as accounting or finance, might not be as important as the soft skills you’ll pick up from your group projects, such as negotiation, time management, and teamwork,” Ducoff previously told BestColleges.
Leadership
Through programs in business administration and management, future managers develop the leadership skills they need to run departments and oversee teams. They study common leadership strategies and develop a unique leadership style. Business management programs teach students to set organizational goals, motivate teams, and manage change within a company.Decision-Making
Business managers need sound decision-making skills in order to steer organizations in the right direction. Business students learn to analyze situations, factor in important data and information, and make strategic decisions. They also learn to consider the moral and ethical ramifications of decisions.Personnel Management
Business management professionals, especially those who specialize in training and development, need to foster collaboration in the workplace. Business administration programs often cover strategies for supervising personnel, motivating employees, and assembling effective teams. Additionally, programs teach students the basics of human resource management and development.Analytical Skills
Professionals in many business management careers must analyze situations and craft solutions. Marketing managers may need to develop strategies based on consumer trends, while information technology professionals must analyze technology issues. Business management programs help learners develop the problem-solving abilities necessary to approach a variety of business scenarios.Communication Skills
Business management students learn to effectively convey ideas verbally and through visual presentations. Business administration programs often include courses on business writing and public speaking. Many business professionals meet individually with clients, participate in conference calls, and attend large meetings.
Featured Online Business Management Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Business Management Jobs
Since business management is such a broad field, many students pursue a concentration aligned with their career goals. Earning a career-specific concentration can help graduates impress employers and land specialized positions. Students may focus on an area such as project management, nonprofit management, or human resource management. Learners interested in working at an investment bank or insurance company can also pursue a concentration in financial management. The list below features some common career paths.
Finance
Students who specialize in finance may find work in corporations such as banks, lending institutions, and other financial services companies. A finance concentration generally includes classes on financial markets, investments, and corporate finance. Learners may also pursue career possibilities in venture capital and private equity.Marketing
Business management majors who focus on marketing learn to effectively promote products and services through product design, pricing, advertising campaigns, and social media strategies. Managers concentrating in marketing build market research skills related to consumer behavior and sales forecasting. Graduates with a marketing specialization often pursue careers in independent marketing companies and corporate marketing departments.Global Business
Careers in global business integrate many aspects of business — including finance, marketing, communication, and leadership — from an international perspective. Students learn to negotiate with foreign companies and suppliers, lead culturally diverse teams, and strategize for multinational companies. International business managers may also specialize in global monetary policies and emerging markets.Entrepreneurship
Business students planning to build a new business venture, work at a startup, or manage a small business often benefit from concentrating on entrepreneurship. Through entrepreneurship classes, aspiring business owners learn to draft business plans, obtain funding, and chart their own career paths by turning ideas into successful enterprises.
Where Can You Work as a Business Management Professional?
Industries
Nearly all industries need talented and skilled managers who can direct operations, supervise employees, and develop business strategies. Business management graduates find work in small and large enterprises in fields including healthcare, real estate, publishing, and banking.
Additionally, organizations in the nonprofit and government sectors employ managers who can properly allocate funds, manage finances, and motivate employees. Generally, business management professionals with advanced degrees enjoy greater career flexibility.
- Management of Companies and Enterprises: This broad industry encompasses professionals who direct operations in a variety of businesses. The responsibilities of business managers depend on the type of company they work for.
- Management Consulting: Management consulting firms help client organizations improve efficiency and enhance management strategy. Managers in this field may meet with clients and lead teams of management analysts.
- Financial Services: Financial services firms include banks, investment firms, insurance companies, and lending organizations. Business management graduates who work in finance may oversee a team, department, or entire company.
- Nonprofit: Nonprofit organizations focus on promoting a cause rather than making a profit. Managers oversee operations involving raising money, awarding grants, and increasing awareness about particular issues.
- Advertising, Public Relations, and Marketing: Managers in the advertising and marketing industries plan campaigns that promote services and products. Public relations managers oversee teams that protect an organization’s image and reputation.
Locations
How to Start Your Career in Business Management
By definition, the field of business management positions professionals for leadership and executive roles. Thus, while some people manage to achieve success by earning a bachelor’s degree and then working hard to advance their skills and gain experience, others increasingly opt to earn an advanced degree. With fierce competition in hiring, holding a credential like an MBA degree often functions as a differentiating factor in the eyes of employers.
Practicing professionals with bachelor’s degrees often find their advancement potential maxes out at mid-level management positions. Thus, many elect to return to school to upgrade to an MBA or another advanced degree to qualify for better, more lucrative, and more challenging roles and opportunities.
Associate Degree in Business Management
Associate degrees in business management qualify graduates for entry-level administrative positions. Typically, associate degree holders find positions as administrative assistants, executive assistants, food service managers, and office clerks. Graduates may also work as bookkeepers, office managers, and HR employees. Professionals usually need to gain experience and/or pursue additional education to advance to a mid-level position.
These degrees take approximately two years to complete and require about 60 credits. Associate in business management programs include general education classes in topics such as history, English, and social science. Learners also take business classes in areas including economics, accounting, and communication.
What Can You Do With an Associate in Business Management?
Administrative Assistant
These assistants perform administrative and clerical tasks, including answering phones, organizing meetings, filing documents, and managing schedules. Executive assistants, who often need a college degree, support senior managers and typically hold more responsibility than other administrative assistants. While some companies hire high school graduates, many employers prefer hiring administrative assistants who hold a postsecondary degree.
- Median Annual Salary (2023):$46,010
Office Manager
Aspiring office managers may only need a high school diploma, but some employers require these professionals to hold a degree in business or management. Office managers maintain records, manage office facilities, and coordinate operations between departments. They need excellent communication, managerial, and problem-solving abilities.
- Average Salary (April 2024):$53,280
Food Service Manager
While some food service manager positions require only a high school diploma and years of service industry experience, many positions require some level of college education. Food service managers oversee operations in establishments such as restaurants and hotels. They supervise employees, manage budgets, order supplies and ingredients, and ensure that the establishment complies with regulations.
- Median Annual Salary (2023):$63,060
Sources: BLS and PayScale
Bachelor’s Degree in Business Management
A bachelor’s degree in business management offers significant advantages over an associate degree in the field. Bachelor’s degree holders may pursue a variety of entry-level jobs in business and finance, including roles as financial analysts, human resources specialists, and management consultants.
After a few years on the job, bachelor’s degree holders can advance into management positions, which include more responsibility and require professionals to supervise other employees. Bachelor’s programs in business management help learners develop a broadly applicable skill set; however, some programs also allow students to specialize in a specific career area. The table below describes a few common bachelor’s degree in business management careers.
What Can You Do With a Bachelor’s in Business Management?
Advertising, Promotions, and Marketing Manager
These management professionals work in advertising agencies, public relations firms, and corporate marketing departments. They coordinate campaigns that promote products. Their job responsibilities include conducting market research, developing strategies, and coordinating with other departments. These managers usually possess prior experience in advertising, marketing, and/or sales.
- Median Annual Salary (2023):$156,580
Management Consultant
Management consultants advise organizations on ways to increase efficiency, productivity, and profitability. Most management analysts work for large consulting firms that serve many client companies. Consultants collect information, analyze financial documents, and propose solutions to managers. A bachelor’s degree typically qualifies individuals for consulting jobs, although some employers may prefer candidates with a master’s degree.
- Median Annual Salary (2023):$99,410
Financial Analyst
Financial analysts need a bachelor’s degree related to accounting, economics, finance, or business. These professionals help individuals and organizations decide how to invest assets. Their daily responsibilities often include analyzing market trends, examining financial statements, and meeting with corporate executives.
- Median Annual Salary (2023):$99,890
Sales Manager
Employers typically hire sales managers who hold a bachelor’s degree and 1-5 years of sales experience. Sales managers supervise sales teams, train new salespeople, evaluate employees, and determine sales goals. They may work for companies that sell products to other businesses or for companies that sell directly to consumers.
- Median Annual Salary (2023):$135,160
Accountant
Accountants typically need a bachelor’s degree in accounting or a similar field. These business professionals prepare and analyze financial documents for individuals, government agencies, and corporations. Management accountants, sometimes called cost accountants, help business managers oversee budgets, cut costs, choose investments, and understand the organization’s overall financial situation.
- Median Annual Salary (2023):$79,880
Master’s Degree in Business Management
Earning a master’s degree in business management can lead to high-level leadership positions in various fields. A graduate degree demonstrates expertise in management and leadership strategy and helps low-level and mid-level professionals assume more responsibility in their organizations.
Students considering a graduate degree should understand the differences between available business programs. Master’s programs in organizational management teach students to manage change and corporate culture. Alternatively, learners can also pursue a master’s in management or an MBA. Prospective master’s students can review the business management careers list below to learn about job possibilities.
What Can You Do With a Master’s in Business Management?
Training and Development Manager
Some employers require training and development managers to hold a master’s in business with a concentration in human resources management, training and development, or organizational development. These professionals design, plan, and oversee programs that help employees develop professional skills. They evaluate workers, supervise instructors, and assess training programs.
- Median Annual Salary (2023):$125,040
Top Executive
Top executives can work at large and small organizations in almost any industry. They develop big-picture goals and strategies for their organization or department. Their daily duties include meeting with important clients, analyzing financial statements, and consulting with other senior managers. Executives often hold an MBA or a similar graduate degree.
- Median Annual Salary (2023):$103,840
Public Relations and Fundraising Manager
Public relations managers work for PR firms and departments, where they maintain and improve an organization’s reputation and image. Fundraising managers help secure donations by developing strategies, applying for grants, and meeting with donors. Managers in this field generally need a bachelor’s or master’s degree and at least five years of experience.
- Median Annual Salary (2023):$130,480
Human Resources Manager
Human resources managers oversee HR departments that recruit, interview, hire, and train new employees. They also confer with top executives to determine hiring strategies. Additionally, human resources managers may arrange professional training events. These professionals need at least a bachelor’s degree, and some high-level positions require graduate education.
- Median Annual Salary (2023):$136,350
Doctorate Degree in Business Management
A doctoral degree in business is the highest level of education in the field. While many doctoral students first earn a master’s degree, some students can transition directly from a bachelor’s program into a doctoral program. A doctorate in business management demonstrates advanced mastery of business management theory and/or practice.
There are a few main types of business doctoral degrees. A Ph.D. program in business focuses heavily on research and requires extensive independent study and a dissertation. Ph.D. students typically plan to work in academia or another research-intensive field, and graduates often become professors or secure government positions. Alternatively, students interested in the practical side of business can pursue a doctor of management or a doctor of business administration. The table below details a few business management careers and salaries for doctoral degree holders.
What Can You Do With a Doctorate in Business Management?
Postsecondary Business Teacher
Higher education institutions typically require professors to hold a doctorate. Professors with a doctoral degree in business management often teach business administration or management classes. These educators design lesson plans, deliver lectures, and attend conferences. They may also conduct research in their field.
- Median Annual Salary (2023):$84,380
Economist
Economists can work for the federal government; state and local governments; and private, research-focused organizations. Many also work for finance and insurance companies. These professionals research economic problems, gather data, and analyze information. They examine current economic conditions to advise businesses, governments, and individuals. Economists typically need a master’s or doctoral degree.
- Median Annual Salary (2023):$115,730
Postsecondary Education Administrator
Some college professors take on more responsibilities by becoming postsecondary education administrators. Academic deans, provosts, and department chairs coordinate faculty research, manage budgets, and participate in hiring decisions. Business professors may run undergraduate business departments or graduate management schools.
- Median Annual Salary (2023):$102,610
How to Advance Your Career in Business Management
Accumulating knowledge by gaining practical experience is probably the single best way to advance your career in business management. As the salary table in the preceding section notes, typical earnings rise dramatically in the later stages of a professional’s working life.
However, there are several other steps you can take if you want to accelerate your growth potential. These include pursuing continuing education courses and obtaining optional certifications from respected professional organizations and business schools. Networking and building personal relationships can also help you get ahead and advance your career.
Certifications and/or Licensure
Of the many available careers for a business management major, few require formal licenses. Accounting paths represent one notable exception. Many types of accountants — including certified public accountants and certified management accountants — require licenses to practice their professions.
More commonly, business management specialists elect to pursue optional certifications from professional organizations and other institutions. The CBM (certified business manager) designation offers a useful example. Offered through institutions with specialized accreditation, this certification signals elite operational management skills. Many MBA programs also build the CBM and/or other professional certifications into their curricula, enabling learners to save time and money while diversifying their academic qualifications.
Continuing Education
Established business management professionals can advance their careers through continuing education in multiple ways. Two common options include upgrading your degree and completing an undergraduate or graduate certificate program.
A degree upgrade most readily applies to those who hold bachelor’s degrees but find themselves bumping up against the ceiling of their current career potential. In such cases, returning to school to get an MBA represents the clearest and most direct path to breaking the barriers to landing higher-paid and more prestigious positions with greater levels of responsibility.
Certificate programs, sometimes configured as “professional programs,” represent another alternative. They take less time to complete than degrees, and they also tend to cost a lot less money. Thus, these options may appeal to those who want to learn new skills and boost their academic qualifications without leaving their current positions. Increasingly, business schools offer part-time and online MBA programs that deliver similar benefits, delivering valuable flexibility that makes it possible to earn a marketable and upgraded degree without putting your career on hold.
Next Steps
In addition to continuing education programs and optional certifications, emerging and established individuals can take advantage of professional organizations and other networking opportunities to advance themselves. Networking is crucial for career development in most business careers, and building your personal and professional networks is a good way to invest your time.
Students may qualify for discounted or even free membership to business-oriented professional organizations. Examples of organizations that specialize in management-related fields include the American Management Association and the Association of Business Process Management Professionals International.
Frequently Asked Questions About Business Management Careers
Business management includes broad instruction meant to introduce you to various aspects of business, including finance, marketing, data, and more. Managing those different topics can be challenging but also rewarding.
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 May 3, 2024.
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