A business administration degree offers rigorous training in finance fundamentals and can help students to advance a career within a company they’re already working for, help them to make it as an independent financial consultant, or serve to attract potential employers.
These flexible degrees, which include the likes of the MBA Concentration in Finance, can cover a wide array of different subjects within the field of business. Those students who have yet to choose their career path frequently pursue a business administration degree to gain education in business fundamentals and for the opportunities that such a degree will afford them.
These are competencies that offer enough flexibility that graduating students could embark on a career within a wide range of different fields. Students are often attracted to business administration due to the possibility of exercising their leadership skills, only to find that management is only a small part of everything that business administration actually has to offer.
The curriculum of a business administration degree is designed so that students will learn how to strategically plan for the creation of organizational value and to be able to master financial principles. Students will also get the chance to learn to lead projects in all business areas. The coursework in a business administration degree is normally designed so that it aligns with business scenarios that arise in the real world and are taught from a perspective that is relevant to the industry involved.
The study of best business practices and business theories helps business majors to develop critical skill sets, including the ability to analyze problems with the use and application of data. Students may also have the chance to become proficient in the management of large groups and develop skills in fostering professional communications.
This wide range of skills is often looked for by employers in regard to those with business administration degrees. In 2017, 74% of employers wanted to hire college graduates, with 30% seeing business students as more important than those with other degrees, according to a national survey carried out by CareerBuilder.
Career paths available to business administration degree graduates
There are numerous organizational roles and industries that can be available to those with the right qualifications in the business field, and the following are only a sample of the potential careers that could be open to business administration degree graduates.
Sales managers are responsible for overseeing the sales team in a company and for an organization’s revenue production. The responsibilities of a sales manager generally include the setting of sales goals, sales data analysis, and the creation of sales training programs for sales representatives. The projection of sales and assessment of the profitability of services and products are also the responsibility of a sales manager.
Business consultants, also sometimes known as management consultants, assist businesses by proposing ways to improve their efficiency. They provide advice to managers on methods to increase the profitability of their organization by increasing revenue and reducing costs.
Business consultants often organize the data relating to a problem and come up with procedures to improve the situation, recommending company changes and new systems, and liaising with managers to make sure that any changes are a success.
Financial analysts use gathered data such as earnings releases and run financial models in order to create financial recommendations. They gain a solid understanding of an individual business, sector or industry and then provide presentations to communicate their opinions on investment.
There are two types of financial analyst: buy-side analysts and sell-side analysts. The former normally work for mutual fund or pension fund companies where they conduct research and make recommendations to the money managers in the fund. The latter generally work for brokerages or businesses that are responsible for managing individual accounts. They also give recommendations to the clients of that business in regard to the buying and selling of particular stocks.
Market research analyst
Market research analysts are responsible for helping businesses to better understand their customers, the products they need to be selling, and the way that those products can be successfully promoted.
Market research analysts frequently design surveys, while training and supervising the interviewers conducting the surveys. They then perform an analysis of the research and provide management with the results. They work for employers in a wide range of different industries as well as for consulting firms.
Human resources specialist
Human resources specialists are primarily responsible for recruitment, screening, and the interviewing and hiring of employees. However, the majority of HR specialists are also trained in all industry functions. They therefore often deal with other HR functions, including training, employee relations and compensation and benefits.
These everyday tasks can include administering benefits, payroll and making sure that all HR functions comply with local, state and federal regulations.
Loan officers deal with the evaluation, authorization or recommendation of loan applications for individuals and businesses. Their everyday responsibilities can include the acquiring, verification and analysis of the financial information of loan applicants, such as income levels and credit scores.
Loan officers may also review loan agreements in order to ensure that they comply with state and federal regulations. The majority of loan officers work in commercial banks, mortgage firms, credit unions and other financial institutions.
Convention, event and meeting planner
Convention, event and meeting planners are responsible for coordinating all aspects of professional meetings and events. Their standard duties include dealing with clients to gain an understanding of the purpose of the event, or meeting and then arranging details such as the location and transportation that will need to be involved.
Prior to an event or meeting, the planner will have to solicit bids from event vendors and venues and then approve payments after the event or meeting has taken place. Although the majority of convention, event and meeting planners work for private firms in a large number of industries, others are employed by the likes of civic, food service, religious and professional organizations.
Training and development specialists
The focus of training and development specialists is on improving the knowledge and skills of employees by the planning, conducting and administering of appropriate training programs. These specialists can find work in almost all industries and spend a lot of time with people leading training activities and performing presentations.
The daily responsibilities of training and development specialists can include the assessment of the needs of employee training via consultations, interviews and surveys, and then ensuring that training programs are developed to meet those needs. This can include the writing and editing of online learning modules, training manuals and other materials related to training courses.
Other possible career paths for business administration degree graduates include buyer or purchasing agent, compensation and benefits analyst, insurance underwriter, labor relations specialist and logistician.
General or operations manager
A bachelor’s degree is necessary to get into this role, which is also sometimes called business manager, store manager or operations director. Important qualities for this position include leadership; the ability to successfully convey information to various different stakeholders; and strong time management, organizational and problem-solving skills.
General and operations managers are responsible for the overseeing of various facilities such as offices and stores and for setting policies that are in alignment with the values of their organization, while assessing the progress that is being made in regard to achieving long-term goals. These managers also oversee everyday operations while creating schedules and reviewing budgets.
Accountant or auditor
This role requires a bachelor’s degree. Important qualities for this role include a detail-oriented outlook, the ability to organize complicated documents, and strong analytical and math skills.
Accountants and auditors are responsible for preparing and reviewing financial documents, preparing taxes for individuals and businesses, identifying instances of financial fraud, and evaluating a business’ economic value.
Industrial production manager
A bachelor’s degree is also required for this role, which is also sometimes known as plant manager, production control manager or manufacturing manager. Important qualities for this position include a background in manufacturing or production of at least five years, the ability to quickly solve problems, and leadership and time management skills.
Industrial production managers are responsible for the supervision of manufacturing plants, ensuring that workers comply with safety procedures, setting long-term goals and managing daily operations. They are also responsible for implementing procedures with the aim of streamlining production.
How much can you earn with a business administration degree?
In March 2022, the average salary for a business administration degree graduate was $69,000 per annum, according to PayScale, though higher salaries are possible with many business administration degree jobs. Management occupations, for example, have a median annual wage of almost $110,000, according to the BLS.
Business administration degree graduates tend to work in careers that offer above average salaries as well as many opportunities for career advancement. For instance, financial analysts earn an average of $88,660 per annum. Financial managers, on the other hand, have an average yearly salary of more than $134,000.
Budget analysts, meanwhile, perform a similar job to financial analysts, examining financial data in order to make recommendations. However, they have a different focus in that they help organizations with their budgeting and to keep track of their spending. In 2019, the average salary of budget analysts was around $76,540, but the highest earners in the top 10% of the industry were pulling in more than $116,000 per year.
Having a business administration degree is good preparation for many entry-level business administration jobs, and business professionals are able to increase their earning potential with a graduate degree, professional certifications or simply experience.
Those who do go on to further study and gain an MBA Concentration in Finance will only increase their earnings potential. According to US News, in 2019, the average salary for full-time MBA program graduates within the financial services industry was no less than $130,001 per annum, one of the highest recorded salaries.
Similarly, Monster has reported that finance is one of the MBA majors that pay the most. MBA finance program graduates frequently earn six-figure salaries on account of the fact that they are the only ones who possess knowledge and skills that are very much in demand.
Professionals who have a business administration degree can expect lucrative careers with many opportunities for advancement.