With more than two decades of experience in higher education, cultural criticism and politics, Horacio Sierra's writing and public speaking aims to demystify higher education and promote the democratic values of the arts and humanities.
Horacio Sierra, Ph.D. College Professor and Education Expert WriterWith more than two decades of experience in higher education, cultural criticism and politics, Horacio Sierra's writing and public speaking aims to demystify higher education and promote the democratic values of the arts and humanities.
Written By Horacio Sierra, Ph.D. College Professor and Education Expert WriterWith more than two decades of experience in higher education, cultural criticism and politics, Horacio Sierra's writing and public speaking aims to demystify higher education and promote the democratic values of the arts and humanities.
Horacio Sierra, Ph.D. College Professor and Education Expert WriterWith more than two decades of experience in higher education, cultural criticism and politics, Horacio Sierra's writing and public speaking aims to demystify higher education and promote the democratic values of the arts and humanities.
College Professor and Education Expert Writer Veronica Beagle Managing EditorVeronica Beagle is the managing editor for Education at Forbes Advisor. She completed her master’s in English at the University of Hawai‘i at Mānoa. Before coming to Forbes Advisor she worked on education related content at HigherEducation.com and Re.
Veronica Beagle Managing EditorVeronica Beagle is the managing editor for Education at Forbes Advisor. She completed her master’s in English at the University of Hawai‘i at Mānoa. Before coming to Forbes Advisor she worked on education related content at HigherEducation.com and Re.
Veronica Beagle Managing EditorVeronica Beagle is the managing editor for Education at Forbes Advisor. She completed her master’s in English at the University of Hawai‘i at Mānoa. Before coming to Forbes Advisor she worked on education related content at HigherEducation.com and Re.
Veronica Beagle Managing EditorVeronica Beagle is the managing editor for Education at Forbes Advisor. She completed her master’s in English at the University of Hawai‘i at Mānoa. Before coming to Forbes Advisor she worked on education related content at HigherEducation.com and Re.
Updated: Sep 13, 2023, 12:04pm
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A successful business enterprise is more than just supply-and-demand economics. To excel in a business management career, you need a holistic appreciation for the nuanced ways in which business owners, employees and consumers interact. A business management degree teaches future business leaders the craft of running a profitable business.
After all, the business world can be fickle. Between cryptocurrencies going belly-up and retail giants falling behind on consumer preferences, no company is safe from bankruptcy.
Enter the finance officers, operations managers and marketing directors with business management degrees who can stave off financial disaster with their detailed knowledge of a company’s day-to-day operations.
Business management programs help students understand that a business is the sum of its parts, and each part requires careful management to ensure the whole’s success. Read on to learn more about what a business management degree entails and the job opportunities it presents.
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Business management involves organizing and overseeing a business’s finances, resources and—perhaps most importantly—employees. While a CEO might not know the names of their sales representatives, a business manager should know the names, strengths and weaknesses of each employee in their department. Business management involves an eye for the bottom line and thoughtful consideration of employees.
In some ways, business management is a more difficult job than business administration. Managers must be both detail-oriented to meet their organization’s goals and skilled communicators who can lead, inspire and assist their teams. A company’s prosperity hinges on its business managers’ problem-solving skills and understanding of the dynamic relationship between profits and people.
The continued demand for business management degree holders shows how much companies depend on them. According to the U.S. Bureau of Labor Statistics (BLS), employment in business management is expected to grow at a faster-than-average rate between 2022 and 2032.
We sourced salary data for this section from the U.S. Bureau of Labor Statistics in September 2023.
Median Annual Salary: $127,830
Minimum Required Education: Bachelor’s degree
Job Overview: Working with the heads of various departments such as product development, sales and marketing, these managers oversee programs and campaigns that generate consumer interest in products and services.
Median Annual Salary: $139,790
Minimum Required Education: Bachelor’s degree
Job Overview: Financial managers advise senior managers and corporate boards about the financial health of a company. These professionals must have detailed knowledge of how taxes and regulations impact a business, along with a firm grasp of an organization’s accounting practices.
Median Annual Salary: $130,600
Minimum Required Education: Bachelor’s degree
Job Overview: Sales managers keep a close eye on a company’s sales, analyzing data points to ensure profitable revenue streams in the face of overhead costs. A sales manager works with regional and local sales managers to monitor consumer preferences.
Median Annual Salary: $131,280
Minimum Required Education: Bachelor’s degree
Job Overview: Compensation and benefits managers discuss data points related to salaries and benefits (such as health insurance) with senior executives, human resource managers and finance managers to determine a company’s pay and benefits structure.
Median Annual Salary: $85,720
Minimum Required Education: Bachelor’s degree
Job Overview: As one of the more math-focused branches of business management degree holders, operations research analysts employ math- and reason-based logic to formulate detailed solutions to organization-wide problems. These analysts conduct rigorous research and consult external experts to ensure their solutions are ethical and financially sound.
Median Annual Salary: $103,330
Minimum Required Education: Bachelor’s degree
Job Overview: Administrative service managers ensure that the day-to-day operations of an organization run effectively and efficiently. Depending on the size of the company, these managers can oversee anything from presenting organizational records to company executives to supervising clerical and administrative staff.
Specializations for business management experts are critical in determining day-to-day responsibilities and work environment. For example, the compensation and benefits manager for a school district in Minneapolis might have to collaborate with a teacher’s union on a weekly basis; meanwhile, the sales manager for a chain of gyms in Miami might contract with local social media influencers to drive up membership rates.
Some business management specializations include:
Business administration gets lots of name recognition due to the popularity of MBA degrees, but the work of CEOs would be impossible without highly specialized business managers.
Business administration is an all-encompassing field that includes finance, accounting, sales, marketing and human resources. A degree in business administration covers various business-related concepts, while a business management degree emphasizes expertise in a specialized area. Business management, on the other hand, is more detailed, focusing on leading and managing employees within specific areas such as sales, accounting, advertising and operations.
If you are keen on running a company and relying on others to do much of the day-to-day work, you might opt for a business administration degree. If you enjoy supervising teams of experts in niche areas like advertising campaigns and software development, a business management degree might be your best choice.
In short, a business administration degree works on the macro level, while a business management degree works on the micro level.
Professional organizations allow you to stay relevant in the business management world, keeping you current on the latest trends and expanding your professional network. Here just a few of the professional organizations and associations for business managers:
The American Management Association (AMA) is a national leader in the field that traces its origins to 1913. Benefits of AMA membership include the ability to attend online and in-person courses, receive résumé-building AMA certifications and joining bespoke groups such as the Women’s Leadership Center.
With more than 700,000 members and 300 chapters around the globe, the Project Management Institute (PMI) is the ideal association for networking with other project managers. PMI offers trainings that focus on the development of essential management skills, résumé-building PMI certifications and volunteering opportunities.
The Association for Supply Chain Management (ASCM) is a globally inclusive nonprofit that trains supply chain managers to meet ever-evolving supply chain demands. In addition to trainings, ASPC offers certifications and empirically researched resources for supply chain managers.
The National Human Resources Association (NHRA) offers a space where theory meets practice. Through trainings, certifications and conferences, the NHRA brings together human resource managers from every field to share relevant skills and practical solutions.
Business majors have the opportunity to make high, six-figure salaries—especially if they work in managerial roles. Just as in any field, skills and experience are essential to excelling in the business world and earning a higher salary.
A business management degree involves the same level of academic rigor as a business administration degree. With courses covering various topics such as leadership, communication, finance and analysis, a business management degree rewards students with a broad skills set.
A business manager of a local chain of bakeries oversees the manager and employees of each branch, ensuring recipes and ingredients are uniform across all stores and monitoring revenue at each location. Such detailed knowledge allows the business manager to advise the owners about which stores are performing the best so they can make improvements in the stores where revenue is not as high.
