6 Benefits of Studying Business Administration
If you want to gain a degree that will offer you almost endless career potential, you should definitely consider a business administration degree. From gaining new sets of skills to increasing chances of networking and raising earning potential, a qualification in this field will open up many beneficial doors within the business arena.
If you want to get answers to questions such as “is business administration an excellent major?” or “why choose business administration”, then keep reading.
What Is Business Administration?
Business administration is an area of business sciences that deals with the process of managing the time, resources, and people of an organization. Professionals in this field have to work on helping organizations to run their business effectively and profitably.
Working in this field brings a lot of new opportunities, but it also requires a certain amount of knowledge and a set of skills.
Benefits of Studying Business Administration
The benefits of a business degree are numerous. A degree in business administration will give you unlimited possibilities in your future business career. From there on, you can level up and pursue a master’s degree in business, or you can even jump into the work market and enjoy all advantages that business school will give you. Whatever your choice may be, studying business administration in the first place will equip you with a new set of skills, more significant earning potential, and unlimited career path possibilities.
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Development of skills
Once you decide to pursue a degree in business administration, you will absorb a wide range of new skills that you will put to use in your everyday work life. A business administration program will teach you how to think critically, become a team player, and motivate and lead people. During these programs, you will learn how to make safe business decisions and troubleshoot different problems.
As a business administration graduate, you will master soft skills such as influencing those around you, communicating thoughts and ideas, giving and receiving constructive criticism, and making effective presentations. All of these skills are highly required by employees once they graduate from business administration and enter the work market.
In addition, business students will acquire knowledge in finance, marketing, accounting, database management, human resources, customer service, information technology, and budget management. They will most of the time specialize in one of these areas.
Networking possibilities at school
The business administration school can serve as an excellent opportunity for networking. Whether you want to continue studying for a master's in business or you want to get immediately into the job market, the business school is a fantastic generator of possibilities. Other colleagues, professors, and mentors can all serve as a link to your next step in this field.
Career path possibilities
At first, students are usually willing to pursue a business administration degree because they feel confident in their leadership skills and firmly believe that they would successfully manage to be in charge of teams. However, once these students enter the business administration field, they discover that there is much more to it that can be beneficial and of interest for their future.
General business administration, finance, accounting, project management, human resources, information technology, marketing, international business, logistics, and organizational behavior are all covered in a business administration degree. These skills are versatile enough that they could lead to jobs in a variety of fields after graduation.
Supervising and overseeing business activities is what business administration is all about. Among other responsibilities, as a business administrator graduate, you will be in charge of managing finances, analyzing data and market trends, and designing policies to improve the efficiency of business operations. Working in several areas of a corporation, ranging from business research to economics and finance, is likely to be a part of a career in this profession.
Government agencies, hospitals, real estate firms, banks, schools, distribution centers, transportation agencies, manufacturing industries, and non-profitable organizations are just some of the few sectors where business administrators can find employment. In such sectors, a business administration graduate can perform as a:
Sales manager
Business consultant
Financial analyst
Market research analyst
Human resources (H.R.) specialist
Loan officer
Meeting, convention, and event planner
Business consultant and more!
Potential salary
Contrasting many business degrees that lead to a specific set of occupations, as it is accounting, for instance, business administration offers general abilities that can be used in a wide range of business occupations. A business administration degree focuses on the management and operational skills essential to running a corporation, and that may be applied to practically any industry in the business world.
When it comes to earning potential, the level of education you have plays a significant role. A bachelor's degree in business administration can boost your annual earnings by $2,000 to $5,000 or more. In comparison, a master's degree in business administration (MBA) can increase profits by another $7,000 to $11,000 since many MBAs start their journey in higher-level management positions with more responsibility. In that way, they earn a higher salary that may even include a bonus package.
According to PayScale, the average business administration degree wage in October 2021 was $69,000 per year. Management positions have a median annual income of about $110,000, according to the U.S. Bureau of Labor Statistics (BLS) data. Accountants, financial analysts, management consultants, and market research analysts are among the jobs available to business administration degrees. These occupations pay far above average and provide prospects for promotion. Financial analysts, for example, get an annual median pay of $88,660, whereas financial managers earn an annual median salary of almost $134,000 per year.
Job outlook
According to the U.S. Bureau of Labor Statistics (BLS), the employment rate in business and financial operations occupations is expected to go up by 8% from 2020 to 2030, as fast as the average for all occupations.
About 750,800 new jobs openings for business and financial operations are projected each year, on average, over the decade.
Globalization, a thriving economy, and a complicated tax and regulatory environment are projected to keep accountants and auditors in high demand. Furthermore, as data and market research are increasingly used to better understand clients and product demand and evaluate marketing plans, market research analysts will be in higher order.
Self-employment
When talking about business administration occupations, we're happy to say that the possibilities to become your own boss are the highest.
In many business and finance jobs, a significant number of workers are self-employed. Some of the business jobs in which workers are most likely to be self-employed include work in the accounting and finance field, business consulting jobs, startup entrepreneurs and founders, and other activities that support business and financial transactions.
What Do You Learn in a Business Administration Degree?
Majors in business administration examine how businesses operate. They learn business fundamentals while honing their leadership abilities, and their curriculum is adaptable, allowing them to pursue a range of occupations.
Business administration majors begin their studies with introductory classes. Economics, accounting, statistics, marketing, management and organization, business communication, and entrepreneurship are some of the subjects addressed. Students can then focus more closely on coursework that is more closely related to their interests or choose a concentration.
Students can have access to advanced courses in operations management, management theory and practice, entertainment entrepreneurship, organizational behavior, and investment in new ventures. Moreover, possible concentrations can be information systems and technology, leadership and management, international business, law, finance, health and life sciences, strategy, and real estate. Some programs allow business administration majors to earn dual degrees in fields such as international relations, computer science, neuroscience, and philosophy.
Conclusion
Ultimately, business administration benefits are more than we can count! Obtaining such a degree will give you limitless possibilities in the business area and contribute to your overall job satisfaction. Moreover, you will also get the chance to be your own boss while still doing what you like and you have studied for.