7 In-Demand Jobs You Can Get With a Business Administration Degree
There are two roads you can take to become a business administration graduate: a bachelor of science in business administration or a bachelor of business administration.
A bachelor of science in business administration degree is designed to equip students with the necessary skills and knowledge in various business functions such as accounting, auditing, human resources, medical and health services management, marketing, finance, and the list goes on. The business administration graduates will understand how businesses work and employ their critical thinking skills to identify, evaluate, and solve complex business problems.
While a bachelor of business administration (BBA) prepares students for more administrative and managerial positions, a bachelor of science in business administration (BSBA) builds analytical skills enabling students to take technical advanced and leadership roles. This article is intended to explore the seven most in-demand job positions that you can get with a business administration degree.
Careers with a Business Administration Degree Outlook
According to the United States Bureau of Labor Statistics, job demands in business and financial occupations are expected to grow eight percent from 2020 to 2030, adding about 750,800 new jobs.
The main growth driver of business jobs is globalization and the growing economy. As the world gets more connected, new business opportunities open, and there will inevitably be an increase in demand for accountants, auditors, and financial management positions. At the same time, digitalization allows businesses to gather data for their audiences, contributing to an increase in market research analysts and marketing managers.
As the economy is expanding, businesses are expanding their operations and workforce, contributing to an increase in job openings for business administration graduates.
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7 Jobs You Can Get With a Business Administration Degree
A business administration degree prepares students for various types of job positions and opportunities. Here are seven job positions that you can get with a business administration degree, but keep in mind that this list is in no way exhaustive.
Accountant or Auditor
You can land a job as an accountant or auditor with an administration degree. Both of these job positions are worthwhile career paths; they are related, but they also have their differences.
According to the U.S. Bureau of Labor Statistics, the demand for accountants and auditors is growing continuously, so with a median pay of $73,560, they are undoubtedly a strong job prospect.
Take a closer look at the job descriptions, education requirements, and the salaries for the two.
Job description
An accountant's job is to deal with accounting, tax, and budget. The core duties of an accountant are to keep track and examine financial records, ensuring everything is up-to-date. An accountant's duties are preparing financial forecasts, risk analysis, budget reports, and making sure financial statements meet laws and regulations.
There are different kinds of accountants: public accountants, management accountants, government accountants, etc. Each specialization has its unique set of responsibilities.
On the other hand, an auditor's job is responsible for checking cash flow and company's accounts, making sure they are being recorded and processed accurately. They also make sure assets are protected and that financial records meet the legal requirements.
Auditors can work in public or private companies as external, internal, and independent auditors.
Education requirements
In order to become an accountant, you will need to pursue advanced education and formal certification. Most accountants have a bachelor's degree in accounting or a related field, and some countries also require advanced coursework in subjects like financial reporting, taxes, and other accounting business fields.
Auditors usually have a Bachelor's degree in finance or accounting. But, often, it is required from an auditor to have advanced coursework too, generally 150 credit hours in accounting or related fields.
Salary
According to the U.S. Bureau of Labor Statistics, the 2020 median pay for accountants and auditors is $73,560.
The average pay by experience level for accountants:
An entry-level accountant with less than one year of experience earns an average of $47,310.
A mid-career accountant with five to nine years of experience can expect to earn $56,040.
An accountant with more than ten years of experience can earn an average of $58.694.
The average pay by experience level for auditors:
An entry-level auditor with less than one year of experience earns an average of $53,542.
A mid-career auditor with five to nine years of experience can expect to earn $65,219.
An auditor with more than ten years of experience can earn an average of $71,369.
Career outlook
The employment outlook for accountants and auditors predicts an increase by7 percent from 2020 to 2030, about as fast as the average of all job positions.
The U.S. The Bureau of Labor Statistics projects about 135,000 openings for accountants and auditors each year.
Human Resources Specialists
A human resources specialist (H.R. Specialist) has great responsibilities in a company, and they are essential for the success and efficiency of a company. Hiring, training and development, pay, and performance management are crucial in business, and a hiring manager makes sure these processes run smoothly.
Job description
A human resources specialist is responsible for posting job openings, monitoring applications, interviewing and hiring talented people, processing the contracts, conducting training sessions, keeping records of complaints and suggestions. They also deal with administrative duties and regulations and help to solve disputes within the company.
Education requirements
If you want to become a human resources specialist, you will need to pursue a Bachelor's degree in public administration, human resources, business administration, or a related field. Advanced coursework in human resources and management is a big plus.
Salary
According to the U.S. Bureau of Labor Statistics, human resources specialists earned a median annual salary of $63,490.
The average pay by experience level for human resources specialists:
An entry-level human resources specialist with less than one year of experience earns an average of $45,552.
A mid-career human resources specialist with five to nine years of experience can expect to earn $55,373.
A human resources specialist with more than ten years of experience can earn an average of $57,724.
Career outlook
Over the next decade, the employment outlook for human resource specialists is expected to grow 10 percent. About 73,400 openings for human resources specialists are projected yearly.
Medical and health services manager
Medical and health services managers work behind the scenes at hospitals, clinics, nursing homes, and similar healthcare organizations. They play an essential role in tracking and managing the daily functions of a healthcare organization.
Job description
A medical and health services manager plans, directs, and coordinates medical and health services in hospitals, public health agencies, clinics, managed care organizations, public health agencies, and other similar organizations. They are also responsible for finances and budgets, hiring and training process, and may supervise employees.
A medical services manager works closely with medical staff, patients, and insurance agents on a typical day.
Education requirements
This job position requires at least a Bachelor's degree in healthcare management or business administration. However, a Master's degree is relatively common for professionals in this field.
Salary
According to the U.S. Bureau of Labor Statistics, the median annual wage for medical and health services managers was $104,280 in 2020.
An entry-level (with less than one year of experience) medical and health services manager earns an average of $61,869, while those with over ten years of experience earn $78,278.
Career outlook
The employment of medical and health services managers is expected to grow 32 percent from 2020 to 2030, which is faster than all other occupations. Over the next decade, about 51,800 jobs are expected to open for medical and health services managers each year.
Market Research Analysts
The market research analyst's role is crucial in many companies and organizations. Market research analysts help companies understand the needs of their target audience by researching and evaluating data.
Job description
A market research analyst studies the market trends and conditions to understand the clients' needs and then create and sell the right product. They are responsible for collecting various data on consumers, marketplaces, and competitors, which help the company understand their audience better. They do this by understanding business objectives and designing surveys that collect the potential customers' preferences.
Education requirements
Generally, you will need a Bachelor's degree to work as a market research analyst, but consider getting a master's degree too; you can get better job positions and a better salary.
Salary
According to the U.S. Bureau of Labor Statistics, the median annual wage for a market research analyst was $65,810 in 2020.
The average pay by experience level for market research analysts:
An entry-level market research analyst with less than one year of experience earns an average of $49,889.
A mid-career market research analyst with five to nine years of experience can expect to earn $65,348.
A market research analyst with more than 10 years of experience can earn an average of $76,859.
Career outlook
The employment of market research analysts is expected to grow 22 percent from 2020 to 2030, presenting enormous opportunities for those interested in this profession. Over the next decade, there will be about 96,000 job openings for market research analysts each year.
Financial manager
Financial managers are responsible for the finances of a company, agency, or organization. They supervise all the important financial functions of a company or organization like monitoring cash flow and profitability, providing financial advice, making important decisions, managing risk of financial loss, etc.
Job description
Financial managers are responsible for producing financial reports, directing investment activities, projecting profit, managing credit, and coming up with strategies to reach the financial goal of their company.
You can hold different types of financial managers positions such as controllers, treasurers, and credit managers.
Education requirements
At least a Bachelor's degree is needed to work as a financial manager. But a master's degree and other training and certifications are widespread in the field.
Salary
According to the U.S. Bureau of Labor Statistics, the median annual wage for a financial manager was $134,180 in 2020.
However, to reach that salary, you need to have a few years of experience. For example, an entry-level financial manager with less than one year of experience earns an average of $60,268. In contrast, a mid-career financial manager with five to nine years of experience can expect to earn $98,013.
Career outlook
The U.S. Bureau of Labor Statistics projects a 17 percent employment growth from 2020 to 2030, faster than the average growth rate for all occupations. About 64,200 job openings for market research analysts will be added each year over the decade.
Marketing manager
Marketing managers deal with the marketing and promotion of a business or product. They ensure that the company is attracting its target audience and developing the brand's identity,
Job description
A marketing manager communicates with customers in order to understand their needs and preferences. They create plans and strategies to market their products or services and effectively connect with as many potential customers as possible.
Depending on the size of the company they work, a marketing manager may have duties such as:
Website and copywriting management
Execute social media marketing
Content management
Education requirements
The minimum education requirement for a marketing manager is a Bachelor's degree in business, advertising, communications, or other related fields. Many earn a Master's degree to increase their competitiveness in the job market.
Salary
According to the U.S. Bureau of Labor Statistics, a marketing manager's 2020 annual median salary was $141,490.
An entry-level marketing manager with less than one year of experience earns an average of $48,508, a salary that increases to $69,959 after five years of experience.
Career outlook
The United States Bureau of Labor Statistics projects a faster than average growth rate for marketing managers. The employment rate is expected to grow by ten percent from 2020 to 2030. About 31,100 job openings for marketing managers will be added each year over the next decade.
Management Analysts
Management analysts play an essential role in improving an organization's or company's efficiency and success. They research, collect, and analyze data about a company and recommend decreasing costs and boosting revenue.
Job description
Management analysts identify a company's strengths and weaknesses and conduct organizational studies and evaluations on different issues and procedures. Based on the analysis they perform, they recommend ways to improve business performance and profitability.
Education requirements
The education requirement for a management analyst is a bachelor's degree. But further education is also widespread and will make you a better candidate for the job position.
Salary
According to the United States Bureau of Labor Statistics, the median annual wage for management analysts was $87,660 in 2020.
The average pay by experience level for management analysts:
An entry-level management analyst with less than one year of experience earns an average of $55,407.
A mid-career management analyst with five to nine years of experience can expect to earn $72,627.
A marketing manager with more than ten years of experience can earn an average of $81,347.
Career outlook
The employment of management analysts is projected to grow 14 percent from 2020 to 2030, a substantial increase compared to other occupations. About 99,400 management analysts' job openings are predicted to open each year for the next ten years.
Conclusion
So, getting a business degree will almost always guarantee a great job and a successful career. You can land various job positions ranging from those requiring high analytical skills to those requiring high interpersonal skills. And all you need to get these high-paying jobs is a Bachelor's degree in business administration, and of course, a Master's degree is always an advantage.