There were times when a business administration degree was good enough to break into a legitimate business career. But things have changed and now companies are hiring more specific professionals or more specialized degrees, like accounting, finance, marketing, etc. So there are questions that arise like is a business administration degree still worth the job market or if it still offers limitless opportunities in the competitive business world.
Well, the answer to the question is “Yes.” A business administration degree still has demand in the job sector, in fact; this degree might help you get a quick entry to the business world than a specialized degree. A degree in business administration will give you a broader way to impact the company compared to other specific degrees and the companies will eventually hire you.
Reasons Business Administration A Good Major
One of the main reasons a business administration degree still has demanded is, it dominates most of the in-demand majors in business studies. Moreover, a business administration degree helps you pursue a career in a wide range of high-paying sectors. Here are four key reasons many professionals choose a business administration degree:
Demand: There is always a high demand for a business administration. Every company or business in every sector needs an expert and skilled professional with strong business knowledge to run the business. So this high demand ensures job security for a business administration degree holder.
Versatility: A business administration degree is versatile and it gives a person the opportunity to pursue any functional area within the business. This degree provides knowledge about all the core aspects of a business which is very important to run a company successfully.
Advancement: A degree in business administration will help you think like a leader. This degree will help you gain management skills, which is very important to run a business. Moreover, management skills will help you get high-paid jobs at the management levels of various companies.
Online Learning Opportunities: This is another reason a business administration degree is a good major. Today’s life is very fast and you can pursue a business administration degree online if you remain very busy with your current career. You can easily pursue this degree in conjunction with your busy work schedule. There are many online courses available online that you can participate in from your laptop or smartphone.
Business Administration Career Prospects
Nowadays, you might see fewer job listings under the business administration category but it’s not the actual real-world scenario. It doesn’t mean that there isn’t a demand for employees with a business administration major/degree, in fact, it’s the opposite. According to the Bureau of Labor Statistics, the average growth of the financial operations industry is at 5%. So a proper business administration degree will prepare you for a career in a variety of fields in above-average growth. You can find business administration in finance, accounting, business management, marketing, health care management, etc. Below are some careers that you can pursue with a business administration degree –
1. Management Analysts: 10% growth
2. Appraisers and Assessors of Real Estate: 3% growth
3. Fundraisers: 14% growth
4. Personal Financial Advisors: 4% growth
5. Market Research Analyst: 17% growth
Business Administration Salaries
Salary plays a very important role while deciding which is a good major or what degree we should get. So let’s see some career opportunities of a business administration degree holder with an expected salary.
|Personal finance advisor||$90,640|
|Accountant and auditor||$69,350|
|Market research analyst||$63,230|
|Appraisers and Assessors of Real Estate||$54,010|
Skills Developed In A Business Administration Degree
The main aim of a business administration degree is to equip you with job-ready skills. A business administration degree will help you achieve functional skills as well as interpersonal skills. Below are the skills that you can attain from a business administration degree.
Business Analysis: You will learn how to analyze a business from financials to human resources. Moreover, you will be able to identify the problems of a business and can offer proper solutions to the problems.
Business Technology: A business administration degree will teach how to use technology to solve business problems.
Data Analysis: You will learn how to gather data and then analyze the data to find out the problems. Moreover, you will learn data organization procedures to make strategic, data-driven decisions.
Competitor Analysis: This is a very important business skill and if you choose business administration as a major then it will help you learn different techniques of analyzing and investigating the competitor. Moreover, you will learn how to find out their sales strategies and help your company outperform the competitors.
Project Management: If you want to pursue a career in the business sector then this is a very important skill to have under your belt. A major in business administration will help you learn and apply the knowledge, tools, and techniques to manage the projects accordingly.
Interpersonal communication: Communication skill is very important to build a successful career in the business sector. A business administration major will help you learn to effectively exchange information and understand feelings through both verbal and non-verbal messages.
Presentation Skills: You must have confidence when you are explaining a plan or project details to your senior. This type of skill is very important if you want to advance to leadership positions in any organization.
Leadership And Management: In a business administration program, you will learn everything about leadership and management. You will have the skills to become an effective manager, and you will know how to motivate your employees.
Problem Solving Skill: You will learn how to analyze the data and find solutions to various business problems. This skill will help you become a very important person in a company setup.
Decision-Making Skill: This type of skill will help you grow your career rapidly. Once you learn how to make a proper decision you will be able to control your employees properly.
Teamwork: Teamwork plays a very important role in the success of a business. In a business administration program, you will learn how to work properly and communicate as a part of a team, and complete tasks through group projects.
Business Administration Career Paths
A person with a business administration degree can pursue a wide range of careers. Let’s take a look at some of the high-growth and well-paying careers for the business administration degree holder.
Market Research Analyst
The job responsibility of a market research analyst is to study the market conditions and predict potential sales of a product or service. A market research analyst research and gather data to help a business understand the need of the customers, what type of product they want, what is the right price for the product as well as the market demand of the product. So a market research analyst helps the company to remain competitive in their marketplace.
It’s the responsibility of a sales manager to hire the right salespersons to build a team and then direct the sales team. A sales manager must have leadership skills to set sales goals, analyze sales and customer data to create sales plans and targets. Moreover, sales managers have to develop training programs to help the company’s sales representatives improve their performance.
Management analysts are also known as management consultants and their job responsibility is to look for ways to improve a company’s efficiency. They show how to reduce the cost of operating a business and improve the revenue of the company. Many management consultants work on a contractual basis while others work for a company.
Human Resources Specialist
Human resources specialists are experienced in all facets of human resources including recruiting and interviewing to compensation, benefits, and training. Moreover, they are the main point of contact for employees regarding any questions or company policy.
The main job of a marketing manager is to create awareness among the customers about the products of a company. A marketing manager may have to perform different types of duties including creating marketing strategies and campaigns for different products, developing product pricing strategies, and many more.
Operations Research Analyst
The demand for an operations research analyst is very high in the present job market and these professionals are involved in all aspects of a business and they use the data to make a better decision. They help the managers and leaders to make different decisions which are good for the development of the company.
The main duty of a budget analyst is to help the company organize their finance properly. A budget analyst evaluates budget proposals and analyzes the data to determine the costs and benefits of various programs. Moreover, they also identify the funding for the company and then recommend them during the budget discussion.
Usually, a financial analyst is specialized in investment strategy and management. It’s their duty to assess the individual investments as well as the collections of investments and then recommend the best solution. Financial analysts play a very important role in the return on investment (ROI) for a company.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.