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Top 6 Business Management Careers

May 7, 2021 4:35 pm0 commentsViews: 304

Business management is a diverse, versatile field that offers you many interesting opportunities for personal and career success. In many industries, good business managers are needed and will become more so in the future as the global business sector grows large and more complex.

What Is Business Management?

Business management simply is the process of devising strategies, procedures, plans and policies that guide businesses, both on a short term and long term basis. Good business management involves the coordination of financial, human and material resources to obtain better success and profits for the company.

Many professionals are deciding to make business management their career because it is a growth industry. The Bureau of Labor Statistics (BLS) states that the field will grow by 5% by 2029. In particular, a stricter regulatory environment is driving more demand for auditors and accountants to prepare and review business financial documents for compliance.

Hot Tip

One of the growing areas of business management is in business intelligence software. This specialized software gathers fragmented data sets and transforms it into usable information for your business.

BI has been used in the past for major corporations to mine, store and visualize ‘big data.’ But today, business intelligence is also being used by small businesses. Business dashboards such as Cyfe are delivering advanced business analytics, tracking and monitoring – track your company’s business data in real time.

Below are the top business management jobs that offer both a good salary and plenty of emerging job opportunities:

#1 Top Executives

Job Description: Top company executives devise policies and strategies to ensure that many types of organizations meet their profit and other goals. They are responsible for planning, directing, and coordinating many types of operational activities of corporations in virtually every industry. The exact duties of top executives, such as CEOs, CIOs and CFOs will depend upon the size of the company. In a smaller company, the top executive may be responsible for hiring, training and purchasing. But in a large company, a top executive may work more on formulating new corporate policies and making strategic plans for new markets and products.

Earnings: The median wage for all executives in 2020 was $107,680. Also note that the median wage for general and operations managers was $103,650 per year.

Demand: Job demand will increase by 4% by 2029, which is average. However, there are signs that after the end of the pandemic that the economy will rebound faster than predicted. It is possible that these numbers could be revised upward if economic growth accelerates.

Job Tip: Executives with several years of experience and an MBA from a top online or campus based degree program have the best prospects.

#2 Accountants and Auditors

Job Description: Accountants and auditors examine and prepare business financial documents and records. They make sure that all business financial records are as accurate as possible, and that taxes have been properly paid on time. Accountants and auditors review company’s’ financial operations and ensure that everything is running smoothly on the finance side.

Earnings: The median pay for all accountants and auditors was $73,560 in 2020. The top 10% earned more than $128,680 per year. The companies that tend to offer the highest salaries are in the finance and insurance industries, with a median salary of $78,600.

Demand: The demand in this field of business management will grow by 4% by 2029, which is average. It is believed that continued globalization, a growing economy, and a more complex regulatory and tax environment will cause higher demand for auditors and accountants.

Job Tip: Interest rates are predicted to rise as government borrowing starts to impact the economy, and as they grow, there should be higher demand for auditors and accountants. Also, more companies may go public, and more accountants will certainly be needed in that case.

#3 Financial Analysts

Job Description: Financial analysts offer guidance to corporations and businesses as they make investment decisions. They will often assess how stocks, bonds and other investments are performing. These professionals spend their days evaluating all types of investment opportunities. Many of them work for pension funds, in banks, mutual funds, insurance companies and related financial businesses. Some financial analysts may be called investment analysts and securities analysts.

Earnings: The median wage for all financial analysts was $83,660 in 2020. The professionals in this field who earned the most were financial analysts who work in the securities and commodities fields, making $98,850 per year.

Demand: The job demand for financial analysts is bright, with 5% increase in jobs expected by 2029. It is thought that as investment portfolios get more complex, there will be more need for expert financial analysts to help companies and individuals make good investments.

Job Tip: Expected federal regulatory financial reforms in the coming years could increase the need for financial analysts in many states.

#4 Administrative Service Managers

Job Description: Administrative service managers direct, plan and coordinate all types of services in an organization. The responsibilities can vary depending upon the industry. But many of these professionals have a background in business and operations management. They often are in charge of facilities and supervise administrative activities including mail distribution, record-keeping and keeping office and facility systems functioning.

Earnings: The median wage in this field in 2020 was $98,890, with the most pay being usually in the finance and insurance fields at $169,930 per year.

Demand: Employment in the field will increase by 6%, which is about average when compared with other professions. However, many believe that the areas of facility management and records and information management will see faster job growth.

Job Tip: There are signs that there will be more of a focus on the environment and energy efficiency of buildings. It is believed that more facility managers will be needed to oversee these activities.

#5 Financial Managers

Job Description: Financial managers are in charge of maintaining and improving the financial health of an organization. These are highly paid upper level managers who produce financial reports, direct ways to invest for the company, and come up with new strategies and plans to improve long term financial goals for the organization. You should expect that you will be preparing complex financial statements, business activity reports, and monitoring detailed financial information to ensure that all legal and regulatory requirements are followed.

Earnings: The median wage for all financial managers was $134,180 in 2020. The most well paid financial managers are usually in professional, scientific and technical services.

Demand: Employment in this field will grow 15% by 2029, which much faster than average. It is believed that financial managers with knowledge of accounting and finance will have the best prospects for jobs.

Job Tip: Commercial banking and savings institutions have a large number of financial managers.

#6 Small Business Management

It should also be noted that the small business field generally is poised for faster growth in coming years. All types of small businesses need excellent business managers for the companies to survive and prosper. With an MBA and good business management skills, there is no reason that you cannot become an entrepreneur and open your own business.

Although the pandemic was a slaughterhouse for small businesses in most sectors, the National Federation of Independent Business (NFIB) reported in March 2021 that the Small Business Optimism Index was back on the rise. At 98.2, the 2.4 point rise marked a return to normalcy for the first time since COVID-19 hit.

There’s good reason for optimism, with demand for both services and labor increasing almost across the board. Nearly half of owners reported job openings that could not be filled—a key task that MBA graduates with strong recruiting and retention talents can always help with.

Develop strong business management and leadership skills in an MBA program, you just may be heading a successful small business yourself in the coming decade.

May 2020 Bureau of Labor Statistics salary and job growth figures for Business and Financial Occupations, Top Executives, Accountants and Auditors, Financial Analysts, Administrative Services and Facilities Managers and Financial Managers represents national data, not school-specific information. Conditions in your area may vary. Data Accessed May 2021.