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Top 6 Business Management Careers

January 14, 2017 4:35 pm0 commentsViews: 63
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MBAs and Other Business Programs for Working Professionals

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 8% by 2024. 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 2015 was $175,000. Also note that the median wage for general and operations managers was $97,400 per year.

Demand: Job demand will increase by 6% by 2024, which is average. However, there are signs in 2016 and 2017 that the economy is growing faster than it was. 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 $67,190 in 2015. The top 10% earned more than $118,000 per year. The companies that tend to offer the highest salaries are in the finance and insurance industries.

Demand: The demand in this field of business management will grow by 11% by 2024, which is faster than 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 have been rising as of 2016 and 2017, and as the economy grows, 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 $80,300 in 2015. The professionals in this field who earned the most were financial analysts who work in the securities and commodities fields.

Demand: The job demand for financial analysts is bright, with 12% increase in jobs expected by 2024. 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: More federal regulatory financial reforms in the last six 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, recordkeeping and keeping office and facility systems functioning.

Earnings: The median wage in this field in 2015 was $86,100, with the most pay being usually in the finance and insurance fields at $97,000 per year.

Demand: Employment in the field will increase by 8%, 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 $117,000 in 2015. The most well paid financial managers are usually in professional, scientific and technical services.

Demand: Employment in this field will grow 7% by 2024, which is about 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.

Small business data for 2016 indicates that the number of small businesses will increase to 42 million by 2026, which is up from 30 million. This constitutes a 3.3% growth rate, which is much higher than we saw from 2004 to 2014, when the rate was just two percent.

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.