Various Career paths in Business Administration Based on 3 degrees
Business Administration is one noble field that encompasses various career paths in management positions. You can never go wrong with a degree in business administration; this is because every business needs a business administrator to be successful.
There is a demand in the market for business administrators. Statistics from the U.S. Labor Statistics indicate that employment opportunities for business administrators are going to grow by about 8%. This growth is the best as far as any occupation is concerned. Business administration is a great career that allows for individual growth. Its wide scope enables you to choose your area of interest.
This career has its challenges, which come as a result of its competitive nature. You have to acquire a higher degree and professional certificates to have a better earning potential and be in demand. Knowledge on technology is useful in this career.
There are various education levels in business administration. An associate degree is the basic qualification that can earn you a chance in pursuing a career in business administration. A bachelor’s degree is a more advanced with better knowledge in leadership, management and planning. A Master in Business Administration is quite popular and a venture for anyone who wants to commit to this career. These certifications open up various employment paths.
Associate’s degree career
There are various career paths that you can follow with an associate’s degree in business administration. Each job has its own description and earnings.
1. Administrative Assistant
Administrative assistants get opportunities in various fields in the corporate world. As the job title suggests, administrative assistants provide assistance to employees in an organization. Thus, their work largely depends on the person or the department that they are assisting. The scope of work entails customer service and secretarial duties such record keeping, data entry and typing.
The median annual salary of an administrative assistant is $37,006. The range of salary between the most and the least experienced is quite little.
2. Office Manager
An office manager has various career paths that he or she can follow. This depends on the industry that one decides to pursue. The responsibility of an office manager includes overseeing and coordinating operations within their offices. They implement new guidelines derived from top management and create new budgets. As an office manager, you need good communication skills, managerial qualities and problem-solving skills. The annual median salary of an office manager is $43,485.
3. Executive assistant
An executive assistant works with top executives in a company. They provide assistance related to administrative, clerical and at times office duties such as documentation, scheduling meetings and running of errands. Basic skills for an executive assistant include the ability to communicate well, Microsoft office, office administration and organization skills. The median salary is approximately $50,390 per annum. Executive assistants report the job to be quite demanding and enjoyable especially when there is a good relationship with the boss.
4. Human Resource Manager
A human resource manager basically oversees the welfare and policies that concern the employees of an organization. This job entails tasks such as recruitment, training, compensation, monitoring leaves, insurance programs and making policies for employees. They also ensure that all programs and activities are compliant with the relevant laws, organizational goals and different professional requirements. The annual median salary for this job is $61,639; however, persons skilled in Performance Management get a higher pay.
5. Operations Manager
Operations manager tasks involve activities or departments related to production of goods and services. An operations manager ensures that; products are up to standard and safe, operations are effective, study the target market and maintain relations with labor unions and government officials. The skills needed to be effective as an operations manager includes leadership skills, project management and customer relations. The annual median salary is $60,572.
6. Legal Secretary
Legal secretary’s environment is in the courts and lawyer’s offices. They provide support to the legal personnel they work for in terms of creating and managing legal and non-legal documents and setting appointments. Knowledge or experience on the legal system is a prerequisite for a legal secretary. The annual median salary is $50,051.
7. Customer Service Representative
A customer Service Representative can work in various industries, however; their scope of work is almost the same. This job entails attending to the needs of the customer of a company. Skills required for quality customer relations include; problem-solving skills, communication skills, call center, data entry, a fast typing speed and basic Microsoft skills. The annual median salary is $34,943.
Bachelor of Business Administration (BBA) Degree
A Bachelor in Business Administration leads to various career paths. Each is job title has its own advantages and challenges.
1. Financial Analyst
A financial Analyst’s main work is to ensure that the company makes wise investments and financial decisions that will bring great returns. To achieve this, a financial analyst should have the ability to analyze the market, make financial analysis and reports, and have accounting skills. They are responsible for the financial growth and protection of the company. The median salary of a financial analyst is $56,928 per year.
2. Staff Accountant
Staff accountants work to determine the financial position of a company by creating and interpreting relevant financial record to the management. They achieve this is by analyzing financial data to create financial statements and reports. They also ensure that all regulations pertaining financial activities are adhered. The median salary is $45,837 per year with a small range between the most and the least experienced.
An accountant can work in various in industries. Their key tasks entail monitoring the financial status of a company through creating and monitoring relevant financial records. They keep track of a company’s assets, liabilities, file taxes and perform internal audits. A bachelor’s degree and certification as a Certified Public Accountant is needed to be an accountant. The median annual salary is $47,936 with an almost stagnant rise after 5 to 10 years experience.
4. Operations Manager
The duties of an operation manager are the same as those described under the associate degree in business administration i.e. oversee production of goods and services. Whereas a personnel can qualify to be promoted to an operations manager after years of experience, the position ideally requires one to have a bachelors or masters degree. The median salary per year is $60,572 with experience having a significant effect on the individual price.
5. Senior Accountant
Senior accountants hold the top most position in the accounting department of any organization. They manage all other accounts-related personnel. They ensure that all the financial information of a company is well organized. The most important skill in this job is financial analysis, general ledger accounting and great organization skills. A master’s degree is the required qualification for this job; however, a bachelor’s degree with a great experience in accounting is also considered. The median annual salary is $62,299.
6. Human Resource Manager
The duties of a human resource manager are similar to those discussed under the associate’s degree. This entails overseeing all activities and programs related to the employees or human resource. A bachelor’s degree is the usual requirement for the position of a human resource manager. The median salary is $61,639 per year with high experience and skills such as performance management increasing the figure significantly.
7. Financial Controller
A financial controller is the overall manager of the financial departments of an organization such as accounts, budget and audit departments among others. They have a responsibility of creating critical financial documents and determining the financial performance of the company, presently and in the future. A bachelor’s degree with an addition certification of CPA or certified financial manager is the basic requirement. The annual median salary is $76,345 with skills such as forecasting and senior financial management leading to a higher salary.
Master of Business Administration (MBA) degree
An MBA is an advanced degree that will land you in a top more specialized position in business administration. An MBA can enable you to follow any of the following career paths.
1. Chief Financial Officer
Chief Financial Officers (CFOs) manage both the accounting and finance departments of a company. CFOs have a leadership role that entails development and monitoring of relevant policies related to the accounts and finance. Skills such as public relations, budget management, accounting, financial analysis and senior financial management are needed. CFOs are one of the best-paid professions with an annual median salary of $121,942. This career path is reported to have a high job satisfaction.
2. Marketing Manager
Marketing Managers generally oversees the advertising and sale of a company’s product through market campaigns. They need great organization skills, social media marketing, marketing communications, strategic marketing and project management to be successful. A marketing degree is useful. $61,254 is the median salary per year for a marketing manager.
3. Marketing Director
As the title suggests, a Marketing Director directs marketing activities of a company. They work to create marketing ideas/ projects and ways of implementing them. Marketing Managers ensure that a product is well marketed and received well by the target clients. A persons needs to be skilled in branding, advertising and strategic marketing to be successful. The annual median salary is $80,921; however, the salary range differs depending on the company where one is working.
4. Financial Analyst
MBA can land one in the position of a financial analyst. The duties and job description are similar to those discussed under the bachelor’s degree. However, in both categories of education, experience matters. Financial analysis and forecast make the main part of this job. The median salary per year is $56,928.
5. Senior Financial Analyst
Senior Financial Analysts are concerned with financial budgeting and making regular forecasts. They manage analysts, determine risks and find practical solutions that ensure projects are completed successfully. The median salary per year for such a position is $75, 194.
6. Director of Operations
The Director of Operations’ main task is to ensure that employees are productive. They provide resources required for operations through purchasing of goods; ensure operations are run efficiently, within the allocated budget and according to standard. The median salary per year is $86,004; however, specific salaries differ significantly depending on the employer.
Business administration is a great career path. An associate’s degree earns one a chance to enter in to this great career; however, advanced qualification of a bachelor’s or master’s degree is required to make to the top management positions. Some jobs require additional professional certifications. Credentials such as a Certified Manager can be obtained through the Institute of Certified Professional Managers. Doctor of Business Administration is also gaining popularity; it is a sure way of gaining utmost expertise in a business field. A business administration degree can also enable one to start a business and manage it to success.