What Kind of Salary Can I Expect with a Business Administration and Management Degree?
This is a fair question, and one that many prospective and current management students ask themselves when looking at careers in business. What can I expect to make? After all, there is an opportunity cost to attending school, the foregone wages of working at a current job, so will a graduate of a business administration degree be better off? Well, probably, but as with so much else in business, it depends. We will get into why in this article, as well as some of the options for business careers. This article also offers the middle ranges with higher earnings potential obtainable for those at the top of the career ladder. We will end with resources for further reading.
First of all, there are many varied and exciting jobs available to those who start careers in business. A common misconception of business careers is one of dull office work. While some parts of a job may not have the same degree of satisfaction as more creative careers, sometimes they can. The job market continues to evolve, and new opportunities can come from experience in one field to another. Strategic accounting is a good example. The role of accountants in guiding a company’s strategy has moved them from the back office to the board room in many key decisions. Another unexpected accounting field is working as a forensic accountant for the FBI. They can make an average of $68,000 a year.
Consider management consulting, another growing field of business administration. With an expected 24% growth in the next 10 years, the job title that was started when management guru Peter Drucker placed an enigmatic “Consultant to Management” on his door at General Motors has become an industry in its own right. The average wage in 2008 was $73,570. Management consultancy can be very exciting work as it can include a higher variety of material than other jobs in business, but it extracts a heavy toll:Mmost consultants work long hours. As there are many job descriptions that fall under “consultant,” it's important to see which fits you best.
If working for someone else is not what you imagine doing and you have the right business acumen, life as an entrepreneur could be ideal – providing excitement, self-determination and autonomy. Although it can be difficult to narrow down a salary due to the wide range of definitions fitting who an entrepreneur can be and what they can make, the chance to reap more from one’s efforts is one of the key temptations for life as a self-starter.
General or operations manager includes a spread of jobs that usually has public government positions at the lower to middle end, and private business placements seeing the higher end of the salary range. The median is $92,650 annually. The general manager has become the title for those in charge of others' work, and most closely aligns with what one imagines when we think of a career in business. However, there is still a great amount variation, particularly depending upon what field of business one manages. Your future job description will be contingent on whether you find yourself working as a retail manager, in manufacturing or in public works.
There is a wide range of possibilities open to those considering a career in business, and they're evolving all the time. This article seeks to show some of the diversity as well as to illustrate the breadth of available options but is not an exhaustive list. See the links in further reading to find the career path that is right for you.
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