How a Career in Business Administration can Lead to Long-term Success
If you are looking to hit all the right spots in the business world, you must equip yourself with the proper knowledge and skills that will open opportunities and guide you toward success. A business administration program will help you succeed as business administration is the foundation behind successful businesses.
The principles and practices of the field will help you analyze different business situations, each on its merits, and develop strategies geared toward achieving the company’s objectives.
Equipped with a degree in business administration, you will be closer to building a successful career. This article outlines some of the gains you stand to enjoy by pursuing a career in business management.
What is business administration?
Business administration is the study of fundamental business skills that help individuals achieve set goals and objectives. Skills such as accounting, communication, leadership, economics, and data analysis are some of the most vital proficiencies acquired by studying a business administration program.
This field has much to offer individuals looking for long-term career success. It equips you with the core principles of running a successful business. You also learn valuable skills that help you excel in strategic decision-making and problem-solving, qualities that every employer seeks.
You also become an excellent communicator and can lead your team toward achieving set goals and interacting effectively with clients and stakeholders. The program also gives you the confidence to manage budgets effectively and make financial decisions.
Studying a business administration degree
A degree in business administration is a prestigious program that employers appreciate. The fully accredited MBA online program offered by St. Bonaventure University will ensure that you are equipped with the skills and tools in order to build and advance your career.
The school’s personalized and interactive course prepares graduates to become excellent business professionals who excel in different business environments. It also equips its graduates with solid ethical judgment and advanced business skills that set them apart from their peers in the employment space.
A career in business administration offers individuals lucrative professional options. It also equips them with the knowledge and abilities they need to succeed in their chosen industry over the long term. A business degree will open up opportunities for people committed to their career growth.
It gives them an in-depth understanding of the function of economics, creating interpersonal relationships, and mastering the art of decision-making. Business administrators can succeed professionally and personally with a degree in business administration, hard work, and determination.
Benefits of studying business administration
A business administration degree offers skills and knowledge that can help graduates launch a business career. However, there are even more benefits to earning such a degree.
A wide range of career paths
Having a business administration degree opens up many job opportunities and allows you to go beyond your current position. It enables you to venture into human resources, accounting, marketing, and finance.
Specializing in areas you are best suited to allows you to focus and acquire in-depth knowledge of the discipline, distinguishing you from the competition.
According to the Bureau of Labor Statistics, business administration jobs are expected to increase by 9%between 2020 and 2030. These jobs are spread across different sectors, such as marketing, sales, management, customer relations, and finance.
Suppose you don’t want to climb the corporate ladder. In that case, you can start your own business as the program equips you with entrepreneurial skills such as management, critical thinking, communication, finance, marketing, and other attributes.
You could also start teaching business administration.
Develop crucial business management skills
Enrolling in a business management course will benefit you greatly if you seek a management position or want to become an entrepreneur. The course equips you with the skills required to undertake both roles professionally.
Communication, technology, critical thinking, attention to detail, problem-solving, and active listening can help you develop excellent financial or marketing strategies and manage employees toward achieving business goals.
A degree in business administration gives you options regarding the salary you can earn. The fact that you have various career paths to choose from means you have a variety of potential wages.
Although salaries may vary depending on the company hiring you, location, and your experience, career paths such as financial management, sales management, human resource, and marketing management pay higher than average. Besides, the degree course enables you to advance on the corporate ladder and get promoted, increasing your salary. For instance, you can switch from a managerial position to a chief executive officer, a post that will earn you a higher salary and benefits.
Today’s rapidly changing business environment, customer demands, and stiff competition have forced businesses to look for strong leaders capable of developing innovative ways to keep the business competitive.
However, to get noticed, you must possess strong leadership skills, and a business administration program helps you create and nurture such proficiencies.
Apart from learning fundamental business management skills, such as human resources, marketing, finance, and accounting, you also gain other critical skills, such as communicating effectively, analyzing a problem, developing strategic solutions, thinking critically, and motivating employees.
All these valuable leadership skills will set you apart from other candidates, giving you an edge in your career path.
Undoubtedly, your network is your professional net worth, and one way to develop network skills is by studying business administration. The program familiarizes you with different types of networking and how to use and gain from them.
For instance, consider attending business seminars, conferences, or events by local organizations where you can meet people and create relationships. Interacting with other business people enables you to enjoy mutual benefits.
You can quickly develop contacts that may lead to lucrative job opportunities with prominent organizations in your field or give you access to essential resources.
Alternatively, you can turn to social media and connect with other professionals in your field and share information relevant to the industry. Social media is a perfect platform on which to sell your services, and you are likely to land lucrative deals if you position your brand and remain relevant.
When creating these networks, consider starting small by joining trade organizations and advance up the ladder as you hone your networking skills.
Advance your studies
A business administration program puts you closer to a lucrative career and personal growth, as it offers excellent study opportunities. You can start with different courses and certifications and advance to a postgraduate diploma as you aim for a master’s degree.
If you are already employed and are worried about juggling working and studying, there is no need as you can pursue many online courses at your most convenient time.
Sets you apart in the job market
A business administration degree equips you with well-rounded skills that can help you drive a company to success. As such, the program makes you one of the most sought-after professionals by employers.
Employers appreciate the many contributions you can bring on board, such as being a good leader, managing personnel effectively, and landing lucrative connections due to your excellent networking skills.
A business administrator can successfully manage difficult situations and maintain the company’s positive image. They can also interpret and create business reports based on industry data, recruit gifted personnel, and create hierarchies for company growth.
What are the different business administration career paths
A business administration degree allows you to explore many opportunities within and outside the business world.
However, it would be best to recognize how to apply your skills to choose the right path. Here are some career paths you can follow that can earn you a good salary and benefits if you have a degree in business administration.
An actuary evaluates the financial risks associated with corporate choices. They examine uncertainty in areas related to insurance and pension schemes using arithmetic, statistics, and economic principles.
If you take this path, you can work for consulting firms, banks, hospitals, the municipal or federal government, or the private sector.
Accountant or auditor
Accountants are responsible for documenting financial transactions and analyzing financial documents. They also draft economic action recommendations after analyzing business accounts and financial statements. On the other hand, auditors review financial records and ensure they are accurate and valid.
Budget analysts help public and commercial entities evaluate a project or program’s needs, expenses, and risks when developing budgets. They collaborate closely with project and product managers to ensure accurate, compliant, and complete budget proposals.
Business consultants suggest tactics to increase productivity and income. They collaborate with management to m organizational changes that lower costs, increase productivity, and boost profits. If you take the career path as a business consultant, you increase your chances of employment as you can work in various businesses in the franchising, manufacturing, and financial industries.
Business managers are responsible for supervising a company’s daily business activities. They work closely with the executive and staff to steer the organization’s resources toward attaining its goals and objectives.
Business managers also recruit and train employees, create short- and long-term plans with management, and negotiate contracts. They also follow up on the implementation of business projects and initiatives. A business manager can seek employment in banking, finance, manufacturing, and government, among other industries, and enjoy a good salary.
A sales manager leads a company’s sales team in revenue production. The manager sets sales goals, conducts sales data analysis, and develops sales training materials for his team. They also project sales and evaluate the profitability of the company’s goods or services.
A data analyst is an expert in undertaking market research, analyzing the information using statistical techniques and software programs, and translating it into easy-to-understand information. They break down vast chunks of data and present them in charts, graphs, or any other easy-to-understand format. The data is then used to make more informed decisions.
Market research analyst
A market research analyst helps businesses gather and analyze consumer and competitor data. They monitor consumer preferences and current business conditions to determine the potential sales of a product or service.
Through the collected data, they help companies understand customer needs, target markets, and the best market price of the product or service.
Loan officers assess whether individuals or companies qualify for loans. They collect and verify all the required financial documents, such as income levels and credit rating, before evaluating the applicant’s loan need and ability to repay.
They also check loan agreements to ensure they adhere to all applicable requirements. A loan officer can seek employment in commercial banks, credit unions, mortgage firms, and other associated financial organizations.
Human resource specialist
A human resource specialist is in charge of all staff-related functions. They conduct recruitment, screening, and interviews and hire the most suitable candidate. They also run training programs.
A human resource specialist also liaises between the staff and the management, handles the payroll, and dispenses benefits. If you are willing to go this route, you can secure employment in the private, government, or nonprofit sectors.
Economists research the allocation of resources in society. They also perform studies and weigh the advantages and disadvantages of producing, consuming, and distributing products and services, monitoring economic trends, analyzing data, and creating forecasts for inflation, interest rates, business cycles, and a country’s employment levels.
A degree in business administration can set an economist apart from their peers and offer them a competitive edge in the job market. They can secure employment in the financial sector, telecommunication, and utilities.
How a master’s in business administration leads to long-term career success
Long-term success stories vary according to business administrators’ vision and expectations. However, for most people, their career path establishes a firm foundation from which they can pursue professional development over the years.
If you take up the following four steps, you will find yourself well on the way toward long-term success. It may help you visualize what the program prepares you for in the long run.
Acquiring industry certification
A business administration program enables you to acquire industry certification or additional courses or training programs. The certification proves you have the required tools and skills to perform a specific job.
It cements your credibility by showing you are a hard worker who understands what you are doing. It is an external validation; no one can question your skills once you earn one, making it a perfect document to have as you advance your career.
Building a portfolio of experiences
A degree in business administration enables you to build a professional portfolio as it provides a variety of skills and attributes. For instance, a business administrator can study economics or finance and enhance their career.
When adequately outlined on the resume, these skills open doors to new professions, a higher salary, and long-term employment for the administrator. A portfolio of experiences shows you have pushed yourself to acquire all the vital skills needed to achieve the bottom line.
Taking more advanced roles
A business administration degree enables you to advance your career and go up the corporate ladder. The program equips business administrators with soft and hard skills that help them run businesses effectively.
Soft skills enable them to manage staff, while hard skills enable them to create market plans, do analytics, manage business accounts, and manage social media. With all these abilities, one can quickly move into leadership, executive, managerial, or other high-level roles.
So, moving up the corporate ladder shows you have built your career, honed your skills, and are ready to take on more advanced challenges.
A business administration degree gives you the freedom to change your career and does not pin you down to doing something you no longer enjoy. The degree provides you with the transferable skills you need to switch careers.
For instance, you can switch from managerial to administrative positions or change from one industry to another. Thinking about career change is not easy, but it’s necessary as it shows you know what you want and are ready to make bold decisions.