Business Administration: Salary, Qualifications, And More

The financial industry is booming. This makes the business administration field an attractive choice for men and women looking to enter an industry where they can earn high wages while also participating in cutting-edge work. This is an industry where technology and new ways of reaching consumers are constantly being developed. Although earnings are not typically the sole reason why future career professionals choose to enter one industry or another, the business administration salary is attractive - especially considering the education and qualification requirements.

Part of what makes a career in business administration so attractive is the men and women in the industry work in a field that is continuously evolving. This is especially true as social media markets and online technology have begun to impact the industry. Traditional forms of the financial industry - like portfolio management, currency trading, and securities - have also continued to see growth and high wages, securing this industry as a popular choice for young people from competitive backgrounds looking for a career that matches their intelligence and ability.

Another of the aspects of business administration that makes it so attractive to potential workers is the many forms a career in the industry can take. Business administration can involve overseeing the various aspects that running to a business can take, while it can also involve venture capitalism in technology firms, cryptocurrency, or any of the other areas connected with the finance industry. Individuals with a business administration degree can even work in a financial oversight or consulting role for a non-financial company or an organization like a university, a hospital, or non-governmental organization.

Traditionally, most people think of business administration in terms of the daily oversight of business operations, which itself can encompass many areas such as keeping the books, interacting with customers, managing employees, handing the cash or currency, and management of financial databases and technology. A business administration education, combined with any additional education or training received as an undergraduate, can prepare men and women in the field for a career in which they may be called upon to wear many hats.

Like any career that you might be interested in pursuing, certain qualities might incline you to choose this career over something else. Additionally, these specific qualities and others might lead to a more successful career in the field of business administration. For individuals so inclined, the lucrative business administration salary is just a bonus. Many skills and qualities can lead to a fulfilling career in this area, but these are some that can truly make a difference:

These are a few skills that can help men and women decide whether or not this career is good for them. Finding a career that matches both your skill set and interest not only is a predictor of future success, but also can predict whether you are likely to remain in the career or switch to something else. Of course, one of the skills not mentioned was an interest in keeping up to date with information - as much of business administration work can include data like currency values, stock prices, economic markets, and other variables that change by the hour.

Although education will be discussed in more detail later, a degree in this field can also be applied to many other industries - as the essential financial and analytical skills can be applied to a wide variety of industries, markets, and occupations. In reality, men and women with business management skills can be highly effective workers in many different occupations where a passion for organization, numbers, and good people skills are important. As a result, careers for individuals with degrees in business administration are just limited only to financial companies, banks, or other business operations.

The economy is growing and so is this industry. The Bureau of Labor Statistics ("BLS") predicts this industry will grow at about the same rate as other industries across the United States, although the specific figures vary depending on where within this field the worker is employed. The finance management sector within business administration is expected to grow not only faster than other fields within business administration, but faster than the national average across all careers.

To better understand the options available to those interested in business administration, it helps to get a sense of what some major sectors within the industry are. Of course, any list of business management fields will not be all inclusive as holders of these degrees can work in almost any field that involves management, accounting, or other organizational skills. Some commonly cited branches within business administration include the following areas:

These are only a few of the areas that a business administration degree can be put to good use in. You may be able to tell that some of these areas may have degree programs of their own, be open to people who already have a bachelor’s degree in business, or cater to those looking for a more specialized degree program than the standard business administration degree program.

By this point, it should be obvious that a background in business administration can take you in many career directions, but that still begs the question of what life and work is like for the typical holder of this degree on a day-to-day basis. Again, daily tasks can vary significantly depending on where within the industry one works, but typical tasks include:

The worker in this field must make sure operations run smoothly, accounts are in order, and the business meets the needs of its clients and the demands of its executives. Naturally, a career in this field will involve more than a little juggling, but many that enter the field are looking for fast-paced, high demand work - and that is precisely what this industry delivers. The job duties are reflected in the very competitive business administration salary.

The worker in this field must make sure operations run smoothly, accounts are in order, and the business meets the needs of its clients and the demands of its executives. Naturally, a career in this field will involve more than a little juggling, but many that enter the field are looking for fast-paced, high demand work - and that is precisely what this industry delivers. The job duties are reflected in the very competitive business administration salary.

Naturally, questions about business administration salary will crop up as most potential entrants into the field will have to weigh the costs of education with their own needs and their potential earnings. The business administration salary is one of its selling points. It has remained high even in the face of downswings in the market that have been a feature of the finance industry for the last 15 to 20 years.

Workers frequently possess master’s degrees and individuals with this degree can see a significantly higher business administration salary than those with bachelor’s degrees. Still, the earnings of bachelor’s degree holders are impressive, yielding this industry no shortage of workers looking to enter.

According to data from the Bureau of Labor Statistics, the median annual salary for a worker in business management working in Financial Management was $121,750. This figure was higher for workers in Marketing Management, who average $131,180 and lower for workers in Healthcare Administration and Food Service Management. It is important to consider that salaried workers typically receive benefits, frequently large bonuses, and other perks. Wages will vary based on other factors like geographic location and years of experience.

The basic requirement for a career in business administration is a bachelor’s degree and there are many colleges and universities nationwide that offer training in this area - including online programs. These programs will cover the fundamental skills required to be successful in the major areas of business administration mentioned previously. Some schools even offer specialized programs in Hotel Management and Administration.

Many of the highest earning positions in this industry, however, require a master’s degree. Master’s degree programs will expound upon many of the areas covered in bachelor’s programs. Depending on the area of interest, there may be further training or qualifications required in order to land the desired job. For example, individuals working as brokers in financial markets may require special government certifications.

Overall, with so many options available to the holder of a business administration degree, it should not come as a surprise that this is one of the most popular fields of study for students and colleges and universities nationwide. The opportunity to follow an individualized path and work in many industries is only one of the draws, however. The business administration salary has remained competitive despite factors outside the industry’s control - including the national economy and local economies all over the world.