What is Business Management?
For many, achieving a managerial position is a dream come true. Whether it’s a department management position, an executive management position or somewhere in between, working in management can be challenging and rewarding. Management positions exist in every industry. According to the US Bureau of Labor Statistics, the need for management personnel is expected to increase at a rate faster than the average. It is hard to determine how many managers there are in Kentucky because, again, every industry has them and there are various stages of management as well as different terms to describe a management position. For example, manager, supervisor, and team lead are all considered management positions.
Working in management requires several different skill sets above and beyond a knowledge of the industry itself. People skills are very important because you will most often have subordinates and knowing how to communicate with others is a skill worthy of cultivating. Also, as a supervisor, an adequate education is also often desired by employers. Most companies believe that their managers should have more education and experience than the people they will be overseeing. Managers in marketing and sales often works as part of a sales or marketing team, so having the skills to do that job along with the ability to manage and lead is necessary. But, as we’ve mentioned, managers exist in every industry. If a person wants to move from being an employee to a manager, there are steps they’ll need to take. Some of these steps are detailed below, but they will vary depending on the industry and the type of management position a person wants to obtain.
A business manager is generally a person who oversees employees. It’s a rather generic term because every business needs someone to run it and those people are usually managers. A manager’s duties will vary depending on the type of manager they are and what industry they are involved in. Some might be in charge of hiring and firing employees, while others might take care of the general day-to-day operations of the business. Others still might be in charge of a specific part of a business such as customer service, public relations, or billing. All this to say, wherever your interest might lie, you can work your way into management with the right education and work experience.
Online Business Management Education in Kentucky
Some industries have managers that are based on either specialized training or work experience. This is especially true in retail and food services. But, for most other industries, at least some formal education is required. Below we have outlined some of the degrees that a person could pursue while working toward a management position. Most industries are clear regarding the requirements to become managers. For example, the requirements for food service are generally different than those in the accounting industry. Also, each level of management might require a certain level of education.
Online Associate Degree in Business Management (AS)
An online associate degree in business management is the very beginning level for anyone who wants to pursue a management position. This degree would be enough to enter the management field in some industries. However, for those who want to work at a corporate level this degree could be enough to land an entry-level position at the company. To advance further, additional education would be required. In a two-year program, students will get a basic education and take a variety of business courses.
some of those courses include:
- Accounting I & II
- Business Ethics
- Business Law
- Intro to Management
- Intro to Marketing
- Macro- and Microeconomics
These classes are in addition to the general education courses required to finish a two-year degree. Associate degrees generally take four semesters to complete, and most students finish in two to three years.
Online Bachelor's Degree in Business Management (BS)
Most people who get a four-year degree in business management have a specialization. These are additional courses taken on top of the general business administration core curriculum which includes classes in accounting, management, and marketing. Kentucky has a large real estate industry presence, so a person who might want to enter into real estate management would start out with these general business courses in subjects such as market research, business operations, business communication, business ethics and law, accounting, information technology in business, customer relationship management, and more.
Students who wish to focus on a specific industry, such as real estate, will take another set of core courses, such as the following.
- Public Relations
- Real Estate Contracts
- Real Estate Management
- Real Estate Marketing
- Selling Real Estate
With a bachelor’s degree graduates are educated enough to take on entry-level positions that could quickly lead to managerial positions depending on work experience.
Online Master's Degree in Business Management (MS)
An online Master’s in Business Administration, also referred to as an online MBA, is practically a requirement for anyone who is seeking management positions in a corporation or larger company. For those we mentioned previously, real estate management positions often do require a person with an advanced degree. Online graduate programs are designed specifically to assist students with attaining the knowledge needed to effectively manage a company, employees, or both. The program generally takes three to five years to complete and may require either a master’s thesis or a comprehensive exam at the end of their coursework.
Those enrolled in these programs will study courses such as the following:
- Advanced Business Communication
- Business Analytics
- Business Statistics
- Financial Projections
- Managerial Accounting
- Marketing Analytics
- Quantitative Business Analysis
Combining an MBA with several years of work experience establishes a person’s ability to handle a middle-management position and, in some cases, upper-level management positions could also be an option.
Online PhD Degree in Business Management (PhD)
A doctorate degree in business is a good choice for those who want to set themselves up as subject matter experts or make a transition into education. These programs are specialized to suit the ultimate goals of the student, but touch on all aspects of business, especially the management and analytical elements of running a business. The degree usually takes four to seven years to complete and includes a dissertation that must be defended to a panel.
Those who pursue this degree will study the following areas:
- Human Development (in an organization)
- Information Systems
- Operational Management
- Organizational Leadership
Become a Business Manager in Kentucky
The process to become a business management professional in Kentucky is pretty linear. The first thing a person should do is decide what industry they want to pursue. As was mentioned previously, management positions exist in every industry, so a person should set aside that goal for the short terms while they gain the education and experience in their chosen industry. While attending school, if possible, the student should either work or intern in their chosen field. Keeping with the real estate example, this means a person should pursue a degree program that will train them to work in real estate and taking the courses needed to pass the real estate licensing exam, as well as working under the tutelage of real estate agents and brokers.
Once a person has completed their education and have the needed licenses, it’s a matter of working in the field and accumulating the experience needed to eventually move into management. This is also a good time to narrow your career goals. For those working in real estate, this could be the time to decide what area in which they want to manage. For example, they could choose to work toward becoming a real estate agency manager, a commercial or residential real estate manager, or to start their own real estate agency. Each area often has its own specific requirements to work in management, so finding out what the requirements are and working toward meeting those requirements is ideal. When an opportunity presents itself, they want to be sure they can check off all the requirement boxes.
Another option to become a business management professional in Kentucky is to start a business. As a business owner, a person becomes a manager by default. As the business grows, the owner might have to hire someone to handle the daily office administrative tasks, which creates a new management position.
Careers for Business Management Graduates
There is a nearly endless list of careers that a person with an education in business management can pursue. Below is a listing of some of the careers a person could consider in business management. This is far from an exhaustive list, but it will give an example of some of the opportunities that exist.
- Sales Manager
Sales managers run sales departments. They hire the sales force, either train or set up training for new employees, and set the metrics that the sales team need to meet. They also often review each salesperson’s performance and offer ways to improve performance. Sales managers report to general managers or the owner of the business. Most sales managers are former salespeople and, in some cases, the managers are still technically part of the sales team.
- Director of Operations
Corporations, especially those focused on real estate development, often have different divisions comprising the organization. The director of operations is put in charge of the general operations of a business. The director of operations oversees the staff, making sure that there are enough staff to complete the job safely. They have oversight of the operation budget and are in charge of making sure that everything is done in a safe, timely, and profitable fashion. The director of operations reports to either the CEO or the chief financial officer. Most directors of operations have a minimum of a bachelor’s degree if not a graduate degree.
- Managerial Accountant
Accounting supervisors manage other accountants. They usually have CPAs and either an MBA or a master’s degree in accounting management. An organization with an accounting supervisor typically has several accounting departments and the accounting supervisor oversees all the departments. Each department usually has a manager, and they report to the supervisor. The accounting supervisor reports to the chief financial officer so it’s an upper-middle management position.
- Regional Manager, Services Company
Regional managers oversee a region of an organization. A region is made up of several locations in a geographical area. Many regional managers are former location managers. Regional managers report to district managers.
Other positions that a person could pursue include:
- Financial Analyst
- Account Manager
- Operations Manager
- Benefits Specialist
- Account Executive
- Management Information System Specialist
- Project Manager
- HR Manager
- C-suite Executive
- Non-Profit Manager
- Customer Service Associate
- Business Analyst
- Administrative Assistant
- Marketing Manager