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What is Business Management?
A business manager is a person that leads an organization or a defined part of an organization. Important managerial responsibilities include oversight of the organization’s employee performance, productivity, efficiency, and safety. Business management is an essential function in both for-profit and not-for-profit organizations. The essential qualities that lead to success in business management or business administration include leadership, the ability to listen, and verbal and writing skills to communicate with others.
While positions and responsibilities can vary by the setting or specialization, managers use advanced business knowledge to create actions to strengthen the organization and help achieve its goals. Maryland managers can work in government at state, local, and federal levels. In these positions they manage programs that bring essential benefits to the public such as grants and social programs. In the non-profit sector, mangers run organizations, departments, and functions that contribute to community development and growth.
In the private sector, managers work in sales, marketing, information technology, and manufacturing. Managers can head real estate firms and departments that participate in the booming housing and commercial property sectors. Healthcare has strong analytical and statistical components, and Maryland-based health organizations are large employers of managerial talent.
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Business Management Education in Maryland
The Maryland economy offers a powerful mix of traditional industries, emerging technologies, and high-growth economic sectors. In recent decades, information technology has been a leading source of economic expansion in Maryland. The state’s biotechnology sector includes modern business frontiers like genome research that maps and works with the human genome. Students pursuing a business management degree in Maryland have the advantages of national business hub in Baltimore and the national capitol in nearby Washington, D.C.
Maryland business school graduates can work in traditional industries like real estate, finance, and professional business services. Maryland also has a vibrant commercial fishing industry centered in Chesapeake Bay and the Mid-Atlantic Coast, and the state has a broad and successful range of food and agribusinesses. Exporting remains a strong sector and Maryland graduates can seek roles in marketing and international business.
Maryland is a leader in education and its flagship University of Maryland has strong national recognition for excellence. The Johns Hopkins University in Baltimore is another elite institution and the US Naval Academy in Maryland’s capitol city is an important national resource.
Business education prepares graduates for leadership and roles that will shape education and business in the future. Today’s roles require sensitivity to ethics, gender, and policies supporting diversity and inclusion. Business interactions, communications, and decisions must honor fundamental concepts of human dignity and comply with policies that bar discrimination and promote equity.
Maryland’s business administration & management schools can help students find lifetime careers. Maryland business school certificate programs can help employees advance in public and private roles by helping them demonstrate their knowledge and capabilities. Adept business students will include public, private, and public-interest organizations when considering career paths.
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Maryland hosts elements of NASA, the Goddard Space Flight Center, and a wide range of DOD functions. Maryland has industry leaders in aerospace research and defense-related technologies. The Centers for Medicaid and Medicare and the National Institutes of Health headquarters are in Maryland and the state is an ideal location for national offices of large healthcare organizations.
Education pays; employees with higher levels of education usually earn higher wages and salaries than those with lower levels of educational achievement. According to the US Burau of Labor Statistics, 2020 earnings showed a direct proportion of higher income with higher levels of education. For example, associate degree holders earned more on average that those with high school education and no college degrees. The evidence demonstrated a consistent line of higher education and higher wages through the MBA and doctoral levels.
Associate Degree in Business Management (AS)
The typical associate degree program requires about sixty credit hours, and students can complete the requirements in two years of full-time study. The curriculum consists of general education and business core classes. Students must learn to work in collaboration with others, think critically, and to solve problems. Business core courses cover basic concepts in management, finance, and business law. Students must also learn to operate in typical business environments including remote, virtual, and cloud-based systems.
Associate degrees equip students with communication and analytic skills that support entry into business jobs. Associate degree holders can qualify for positions that ask for college education but do not require a bachelor’s degree. Students should pay attention to the school’s accreditation; with this, associate degrees can provide a solid foundation for further education. Four-year colleges can accept all or part of associate degree credits toward a bachelor’s degree in business or a closely related field.
Bachelor's Degree in Business Management (BS)
The bachelor’s degree in business administration is a typical entry-level degree for a career in business. The curriculum for a bachelor’s degree in business management equips graduates with broad knowledge applicable to a wide range of occupational settings. The four-year degree topically requires about 120 credit hours that include general education, business major, and a complimentary minor course of study.
Students learn to think like entrepreneurs and make sound business decisions. Students study business law, ethics, data analysis, and human behavior. The bachelor’s degree supports a wide range of career fields like accounting, sales, market research, and international trade.
Maryland bachelor’s degree students gain important knowledge and business skills through their education. The core business courses cover the basics in business, management, and analytical skills, such as statistical inference. Students can use elective degree hours to focus on one or more fields of management such as sales, marketing, or financial services. Maryland schools can also offer specializations like construction or additional credits to focus on information technology.
A bachelor’s degree is an entry-level qualification for careers in healthcare, finance, administration, and human resources. Bachelor degree candidates complete well for positions in for-profit and non-profit organizations. A bachelor’s degree can open doors in business and qualifies graduates to continue to the master’s and further graduate levels.
Master's Degree in Business Management (MS or MC)
A master’s degree is the entry-level degree for mid- to senior-level positions in business and other organizations. A master’s degree in business management typically requires 30-35 credit hours and students can often complete the degree in two years of full-time study. An MBA has similar requirements and schools can require a thesis or capstone project to demonstrate knowledge.
A Master of Science in Management is an excellent choice for students that do not have substantial career experience in business. The MBA, on the other hand, offers coursework designed to build on prior business experience and knowledge. A Maryland business student may choose between a master’s degree in business and an MBA (or master of business administration) based on past work experience and goals. The MBA is often a high-level degree that emphasizes leadership. An MBA from a Maryland school of business can enhance a student’s career and open opportunities at higher levels.
Students that expect to pursue advanced business topics or a PhD might choose a Master’s in Business Management. The scope of coursework for the master’s in business management is broad and permits specializations. For example, Students seeking to acquire skills such as a specialization in business analytics might choose an MSM.
PhD Degree in Business Management (PhD)
Business is a multidisciplinary field. A PhD or Doctor of Business Administration (DBA) is an advanced degree that supports extensive specialization. PhDs can open leadership positions in private, non-profit, and public sector organizations. The typical degree program requires three to five years of full-time study including a capstone project or doctoral dissertation.
The curriculum depends on specialization, though a typical core would include predictive modeling, research methods, leadership, and organizational behavior. Most students will study quantitative methods, statistical analysis, and electives that suit specialization goals. General courses would draw from psychology, finance, economics, and sociology.
In academics, a PHD opens graduate faculty positions that teach undergraduates and graduate students. A PhD is an excellent choice for students seeking roles in advanced business topics and research and a DBA is an advanced degree oriented towards students seeking roles in business organizations.
The best business management schools in Maryland rank among the top schools in the United States and have international recognition. The leading Maryland business schools have widely recognized program accreditation by the Association to Advance Collegiate Schools of Business (AACSB), the Accreditation Council for Business Schools and Programs (ACBSP), or the International Accreditation Council for Business Education (IACBE).
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Become a Business Manager in Maryland
Maryland requires licenses and certifications for specific business professions. The state has 21 boards and commissions to license professional services providers. For example, accountants, financial advisors, and health professionals must meet requirements from the state licensing board. The Maryland Department of Labor maintains information and referrals to licensing boards and commissions and the state designates entrepreneurship roles require licensing in areas like health, accounting, and engineering.
Certifications and licenses can be specific to a career. Certified public accounts, home appraisers, and tax preparers are excellent examples of specific licensing. A Project Management Professional (PMP certification) can apply to a range of activities for managers including finance, construction, and administration.
Most business careers and positions do not require specific certification, licensing, or state regulation. Maryland’s business management graduates can enter or progress in a range of fields and careers. The list below describes frequently encountered job categories for business management students in Maryland.
- Federal and state government, public departments, and agencies offer thousands of positions in Maryland for applicants with education and experience in business management.
- For-profit organizations continuously seek out and retain business management graduates and experienced business managers. Managers can specialize in non-profit fields like fundraising, public outreach, and digital communications.
- Non-profit organizations employ business management graduates of all kinds. Like private companies, non-profits need managerial leadership and professionalism to achieve their goals.
- Business startups bring new participants, innovation, and change to lines of business. While typically individual or small team entities, start-ups may be a seed-scale version of a much larger business vision. An existing Maryland company may decide to start a new instance or offshoot as a startup enterprise. Many startups help advance social causes and large business can purchase successful startups if they see them as an opportunity. Business management education can promote participation in nearly any type of business startup.
- Entrepreneurship is a field that business management graduates can enter as independent businesses, startups, or as corporate employees. Maryland welcomes new businesses and offers resources to incentivize entrepreneurship. Startups are an increasingly popular way to initiate a business by attracting investors that specialize in innovations and creative efforts.
Careers for Business Management Graduates
- Financial Analysts
Financial analysts help businesses make sound decisions about money and other assets to maximize their impact on organizational goals. Analysts create reports, analyze information, and make recommendations to management and leadership. In for-profit organizations, finance affects productivity and profits. In social organizations, finance affects the ability to reach service and other goals. Financial analysts also work for individuals to maximize the benefits of wealth and advice on investment and other decisions.
- Account Managers
Account managers work for large and small organizations and work with customers. These essential sales members manage one or more customers or customer groups. Account managers play important roles in customer satisfaction, customer retention, and getting new customers. Account managers can become knowledgeable about customer needs and concerns and can develop strong relationships that benefit both sides.
- Operations Managers
Operations managers fill essential functions; operations include the day-to-day functions of an organization. Payroll, facilities, supplies, and planning are among the essential contributions of the operations manager. Operations may sometimes seem less important to the mission of the organization, but success depends on keeping the day-to-day functions in order.
- Benefits Specialist
Benefits specialists develop meaningful benefit packages for employees that help attract and retain the best possible workforce for the organization. The benefits manager must continuously review and assess current benefit arrangements to ensure the value of options to the employees.
- Project Manager
Project managers provide focused leadership for one or more specific undertakings. Project management training works with general business knowledge to provide leadership and efficiency. Project management can apply to a wide range of profit and non-profit functions and these managers can lead construction projects, manage long-term special activities, and rescue foundering efforts.
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- HR Manager
An HR manager is an essential member of the administrative team. Nearly every organization needs staff, and non-profit organizations may also ask for volunteers. HR managers work to attract, recruit, and hire needed staff resources. HR managers interface with all other parts of the organization to assess and understand their personnel situations and requirements. The HR department can help create lines of commutation between management and employees.
- C-Suite Executives
C-suite executive positions are leadership roles that typically stand at the top of the organizations. The phrase C-suite comes from the typical business titles of “Chief”, CEO, CIO, and COO are among the frequently used C-suite titles. Management education provides the fundamental framework for development into top leadership roles. MBS and PhD educated employees fill C-suite jobs, though there are notable examples of bachelor degree holders that rose to the top.
- Non-Profit Manager
Non-profit managers help social organizations operate efficiently and effectively to achieve organizational goals. While profit is not a typical measurement, non-profits are accountable for their use if resources and achievements. Non-profits employ personnel in the usual organizational roles like human resources managers, benefits specialists, and program managers.
- Customer Service Associate
This is an entry-level position in typical business organizations. The role is important to getting and keeping customers. Customer service encompasses the positive and negative customer experiences typically encountered by Maryland businesses and organizations. Skillful and positive interactions build a company or organizational brand. Customer service reps have an opportunity to learn the company’s business at a granular level.