What is Business Management?
Business management has traditionally been one of the most versatile subjects for students to study in college. This is because all organizations need employees who can manage projects and allocate resources efficiently, which means that business management students will have opportunities to work in both the public and private sectors after graduation. Additionally, business programs provide students with classes that help them acquire important leadership, teamwork, and management skills necessary for excelling in the workplace longer term.
Students who choose to focus on business management will typically find that their postsecondary programs offer coursework spanning areas like finance, operations management, supply chain management, strategy, and human resources. Unlike some more specialized business majors, business management majors will usually be expected to obtain a baseline understanding of all these subject areas to effectively lead teams and manage workplace matters after graduation. Even so, the skills that one will use day-to-day will depend on one’s role and industry post-graduation. For instance, business management students who go into operations management for an IT firm may find that they leverage analytics and operations knowledge more than those who go on to become marketing managers.
Business managers are individuals who have specific responsibilities in helping to run an organization’s day-to-day activities. Most business management students will gain a wide array of abilities in school, touching on diverse business fields like marketing, human resources, finance, and operations. However, after graduating, most students will end up focusing on one area of interest, eventually working up to the manager title under their respective departments.
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Online Business Management Education in New Hampshire
Additionally, job opportunities can also vary from state to state depending on the leading industries in the area, a phenomenon that will more likely than not affect students’ post-graduation job prospects. For students who wish to become business managers in New Hampshire, the following are some of the top industries of employment within the state. New Hampshire’s top industry is real estate and rental and leasing, bringing in $12.2 billion in revenue annually. Business management students who are interested in tying economic phenomena, like interest rate changes, with physical assets are more likely to find gainful employment in this industry. Furthermore, students who enjoyed their sales and marketing, finance, and analytics classes are more likely to enjoy the work in this industry. For extroverted candidates that enjoy helping individuals and families solve their housing situation and land their dream homes, front office roles like property management or real estate agent may also be a draw.
New Hampshire’s second-largest industry is professional and business services, an industry that had an annual revenue of approximately $11 billion in a recent year. Professional and business service firms, in particular, see a high reliance on their human capital and will tend to hire many business management majors to help with finance, corporate governance, risk management, and interfacing with clients. This is because professional and business services typically earn money by providing advice or supporting individuals, small businesses, or other large businesses. As such, the problem-solving skills taught in business management programs are typically what employers are seeking in their candidates.
The next largest industry in New Hampshire is education services, healthcare, and social assistance, with this industry earning around $9.8 billion in revenue in a recent year. Education services, healthcare, and social aid primarily focus on helping individuals with solving problems, which means that employers are looking for those with strong communication and problem-solving skills, Business managers are typically valued for these skills, and they can bring together teams of specialized professionals, making them attractive to helping organizations tackle complex health and education problems. As such, students with the leadership, analysis, and operations skills provided by a business management program are valued by employers in these fields.
Additionally, managers are hired by both private companies and government institutions, though their day-to-day activities will look similar in terms of working to ensure that their employer's financial statements are in good shape, daily operations are running smoothly, and that any compliance requirements have been met. Overall, business managers will leverage a mix of analytical, communication, leadership, and problem-solving skills to excel at their jobs. Most management jobs will span job tasks like reading, writing, and data analytics in a team environment, though some managers will also have responsibilities like field visits and client meetings, which are industry dependent. Businesses that sell physical goods may also rely on their managers to help ensure that teams are effectively sourcing, securing, and delivering products to the end consumer. That’s where supply management knowledge comes in. As you can see, this is a broad umbrella that can cover a variety of jobs depending on the industry.
A business manager is a broad term for any individual who manages certain aspects of the business. The overall roles and responsibilities will vary by job title, industry, and any specializations. However, many business manager positions will have similar duties. Most business managers will work to make company, department, and team goals a reality. They will oversee budgets, projects, operations, and human resources.
In smaller companies, business managers often have even greater tasks such as overseeing purchasing, marketing, data entry, and much more. At the end of the day, a business manager will have to be able to prioritize situations, lead a team, supervise, complete daily tasks, generate reports, work well with others, be self-motivated, motivate others and create, as well as implement and maintain strategies. This is simply a general overview of what a business manager does. Each position will be unique to the industry, employer, and area of expertise of the individual or role.
Online Associates (AS)
The business field has plenty of opportunities for students with a variety of skill sets, interests, training, and work experience. As such, those who are studying for an associate degree in business management or business administration will have access to many entry-level positions upon graduating.
Students will typically study online introductory courses in areas like accounting, finance, international business, business systems, business law, marketing, human resource management, and math during their associate degree. These courses can help students build vital business management and critical thinking skills for success later down the road. After graduating, students will typically obtain job titles like customer service representative, administrative assistant, retail sales associate, sales support specialist, business content writer, and payroll specialist.
Additionally, business is a field in which experience is highly valued, so students who choose to focus on one department, like finance or marketing, will typically find themselves earning promotions more quickly over time even with only an associate degree. According to Payscale, students who have graduated with an associate degree in business management can expect to earn an average of $59,000 per year. Given that most associate degrees can be completed in two years of study, this suggests a strong return on educational investment.
Online Bachelors (BS)
Most students will find that completing their online bachelor’s degree in business management or business administration leads to a plethora of employment opportunities upon graduation. This is because most online undergraduate programs in business administration will offer a large array of specialized coursework and electives, which can help students gain a deeper knowledge base that is attractive to employers. In particular, compared to business management associate programs, which will tend to provide more basic overviews of business departments and skills, bachelor’s programs will typically have tougher graduation requirements, leading to a more in-depth exploration of business areas.
Students in these degree programs will generally be required to complete a minimum number of courses in areas like marketing, finance, and operations, and many programs will also provide students with opportunities to complete capstone projects before graduation. Additionally, students can also choose to complete their undergraduate degree in business administration online, which will provide them with more flexibility to intern or work throughout college, gaining real-world experience.
Another draw to completing one’s bachelor’s degree in business management is that employers will often prefer candidates with these credentials, as a bachelor’s-level college degree will typically signal a higher degree of knowledge specialization and rigor. After graduating, college students can usually attain positions as a financial analyst, risk analyst, budget analyst, business analyst, compliance officer, actuary, market research analyst, junior banker, consultant, or executive assistant. According to Payscale, students with a bachelor’s degree in business management can expect to earn an annual salary of $66,000 per year in the United States, providing a strong return on one’s educational investment.
Online Masters (MS)
Over the years, business theory has proven that effective management of an organization’s people, products, and relationships can lead to stronger business results. As such, firms have begun placing greater importance on their workforce’s ability to communicate, analyze, and lead teams. These are important skills that are taught during a Master’s in Business Administration degree, which has become a way for many students to advance their business careers into managerial positions.
Students will typically gain a few years of business experience before going back to school for their MBA, then they return to work in a higher job title or gain promotions if they continued working through the degree (as is quite normal). In addition, students who do not have any business experience or who are looking to break into a different career field can look to obtain an MBA degree to facilitate the transition. An MBA degree will typically offer more specialized training through a wider selection of management courses spanning areas like talent acquisition, operations management, finance, economics, entrepreneurship, and investment, which can greatly benefit candidates with a few years of work experience. Furthermore, an MBA degree focuses heavily on facilitating team problem-solving, which is a skill that is crucial to managerial success.
Online Students who graduate with their MBA will typically find work as marketing managers, finance associates, business operations managers, human resources managers, management consultants, finance managers, banking associates, startup founders, or venture capital associates. According to Payscale, the average MBA graduate can expect to earn $92,000 per year, though those working in lucrative focus areas like finance can expect to earn an average of $110,000 per year. The strong financial and career returns of an MBA make this degree, especially popular amongst those in the business field.
Online Doctorate (PhD)
Given the highly applied nature of the business field, the majority of students looking to become business professionals will find that they do not need a doctorate to work in, and obtain good results in, the field. Many employers will value hands-on experience and familiarity with the industry over whether the candidate has a doctorate in the field. Many managers or C-suite leaders of an organization can work their way up to the top after staying with the firm for decades.
Even so, obtaining a doctorate in business administration can be a great educational step for students who are interested in researching a particular business field or theory with the ultimate goal of becoming a business professor, given that most universities require their professors to have a PhD before they can teach, or at least before they can gain tenure. Doctorate students who wish to work in the industry after graduation can still do so, attaining job titles like a senior researcher, lead consultant, or senior management roles. According to Payscale, the average person with a PhD in business will earn around $104,000 per year in base salary.
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Become a Business Manager in New Hampshire
Students hoping to work as business professionals in New Hampshire should first look into post-secondary schooling opportunities in the field. The majority of undergraduate institutions will offer broad majors in business management or business administration with the opportunity to specialize or concentrate in a specific area. Typically, students can choose to take several electives in areas like finance, marketing, operations management, supply chain and logistics, accounting, talent management, or entrepreneurship. However, most business administration programs will require students to take a minimum number of courses in broad business areas, which helps students become competitive in the job market upon graduation.
The majority of business graduates will work for a private firm, non-profit, or governmental institution, helping them manage daily operations and keep their finances in good standing. Some will become entrepreneurs, building products and solutions in an area that they are passionate about. Other fulfilling job opportunities include becoming a business consultant that helps improve how clients run their businesses and build products. Graduates who are passionate about analytics and numbers will find themselves drawn to areas like logistics or finance, where economic and numerical trends can signal significant underlying changes. Students that enjoy writing and communications will likely look into working for a marketing or human resources team.
Additionally, employers often value on-the-job experience, so students may consider working part-time or pursuing internships to gain work experience while they are still working towards their business management degree. This will provide students with a perspective on the daily tasks of different business departments, which can vary drastically depending on the title, business, and industry. While students may find themselves specializing more in a certain area like marketing or finance, business careers often offer individuals the opportunity to move laterally to different areas within an organization. However, it’s important to note that most organizations like to hire senior management that has spent a long time working in a specialized career path in the departments that they have been hired to manage. You may also choose to earn certifications that can help you prove to those who are looking to hire that you have the knowledge and expertise to lead in a specific department.
Careers for Business Management Graduates
- Sales Manager:
Sales managers guide teams of salespeople by helping to set goals and quotas, building sales plans, assigning sales training and geographies, and mentoring team members to help them interface more effectively with clients. A good sales manager can significantly boost a sales team’s morale and help impart important wisdom and techniques on how best to secure and keep customers. - Financial Analyst:
Financial analysts will focus on financial, economic, and industry data, drawing important analytical conclusions to help individuals and businesses make sound financial decisions. Their recommendations are typically based off of advanced data modeling, so spreadsheet maintenance is part of their day-to-day responsibilities. - Operations Manager:
An operations manager is someone who works behind the scenes to manage all the activities that help ensure goods and services production runs smoothly. They will typically work behind the scenes, scheduling and planning team responsibilities. - Benefits Specialist:
A large draw of working for an established organization is the retirement and healthcare benefits that come with being employed full-time. A benefits specialist is someone who helps employees understand the medical, dental, vision, life insurance, disability, and retirement benefits that they are eligible for. They may also spend time researching benefits options so that they can provide the best package possible and draw in talented individuals to work for their company. - Accounting Supervisor:
Depending on the business, accounting operations can become increasingly complex, particularly for firms that sell many different types of products or accounting firms who are responsible for auditing of other companies or who have a large accounting department. An accounting supervisor is someone who oversees the work of junior accounting staff and is responsible for reviewing financial statements for accuracy. - Business Analyst:
Business analysts spend their days analyzing business areas within their organization or industry that can be improved to increase the efficiency and output of their business. They will often communicate with many cross-hierarchical teams within their business to gain insights into areas with inefficiencies and analyze data to produce recommendations for decision-makers.
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