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What is Business Administration?
Business administration is a highly popular major of study in Wyoming and throughout the United States. These programs are ideal for those who plan to work in business, management, finance, leadership, and/or marketing. While outcomes do vary, most graduates qualify for a wide variety of professions. Because most companies and organizations utilize business professionals to some extent, opportunities are often available across almost every industry. Additionally, the knowledge and skills gained while studying business administration are often applicable to other non-business occupations.
There are many different types of business administrators, each with varying expectations and responsibilities dependent upon who they work for. Employer industry, size, and needs can all impact job scope. In most cases, these professionals possess some level of expertise in business, management, finance, leadership, and marketing. As skills in these areas are highly coveted by most companies and organizations, it’s usually possible to qualify for a wide variety of career opportunities.
While options are often plentiful, most individuals in this field are employed by:
- Bookkeeping and Accounting Services
- Company and Enterprise Management
- Energy and Utilities
- Financial Services
- Healthcare Services
- Management Consulting
- Non-Profit Organizations
Typically, business administrators are assigned to teams that provide both clerical and administrative support. They are often responsible for various daily administrative tasks, as well as office management. Duties may include hiring staff members, leading departmental meetings, implementing new policies, and communicating with leadership. These professionals also tend to facilitate office organization and maintenance, as well as keeping records of all activities.
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Online Business Administration Education in Wyoming
According to the US Bureau of Labor Statistics, the overall employment for business and financial occupations is expected to increase by 7% from 2021 to 2031. This is about as fast as the average for all occupations and will account for an additional 715,100 new positions nationwide.
Professional and business services make up the fifth largest industry in Wyoming, accounting for $6.4 billion of the state’s revenue each year. As previously mentioned, however, graduates will also be able to find work in other top sectors. Other viable opportunities available in Wyoming include working for educational services, healthcare, manufacturing, mining, real estate, retail, construction, wholesale, entertainment, finance, and insurance.
Pay prospects in Wyoming are also promising. As of May 2021, the state employed 10,250 people in business and financial operations with an annual mean wage of $73,170. This is significantly above the state’s annual mean wage of $52,110.
Degree programs in business administration and related subjects are wildly available throughout the nation. Online learning also makes it easy to enroll and complete coursework from nearly anywhere in the world with reliable internet access. Individuals planning to seek employment in Wyoming, however, may want to give preference to colleges and universities located within the state. These academic institutions have a better understanding of employer needs and expectations in the region and adjust curriculums accordingly. As a result, graduates are better prepared for work in the area. It’s also common for colleges and universities to establish partnerships with local companies and organizations in order to make internship opportunities more readily available to students.
Those who are best suited to business administration degree programs and professional positions typically possess great organizational, managerial, communication, and mathematical skills. They also tend to be highly self-motivated learners who enjoy pursing various development opportunities, solving problems, and completing tasks.
Obtaining jobs related to business administration in Wyoming typically requires some amount of higher education. While some entry-level opportunities may be available to those who lack formal academic experience, these are far less common and may be difficult to secure. As a result, those interested in this type of work will generally experience far greater success by earning relevant associate, bachelor’s, master’s, and doctoral degrees. Many colleges and universities also offer undergraduate and graduate certificate programs in business and finance, which are particularly helpful when expanding qualifications or entering the field laterally.
The amount of education obtained generally has a direct impact on the kind of employment opportunities available. Most business and finance employers expect candidates to possess bachelor’s degrees, but prospects for those with advanced degrees increase significantly. Most supervisory and management positions require graduate degrees.
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It’s also important to realize that each degree has possible benefits and drawbacks. Program length, tuition cost, and graduation requirements can all impact prospective students’ enrollment decisions.
Online Associate Degree in Business Administration (AS or A.B.A.)
Associate degrees in business administration typically consist of 60 credit hours of coursework that takes full-time students approximately two years to complete. At this level, students usually have both general liberal arts and major-specific class requirements. In addition to basic math, composition, and sociology, those enrolled can expect to learn about various management principles and business-oriented theories. It’s important to realize that these programs typically provide an introduction to the field and higher education as a whole but may not be sufficient for obtaining many popular business and finance jobs.
This type of degree is optimal for those seeking entry-level employment as soon as possible with minimal financial investment. As associate programs are usually offered by community colleges that charge lower tuition rates than traditional academic institutions, it’s often possible to obtain the knowledge and skills needed for these positions without substantial student loans.
While opportunities vary, graduates may qualify for jobs in management and administration roles within private, public, and non-profit organizations. Other commonly available professions include management trainer, project assistance, office manager, sales representative, and technology specialist. Additionally, it may be possible to find work in other fields.
A popular alternative to applying for jobs right away, however, is pursuing further education. Associate degrees provide a strong academic foundation that can be extremely beneficial at higher levels. Graduates are often admitted to bachelor’s degree programs and, in many cases, may have previously earned credits applied towards new requirements. Most colleges and universities accept up to 60 or 90 transfer credits, which is the equivalent of two to three years of classes. As a result, those with associate degrees generally need only additional years of instruction before graduating with bachelor’s degrees.
Online Bachelor's Degree in Business Administration (BS or B.S.B.A.)
Bachelor’s degrees in business administration generally consist of 120 credit hours of coursework that takes full-time students approximately four years to complete. As with most undergraduate programs, they are also comprised of both general liberal arts and major-specific classes. While many requirements are similar to those at the associate-level, students can expect to gain a more expansive understanding of the field. Students typically learn about various business and management tools, as well as helpful concepts in finance and technology.
In addition to selecting business administration as a major, many four-year colleges and universities encourage students to designate concentrations in related subfields. Doing this often enhances learning opportunities, allowing those enrolled to explore particular areas of study more extensively and develop expertise that may make it easier to obtain desired employment. The most common concentrations for business administration majors are accounting, computer information systems, finance, and marketing.
This type of degree is generally considered the education standard for the field. According to the US Bureau of Labor Statistics, most related occupations require candidates to have completed bachelor’s programs. Graduates often possess the knowledge and skills necessary to be successful in business and finance positions across many different industries. They also tend to have more job opportunities and earn higher wages than those with less education. Some of the most common employment options include accountant, auditor, budget analyst, cost estimator, and human resource specialist, though a bachelor’s degree may also allow these workers to move into supervisory positions once they have gained some experience in their field.
Graduates may also benefit from enrolling in master’s degree programs, which can lead to even greater opportunities and pay potential. Applicants to graduate school must possess bachelor’s degrees, as well as meet minimum grade point average (GPA) and Graduate Examination Record (GRE) score requirements.
Online Master's Degree in Business Administration (MS or MBA)
Master’s degrees in business administration generally consist of around 60 credit hours of coursework that takes full-time students approximately two years to complete. This is the most popular graduate degree in the United States for business professionals who are looking to boost their resume or move into management.
Unlike undergraduate programs, MBAs do not require students to take general liberal arts classes. Instead, those enrolled focus their studies solely on topics related to business, finance, and leadership. While some subjects may be repeated, the content is generally considered in far greater depth. The result is a much greater understanding of functional business and organization operations.
This type of degree is ideal for those seeking professional opportunities in leadership and management. Earning one can drastically increase employment opportunities, salary potential, marketability, career mobility, and job security. Graduates are often selected for supervisory positions, with some of the most common employment opportunities including information technology manager, financial manager, industrial production manager, and management analyst.
Online PhD Degree in Business Administration (PhD)
PhD and doctoral degrees in business administration generally consist of between 90 and 120 credit hours and take full-time students four to seven years to complete. These programs tend to be research intensive, exploring new and old concepts extensively. While students generally spend their first few years participating in traditional classroom instruction and study, later years are often spent conducting independent research and writing. Those enrolled typically must defend dissertations before a board of professors prior to graduation or, at the very least, complete a doctoral study in their field.
A PhD in business administration is best suited for individuals interested in pursuing work in research and/or higher education. This terminal degree is rarely required for standard business and finance professions, however.
The doctorate of business administration (DBA), on the other hand, is a better option for those who plan to seek advanced employment in upper management or as top executives. These programs often place greater focus on the development of theoretical knowledge that can be applied to many different business and finance professions.
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Become a Business Administrator in Wyoming
The first step to becoming a business administration professional in Wyoming is determining your ultimate career goals. With so many jobs available with varying education requirements, identifying your preferred occupation will make it easier to select an appropriate academic program. This also ensures that you obtain the knowledge, training, skills, and experiences necessary to be successful in your chosen profession.
Many colleges and universities also offer opportunities for business administration majors to designate concentrations. This is a way for you to direct course requirements to they focus on a particular subfield, allowing you to explore certain areas of study more extensively. You can sometimes achieve the same result by adding a minor to your degree plan. Some of the most common concentrations and minors available to business administration students include the following.
In addition to meeting academic standards for your intended profession, you may benefit from obtaining one or more professional certifications. There are many voluntary credentials available which can help you stand out among other job candidates. Some certifications even lead to more employment opportunities, faster promotion, and higher pay potential.
Notably, business administration professionals do not all pursue the same certifications. Instead, they often identify credentials related directly to the work they intend to or are currently performing. It’s also common to obtain credentials in areas of interest for the purpose of self-growth and development. Some employers do, however, specify certain certifications as required or preferred for highly specialized jobs.
Instead of pursuing traditional employment, you may want to use your business administration degree to help start your own business. The Wyoming Secretary of State Business Division oversees this process and offers a variety of helpful resources on their official website. While every company and organization is different, your first few steps are likely to involve choosing an entity type, company name, and registered agent. You will then need to complete and submit the correct forms, many of which are available in both paper and online formats. Businesses filed online are active as soon as the application is completed, but those submitted using paper forms can take up to 15 business days to process.
Starting a business in Wyoming is relatively inexpensive, but there are some costs involved. Filing fees for most entities are $100, but non-profit corporations pay only $50. State sales and use taxes must be paid through the Department of Revenue and all workers’ compensation documentation should be filed with the Department of Workforce Services. It’s also important to realize that annual reports about your business are due every year on the first day of the month in which the business was filed.
Careers for Business Administration Graduates
- Accounting Associate
Accounting associates are responsible for providing administrative support to accountants, auditors, and other financial experts. These professional typically perform various bookkeeping tasks including inputting data, preparing reports, and reconciling accounts. They may also be tasked with ensuring financial information for clients’ is properly maintained. According to PayScale, accounting associates make an average base salary of $48,800 per year.
- Administrative Coordinator
Administrative coordinators are responsible for providing budget management support and assistance. They typically perform clerical duties including databases maintenance, report creation, and letter composition. They may also oversee the hiring process for new employees, as well as organizing, supervising, and facilitating assignments. According to PayScale, administrative coordinators make an average base hourly rate of $18.56, or approximately $46,200 per year.
- Bank Branch Manager
Bank branch managers are responsible for supervising the teams of employees assigned to specific bank branches. They foster good working relationships among staff members and ensure all client needs are met. They are also in charge of branch budgets and spend time monitoring banking expenses. According to PayScale, bank branch managers make an average base salary of $60,200 per year.
Bookkeepers are responsible for maintaining financial records and verifying the viability of financial decisions for their employers. These professionals typically utilize various accounting software to track transactions and calculate, record, and balance payroll reports. According to PayScale, bookkeepers make an average base salary of $43,850 per year.
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- Certified Professional Accountant (CPA)
CPAs are responsible for completing various financial processes for individual clients, corporations, and government agencies. These professionals typically provide various taxation, financial reporting, and auditing services. They also review financial information, prepare documentation, and verify all government regulations are followed. According to PayScale, CPAs make an average base salary of $51,700 per year.
- Digital Marketing Manager
Digital marketing managers are responsible for overseeing the creation of new marketing projects meant to increase sales and brand loyalty. These professionals are typically actively involved in the process, providing direct supervision to ensure all advertising efforts are efficient and effective. They may also coordinate and implement social media campaigns. According to PayScale, digital marketing managers make an average base salary of $67,800 per year.
- Financial Advisor
Financial advisors are responsible for helping clients assess and monitor their financial needs, while also developing plans or strategies to meet various fiscal goals. They typically provide guidance and insight as short and long-term objectives are established. They may also coordinate with other financial institutions that offer various investment options. According to PayScale, financial advisors make an average base salary of $60,050 per year.
- Project Manager
Project managers are responsible for overseeing projects assigned to them. These professionals typically set project goals, timelines, and budgets, as well as handling any issues that arise throughout the process. They must also coordinate, document, and assign additional tasks as needed, sharing important information with other team members. According to PayScale, project managers for non-profit organizations make an average base salary of $74,950 per year.
- Supply Chain Manager
Supply chain managers are responsible for coordinating franchise supply chains, ensuring related processes run smoothly and efficiently. These professionals develop and maintain logistical and procedural policies, as well as managing inventories based on customer demand. They may also be expected to mediate between sales and customer service teams. According to PayScale, supply chain managers make an average base salary of $83,950 per year.