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What is Business Management?
Wyoming may be one of the most sparsely populated states in the US, but it's still a vital part of the nation's economic health. In fact, the state's top industry - mining, quarrying, and oil & gas extraction - is 11th in the nation. Other leading industries in Wyoming include real estate, transportation, manufacturing, and retail trade. This makes Wyoming's economic picture not unlike many others in the nation. While they may post smaller numbers due to the small population, they are still growing and important to the nation.
A business manager is a professional who oversees people, processes, or products for a business venture. They may also perform similar functions in a non-profit organization or a governmental agency. Essentially, a manager takes responsibility for a significant portion of an organization. To do that, each manager needs specific skills and often good experience to achieve success.
The skills required for a management position are often determined by the industry a person finds themself working in. For instance, a restaurant manager has often worked for at least a year as a server or cook. In many businesses, management needs to have strong leadership skills on top of skills including accounting, market analysis, business analysis, and more.
For the most part, managers work regular hours in an office or some sort of on-site location such as a restaurant, retail shop, construction site, or manufacturing plant. However, some who manage things such as supply chains or brands may find that they can work from a remote location, though may be often called in to a specific location for meetings or other functions.
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Best Online Colleges in WY
Online Business Management Education in Wyoming
To keep their economy healthy, Wyoming needs to ensure that it has the business management professionals necessary to keep its firms humming at maximum efficiency. The oil and gas industry, for instance, needs management experts who are knowledgeable in the best methods for not only extracting the raw material but for refining or otherwise processing it for shipping and its end uses. That industry alone needs top operations managers and supply chain management professionals to ensure that profits keep coming.
Wyoming is thus interested in ensuring that it continually produces well-prepared management professionals to service all levels of its economy. The state does this, at least partially, by supporting its colleges and universities and funding them and their business departments. Business schools use their budgets to attract top academic professionals from across the nation. They look for PhDs who are experts in management to bring their nuanced views of business to the classroom. They also recruit research faculty who can continue to study the state of business for the purpose of publishing insightful papers. Researchers maintain their positions by receiving grants or selling their research to various business institutions who find it valuable.
Wyoming's colleges and universities are also looking for business management degreed professionals who are interested in teaching on a part-time, adjunct basis. Often, professionals who hold an MBA are interested in teaching the younger generations on the principles of business. Students love learning from these professionals, especially if they have experience in the Wyoming economy, and in the field generally. When an instructor has real-world anecdotes to share with a class, students always benefit.
Online Associate Degree in Business Management (AS)
A two-year community college degree in business management is a terrific foundation on which to start a business career. The coursework required for the degree is often a fantastic introduction to the fundamental concepts required to succeed as a business manager or in business in general. On top of that, other required coursework can also help a professional thrive.
Since community colleges require students to all complete the core college curriculum for a bachelor’s degree, graduates start on strong footing. This is because those required courses in English, mathematics, science, and social sciences all help build a well-rounded education. These courses also provide much-needed soft skills that will facilitate communication, understanding, and insight on the job.
An associate business management degree from a Wyoming community college is also a terrific financial decision. Community college credits are typically far more affordable than those from any four-year institution. Naturally, an associate business management degree can help a person land an entry-level position. Considering that many larger firms provide tuition assistance, an entry-level manager might even be able to return to college for their bachelor’s degree with significant financial assistance from their employer.
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Online Bachelor's Degree in Business Management (BS or B.S.B.M.)
A bachelor’s business management degree is perhaps the best launchpad for a successful career in corporate management. A full four-year degree includes the depth and breadth of knowledge that firms want to see in their entry-level employees. It also allows students the opportunity to broaden their knowledge base and skill sets.
Many bachelor’s business management degree students are able to add experience to their transcripts by way of for-credit internship programs. These internships allow students the opportunity to earn credits while also gaining valuable experience in the business community. In fact, some even choose to pursue multiple internships so that they can experience how management operates in a number of different firms.
There is also another option for a bachelor’s management degree student who wants to gain experience while learning. That is a co-op program. These programs aren't as prevalent as internships, but they may be worth seeking out. A co-op student alternates courses and full-time work experience every other term. The time spent working is paid at an agreed rate and can allow savings that can support the student through the ensuing term of study. Keep in mind that students may also be able to fit in an online course or two while working full-time. This could be a good way to knock out elective courses or even management courses that may inform their daily work life.
Online Master's Degree in Business Management (MS)
A master’s business management degree or a Master of Business Administration is a terrific idea for any business professional, regardless of their industry. These degrees are widely known to help workers add significantly to their compensation while also opening new promotion opportunities. In fact, it may be nearly impossible to work in the C-suites without a master’s degree, preferably an MBA.
An MBA is so valued because it provides a broad, master’s-level education in business. For the first year of an MBA program, students take courses in a variety of subjects. Students invariably take courses that are not in their area of expertise, a fact that results in more knowledge of, and insight into, business. The second year is then spent concentrating on a student's area of expertise, whether that be management, marketing, human resources, or information technology, to name a few. In fact, every prospective MBA student is urged to investigate every program's concentration offerings. It's also worth noting that students can always return for a graduate certificate in case they want more specialized knowledge of any particular area of business.
Online PhD Degree in Business Management (PhD)
PhDs and other doctorate business degrees aren't very highly valued in the business community. Often, businesspeople feel that the high-minded theory that goes into a doctorate degree distracts people from the daily, practical rigors of the business world. However, since graduate degrees, especially MBAs, are ever-more prevalent, it may be that professionals will soon turn to PhDs as a way to differentiate themselves in the job market.
In fact, business does already make some use of doctorate degrees in its ranks. Consulting firms are often helmed by someone with a PhD who trains their consultants to implement managerial decisions based on theories developed while in a PhD program. And PhDs who choose a career in academia often take side-work as part-time consultants. A management professor, for instance, might spend time assessing a company for the purposes of not only publishing a paper on its managerial approach but also helping the firm discover new approaches to their business and industry.
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Become a Business Manager in Wyoming
Every business needs a manager, and few CEOs earn their stripes without first managing a corporate department or region. However, some students have questions about how to become a management professional in Wyoming. There are actually many routes, but some may offer greater results than others. However, all of these journeys begin with a single step, and that often is manifest in a desire for business success.
In fact, many youngsters and college students these days have idols in the corporate realm. They may see innovators such as Bill Gates or Steve Jobs as particularly inspiring, while others may look to the past and the industrialists who helped create the foundational business strength that was the 20th century.
Students who are thus inspired should start taking steps that will help them make their dreams a reality. Even in high school, students can start taking classes in business or business-related subjects. Many schools offer introductory business courses, including accounting. Students should also work hard in their mathematics courses since so much of business is reliant on math.
Students who are especially motivated can begin forming a strong foundation of knowledge with various online offerings. There are many channels on YouTube that offer sound financial or other business information. Students can also find online courses that are free or very affordable. A high school student might be able to complete a short course on, say, finance over summer break. The course may even offer the option to pay a bit more for a certificate from an accredited college or university.
Once the third year of high school rolls around, students should start researching the best colleges and universities for business management. There are many criteria to consider, but one of the first to apply is accreditation. Their top choice business management degree programs should all have a CHEA-approved regional accreditation but, ideally, they will have credentials from AACSB, ACBSP, or IACBE. These program-specific agencies bestow accreditations which are acknowledged nationwide as some of the best covering business options. Students should also be sure that their top programs support the subjects they are most interested in. While most business degree programs feature management concentrations, there are also programs that specialize in industries or types of management such as sports management, restaurant management, and operations management are just three possible options.
Careers for Business Management Graduates
- Sales Manager:
This position is most often given to a sales professional who has demonstrated great success in a firm's particular industry. For instance, a top insurance salesperson may not be the best fit for an auto parts sales management job. Nevertheless, many sales professionals move into sales management in order to earn a steady salary free of the ups and downs of commission sales.
- Financial Analyst:
These business professionals spend their days analyzing various businesses to determine their fiscal health or general condition. The banking industry relies on financial analysts to assess businesses for their credit-worthiness. Investment banks employ financial analysts for a two-year period during which they work very hard at assessing the quarterly and annual financial statements from a variety of firms. After their two-year period is up, they often enroll in an MBA program, only to return to the industry as an associate.
- Account Manager:
This job title is found in many industries but may be most prevalent in the marketing field. Account managers oversee a client's account to ensure that they are receiving the best service from the firm and seek to attract new clients by promoting their firm's talent and portfolio of success. The core of this job is communication because they need to let their teams know what the client wants while also keeping the client current on all progress.
- Operations Manager:
This job title is given to management professionals who oversee the daily functions of a firm. In manufacturing, they review the processes on the production floor, including any machinery or personnel issues. Operations managers seek to promote maximum efficiency in their firm whether it be a manufacturing company or another business.
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- Benefits Specialist:
Human resources professionals may be generalists, but often they seek to specialize in a specific area of HR. Benefits specialists naturally focus their work on the benefits they provide for their employees. They assess their firm's overall needs and ability to finance benefits packages and negotiate the best packages for employees to choose from. During the benefits period, they oversee the enrollment to ensure that all employees are signed up.
- Management Information System Specialist:
This job title is often found in a grey area between management and the IT department. MIS professionals are trained in both traditional business concepts and the information systems necessary for business. They can assess the business' need for technology because they are knowledgeable of what is possible from technology. The key strength of a MIS professional is their ability to communicate business needs to the technology team while decoding tech issues for the management staff.
- Customer Service Associate:
This title is often used for an entry-level business associate who specializes in helping customers with their needs. Depending on the specific firm, they may be highly skilled in technology or well-versed in a financial matter, such as insurance. These workers are an important part of a business’s public relations and need to be expert communicators who can work with frustrated customers and help them walk away satisfied.