There are virtually limitless possibilities available to graduates with a business management degree. This is because the field is so broad and students acquire valuable skillsets that are transferable to a broad range of industries, sectors and career paths. For example, a graduate with a business management degree might pursue a career as a nonprofit administrator, corporate executive or human resources specialist. For specific guidance on career possibilities that are ideally suited to your interests and academic background, consider talking to a career advisor at your school. Grand Canyon University offers extensive student support services, including career counseling.
A business management degree may lead graduates to pursue careers as marketing managers. A marketing manager is responsible for establishing and maintaining the brand voice of the company, and for overseeing communications between the business and its customers. Depending on the size of the company, a marketing manager may supervise multiple employees in the marketing department.
Effective marketing managers are excellent communicators who work well under tight deadlines and pressure. They must also be accomplished project managers who understand how to appropriately delegate assignments and keep campaigns on track. There is a strong demand for marketing managers in the U.S. According to the U.S. Bureau of Labor Statistics, the job outlook for marketing managers from 2018 through 2028 is expected to grow by eight percent. This rate is faster than average.
Companies may hire financial analysts directly, or they may retain the services of a consulting firm. Financial analysts, also known as business analysts, are primarily responsible for evaluating the company’s financial performance and comparing that to its objectives. They also analyze market conditions, develop forecasts of revenue and expenditures, and provide reports that inform the strategic decisions made by senior management.
An effective financial analyst is one who proactively looks for ways that the company can improve its financial future. Analysts may perform assessments of the costs of operations and recommend improvements. A business management program, perhaps coupled with a minor in accounting, can position graduates to pursue this career. It’s also helpful for aspiring financial analysts to have a keen eye for detail and a knack with numbers. Financial analysts must also be good written and verbal communicators, as they must frequently share their findings with executives.
According to the U.S. Bureau of Labor Statistics, the U.S. economy expects to add about 20,300 financial analyst jobs from 2018 through 2028.
Human Resources Specialist
Some graduates with a business management degree may choose to specialize in human resources. A company’s HR department is responsible for its most important asset: its employees. HR experts are responsible for recruiting, screening, interviewing and hiring job candidates. They deal with employees’ compensation and benefits packages, and they apply conflict resolution skills to manage workplace disputes.
Increasingly, companies are relying on their HR department to create programs and strategies that align with the business’ long-term growth objectives. HR specialists may be tasked with developing training programs and workshops for the employees, for example, or researching effective methods of retaining top talent. It’s their role to ensure a high level of employee satisfaction, as well as workplace productivity.
The entrepreneurial mindset is generally defined as the drive toward innovation and new opportunities through the creation of new business entities, services, and products. If you feel driven to be your own boss and start your own business, consider launching your own company after graduating with a business management degree. If you do, you’ll be in good company. As of 2019, there were 27 million Americans who worked for themselves on a full-time basis. Plus, you don’t necessarily need significant financial assets to get started. Over 50 percent of companies established in the U.S. are started in the entrepreneur’s own home.
However, being a successful entrepreneur requires careful planning. Note that about 50 percent of small businesses fail within their first five years, according to the Small Business Association. One of the most common reasons why a business fails (accounting for 42 percent of failures) is that there is an insufficient market need for the company’s products or services. Make sure you do your due diligence and research your market carefully before hanging up your own shingle. If you enroll in GCU’s Bachelor of Science in Entrepreneurial Studies, you’ll learn all about the best practices in entrepreneurship.
Business Development Manager
Do you have an entrepreneurial mindset, but prefer to avoid the risk of starting your own business? If so, then you might consider pursuing a role as a business development manager. The primary responsibility of these professionals is to identify new opportunities for growth. They analyze the markets and consumer demands, forge new partnerships and develop new products or services.
Business development managers must be good critical and innovative thinkers who are able to extrapolate possibilities from raw data. They must also be excellent communicators who can develop relationships with people of diverse personalities and backgrounds.
You can choose from an extensive menu of business management, administration and leadership degree programs at Grand Canyon University. The Colangelo College of Business offers comprehensive undergraduate programs such as the Bachelor of Science in Applied Management, Bachelor of Science in Business Management and Bachelor of Science in Business Administration. If you already hold a bachelor’s degree, consider applying to one of our graduate programs, such as the Master of Business Administration (MBA) degree.
https://fitsmallbusiness.com/entrepreneurship-statistics/; https://www.bls.gov/ooh/management/advertising-promotions-and-marketing-managers.htm; https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
The views and opinions expressed in this article are those of the author’s and do not necessarily reflect the official policy or position of Grand Canyon University.