By providing you with many highly employable business skills in a variety of specializations, business administration degree programs are designed to help you hit the ground running. They even give you the skills needed to pursue your own business ventures.
A business administration graduate degree program also prepares you for a wide range of professional and advanced degree programs such as law, social sciences or an MBA.
Education Required for Business Administration Jobs
Two common degrees required for business administration jobs are a BBA and an MBA. Becoming familiar with these two degree programs can help you decide which is best for you and your career goals.
What is a BBA?
A BBA (Bachelor of Business Administration) provides a foundational education, teaching you business fundamentals and how they apply to real-world business environments. Although some schools offer three-year programs, it typically takes four years to complete your bachelor’s degree in business administration. Individuals generally choose to earn a BBA if they want to pursue a business administration role following graduation.
A BBA program will first cover basic business topics, and then you’ll go on to select a specialization. This gives you the opportunity to choose a path that aligns with your career goals and interests. Popular specializations include:
- Management
- Finance
- Marketing
- Accounting
- Technology management
- Project management
- Human resources
- Entrepreneurship
What is an MBA?
An MBA (Master of Business Administration) is an advanced graduate-level degree chosen by professionals who typically have a few years of experience under their belts and career advancement in mind. These professionals want to acquire expert or advanced skills and knowledge in business administration. Since an MBA is a graduate-level degree, you must have completed an undergraduate degree (such as a BBA) before you can pursue an MBA. With full-time study, an MBA typically takes two years to complete. Many professionals choose to continue working, however, and pursue their MBA on a part-time basis.
When studying for an MBA, classes place a lot more emphasis on discussion and collaboration. Rather than merely lecturing, professors act as discussion guides and provide insight when applicable. This course format allows you to benefit from the professional expertise and experience of your cohort, as well as your instructor.
MBA program students generally fall into three categories. They include:
- Pre-qualifying for their career
- Working professionals interested in advancing their careers
- Established professionals who want more advanced training/skills
The concentration or specialization selected when pursuing your master’s should be chosen to meet your career goals. Popular MBA concentrations include:
- Finance
- Marketing
- Human relations
- Operations management
- International business
Careers with a Business Administration Degree
Let’s look at just a few jobs a bachelor’s in business administration degree can help you land. Although these jobs can be obtained with a bachelor’s degree, a master’s degree and other training/certifications are often needed for the higher paying jobs within these fields.
Accountant or Auditor
An accountant’s job focuses on keeping track of and examining financial records and ensuring data is correct and current. An accountant prepares budget reports, risk analyses, and financial forecasts. They also ensure financial statements adhere to local and national laws and regulations.
Auditors, on the other hand, focus on a company’s accounts, keeping track of cash flow and ensuring everything is accurately recorded and processed. Auditors also ensure financial records meet legal requirements and assets are adequately protected.
According to the U.S. Bureau of Labor Statistics, the median annual salary for accountants and auditors is $77,250. The need for accountants and auditors is expected to increase by seven percent between 2020 and 2030.
Marketing Manager
Marketing managers are responsible for the promotion and marketing of a product, service, or business. They ensure an organization successfully develops its brand identity and is reaching its target audience. Marketing managers communicate directly with consumers to better understand the customer’s preferences and needs. Then the marketing manager devises strategies to successfully market the organization’s services and/or products.
According to the U.S. Bureau of Labor Statistics, the average annual salary for a marketing manager is $133,380. The demand for marketing managers is expected to increase ten percent between 2020 and 2030.
Management Analyst
A management analyst works to improve an organization’s efficiency and success. After researching, collecting, and analyzing information concerning an organization, a management analyst recommends ways to increase revenue, improve performance, and decrease costs to improve the organization’s bottom line.
According to the U.S. Bureau of Labor Statistics, the average yearly salary for a management analyst is $93,000. Employment opportunities for management analysts are expected to increase by 14 percent between 2020 and 2030.
MBA Career Paths
Someone choosing to pursue the career paths already mentioned would benefit from having completed their MBA, but it is technically possible to obtain one of these careers without one. Now let’s look at a few career paths that require an MBA.
Market Research Analyst
Market research analysts study market conditions and trends to determine the sales potential of a product or service. This ensures that a company creates and sells the most profitable products and/or services. Market research analysts collect data on competitors, consumers, and marketplaces, and then use the collected data to assist a company in better understanding their competitors and consumers. Strong math and analytical skills are essential.
According to the U.S Bureau of Labor Statistics, the average annual salary for a market research analyst is $63,920. The need for market research analysts is expected to increase by 22 percent from 2020 to 2030.
Operations Research Analyst
Operations research analysts utilize logic and mathematics to solve complex issues. Using various research techniques such as artificial intelligence, analytical models, and data mining, they analyze raw data and convert it into business intelligence assets.
According to the U.S. Bureau of Labor Statistics, the median annual salary for an operations research analyst is $82,360. The need for operations research analysts is expected to increase by 25 percent from 2020 to 2030.
Financial Manager
Financial managers, who are responsible for the finances of an organization, put together financial reports and direct investment activities and develop plans for the long-term financial goals of said organization. Financial managers oversee all critical financial functions within an organization such as:
- Cash flow and profitability
- Investment activities
- Managing risk of financial loss
- Provision of financial advice
- Managing credit
- Determining financial strategies
A financial manager can hold various types of financial management positions including credit managers, treasurers, and controllers.
According to the U.S. Bureau of Labor Statistics, the average annual salary is $131,710 for financial managers. The career outlook for financial managers is better than average with a 17 percent increase expected between 2020 and 2030.
Are You Ready to Boost Your Career into Overdrive?
If you’re ready to take the next step in your career, the MBA program at UTC can help you get there. Email an admissions counselor to discuss your options or call 423-425-5708 to learn more about Gary W. Rollins College of Business and our MBA programs.
