Business administration is a branch of business management that involves organization of resources efficiently to fulfill the goals and objectives of a business. It includes the management of business operations and effective decision making as well. Business administration is a broad field that provides umpteen opportunities for a fulfilling career in various business verticals. From independent businesses to major corporations, all types of organizations need skilled administrators.
Business administration is a combination of various subjects such as information technology, finance, human resources, communications and operations to name a few. Organizational leadership, personnel management and strategic planning are very crucial for managing the day-to-day operations of a business and central to business administration.
Administrators are the core of any business and work in every industry type – manufacturing, retail, hospitality, sales and operations. To sum up, the job of business administrators involves:
A career in business administration opens a wide range of leadership positions in all types of organizations – public, private and nonprofit organizations. You can choose from the following career options:
1) Financial executives and managers – Manage the financial aspects of an organization including managing assets and investments and budgets. They are also responsible for the financial reporting of the company.
2) Information executives and managers – Responsible for managing the Information Technology departments and computer systems of an organization.
3) Operations executives and managers – In charge of the operations of all the departments including production and planning.
4) General management executives and managers – Manage the day-to-day operations and resources of the organization.
The most common roles in the profession are:
Business administration as a career choice requires the backup of a degree in the subject. Bachelor and master degrees in business administration are offered by various universities. These courses are entirely focused on the core business functions.
Students are exposed to a variety of business-related subjects such as:
The curriculum emphasizes on the application of essential skills such as teamwork, problem-solving, logical reasoning and use of tools such as management information systems in decision making. The foundation years focus on all the general aspects that are a must for running a business, after which the student can choose electives and specialize in their area of interest.
A master’s degree in business administration gives a broad knowledge of the various functional aspects of a business with practical exposure to strategic planning, people management and decision-making roles.
Most universities incorporate training, practical sessions, case studies, internships, presentations, seminars and industrial visits in their curriculum. Following the completion of this degree, students are eligible to apply for various administrative and managerial positions in the banking, finance, hospitality, healthcare, consulting and manufacturing sectors.
The average annual cost of a bachelor’s programs in business administration may vary from $9,000 $30,000 based on whether the institution is public or private. Similarly, the average annual cost of a master’s degree would $7,750 and upwards. Doctorate programs are also available and cost about the same. You can apply for financial aid if the institution is an accredited one.
The first step in your career as a business management professional is that of an associate or an executive. After a few years of relevant experience, you can advance to the role of a business manager, senior manager and head. The median salary for business managers is about $81,080 per annum. However, this is very variable and as with most careers, a higher degree commands higher pay packages. For instance, a prospect with a master’s degree starts out with a higher pay package and subsequent hikes than one with a bachelor’s degree. Here are the median salaries for some of the common designations in business administration:
Job opportunities in this field is expected to grow at a rate of 15% by 2020.
Lastly, business administration is a right career choice for those who are tech-savvy, focused, organized and team players. Weigh your options and surge ahead.