Business administration is the process of managing an organizationâ€™s activities and coordinating its physical, financial, and human resources so the organization can meet its targets and goals. Business administration involves managing various business functions such as marketing, finance, recruitment, and strategy, among many others. It further involves dealing with clients, customers, and suppliers to ensure the success of the business. As it is a broad field, business administration students have a wide range of career opportunities across various industries, including marketing, finance, consulting, and many more.Â
Typically, business administration majors study various courses during their degree program â€“ from accounting and finance to management, marketing, and consumer psychology, for instance. These courses and the term projects prepare students for skills such as teamwork, resource management, organizational ethics, etc. It makes business administration one of the most popular business degrees you could opt for. Not only that, but their graduates are in high demand among employers, too.
However, it is easy to lose sight of what you truly want in the vast array of opportunities that this field presents you with. For your convenience, we have rounded up seven career options you can consider pursuing once you complete your business administration degree.Â
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If you have a knack for numbers, you could pursue a career in accountancy. A business administration major specializing in accountancy will be expected to competently analyze, assess and report the company’s financial position. Accountants analyze the financial transactions, draw up the financial statements, such as the income statement and the statement of cash flows, and ensure that the financial records are up to date so that they reflect the true picture of the business when the stakeholders and auditors view them.Â
The average annual salary of Accountants is $60,684, with a growth rate of 5.6%.Â
Human Resource SpecialistÂ
If you describe yourself as a people-person, human resource specialist might be a career you are interested in. HR Specialists are required to manage the administrative functions of the HR department. Their main tasks include managing employee relations, training and benefits, and handling payroll-related issues. They are also at the forefront of making recruitment decisions â€“ including conducting recruitment drives and attending job fairs to ensure they hire the right candidates for the job description. This involves dealing with various people, including people from different departments within the company and candidates.Â
The average annual salary of HR Specialists is $62,290, with a projected growth rate of 8%
Business consultants advise organizations on matters such as boosting productivity, reducing costs, and making strategies to compete in the market, among many others. Business consultants are expected to identify problems the company is facing and analyze the trends and data to develop solutions and recommendations to improve operations. Additionally, they help in the smooth implementation of the changes required to solve issues and provide support to their clients during and after the process.Â
Business consultants work in various fields and industries, such as manufacturing, retail, banking, etc. As they play an essential role in boosting the revenues of a business and making their strategies, they are almost always in high demand. The annual average salary of Business Consultants is $69,791, with an astounding career growth rate of 31%
Marketing is one of the core functions of any business. Marketing managers are responsible for creating and implementing campaigns and marketing strategies to promote their companyâ€™s product to potential customers. They are expected to observe and identify the needs of their target customers and develop marketing plans to engage these individuals. Their core tasks include building campaigns and executing them, managing the marketing budget, analyzing whether the marketing efforts generated fruitful results by analyzing data, maintaining good relations with customers and clients, etc.Â
According to BLS, the average annual salary of Marketing Managers is a staggering $153,440, with an expected growth rate of 10%.Â
Another route that number enthusiasts can opt for is a career as a financial analyst. Financial analysts keep track of the financial health of a business. They use economic trends and financial data to analyze the company’s financial performance. Financial analysts help forecast the financial future of a company or industry and check the financial stability of a company where their clients might want to invest, helping them make better investment decisions.Â
According to BLS, financial analysts earn a median annual salary of $95,570, and their career growth rate is expected to be around 9%.
Market Research AnalystÂ
A market research analyst studies the trends of markets and consumers using various tools such as focus groups, surveys, interviews, etc. They use the data from these results to identify trends and gather useful information that aids in strategic planning and decision-making for companies. Some of the responsibilities of market research analysts include conducting research and reporting its findings, keeping an eye on industry trends, creating strategies for marketing, and presenting the findings to stakeholders for better decision-making.Â
According to BLS, the average annual pay of market research analysts is $63,920. The job outlook for the next decade shows a 19% growth rate in this field.Â
While a degree is not a prerequisite to starting your own business, if you have a business administration degree, you have all the skills to run your business. Business administration majors have the core skills and knowledge to run the main functions of the business, namely marketing, HR, finance, strategy, etc. Secondly, this degree usually comes with many internships and practical projects as part of their program, which means students have enough hands-on experience to start their own businesses. Furthermore, courses in this degree rely heavily on case studies. As a result, students build excellent problem-solving and critical-thinking abilities. Given the range of skills you pick up in this degree, and if you have the mindset of taking risks, you could very well consider becoming the CEO of your startup.
Deciding on a career is difficult, and itâ€™s okay to feel unsure about it. However, there are ways to make reaching your desired career path easier. When picking a specialization, consider the fields you enjoy and are good at â€“ for instance, if you know you are an out-of-the-box thinker, marketing and product development might be more suitable for you than accounting. You also need to remember your priorities. For instance, would you like stability and a steady flow of income, or are you more of an adventurous person willing to take risks, like starting your own business? Most importantly, do not hesitate to follow your heart and choose the field that truly makes you happy.Â