Business administration functions are integral to company operations. Professionals in business administration careers examine organizational goals and refine company processes. They’re essential to streamlining workflows and maximizing efficiency and profit, which benefits stakeholders at every level.
Business administration functions are integral to company operations. Professionals in business administration careers examine organizational goals and refine company processes. They’re essential to streamlining workflows and maximizing efficiency and profit, which benefits stakeholders at every level.
In a business administration degree program, whether at the bachelor’s degree or master’s degree level, students learn fundamentals in fields such as accounting, marketing, finance, economics and management. Exploring skills in a variety of business disciplines allows business administration students to fine-tune their interests and prepare for successful careers.
Benefits of Earning a Business Administration Degree
From learning versatile skills to maximizing earning potential, earning a degree in business administration offers a range of advantages to those interested in the field.
Diverse Skill Set
Business administration degree programs equip students with knowledge and skills in a range of business disciplines. This diverse skill set is highly advantageous to graduates entering the professional world, opening doors to a broad range of careers.
Career Flexibility
Business administration professionals work in a variety of corporate settings. Whether students’ job preferences lean toward mathematics or management, they’ll find business administration positions that align with their professional ambitions.
Higher Earning Potential
Earning a business degree can lead to higher salaries for graduates. Individuals with a degree in business earned a median annual wage of $71,000 in 2022, while the median annual wage for individuals with degrees across all fields was $66,000, according to the U.S. Bureau of Labor Statistics (BLS).
Careers for Business Administration Graduates
Business administration careers include a broad range of options. While some focus on financial aspects, others emphasize employee management and optimizing operational workflow.
Accountant
Accounting is a great career path for individuals who enjoy working with numbers and have earned a business administration degree with a concentration in accounting. Accountants prepare and review financial statements, and they may offer analysis on maximizing profits and cutting operational costs. Administrative tasks may include conducting audits, filing taxes and reviewing accounting systems.
Salary
The BLS reports that in 2023, accountants earned a median annual salary of $79,880, with accountants in finance and insurance industries earning a median salary of $83,250.
Job Outlook
The job outlook for accountants is promising, with the BLS projecting 6 percent growth in accounting careers between 2023 and 2033, which is faster than the average for all occupations. Reasons for continuing demand include a growing economy and consistent tax and regulatory requirements for businesses.
Health Services Manager
Health services managers evaluate healthcare processes and look for areas of improvement that benefit both patients and workers. Responsibilities include onboarding medical staff, ensuring workplace compliance with healthcare laws and regulations, and maintaining facility services records.
While some manage entire facilities, others may focus on a specific department or private practice. Students interested in healthcare and business administration may consider a business administration degree with a concentration in healthcare administration.
Salary
The median annual wage for this business administration career was $110,680 in 2023, according to the BLS. Health services managers’ salaries can vary based on where they work, with those in nursing and residential care centers earning a median salary of $97,490 and those in hospitals earning $128,740.
Job Outlook
The BLS projects high demand for health services managers, with employment growing 29 percent between 2023 and 2033. One reason for this career’s considerable growth projection is the growing portion of older adults in the U.S. population and the strong demand for healthcare services among these individuals.
Financial Analyst
Financial analysts help organizations expand their assets and profits. They review organizations’ financial portfolios to determine their value, and translate economic data for executives and other stakeholders. Many employers hiring financial analysts prefer candidates with a graduate degree, such as a Master of Business Administration (MBA) with a concentration in accounting.
Salary
As of May 2023, the median annual wage for financial analysts was $99,890, according to the BLS.Job Outlook
The BLS projects financial analyst employment to grow 9 percent between 2023 and 2033. The profession will experience an average of around 30,700 job openings each year over the decade due to this projected growth and the need to replace retiring workers or those changing career fields.
Market Research Analyst
Market research analysts study consumer habits, economic conditions and supply forecasts to determine how a company’s product or service might perform. Students hoping to pursue a business administration career as a market research analyst may consider an undergraduate business administration degree with a business analytics concentration.Salary
Market research analysts had a median annual salary of $74,680 in 2023, with those in technical consulting services roles earning a median salary of $68,150 and those in company and enterprise management earning $94,130, according to the BLS.
Job Outlook
The job outlook for market research analysts is promising, with the BLS estimating an 8 percent growth rate between 2023 and 2033. As the role of data in corporate decision-making processes grows, so does the need for professionals with the expertise to gather and evaluate that data.
Pursue an Education in Business Administration at SEMO Online
Because they are so vital to organizational success, business administration careers can be found in many different industries. A business administration degree provides an arsenal of fundamental skills across core business concepts, making graduates highly versatile and career-ready, while also providing specialization options to customize the program to a student’s career goals.
SEMO Online’s Bachelor of Science (BS) in Business Administration and Master of Business Administration programs offer students the opportunity to build critical business skills while learning in a flexible remote environment. The BA in Business Administration offers concentrations in Accounting, Business Management, Business Analytics and Healthcare Administration. The MBA program, which doesn’t require students to have an undergraduate business degree, provides focus area opportunities in Accounting, Health Administration and International Business.
Find out how SEMO Online can support your career goals in business.
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Sources:
Indeed, Business Administration: Definition and 27 Career Paths
U.S. Bureau of Labor Statistics, Accountants and Auditors
U.S. Bureau of Labor Statistics, Field of Degree: Business
U.S. Bureau of Labor Statistics, Financial Analysts
U.S. Bureau of Labor Statistics, Market Research Analysts
U.S. Bureau of Labor Statistics, Medical and Health Services Managers