Many freshmen students start out college undeclared; they aren’t sure what they want to major in and hope to use their first year to find something they want to study. Unfortunately, many students take up to 2 years to decide on a major, and they may even switch majors several times up into their junior year. This wastes a lot of time and money, and can significantly delay graduation.
If you have no idea what you want to major in, one option you might consider is taking time off from college. If taking a break isn’t an option for you, doing your research and finding a major you can be passionate about should be your number one priority. The sooner you declare a major that you want to stick with, the more you can focus on taking the classes you need to graduate, allowing you to stay on track to graduate on time.
This business management feature is one in a continuing series of “Undeclared” posts. Other majors that have been explored include healthcare administration, social work, cybersecurity, education, linguistics, data sciences, communications, and accounting.
A Degree in Business Management
The field of business management is diverse and versatile. It is a popular career choice because it offers flexibility in combining your interests with a business career. Some positions in business management involve working with products, while others focus on working with people. Wherever your interests lie, you can use your business management degree to combine your knowledge with your passion.
Business management involves planning and organizing a variety of business operations. A degree in business management teaches students the fundamental skills necessary to successfully and efficiently manage or run a business. These responsibilities may include budget analysis, accounting, reviewing contracts, overseeing operations, and training or supervising employees. Because this field is so competitive, a degree in business administration is a must to enter this career.
Business management professionals can earn fairly lucrative salaries, depending on what area of business is their specialty. According to the U.S. Bureau of Labor Statistics, management wages are higher than those of all other business workers. Business management careers report starting salaries of around $48,607. With additional years of experience, business managers may earn median wages of $83,610 and, at the top end of the scale, $132,620. It is important to understand that although the salaries associated with this career are high, this position usually requires longer working hours weekly.
Many career paths require specific degrees, but business management knowledge stretches across virtually any industry or sector. A diploma in business management can be applied to a variety of businesses, corporations, educational facilities, and hospitals, amongst others. Whether you want to work for a small company or a large corporation, a degree in business management will provide you with a well-paying and motivational job.
Advertising, Promoting, and Marketing Manager
The primary responsibility of an advertising, promoting, and marketing manager is to create programs and plans that will generate interest in a particular service or product. Among the many skills they will need will be the ability to effectively communicate their project plans and visions with their teams.
Advertising managers will take this a step further by working for an agency or corporate office, overseeing staff to create and produce ideas, and teaming up with the finance department to devise a budget and cost estimates for advertising campaigns. Some advertising managers are account executives whose goal is to manage clients’ accounts rather than developing or supervising the creation of advertising for the company.
Promotions managers focus more on sales, and they administer advertising with pricing incentives to make more profits. Those advertising methods may include direct mail, internet advertisements, newspaper inserts, special events to target customers, and in-store displays. Possible purchasing incentives are coupons, samples, rebates, contests, and gifts.
A marketing manager’s priority is to find markets that are good fits for the organization’s products. This position is responsible for developing pricing strategies to maximize profits and market shares while also keeping customers satisfied. Other duties a marketing manager is required to perform are creating and coordinating the company’s policies and programs, including identifying product supply and demand and finding possible customers. These areas of business management are expected to grow 8% from 2018-2028, faster on average than other occupations, making this a popular and lucrative job.
Management Analyst
A management analyst or consultant finds ways to make a company more efficient and profitable. This position also calls for the management analyst to advise the organization’s managers on how to make the company more profitable through increased revenues and reduced costs. A management analyst may work for an organization or contract as an independent consultant and complete many of the same duties as an operations manager.
Problem-solving and analyzing financial data are skills that can lead to success as a management analyst. Flexibility and versatility are also important traits as a management analyst’s work often varies from project to project. An employee in this field may choose to specialize in certain areas, such as governmental agencies, telecommunications, healthcare, and inventory management and reorganization.
Financial Manager
The quality and ability of the financial manager can impact the entire health of an organization. Financial managers are primarily responsible for producing financial reports for a company. The company’s future financial goals, investment decisions, and health are largely dependent upon the abilities of the financial manager.
Because of the impact that technology has had on the business industry, a financial manager focuses more on data analysis and advises senior managers on how to maximize profits. Financial managers must be familiar with industry statutes and have knowledge of updated tax laws. There are a variety of different kinds of financial manager, and some of the most popular types are insurance managers, public accountants, treasurers and finance officers, credit managers and risk managers.
Property Manager
The role of a property manager is to manage residential or nonresidential real estate for the properties’ owners. With an anticipated 4% growth in the real estate management field, this type of business management is in demand. A property manager is charged with the daily management of real estate property when the owner of said property is unable or uninterested in attending to such details.
This position requires much more than just collecting rent. A property manager must also advertise and show the property for rent, screen new applicants, provide customer service to tenants, and inspect properties. Other responsibilities include performing basic accounting duties, coordinating maintenance and repairs, and dealing with problem tenants and the eviction process. With a strong real estate market, more property management positions will be in demand over the next decade.
Event Management
You may think that event management means event and party planning, but they are two unique positions. An event manager is involved in project management. In this job, you will create and develop large-scale events, such as trade shows, concerts, conventions, and conferences. Event management includes determining the audience, then creating an event concept. Next, an event manager must map out the logistics of the event and conduct project management.
The event manager is responsible for managing teams involved with handling the event, overseeing the execution of the event, and balancing the budget. Developing relationships and contracts with vendors and other professionals, like event planners, are also necessary for this role. You may not be the life of the party as an event manager, but you will be the one who makes the party happen.
These occupations are just a sampling of the careers in business management you may wish to consider. Find your passion or niche and match it with a business angle, then take some business and accounting courses in the next semester. You may find that business management offers you an ideal career that combines your interests with stable, reliable employment.
