Business administration is leadership in an organizational environment, whether that’s a major corporation, a new entrepreneurial venture, a nonprofit organization, or elsewhere. Leadership begins at the top, where the CEO and board of directors develop the strategies that steer a company, and it occurs at every level down as those strategies are put into practice, from marketing to finance to human resources. Business administration, overall, is concerned with forming and maintaining a successful business, according to the Princeton Review. Business administration relates closely to the following fields:
This term covers CEOs, general managers, owners, presidents, and vice presidents of organizations, although any number of titles could be included. These management professionals are in charge of directing business policy for their organization and overseeing the work of other executives or department heads, and they may even perform purchasing, hiring, training, and other day-to-day management tasks if the organization is smaller, according to the U.S. Bureau of Labor Statistics (BLS).
Financial managers are the numbers people, producing reports on the company’s financial position that show how the company is doing in terms of profits and investments, according to the BLS. They also develop financial strategies for organizations and projections for future earnings. Some financial managers are responsible solely for overseeing the finances of a particular branch of a company.
Human resources managers.
These professionals are responsible for the hiring, training, and retention of talented individuals needed to fill positions at an organization. HR managers must have a clear idea of what skills and knowledge are needed for a position and select people who they believe are best able to meet the company’s goals. For top-level positions, HR managers increasingly need an advanced degree, such as a Master of Business Administration in Human Resources, according to the BLS, which can be earned as an online degree in business administration.
Sales managers oversee how a product or service is delivered to the customer. They develop strategies for boosting sales, oversee the work of district and regional sales managers, and set sales goals. Many employers prefer candidates with bachelor’s or master’s degrees in business administration with a marketing concentration, the BLS notes, which can be accomplished through an online business administration degree.
What Can I Do With an Online Degree in Business Administration?
Business administration is broad enough to encompass countless career paths for graduates who have completed a degree in business administration online. A sampling of business administration careers includes: accountants, bankers, controllers, consultants, retail managers, PR specialists, and even business owners, according to Sonoma State University. Students can narrow down their career path through their choice of specialization. A specialization in human resources, for instance, could reasonably open you up to a career as a human resource manager, compensation and benefits manager, or training and development manager. Such positions on average paid annual salaries of $96,130, $86,500, and $87,700, respectively, as of May 2008, according to the BLS.
An online degree in business administration with a specialization in accounting or finance could open you up to future careers as a financial analyst, finance manager, or budget analyst. The median yearly salary of a financial analyst was $73,150, while the median yearly salary for financial managers was $99,330, according to the BLS. Budget analysts earned a median of $65,320 each year.
Some locations will be better than others for finding jobs in certain fields. For instance, New York City and Chicago are major worldwide financial centers in the U.S., and will likely offer more career opportunities in the financial sector than other cities will. New York City, Los Angeles, and Seattle are three of the highest-paying cities for human resource managers, according to PayScale.com. High-paying cities for financial managers, however, are Houston, San Francisco, and New York City, PayScale.com notes, while the highest-paying states for financial managers were New Jersey, Washington D.C., Delaware, California, and Massachusetts, according to the BLS.
These are just a sampling of some of the careers you could seek after earning an online degree in business administration. Many of the above-mentioned careers come more readily to candidates who have worked their way up the career ladder, and none are guaranteed just because you have a degree. Attaining a high-paying career in business administration requires hard work and often extensive networking. Salaries will vary depending on where you live, your employer, and your experience.
What Is It Like To Get An Online Degree in Business Administration?
Online business administration schools deliver their courses through an online portal, and students access their courses by entering a username and password. Once you select a certain course, you can see all the materials you need for the class, including syllabi, lecture notes and slides, videos, assignments, and other resources. Students either order physical textbooks to go along with their online courses or download e-textbooks, depending on what their instructor prefers.
Typical undergraduate courses offered by the best colleges include: economics, statistics, accounting, business writing, business law, marketing, finance, and management. These courses would be complemented by general education courses such as mathematics, humanities, and communication, as well as elective courses. Students must possess a bachelor’s degree and meet all other requirements to be accepted into an online Master of Business Administration (MBA) program.
At the graduate level, courses might include advanced strategic management, global management, international business, and research methods. Students generally must pass a comprehensive exam and complete a capstone project before they can receive an MBA.