Business Administration Salary and Education Requirements
The business administration salary will be based on an individual’s level of experience, the type of degree they have obtained and the work environment. Here we take a look at the education options available, in addition to learning about the potential business administration salary.
Associate’s Degree Programs: Enrollment Requirements and Overview
The associate’s degree program will allow a student to acquire expertise in communications, management and accounting, all of which are required in order to succeed in the business world. This program will teach a student the skills needed to manage business and allow them to develop their organizational, leadership, critical thinking and communication skills. Some schools will feature programs that allow a student to choose an area of concentration, such as accounting or human resources. These programs are typically offered at public or private colleges, community colleges and universities. A GED or high school diploma is required for admission.
A student will complete core courses that cover accounting, economics, business theory and liberal arts. Additional courses will include topics such as business ethics, math, oral communication, management principles, retail practices, financial accounting and business law.
The business principles class will provide students with comprehensive training for the skills that are required in order to be successful in many areas, including planning and operations, marketing, management, human resources, finance and accounting. Law and ethics and corporate and social responsibility will also be discussed.
The managerial accounting class will focus on the cost volume and profit relationship and how to used gathered information in order to make an informed decision. Managerial accounting can be taken as an extension for a financial accounting class, due to the fact that it focuses on the transferring of learned skills to a managerial situation. This class will force a student to take an analytical approach to control, cost planning and budget preparation.
The business law class teaches material that is essential for the individual that desires to run their own business. A student will learn about the legal guidelines for business operations and will become familiar with a number of related topics, such as rights and responsibilities of employers and employees, trusts and estates, property, partnerships and corporations and contracts. The topic of law will also lead to discussion of ethical considerations for the business world.
The intro to marketing class will allow students to learn about the basic processes and principles of marketing that most companies will utilize in order to grow their business. Topics of discussion will include evaluating consumer behavior, developing and launching products and promotion strategies.
The microeconomics class will teach students how markets work. This class will focus on the basic concepts of supply and demand and productivity and cost as it relates to consumer behavior.
The organizational behavioral management class will shed light on human behavior, motivation and attitude. The goal of this class will be to prepare a student to become a successful manager, by educating them on methods of controlling and predicting their classmate’s behavior.
Those individuals that graduate from an associate’s degree program will qualify for entry level positions in a range of fields. Some possible careers can include retail manager, assistant manager, auditing clerk, insurance policy processor and bank teller.
Some of the credits that are earned in this degree program can be transferred to the four year bachelor’s degree program for business administration, which is offered at several universities and colleges. In the bachelor’s program a student can continue with taking business classes at a more advanced level. Hands-on experience through internships is a typical requirement in this program.
Bachelor’s Degree Program: Enrollment Requirements and Overview
The bachelor’s degree program will prepare a student to work in a number of organizations and businesses, both in the private and public sector. The positions a graduate can qualify for will range from information technology manager and accountant, to human resource manager or administrative assistant. This program will allow a student to choose a concentration area such as accounting, management, finance and economics. Students will participate in an internship through a local business or organization, during the final year of a program.
Careers that are associated with this type of degree will not require certification, although some jobs have options to obtain this type of designation.
Salary Information and Career Outlook Based on Position
Individuals that have a BA in business administration will have a salary that ranges from $32,000 to $90,000 a year. These positions will include retail store manager, financial controller and information technology manager. The BLS reports that the annual salary for the financial analyst ranges from $75,000 to $95,000 and for human resources managers, the annual salary ranged from $72,000 to $95,000. Accountants in this field made an average salary of $58,000, with ranges from $36,000 to more than $95,000.
The job outlook for this field is projected to have more than a twenty percent growth in the next five years. Individuals that have a master’s degree in business administration or who have obtained certification in this field can expect better opportunities for employment. The position of the human resources manager is expected to grow by more than eighteen percent in the next three years, particularly for those professionals that have a master’s degree in this field or who have obtained certification. The career of the financial analyst is anticipated to see a fifteen percent growth in the next three years.