If you want to work in a field with plenty of growth potential, business administration might be the perfect option. According to the U.S. Bureau of Labor & Stats (BLS), in May’20, the median annual wage for business & financial occupation was $72.250. This number is above the average salary for all professions, which is $41,950. On top of that, the sector expects to add around 476,000 new jobs by 2030. So, if you’re just starting the job search or are looking into changing careers, this might be the perfect opportunity for you.
Why should you pursue a career in business administration?
If you’re thinking about venturing into business administration, here are some compelling reasons you should.
Let’s face it – business majors have very high job security, are in demand, and can land a job in virtually any industry. Computer companies, factories, small franchises, and everything in between need business professionals to function and succeed financially. This need is why business administration jobs will always be relatively high in demand.
As mentioned earlier, business occupations have higher than average salaries. Even when you are just getting started, there are plenty of high-paying entry-level jobs. After building out your level of experience, you’ll even get the chance to be promoted, which, of course, means higher pay.
Opportunities for Advancement
Speaking of promotions, rising in the ranks is another excellent reason to choose a business career. In the field, there are more opportunities for career advancement compared to other areas of work. Promotions come with a salary increase and valuable work experience to help you advance even further. You’ll likely expand your professional network and challenge yourself to reach new heights.
Option to Start Your Own Business
Many people who start their own company find they have insufficient knowledge about the industry’s business side. No matter how talented, knowledge is still power, especially in business. Knowledge will be an advantage to you, should you choose a career in business administration. You will not only be an asset to other companies, but you will know how to manage your own business and avoid costly mistakes. Combine that with your unique skills or service, and you’ll indeed have a successful start-up.
Chance for Early Retirement
In the business field, many retire earlier, too. Retiring in your fifties or even late forties isn’t uncommon at all. Because of the competitive compensation and excellent benefits, saving money for the future becomes so much easier. You may or may not want to retire early, but isn’t knowing you have the option a great feeling?
How can I start a career in business administration?
Most business administration careers require at least a Bachelor’s degree. Finishing the four-year degree ensures that you possess sufficient foundational business knowledge and skills. Here are some jobs you can choose from if you have a BBA degree:
- Accountant and Auditor (Salary: $71,550)
- Budget Analyst (Salary: $76,540)
- Cost Estimator (Salary: $65,250)
- Human Resource Specialist (Salary: $61,920)
- Logistician (Salary: $74,750)
After gaining experience in the field, you can choose to take up advancement courses such as a Master’s degree (MBA). This degree can be a huge factor in qualifying for promotions to managerial or other high-level positions such as:
- Information Technology Manager (Salary: $146,360)
- Financial Manager (Salary: $129,890)
- Industrial Production Manager (Salary: $105,480)
- Management Analyst (Salary: $85,260)
- Top Executive (Salary: $104,690)
A career in the business field features plenty of fantastic opportunities, including a sizable salary and attractive benefits. If you’re looking for your first job or a career change, business administration might just be the perfect profession for you!