Should you study business administration? What can I do with a degree in Business Administration? What are the career opportunities in Business administration? Are there scholarships to study business administration?
We are going to answer these questions and more in this article.
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Business plays an integral part in the economic development of nations. Businesses are responsible for creating jobs and delivering goods and services. Businesses need people managing its affair – from revenue to human resources, finances, operations, and customers – for it to grow and expand.
Business administrators are in high demand. This is more so because more businesses are created daily and market competition keeps getting steeper. Also, business owners take business administration courses to help them be more efficient in managing their businesses. So what is business administration all about?
Also read 10 Reasons Why You Should Study Marketing
Table of Contents
What is Business Administration?
Business administration or business management refers to planning, managing and being responsible for how a business, company, or organization operates. This includes daily operations, long-term plans, and projects of the business. The job description and responsibilities of a business administrator may include recruiting staff members, handling business finances, conducting meetings, dealing with public relations, negotiating, and more.
A degree in business administration can be used on a professional level as an employee or for independent and personal purposes, operating your own business. Business administration is a broad field that covers other fields such as accounting, finance, marketing, and managerial studies. Business administrators have different job roles. Hence, their job description differs with the organization or business they work with. If you are interested in becoming a business administrator, you need to pursue a degree in business administration.
Also read Top 10 International Scholarships to Study Business Administration
10 Reasons to Study Business Administration
1. Lots of job opportunities
There is a wide range of career path opportunities at your disposal if you study business administration. A degree offers you the flexibility to enter fields like accounting, finance, marketing, human resources, management, and more. If you are interested in academia, you can start teaching a class in business administration. Every business requires the services of business administration professionals. And if you are a business owner, you need the skills of a business administrator. It is safe to say that jobs are readily available for business administration graduates.
2. Leadership Skills
The business world is increasingly becoming competitive. Businesses need to innovate fast or perish. This has created high demand for strong business leaders. One of the many skills you acquire when studying business administration is leadership. Motivating your team members and employees to contribute to the progress of a company or organization is crucial to business success.
With a bachelor’s in Business Administration degree, you can lead a team effectively. You will acquire the skills to communicate effectively, apply critical thinking when analyzing and solving business problems, relate global and financial issues to business development, and do much more for any business.
3. High Salary
A degree in business administration offers you options regarding the salary you earn. You immediately have various careers to choose from, and as a result, a variety of potential salaries. Below we have listed the annual salaries of some of the most popular careers in business administration.
- Financial management: $93,714
- Human resources management: $68,856
- Healthcare administration: $68,656
- Marketing management: $66,884
- Business management: $63,796
- Sales management: $62,184
These are only average salaries. And salaries would vary depending on your location, experience and the company hiring you. Interestingly, you may also have the chance of getting promoted or earning bonuses and getting paid higher than average.
4. Be Self-Employed
The knowledge and skills you acquire from studying business administration prepare you for more than having diverse job options. It equips you with the ability to start your own business and be your own boss. Effective identifying potential business opportunities, decision making, communication, critical thinking, management, marketing, and knowledge in finance, are skills you need to succeed in your own business. And you’ll acquire them from studying business administration.
5. Team player
You cannot succeed in business or in a workplace without being able to work with a team. You need to work with and manage the resources of other people to achieve mutual goals or purposes. Whether you find yourself in a leadership position or a team member, a degree in business administration will prepare you to work with people effectively and efficiently.
You will learn:
- The roles and responsibility of different team members’ in an organization.
- How administration teams function in a business setting
- To recognize the qualities of successful teams.
- To plan the administrative assignments for different team projects
- To be capable of working with other people in a team.
If you are considering studying business administration, these skills are a reason to.
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6. Networking Skills
As the saying goes, “Your network is your net worth”. In other words, your value in the society is a measure of the people you are connected with. Developing networking skills is another reason to study business administration. Networking in business refers to interacting with other businesspeople for mutual benefits.
Business administration degree prepares you with the skills of managing different types of networking, how to use them, and how to benefit from them. Having the skill to network effectively gives you an advantage to succeed in every aspect of life – in and out of business.
7. Advance Study Opportunities
A bachelors degree in business administration can be an important step towards your personal growth and a lucrative career. One of the top reasons you should study business administration is that it offers excellent advance study opportunities. Starting from master’s degrees and postgraduate diplomas to different certifications and courses. Here are some exapmple
- Postgraduate Diploma in Banking (PGB)
- Postgraduate Diploma in Management (PGDM)
- Master of Financial Management (MFM)
- Masters in Marketing Management
- Masters in Digital Marketing
- Bachelor of Education (BEd)
- Bachelor of Law (LLB)
- Chartered Accountant (CA)
If any of these advance qualification interests you, that could be a good reason to start your first degree in business administration.
8. Learn with Practice
Business administration is a practical field. Hence, when studying business administration, the skills and knowledge you gain is not limited to textbook theories. You get the privilege of learning from practical experience. You learn how to evaluate real-world circumstances from a business perspective.
Ultimately, you won’t have to struggle from a disconnect between what you studied in school versus what you encounter in the business world. You will be able to apply your classroom knowledge and skills to your job or business.
9. Career growth and experience
Studying business administration will set you on the path of a lucrative career across industries and organizations. You can move from energy industry to information technology and then to agriculture. Or you can decide to build your career within a specific industry. It’s entirely up to you. The bottom line is that there is little limit to how far you can go in your career if you harness your leadership, teamwork, communication and networking skills.
10. Learn about Multiple Disciplines
Last but not the least. One of the major reasons why you should study business administration is that you’ll learn and be involved with many different areas of business and organization. When you get a job, it’s unlikely that you’d ever be restricted to just one department or taskforce. In the workplace, you’ll oversee operations varying from finance to marketing. While studying, your curriculum will reflect this diversity where you’ll have the opportunity to learn about multiple disciplines including:
- Business research
- Economics and finance
- Global business strategies
- Marketing principles
- Law and ethics
- Management
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What Can I Do With A Business Administration Degree
There are various career paths for graduates with business administration degree. Most of these career paths are in high demand. You can work in private, public and even non-profit organizations. Below are some of these careers:
- Business consultants: sometimes known as business management consultants, are professionals who help people and organizations make smart business decisions. They help to propose ways to help a company make more profits and grow their market value.
- Sales manager: a business administrator can also work as a sales manager who helps businesses promote company products.
- Financial analysts: help companies or businesses understand their investment options and analyze ways to generate more revenue.
- Human resources specialist: the primary job of these professionals is to recruit job seekers, interview them, and give them all the necessary tools to work in an organization. Every organization that wants to employ workers needs a human resources specialist. These professionals are also responsible for payrolls, employee relations, and other administrative benefits.
- Loan officers: these professionals are in charge of approving loans for both individuals and organizations. They also assist in verifying loan applications and analyzing the financial status of loan applicants before approving the loans.
- Market research analyst: a market research analyst helps the company to reach its customers, understand what they want and how to meet their needs. These market research analysts are at the forefront of the business, and they do their jobs by creating surveys or questionnaires to understand market trends and how to bring satisfaction to the customers.
- General operations manager: these are in charge of all the operations involving the management and administrative aspects of the business. The job description involves, formulating policies, planning and managing the day-to-day activities, and use of human and material resources of the business. All accounts are given to the general operations manager for each day’s production or sale.
- Financial officer: this is in charge of managing business assets and investments. They oversee the business’s financial goals, budgets, and other financial involvement. They oversee the financial pocket of the business.
- Auditor: a business administrator can function as an auditor to monitor the finances of a business or organization. You can work as an internal auditor; or an external auditor.
Read more on 10 Things You Can Do With a Degree in Business Administration
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Who are the Employers of Business Administration Degree Holders?
Business administration degree holders and professionals are in demand. These professionals can work in various roles. Here is a list of type of establishments, organizations, and businesses where the role of a business administrator is required.
- Financial institutions such as; banks, loan lending institutions, and so on.
- Health care companies; hospitals, pharmaceutical companies
- Industries; factories, production companies
- Sales organizations
- Educational institutions
- Real estate organizations
- Auditing companies
- Private and government agencies
- Other businesses, either a sole proprietorship or joint ownership, limited liability
- Trade organizations
- Insurance companies
- Transport businesses; airlines and other road transportation
- Distribution centers
- Manufacturing firms and other businesses where a business administrator is required.
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What are the Necessary Skills Required For a Business Administrator
A lot of skills are required and also necessary to be a certified business administrator. Also, as a student, who wants to obtain a degree in business administration or management, you need some of these skill sets.
- You must be a team player and also have good leadership qualities. This is a very important skill for any business administration professional and if you want to work as a business administrator in any business or organization.
- You must have an interest in the profession. If you want to be a business administrator, you must study it deliberately and be ready to make the necessary sacrifices to obtain the degree.
- You must have good communication skills. As a business administrator, you must be outspoken and not timid. You must be ready to help your organization or business in financial situations or crises. Any professional or any field needs this communication skill to stand out.
- You must possess strong marketing and networking skills. Networking helps you to build meaningful relationships for your business or organization. And as a business administrator, you must be ready to promote your business at any given opportunity and be approachable.
- You must have great interpersonal skills, which would be needed as you work in any establishment or organization. You should also know how to use the various marketing skills to your advantage.
- You must be a good problem solver and pay attention to details. As a business administrator, you must learn how to identify problems, create solutions, and make sure to avoid those problems in the future.
- You must understand customer wants. A good business administrator must be able to satisfy their customers. Learn to identify their wants and give them what they want.
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Benefits of Studying Business Administration
If you are searching for reasons why you must take a chance on studying business administration, below are some of the benefits you would enjoy by obtaining a business administration degree.
- You become employable: students who obtain a degree in business administration have good and transferable administration skills. This put them at the forefront of employers. As a business administrator, you can get a job as a marketing executive, human resources, finance, manager, etc.
- Studying business administration helps you to sharpen and develop your management skills, which business employers require. Some management skills you would learn are problem-solving, communication, organizing, strategic thinking, leadership, and project management.
- You can be your own boss: a business administrator can be versatile in his or her choice of operation. You can start your own business using all the skills you have acquired or work for a company. Owning a business administration degree puts you on the path to controlling your career path.
- You have the advantage of a flexible career: getting a degree in business administration helps you to have flexibility in your career. You can work as a finance manager, an accountant, human resources manager and marketing.
- You have a chance of achieving career growth. As you continue in the field as a business administrator, you have more opportunities to explore this field. If you wish to get more education, you can take up postgraduate studies, or even other professional courses.
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Where Can I Study Business Administration
Most educational institutions such as universities, training centers, polytechnics, business schools, and other learning institutions offer business administration courses. Some of these learning institutions may offer the course under a different name like business management, business studies, management studies. But they mean the same thing.
You can study business administration as an undergraduate degree, master’s and postgraduate studies. There are other recognized professional courses available for business administration certification.
Furthermore, obtaining a degree can be challenging since you must input time and resources. It is, therefore, necessary to choose a course you are interested in and offer immense opportunities for career growth.
As a business administrator, you have a list of career roles you can pick from and work hard to become a professional in your chosen field. Businesses are created almost every day. Therefore, there is an increasing demand for business administration professionals who can run a business effectively. Business administrators play huge roles in the success or failure of business enterprises. You can greatly impact your chosen field by choosing the right course of study. And studying business administration may be the right career choice for you.
