Business Administration Salary

Business Administration (BA) offers wide career options. The primary reason is because every organization in any industry needs administrators. These admins can help enhance the business processes for a higher rate of efficiency. Business administrators are often tasked to manage a team of people and oversee business procedures and solve problems as they come.

It can be stressful, but with the right competencies, this can be an area for maximum personal and professional growth. Business management or administration can also be a lucrative profession depending on a variety of factors. Knowing these factors will set you up for success if you know how to play them right. Here are four of the most common factors that influence business administration salary.

Business Administrative Services

4 Factors that Influence Business Administration Salary

#1: Education

A candidate’s level of education is often a heavy determiner of the salary they receive. Fresh graduates with BA degrees will be offered lower salaries compared to those with a Master of Business Administration. Earning an MBA will usually take an additional one to two years and signifies one’s commitment to excellence in this career. A holder of MBA will have access to higher positions and will be eligible for promotion, thus the higher salary. For instance, a chief financial officer can have an annual salary of $240,000.

#2: Industry

Admin Services in General BusinessBusiness administration salary also depends on the industry you’re in. The industries that usually offer the highest starting rate for BA graduates are those that offer highly scientific, technical, and professional services. These types of organizations lack in-house human resources, making the demand for BA graduates higher. The average starting salary in these industries is $55,000 annually. The finance and insurance industries also offer the most positions and high salaries averaging to $ 51,000 per year. The education industry, on the other hand, offers the lowest annual salary which is an average of $44,500.

#3: Experience

Those with more job experience will get higher salaries than entry-level employees. Employees with more experience are generally more knowledgeable and have more skills, so they can contribute more to the growth of the company. In this regard, getting internships or job experiences during college offers a huge advantage to fresh graduates. It will set them apart from their contemporaries since they will get more experience from the internships.

#4: Business School Rankings

Business school rankings have profound effects on a fresh graduate’s salary. Getting your MBA from high ranking universities like Harvard, Stanford, Wharton, Columbia, and Kellogg will give you more leverage in negotiating higher pay rates. For example, those in the consulting industry who got their MBAs can earn $135,000 annually from high-ranking business schools.

Takeaways

Having a career in business management offers many opportunities for one’s professional and personal growth, and one of the perks is the relatively high potential to have high salaries. Business administration salary depends on a number of factors including the level of education. Having a Master in Business Administration significantly increases one’s salary negotiating power, but business schools rankings can make it even higher. It’s highly important to consider these factors to get the most of one’s career.

General Business Careers and Salary

General business is quite a versatile degree that allows its holders to pursue different career paths. You see the fruits of the labor in careers with general business degrees everywhere. They are the ones responsible for some of the biggest billboards and smallest tarpaulins, managing a team of sales staff, providing financial advice, and so much more.

Having a general business degree under your belt exposes you to a host of general business careers. In this article, we will discuss four of the most common general business careers and their corresponding salaries.

Careers for a General Business Degree

1. Personal Financial Advisers

General Business Careers and DegreesPersonal financial advisers give sound financial advice to clients on small and significant financial decisions. These include investments, insurance, and tax handling. However, being a financial adviser is not exclusive to general business. You can be a financial adviser if you hold other degrees such as accounting, mathematics, economics, and finance. Although, even someone with a mass communication degree can turn into a financial adviser.

Annual Salary: The average annual salary for this position is $59,314, but this varies widely according to the experience the financial advisor has.

2. Sales Manager

Sales managers handle teams of sales members, analyze sales performance, and forecast sales targets. They are responsible for training new sales talents, enhancing the productivity of the sales team, and thinking of new ways to conduct sales-related processes. A general business degree will better your chances at becoming a sales manager with little to no prior field experience. Without a graduate degree, you are usually required to have 4 to 5 years of expertise in the sales field.

Annual Salary: Sales managers earn an average of $108,615 yet they also make anywhere from $93, 245 to $128,966 depending on expertise.

3. Management Consultants

Management consultants, also known as management analysts, advise managers of any industry or niche on how to increase work productivity and profitability. However, these consultants spend copious amounts of time analyzing current work practices, assessing strengths and weaknesses, and coming up with suggestions to improve efficiency. This job also involves a lot of theoretical and practical know-how of how an organization works.

Annual Salary: Management analysts earn an average of $81, 320. Furthermore, depending on experience, they can make anywhere from $46,000 to $150,200.General Business Degrees and Careers

4. Advertising and Promotions Managers

Advertising and promotions managers are one of the most in-demand careers with a general business degree. These advertising managers are responsible for planning and implementing marketing strategies. Also, they are the ones responsible for local and even international marketing campaigns that aim to increase brand awareness and revenue. They also handle market research, internal and external communications plans, plus initiating and negotiating advertising contracts.

Annual Salary: Advertising and promotions managers earn anywhere from $70, 000 to $100, 000 depending on their industries or niche.

Key Takeaways

General business careers are often found in the financial and business sectors such as banks, financial institutions, and corporation. It opens doors for management positions for those with enough experience, expertise, and advanced studies. However, the salary of standard business careers largely depends on the profitability of the industry and the individual’s competencies.

With variety comes the growing need to choose the career you pursue carefully. The best extensive business career for you should give you personal satisfaction and should benefit from your strengths.