There are career opportunities for business administration students who desire to know what and what will be available for them at the end of the tunnel of their academic years. Well, the good news is that the list is long because both the entrepreneurial and job opportunities are just beyond what the ordinary citizen know.
Studying this course on its own entails just more than the administration of a commercial enterprise at the end of the day. It also includes all aspects of overseeing and supervising the business operations of an organization. It also covers fields that include office building administration, accounting, finance, designing, development, quality assurance, data analysis, sales, project management, information-technology management, research and development, marketing and communication studies.
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As management is a critical aspect of any successful organization which requires a wide range of skills, knowledge, and expertise, strategic thinking, leadership, problem-solving, communication, and the ability to work effectively with a diverse range of people and organizations are among the key skills and competencies required of effective managers.
Managers must also be able to balance the needs and interests of various stakeholders, such as employees, customers, shareholders, and the larger community.
Career Opportunities for Business Administration
Given the several skills and characteristics that are understood to be the expected bonuses of those students who have a degree in Business Administration, looking into the possible career opportunities for Business Administration even as a student or individuals who have garnered professional experience over the years:
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Sales Manager
A sales manager is in charge of the organization’s sales team and as well, responsible for revenue generation in the organization. It is the duty of a sales manager to set sales goals, analyze sales data, and create sales training programs for the members of the team.
In addition to that, the sales manager projects sales and assesses the profitability of the company’s products and services. Between 2020 and 2024, the job of sales managers is expected to grow by 5%.
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Financial Analysts
Financial analysts bear the burden from different duties such as gathering data, running financial models, and also making financial recommendations. They have a strong understanding of a particular business or industry, as well as deliver presentations that explain their investment ideas for the organization.
There are two aspects of financial analysts: the buy-side analysts who perform research and make recommendations for companies that specialize in pension funds or mutual funds. The sell-side analysts specialize in firms that manage individuals’ accounts. They also help the clients of the firm to make better options in the buying or selling of stock. Between 2020 and 2024, the job prospects of business analysts are expected to increase by 12%.
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Training and Development Specialist
The roles of training and development specialists include planning, conducting, and administering training programs in order to improve the skills and knowledge of the organization’s personnel. This set of specialists can work across virtually all industries. Their job is people-oriented and so, spend quality time with people, training them, and helping them better with their skills.
In addition, they are responsible for assessing employees, conducting interviews, and offering consultation services. With this, they can develop programs that would meet the specific skills of each employee. The job of training and development specialists is expected to rise by 7% by 2024.
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Loan officers
The job of loan officers includes evaluation, authorization, and recommendation for the approval of loans for individuals and organizations. They obtain and analyze the financial information of those applying for loans like their credit scores and level of income. Lastly, they review loan agreements to ensure they comply with federal and state standards.
Most of the jobs of loan officers are found in commercial banks, mortgage companies, and relevant financial institution. The job of loan officers is projected to increase by 8% between 2020 and 2024.
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Market Research Analysts
Market research analysts have varieties of roles to perform for the organization. They help their company to understand their target customers, the kind of products or services suitable for their customers and different means they can promote these products and services in order to make sales and ultimately increase profit.
Market research analysts are responsible for designing surveys, training, and supervising the interviewers in charge of the surveys. They work in a variety of industries and consulting firms. The job of marketing research analysts is expected to grow by 19% by 2024.
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Business Consultants
Business consultants, also referred to as management consultants, help organizations to propose ways to increase organizational efficiencies. Their duties also include advising managers on ways to increase the profitability ratio of the organization by reducing costs and increasing revenues.
Generally, management consultants analyze the data of the problems experienced by the organization and devise solutions to such problems. Then, they recommend improved systems that would aid positive changes in the organization. The job of business consultants is expected to increase by 14% between 2020 and 2024.
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Meeting, Convention and Event Planner
The job of these professionals includes coordinating events and professional meetings. They meet with clients in order to reach agreements on the purpose of the meeting, convention, or event and also a suitable location for such a meeting, convention, or event.
The planner looks out for the event venues and vendors that match their specifications and also negotiates for payments. These planners mostly work for private companies. However, they could also work with religious bodies, food service vendors, or professional organizations to provide full-time or part-time services.
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Procurement Officers
The procurement officer is also called the purchasing officer or procurement specialist. The procurement officer acquire or purchase products that are necessary for the day-to-day activities of the organization. They need major skills in analysis and negotiation which will help in bidding the best offer for the organization at a very minimal cost possible while putting quality and duration into consideration.
A purchasing officer should understand the time between the purchasing or ordering of the product and the time to get to the organization. Before then, he would do a background check on the suppliers to understand their reputation, products, or services they offer in addition to quality and pricing.
Then, if need be, he should build a relationship with the suppliers for future business purposes. He must also put the company’s needs into consideration so as to guide his purchasing decisions. In some cases, the procurement officer can deal with international logistics, if the organization operates internationally. He could be lucky to serve as a member of the executive boards too.
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Office Administrator
The office administrator is a professional with a variety of options when it comes to employment. With the advent of technology and innovation, an office administrator has to be skilled with multitasking. One of the basic skills he must not joke with is the use of database and Microsoft software like Word, Excel, and so on.
Having a basic knowledge of reporting and accounting is not bad at all. His duties require handling of phones, clients, and employees which leaves him with little or no choice but to possess enough people skills. He can also plan and organize office space, use office equipment, and attend to some unexpected office situations.
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Municipal Managers
Municipal managers cater to big cities and counties. Some big cities need administrative personnel to take care of some tasks. Municipal administration requires that professionals with business administration background take up such roles to ensure that it is run like a business. If it does not happen that way, the operations may not be run smoothly and efficiently.
Conclusion
The duration of the degree is four years in the United States and three years in Europe. The degree is designed to give a broad knowledge of the functional aspects of a company and their interconnection, while also allowing for specialization in a particular area.
The degree also develops the student’s practical, managerial and communication skills, and business decision-making capability to succeed in the competitive world. Many programs incorporate training and practical experience, in the form of case projects, presentations, internships, industrial visits, and interaction with experts from industry.
