What can I do with a business management degree?
What is a Business Management Degree?
Business management is a multifaceted degree that can be earned at the graduate and undergraduate levels (Gieure et al. 2020). Possessing a business management degree enables an individual to pursue roles in for-profit and non-profit organisations comprising various industries such as healthcare, advertising, sales, manufacturing, commerce, finance and healthcare. In other words, a business management degree is a valuable tool enabling an individual to get employed in different managerial roles.
Classification of Business Management Degrees
An individual can acquire a business management degree at the bachelor, doctorate, associate and master’s levels (Shaturaev and Bekimbetova, 2021). The type of business agent degree depends on the career goals, the availability of resources and the amount of time. The type of business management degrees is discussed below as follows:
- Associate degree
In business management, an associate degree takes two years for an individual to complete the course full-time. It traditionally acts as a step that helps an individual to achieve the degree (Pettinger, 2020). Although can enter the workforce having an associate degree and execute various types of business rules such as sales representative, customer care assistant and administrative assistant.
The coursework will cover the fundamentals of the business that comprises classes on human resource management, project planning and management, accounting, customer service and c communication.
- Bachelor’s degree
Pursuing a bachelor’s degree in business management requires four to five years to complete the course. However, pursuing the degree via online mode takes less time. Possessing a bachelor’s degree in business management enables an individual to make their entry through entry-level roles as a business analyst, human resources specialist, financial analyst and marketing specialist (Oakshott, 2020). This coursework pursued by the individual is centred around various business-related subjects such as finance, human resources, economics, marketing, accounting and organisational behaviour.
- Masters degree
In business management, a master’s degree refers to a type of graduate-level degree; however, the MBA or the Master of Business Management has earned prominence over the years. Pursuing the degree will enable the individual to indulge and qualify in the more advanced business roles, mainly those involved in leadership (Fischer et al. 2020).
Advantages of pursuing a business management degree
The various benefits of having a business management degree are discussed below as follows:
- It increases the employability
Acquiring a bachelor’s degree in business management prepares an individual with various skills related to management that can help an individual to get employed in managerial positions. The management-related skills comprise communicating effectively and creating a resilient teamwork mentality in the team (Oakshott, 2020). While hiring, many employers look for this skill as it best suits management positions. For instance, if an employer is hiring for the position of finance management and an individual requires a skill in the area of finance, chances are higher for the candidate to get hired.
- It helps to improve the fundamental management skills
If an individual wants to be an entrepreneur or shows more interest in the management position, acquiring a business management degree can aid in developing the essential skills required for pursuing either of the roles. However, suppose any individual has yet to gain a prior working background in management. In that case, he can acquire a strong comprehension of specialised knowledge that other managers have acquired through many years of experience (Shaturaev and Bekimbetova, 2021). Besides this, a formal education also helps enhance the skills related to data analysis that help an individual perform better marketing or financial strategies.
The common management skills that can be acquired are reporting, project management, presenting, problem-solving, and leadership.
- Forming an idea about the business industry
Possessing a degree in business management can provide an individual with the knowledge that would have otherwise taken years of work experience to gain. This helps them get good jobs with lucrative salary packages (Gieure et al. 2020). In addition, a degree in business management provides in-depth insight into the various industries so that individuals can learn about various topics such as industry reports and market trends. Instead of focusing on those things on the job, these skills can be learnt in business management schools. Accordingly, the acquired skills can be implemented when hired for the first managerial positions.
- Acquire knowledge about multiple disciplines
Students who pursue a business management degree are still determining the area of specialisation they will be pursuing in future. At the beginning of the studies, students learn about various areas of specialities within management and the entire function is focussed on the business setting. Having a wider comprehension of each discipline, students decide whether to focus on one particular area or be well-equipped with knowledge of all the management areas (Fischer et al. 2020). The areas of specialisation where students can gather knowledge comprise finance, service operations, human resources, global services, supply chain and consultancy.
- It helps to become an entrepreneur
People prefer to get a business management degree so they can start their businesses once they complete their graduation degree. The knowledge thus acquired during business management studies helps build a robust foundation of the various components needed to start a business (Gieure et al. 2020). Various business management schools provide extra-curricular opportunities for students who are interested in entrepreneurship. Also, successful entrepreneurs are brought to the business schools where the students can participate in the question and answer sessions.
- It helps to increase the credibility
The increased credibility as a management professional can be acquired by pursuing an education in business management. Many organisations in the UK want to recruit management professionals with good business management degrees. This is because the education thus acquired by them helps them become an all-rounded employee in various aspects of administration (Fischer et al. 2020). Furthermore, business management enhances the credibility of aspiring entrepreneurs as well. Business management graduates willing to start their businesses can secure financial investments to appear more responsible and knowledgeable to investors.
- It helps in the formation of networks with individuals who share the same interests
Another advantage of studying business management is that individuals are offered the opportunity with various people who share the same interests as a business management student and can come across professors, students and recruiters with the same enthusiasm and work values for the business (Oliva and Kotabe, 2019). This provides the potential to find out a mentor and discuss the various kinds of available work opportunities after the completion of graduation.
- It provides opportunities for earning lucrative and high salaries
Candidates having business management degrees possess the ability to earn higher salaries. Learning a special skill in business school enables them to bring more profits to the business, and thus they are regarded as assets by the employees. Because of having unique talents, employers are willing to pay more for the efforts contributed towards the company.
- It helps to work in a flexible working environment
Companies have transferred office jobs to remote working positions very recently. Thus the managers and their employees can complete most of their tasks at home. An individual having strong leadership skills and the power to communicate effectively with the team can work from remote locations (Oakshott, 2020).
It has been noted that employers prefer business management degrees owing to their wide skill sets, adaptability and the capability to comprehend the various business domains. Graduating with a business management degree allows a candidate to apply for a wide variety of roles across various sectors; for international students, a business management degree is regarded as one of the most popular choices (Oliva and Kotabe, 2019). The entrepreneurial culture of the UK and the well-reputed finance and service sectors bear evidence of this fact. For instance, there are almost 1843 new start-up companies in the UK, which has been possible due to the large number of people who have decided to take up business management degrees
List of jobs that people can get having a business management degree
- Marketing manager: The main role of a marketing manager is to promote a business’s goods or services, which helps generate more interest and sales. A marketing manager’s duties include creating budgets and estimates, generating new sales leads, and developing pricing strategies for advertising and campaigns (Pettinger, 2020). In addition, a marketing manager oversees the working of the entire marketing department, promotional, advertising and branding campaigns and coordinating the various marketing strategies.
- Sales manager: The sales team is led by a sales manager as it enables them to grow professionally and meet their sales goal. The primary duties of the sales manager comprise improving business plans, formulating strategies so that the business goals can be met and coordinating with the marketing manager (Pettinger, 2020). In addition, adequate assistance is provided to the teams, and this is done by arranging frequent meetings. The strength of the team members are also identified, and they are further motivated to perform better.
- Compensation and benefits manager: This manager works closely with the HR department, and they formulate a plan for the compensation packages and benefits for the employees. Some of the responsibilities comprise making amendments and evaluations in the benefit packages and the employees’ current compensation. This further ensures all the packages adhere to the legislation and assist the HR team during recruitment (Gieure et al. 2020). The other duties comprise making and presenting presentations, managing the daily operations related to benefits and compensation and managing the HR employees.
- Engineering manager: The main duties of an engineering manager comprise supervising and coordinating engineering projects and managing multiple teams. A few of their leadership duties comprise planning strategies that enable team members to finish the projects on time (Pettinger, 2020). For this, professional development and training are offered to the employees. Other responsibilities of the engineering manager comprise managing budgets, proposing budgets, providing design and development and recruiting contractors.
Best universities in the UK for business management degrees
The universities in the UK have gained prominence for offering the best degrees in business and management. The institutions that offer business management degrees are listed below as follows:
- Imperial College Business School
- London Business School
- Lancaster University Management School
- University of Cambridge
- The University of Glasglow
- University of Leeds Business School
Business Management Courses in the UK
A few of the best business management courses to study in the UK are discussed below as follows:
- Entrepreneurship: In the UK, over 500 business schools offer entrepreneurial programs. Students who pursue entrepreneurship learn how to formulate business plans and marketing ideas related to the business.
- General Business Administration and Manager: This business management course is popular among many students. This covers global issues, ethics, leadership, interpreting data, and basic accounting. Also, in the present day, business management students are taught to comprehend the audiences and build the brand’s visibility.
- Marketing Management: Marketing management courses have become popular as it has begun to use more technology and social media presence. This is because the students have shown more interest in pursuing this course.
- Accounting and Finance: In the UK, the accounting and finance management courses enable the student to manage the budget, finance laws and financial statements.
- Retail Management: This course enables students to become experts as team leaders and general managers.
- International Business: The course on international business in the UK mainly focuses on the transactions between different countries. In addition, it also helps students learn business tactics, which are viewed from a cross-cultural perspective.
- Management Science: This course concerns the science and Mathematics that enable businesses and companies to run smoothly.
- Public Administration: Students aiming to pursue a profession in the public sector may get into this course.
- International Marketing: This course bears a resemblance to general marketing, and it concerns the various aspects of the global market palm instead of concerning the locals. Students who pursue this course travel abroad to execute international managerial roles.
- Credit management: By learning this course, students will learn what is required to qualify as a credit manager. The credit manager manages and organises the payments on behalf of financial institutions, businesses and companies.
- General Finance: This course is very popular among UK students as it aims to teach all the basics related to finance, and this program is offered in almost 100 schools in the UK.
- Organisational Leadership: This course offers a suitable gateway for students pursuing careers in human resources and development organisations. With the help of this course, students learn to take advantage of their employees and make the business more productive and personable.
- Marketing Research: This course seems interesting for those business management students who comprehend and translate data into services and products. Also, the marketing trends are studied by them so that they can mitigate the risk of errors in future services and products.
- Sales, Distribution and Marketing Operations: This course mainly focuses on general topics relating to campaigns, market research, promotions and marketing management. Graduates from this course mainly opt for carers in public relations.
- Gieure, C., del Mar Benavides-Espinosa, M. and Roig-Dobón, S., 2020. The entrepreneurial process: The link between intentions and behaviour. Journal of Business Research, 112, pp.541-548.
- Shaturaev, J. and Bekimbetova, G., 2021. Transformation of business efficiency with lean management. Deutsche Internationale Zeitschrift für zeitgenössische Wissenschaft, (22), pp.71-73.
- Pettinger, R., 2020. Introduction to management. Bloomsbury Publishing.
- Oakshott, L., 2020. Essential quantitative methods: For business, management and finance. Bloomsbury Publishing.
- Oliva, F.L. and Kotabe, M., 2019. Barriers, practices, methods and knowledge management tools in startups. Journal of knowledge management.
- Fischer, M., Imgrund, F., Janiesch, C. and Winkelmann, A., 2020. Strategy archetypes for digital transformation: Defining meta objectives using business process management. Information & Management, 57(5), p.103262.
- What do you mean by a business management degree?
Ans: A business management degree refer to a degree that enables an individual to evaluate and comprehend every aspect of a business. A good business management course helps an individual gain insight into the main areas of the business, which comprise accounting, marketing, operations, economics, data and managing people.
- What are the various types of business management degrees?
Ans: Associate, bachelor’s, and master’s degrees are the various types of business management degrees. Associate degree embodies all business fundamentals, including human resource management, communication, project planning and management. Opting for a bachelor’s degree in business management helps an individual to become a human resource specialist or a business analyst. Finally, pursuing a master’s degree in business management allows the individual to get invested in more advanced business roles.
- State any two benefits of pursuing a business management degree?
Ans: The two benefits of pursuing a business management degree are that it helps in an individual’s employability and helps him to get employed in managerial positions. Moreover, it also helps the individual develop basic management skills. It helps in performing better management and financial strategies.
- Name a few business management universities in the UK that offer a degree in business management.
Ans: A few universities in the UK that offer degrees in business management are Imperial College Business School, London Business School, Lancaster University Management School and the University of Cambridge.
- Name two business management courses that are offered in the UK.
Ans: The two business management courses offered in the UK are marketing management and accounting and finance. The courses on accounting and finance management assist the students in managing finance laws, budgets and financial statements. Due to social media presence and technology, marketing management courses have become more popular.
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