Business administration degrees are very popular due to the versatility and flexibility they offer, in terms of the career options and diversity of topics in the curriculum. We’ve discussed in detail the various international post-graduate business administration degrees (link coming soon).
The Master in Management (MIM) and Master of Engineering management (MEM) programs see a lot of fresh graduates coming in with very less or no work experience while the MBA program is more suited for those who’ve a few years of work experience in hand. The international business administration programs at the undergraduate level also seem to attract a significant number of students.
According to the NCES (National Center for Education Statistics), in the United States, out of 1,870,000 bachelor’s degrees awarded in 2013–14, the largest numbers were in the field of business (3,58,000). Even at the master’s degree level, the highest numbers were awarded in the field of business (1,89,000).
Business administration courses cover a wide range of topics which includes accounting for managers, marketing, technology and operations management, business ethics, organizational behavior, human resource management, strategy, corporate finance and valuation.
There are elective choices where you can choose to study in-depth about a particular field you’re interested in. The broad scope of the curriculum as well as the various internship opportunities help you decide the future course of your career.
In this article, we’d explore some of the top career choices for students completing their graduation or post-graduation in business administration.
Finance and consulting seem to attract the best talent due to the lucrative salaries some of the positions offer. But there are other interesting and exciting options to consider as well.
This involves working for a company and helping in planning for the company’s financial roadmap, making strategic decisions including those involving business growths or making acquisitions, divestment and mergers, or capital raising, thus the objective is to support the growth of the company while managing the financial risks involved.
The salary would depend upon the level of experience. MIM grads without prior work experience would join at junior level positions as financial analysts whereas MBA grads with prior work experience may be offered a more senior role. The salary would range from $66,347 for a financial analyst position to $1,03,894 for finance manager to $1,62,733 for a CFO position.
This is perhaps the most sought-after field for finance professionals due to the prestige, glamour and money it has to offer. However, it can be very demanding due to the extended working hours and stress involved. According to efinancialcareers, 23% of London Business School’s MiM 2017 graduates took a job in investment banking.
Whether it is a matter of raising financial capital and security underwriting for the client (usually large corporations) or assisting them with mergers and acquisitions, investment bankers are the ones to handle such complex financial dealings.
An investment banker earns an average salary of $90,122 per year. In addition to the base salary, there’s the variable pay which would be lower for the junior level positions but can go quite high for post-MBA positions taking the total salary up to $ 3,07,400 or even higher.
Read more about investment banking careers.
Private equity firms make use of the investment capital to buy equity stakes in companies which are not publicly traded. The objective is to increase the company’s value which may also involve cost-cutting methods. This is done over a time-frame of around 4-7 years so that investors are able to maximise their return on investment. The average salary for a private equity associate would be $ 90,863.
Venture capital may be treated as a subset of private equity. A venture capitalists’ work involves investing in a venture, usually promising start-ups or small companies seeking expansion. Though this investment may seem risky, it could provide huge returns as well. The average salary for an associate’s position in a venture capital firm would be $ 93,327.
Read more about venture capital careers.
This is another favourite and perhaps a dream career for several business administration graduates. McKinsey have globally been leaders in this area followed by BCG and Bain.
The work involves providing support in high-level decision making process for a company thus boosting its profitability and helping it deal with the competition.
Consultants get a chance to be involved in projects across industries; each project may have its unique complexity, so the learning on the job can be immense.
The average salary of a strategy consultant would be $90,769.
HR department is responsible for overseeing various employee aspects including recruitment, background checks, managing interviews, employee training, dealing with employee relations issue, retention of outstanding employees, handling compensation packages and employee motivation through recognition and rewards program.
The role requires excellent interpersonal skills and a good knowledge of organizational policies and employment laws. The HR department has to work towards maintaining a healthy, collaborative and productive relationship between the employees and the top management.
The various positions include HR specialist, HR manager, HR director, HR vice president. Depending upon the experience level and the job position held, the average salary would range from $ 48,000 for a HR specialist to $1,46,000 for a HR vice president.
Read more about HR jobs and careers.
Operations management involves skilful management of the processes involved in delivering either goods or services. It involves co-ordination with various departments and working on improving the efficacy of the existing methods in order to maximise the productivity of the company.
The responsibilities would include supply chain management including inventory control, overseeing purchases and supplies, quality checks as well as optimising use of resources and ensuring that the end product or service meets customer requirements.
The average salary of an operations manager would be $61,177.
This field would be suited for those with a technical background. The role would involve using technical expertise as well as management skills to successfully lead and manage all aspects of projects which would include planning, designing, scheduling, monitoring, testing and delivering it to the client as per their requirement within the given time frame.
The responsibilities would include team management including work allocation, budget estimation, time management, provide mentoring wherever required, team co-ordination, decision-making, problem-solving, monitoring progress as well as reviewing the performance of the team members. It’s also important to keep up-to-date with the latest technological innovations and emerging trends.
At the specialist level, one may work as a computer analyst, systems analyst or a programmer. Management positions are that of a technology manager, IT project manager, chief information officer (CIO), management information systems director.
The average salary is $94,354 per year for a technology manager, $84,725 for a project manager and $152,000 for a CIO.
Read more about career change options after MBA for software engineers.
Each marketing role would require job-specific skills, however, marketing professionals are expected to have excellent communication and inter-personal skills and be a team player. In addition, innovative, analytical as well as strategic thinking, quick decision-making skills, being tech-savvy and the ability to perform market research and data analysis in today’s digital age can be a huge advantage.
The various roles in marketing include that of a brand manager, marketing manager, digital marketing manager, market research analyst, business development manager, chief marketing officer and vice-president – sales and marketing.
A marketing manager, on an average, earns $84,066, business development manager $86,965 and a vice president earns $128,025.
Rotational roles provide employees with the opportunity to work in different roles as well as functions. It helps them develop various skill-sets and also gives them a big picture of how the various functional areas operate within an organization.
Read more on how rotational programs work.
Obtaining an international business administration degree can create a conducive environment for developing an entrepreneurial mind-set. It gives a better understanding of business knowledge and helps in working out an operating strategy while mitigating risks.
Read more on entrepreneurship careers.
– Introduction to MBA Careers
– Types of jobs after MBA in Marketing, Finance, Operations, Technology
– MBA Jobs with the Best Work Life Balance
– Highest-paying jobs for MBA graduates
– Jobs after MBA (Video)
References: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12