Education and Training: Master’s degree
Average Salary: $85,000
Job Outlook: Good
Business managers can be found in many industries, and their job descriptions can vary tremendously according to the size of the company. Some business managers may be required to supervise the entire company, while others will be required to oversee a specific department, or even a specific territory.
If they are required to oversee a particular department then their work may be quite specialized, although many are in charge of smaller companies and have to ensure that all aspects of the business are met so that the company runs smoothly. It is the business managers job to ensure that employees are working efficiently, and that resources are correctly used. They are required to oversee projects, implement plans, and delegate jobs.
Business managers can be required to supervise sales and production, plan work schedules, conduct employee reviews, and generally help determine how to make a company run more efficiently. In some cases they may create business plans to help increase profitability. Business managers who work in larger organizations may be primarily liaising with supervisors, and may not have much contact with employees.
Anyone wishing to become a business manager needs to have a wide variety of skills. They need to be able to understand finance, must be able to implement business models, and must have excellent communication and leadership skills.This job can be quite stressful at times, as it can involve making tough decisions regarding employees and departments.
Education and Training Requirements
Business managers generally have master’s degrees in business administration, and although some may have a bachelor’s degree in business management, having an MBA will ensure a far greater choice of jobs and will enable business managers to move to the top levels of management.
Getting the Job
The majority of business managers will have started out as assistant business managers, and will have gained the necessary experience and skills to succeed as a manager. An assistant business manager works alongside their manager who will be grooming them for future managerial positions. Assistant business manager positions are frequently open to people with higher education, and once they have gained a few years’ experience in this position they can begin applying for the job of business manager.
Job Prospects, Employment Outlook and Career Development
Job prospects for highly qualified business managers are good, and there is definitely scope for career development as many business managers will start out managing small departments before moving on to larger departments or companies as they become more experienced. Those business managers with higher qualifications and the necessary experience may also be able to apply for other managerial positions within companies.
Working Conditions and Environment
Working conditions for business managers are extremely good as they are generally office based, and for the most part business managers will only be required to work a regular 40 hour week. They may be required to travel to attend meetings, or to visit other companies or clients.
Salary and Benefits
A business manager with an advanced qualification such as an MBA will typically earn at least $85,000. The salary depends largely on the size and type of the business, as some managers may earn less while others may earn as much as $150,000, or even more in the financial sector.
Benefits for management positions will always include generous health and dental insurance, contributions to retirement plans, and paid vacations. Benefits may well include profit-sharing or bonuses.
Where to Go for More Information
American Management Association
1601 Broadway, 6th Fl.
New York, NY 10019
Association of Business Process Management Professionals
Office of MBA Admissions and Financial Aid
The Wharton School
University of Pennsylvania
420 Jon M. Huntsman Hall
3730 Walnut St.
Philadelphia, PA 19104-6340