What is Business Management? (2023)

Compiled and Written By TopManagementDegrees.com Staff

Business Management Overview

As a business manager, you are given the major responsibility of managing administrative tasks for a business. A company may expect you to assist with its marketing program. A company may also want you to perform a budget analysis in order to find out ways that the company can cut costs. You should have an astute understanding of accounting, marketing and administrative procedures that are required in order to run a business.


The competition for business management positions can be fierce. You should obtain a degree in business administration, accounting or marketing if you eventually want to obtain a business management position.


According to the Bureau of Labor and Statistics, the average salary of a business manager is about $77,000 a year. The position is expected to grow by at least 15 percent in the next ten years. Businesses will be facing increased demands as they try to adjust to online commerce. If you have a specialized knowledge of online sales, then you may find that you are easily able to find a position as a business manager. Companies will also be seeking individuals who have an accounting background and are able to cut down on the costs that a company faces.

Education Requirements

To become a business manager, it is essential to possess a four-year bachelor's degree in administration, accounting, finance or marketing. If you have a special certification, such as a CPA license, then this can also be beneficial if you apply for a position as a business manager. Companies are now hiring individuals who can also assist with financial operations. You may need to do compliance work for a company to ensure that the company is adhering to the recently passed financial regulations. Companies are also looking for individuals who now possess a master's degree in business or accounting. You should expect to obtain an MBA in management or accounting at some point in your career.

Skills Required

To excel as a business manager, it is essential that you have strong analytical abilities. You will need to foresee the demands that a company will face in the future. It is also important that you have an ability to work well with other people. You should be able to work with a variety of personalities. Employees will look to you for leadership and motivation. You should be able to inspire employees to excel in their work during high-pressure times for the business. You also may need to possess strong accounting skills if a business expects you to perform a budget analysis of its operations every month.


Typically, the responsibilities of business managers involve overseeing operations, reviewing contracts and helping employees reach their top productivity levels. A business manager may also be called upon to supervise or train new employees. He or she may also need to assist with planning certain events for a company. A business manager plays an important role in the operation of a company, and it is essential that he or she can deal with heavy loads of stress.


What is Business Management? ›

Business management is the process of planning, organizing, directing, and controlling the activities of a business or organization to achieve its goals and objectives. It involves overseeing all aspects of a business, from finance and operations to marketing and human resources.

What does business management do? ›

Business management is the process of planning, organizing, directing, and controlling the activities of a business or organization to achieve its goals and objectives. It involves overseeing all aspects of a business, from finance and operations to marketing and human resources.

What is an example of business management? ›

For example, management tasks can include planning projects, training employees, holding team meetings, and overseeing employees. To complete these tasks on time, it's useful to organize your schedule and delegate responsibilities.

What is a business management major? ›

As a Business Management major, you'll master the art and science of working with people and leading in a business world that hinges on strategy and decision-making. And you'll emerge ready to take the reins on your own managerial career in any organization, large or small.

Is a major in business management good? ›

A business management degree can help prepare you for a range of career opportunities across numerous industries, including positions leading people. Graduates of business management degree programs can pursue careers in finance, human resources, information security, marketing and more.

How to make money with a business management degree? ›

10 business degree jobs in demand
  1. Medical and health services manager. Median annual salary (BLS.gov): $101,340. ...
  2. Information security analyst. Median annual salary (BLS.gov): $102,600. ...
  3. Operations research analyst. ...
  4. Market research analyst. ...
  5. Financial manager. ...
  6. Fundraiser. ...
  7. Management analyst. ...
  8. Human resources specialist.
May 17, 2023

What is the highest paying job in business management? ›

Depending on the industry and your skill set, some of the highest-paying positions within business administration are Chief Financial Officers (CFOs), Chief Operations Officers (COOs), Chief Executive Officers (CEOs) and Marketing Managers.

Does business management require math? ›

Business management degree programs typically require you to complete a college algebra class, often with a focus on data analysis, or a mathematics for business applications class.

What are the five major areas of business management? ›

At the most fundamental level, management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling. These five functions are part of a body of practices and theories on how to be a successful manager.

How to become a business manager? ›

How to become a business manager in 10 steps
  1. Earn business credentials. ...
  2. Develop a personal brand. ...
  3. Gain relevant experience. ...
  4. Be a reliable employee. ...
  5. Find a mentor. ...
  6. Speak up about your aspirations. ...
  7. Support your co-workers. ...
  8. Seek leadership opportunities.
Feb 16, 2023

Is business management degree hard? ›

Some students have told you that majoring in business is challenging. Others might have told you the complete opposite of that. Generally speaking, a business degree is not the hardest one out there but is not the easiest one either. The level of difficulty depends on your program and university.

How hard is a business degree? ›

No, a business major is not hard.

Like all majors, you are going to find that certain courses you take for your business major will be more difficult than others, but in general, this applies more to the amount of work you must complete for each course rather than the difficulty of learning the proper knowledge.

Why should I get a business degree? ›

Choosing a business degree will give you a good understanding of basic economic principles, how markets are affected by world events, and how to assess a firms' financial health. Combined, this can help you make better-informed investment decisions and ultimately, how to achieve a higher ROI.

What is the difference between business major and business management major? ›

A business management degree focuses more on planning and organizing, whereas a degree in business administration provides a broad background and then allows the student to focus on a specialized area of business.

What course is best with business management? ›

Best Business Management Courses (2023)
  • Business Analysis.
  • Business Management.
  • Economics.
  • Entrepreneurship.
  • Event Management.
  • Leadership.
  • MBA.
  • Operations Management.

How do you know if I should major in business? ›

7 Signs you should pursue a business management major
  • You are a good listener. ...
  • You are resilient. ...
  • You love problem solving. ...
  • You like meeting new people. ...
  • You love learning, whether it's in person or online. ...
  • You are naturally empathetic. ...
  • You want lots of options in your career path.
Jan 3, 2022

Can you make 6 figures with a business degree? ›

Although not guaranteed, earning an MBA can put you on the career path to earning a six-figure salary. MBA degrees typically lead to careers in management or business administration, and the skills learned in an MBA program can help you become a successful business leader.

What is the highest paying college major? ›

The top-earning majors are in so-called STEM fields, or degrees in science, technology, engineering and mathematics. Half of the top 10 majors with graduates making the most money are subsets of engineering.

What is the easiest college degree to get? ›

Business isn't just one of the easiest college majors — it's also the most popular major. You'll study core topics like accounting, management, and organizational behavior. You can specialize your skills with upper-level courses in logistics, training and development, or entrepreneurship.

Can I study business if I'm bad at math? ›

You don't have to be a math wiz to major in business. You do, however, need to be at least basically competent in it. In addition to Business Calculus, you will also need to to take courses such as Accounting, Finance, and Statistics.

What degree does not require math? ›

If you would like to avoid math altogether, you may consider human services jobs with a strong psychology, counseling, or social welfare component. Jobs in writing, publishing, public relations, advertising, and communications also require virtually no math at all.

What are 3 industries that involve business management? ›

Some popular industries for business management include:
  • Finance.
  • Healthcare operations.
  • Manufacturing.
  • Retail.
  • Nonprofit.
  • Government.
  • Private companies.
Jun 8, 2020

How many business degrees are there? ›

There are definitely more than 23 types of business degrees, but these are some of the most common options you'll encounter. Other degrees are likely have a lot of overlap with one of these, or are even subfields of these subjects.

Can I become a manager without a degree? ›

You can become a manager without a degree and with no prior experience by developing managerial skills so that you will be able to handle the many different responsibilities of a management position and execute your job well.

Is a business manager a career? ›

Business management can be a fulfilling career in many regards—monetary-wise and when it comes to personal and social fulfillment. Managers in all industries are tasked not just to manage processes but people. And, for those who choose to be leaders and enjoy teamwork, a management job could be a great fit for them.

What's the hardest degree? ›

What are the hardest degrees in the world? Ranked by Experts
  • Chartered Accountancy.
  • Astrophysics.
  • Quantum Mechanics.
  • Law.
  • Aerospace/ Aeronautical Studies, Engineering.
  • Biomedical Studies, Neurosciences, Biochemistry.
  • Nursing.
  • Dentistry, Medicine.
Dec 16, 2022

Is a business degree a lot of math? ›

Ready to find the perfect business program? For many aspiring business students, the most harrowing component of the entire experience is the math coursework. The business degree track requires students to take calculus, often a dreaded and difficult experience for many.

What is the hardest business degree? ›

Hardest Business Majors
  • Management Science. ...
  • Finance. ...
  • Entrepreneurial Studies. ...
  • Human Resources. ...
  • Marketing. ...
  • Organizational Leadership. ...
  • International Business. ...
  • Business Administration and Management. The Business Administration and Management degree is the catch-all, generalist degree for business majors.
Sep 8, 2020

Is a 2 year business degree worth it? ›

An associate degree in Business Administration lays a solid foundation for a business career. By earning this degree, you will be able to enter the workforce sooner, and if you decide to pursue more courses, you will likely be able to pick and choose ones that will advance and further your career.

Is a 4 year business degree worth it? ›

A business degree can increase job prospects, create advancement opportunities, and increase your salary and lifetime income. It's a worthwhile investment in your career—now and into the future.

Do business degrees make money? ›

You'll see that the type of Business degree matters because it directly impacts your salary. According to PayScale, these are the average earnings in the United States: Average salary with an Associate Business degree: 51,000 USD/year. Average salary with a Bachelor's degree in Business: 64,000 USD/year.

What are 3 benefits of having a business degree? ›

Obtaining a bachelor's degree in business management prepares you for jobs by equipping you with many management-related skills, such as how to manage employees, how to effectively communicate and how to create a strong teamwork mentality within your team.

What are the benefits of business management? ›

Expanding Business Skills

Studying business management can improve a business owner's ability to analyze data, improve financial decisions and make better predictions about the future.

What should I major in if I want to start my own business? ›

A Bachelor's in Business Administration gives you a solid foundation, along with real-life examples and experience that you can use to nurture your own business idea. Business Administration degree programs teach you the fundamentals of how big and small companies run and where they fit into the global marketplace.

What does a business degree include? ›

A business degree teaches theories of finance, marketing, and management and administration—and how to apply these theories to real-world problems—in order to prepare the student for the fast-paced, fast-changing business world.

What is a business degree called? ›

There are 2 main business degrees a student can pursue — a Bachelor of Business Administration (B.B.A.) or a Bachelor of Science in Business Administration (B.S.B.A.) — which can prepare you for different career paths in the business world.

Is business management a major in college? ›

This business management degree provides a solid business foundation covering accounting principles, business law, international business, finance, economics, statistics, and marketing. Business management majors then focus on special areas of interest corresponding with their individual career goals.

Do business majors need a good GPA? ›

Generally speaking, a 'good' GPA is anything between 3.0 and 3.5. However, what a good GPA is differs depending on the business school you're applying for. At some of the world's best business schools like Harvard Business School, Stanford, or Wharton, a GPA score of higher than 3.5 is commonplace among MBA students.

What does a business major do after college? ›

After grad school, many students find careers as chief executive officers, entrepreneurs, sales managers, accountants, or financial analysts. The specialization you choose as a business major will also affect your job outlook and salary after you graduate.

What are the benefits of a business management degree? ›

9 benefits of a business management degree
  • Increase employability. ...
  • Develop fundamental management skills. ...
  • Get an introduction into the business industry. ...
  • Learn about multiple disciplines. ...
  • Become an entrepreneur. ...
  • Increase your credibility. ...
  • Network with individuals with similar interests. ...
  • Obtain a higher salary.
Mar 10, 2023

Is a degree in business management hard? ›

Generally speaking, a business degree is not the hardest one out there but is not the easiest one either. The level of difficulty depends on your program and university. It is not a secret that some business programs and schools are harder than others.

What is the goal for a business management degree? ›

Primarily, for a business management student, their degree allows them to develop a wider in-depth perspective of business organisations which provides you with subject-specific knowledge in areas such as markets, retail, customers, finance, operations, communication, information technology and business policy and ...

What skills do business managers need? ›

Top Skills Needed for Business Management
  • Communication. Communication skills in business management are key. ...
  • Management & Leadership. ...
  • Financial Intelligence. ...
  • Information Technology. ...
  • Critical Thinking & Problem-Solving. ...
  • Creativity and Innovation.

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