Business administration is among the most popular disciplines globally. The demand continues to accelerate as management courses open up diverse pathways to achieving career goals.
The Graduate Management Admission Council (GMAC) found that 53% of respondents in the United States go for management education to get a raise, and 41% enrol to obtain a senior-level position. Job transition to different companies or occupations is another post-course goal that candidates seek to fulfil.
MBA-qualified candidates are compensated well, particularly in the industry sectors with a shortage of skilled talent. This blog will familiarize you with the Business Management salary in the US and further discuss how you can secure higher earnings.
But before we begin, let’s understand why management training is garnering increased interest in the present-day job markets. Here are some of the key reasons:
- The rising skill gap between the competencies employees want and what the candidates possess.
- The emergence of new technological trends, such as Big Data, Artificial Intelligence, Machine Learning, etc. triggering the demand for professionals with leadership aptitude.
- Increased job market competitiveness with companies paying a premium for talent.
- The desire for flexibility and pursuing courses that enhance the work experience.
MBA is an excellent upskilling choice for graduates and professionals alike. Nowadays, online programs allow you to learn at your pace and in alignment with your career needs. Read on to know where these credentials can lead you!
Business Administration salary in the US
The following list will acquaint you with the post-MBA career options and the annual salaries associated with each track (as reported by salary.com).
1. Business Development Manager
Business Development Managers are responsible for evaluating different business opportunities, including licensing, research and development, mergers, and joint ventures. In addition, they manage growth activities and apply a wide range of field concepts and practices to guide the work of subordinates.
Business school graduates with 3-5 years of experience in the relevant sector can find employment at an approximate annual pay of $129,622.
2. Business Application Delivery Manager
The development, implementation, and maintenance of application systems require the streamlined efforts of several business functions. Business Managers can help facilitate such smooth conduct. They give strategic input for decision-making, assist in budgeting activities and further offer recommendations for improvements.
The minimum qualification for this position is a bachelor’s degree. However, higher education in Business Administration and 3+ years of managerial experience can set you apart from the competition. In terms of salary, the national average for this job stands at $127,025.
3. Business Office Manager
These professionals coordinate the multiple business operations to direct performance towards a common goal. They typically report to a senior manager and rely on their judgment and experience to address specific day-to-day issues. The median salary of $82,074 can significantly increase as they gain advanced credentials in areas like Human Resources, Operations Management, or General Management.
4. eBusiness Development Manager
This job is concerned with e-business strategies and helping organizations implement overall policies and objectives. The manager’s task is to identify potential partners,m negotiate agreements, and also liaise with product development and marketing teams.
You would require at least 1-2 years of supervisory experience and extensive knowledge of departmental processes to qualify for this role. Recruiters typically give preference to Business School graduates with 5 years of relevant work experience. The median salary for this role is estimated at $142,230.
5. Business Continuity Manager
Every business has to deal with uncertainty. And to deal with it, organizations need skilled professionals who can prepare contingency plans and enable effective change management. Managerial positions in this area involve establishing frameworks, training, communication, and testing of plans.
A background in IT, audit, or control can benefit those looking to enter this field. An MBA or related business certifications can demonstrate your relevant knowledge and functional expertise to prospective employers. Business Continuity Managers in the US receive a lucrative pay package of $117,712.
6. Business Intelligence (BI) Manager
This management position entails dealing with complex technical problems, starting from identifying issues to the implementation of solutions. Prior experience in data analytics, decision science, and business intelligence also lets managers discharge their duties with a strategic focus. Their efforts align projects and departments with budgets, milestones, and larger organizational goals.
BI Managers typically report to the head of the department or unit and have authority for personnel actions. The median salary hovers around $135,773 as per current estimates.
7. Business Process Optimization Manager
This job encompasses the synchronization of business operations with information technology. As the title suggests, the primary responsibilities comprise the management of day-to-day tasks to enhance performance results.
Individuals with practical knowledge of operations management, business analytics, and deploying optimization frameworks are fit for this role. This, combined with appropriate supervisory experience, can lead to an annual salary as high as $122,359.
8. Ethics & Compliance Business Unit Manager
The Ethics & Compliance unit monitors the organization’s best practices, compliance procedures, and ethical relationships. Managers in this area study the applicability of different policies to specific business situations, sometimes also developing compliance risk management plans.
Ideal candidates already have strong legal and regulatory know-how. To that, a business management degree can add foundational knowledge of ethical sourcing, quality assurance, internal audit, risk management, communication, and human resources. The average annual salary of Ethics & Compliance Managers is $140,455.
9. Human Resources (HR) Manager
HR Managers analyze job market trends and prepare workforce plans to make a positive impact on business results. They take care of the planning, recruitment, and selection of employees to fill specific posts. They also measure performance, determine compensation plans, and undertake training and development of the recruits.
Every business administration course has a dedicated module on strategic HR management. Candidates can also opt for specialized tracks if they are sure about this domain. US employers pay a median remuneration of $148,299 for senior HR designations.
10. Management Consultant/Entrepreneur
You can pursue management consultancy as a career if you have specialized management qualifications and adequate experience in a particular field. Wealth Management Consultant, Systems Consultant, Risk Management Consultant, HR Consultant, and Strategy Consultant are examples of potential job titles. Project Management Consultants in the US make $85,729 on average.
Alternatively, you can venture out on your own and open a consultancy firm, offering your services and advice to the government, businesses, and clients.
Approximations by the employment site Indeed show that the average annual pay ranges from $34,648 for the Assistant Manager level to $223,624 per year for Founders and CEOs.
We have bifurcated the Business Administration salary by functional areas and specializations below:
- Human Resources: $69,171 per year
- Finance: $100,231 per year
- Business Operations: $100,603 per year
- Information Technology: $111,652 per year
- Product Management: $131,400 per year
- Logistics: $92,086 per year
- Marketing: $93,548 per year
- Strategy: $116,650 per year
Salary Source: Payscale
Here’s a breakup of Business Management salary by location as reported by Indeed:
- New York, New York: $87,678
- San Diego, California: $73,818
- Tampa, Florida: $73,030
- Chicago, Illinois: $64,478
- Houston, Texas: $63,091
- Austin, Texas: $60,330
- Dallas, Texas: $66,772
- Phoenix, Arizona: $60,513
Candidates can advance to consistently higher pay packages with the right qualifications, skills, and industry exposure.
Future Scope in Business Management
It is clear that a Business Administration education provides a significant boost to your career and earnings. According to the National Association of Colleges and Employers (NACE), the subject is a leading choice at the bachelor’s and master’s levels.
Compensation projections by NACE predict that the starting salaries for Business School graduates will be 11.3% higher in 2021 than the class of 2020. Industry experts also reiterate that MBA serves as a gateway to leadership positions and high-paying roles. Now that you are aware of the Business Management salary in the US, you can make an informed decision that helps you realize your aspirations. upGrad’s online course in PG Program in Management is excellent for value addition. Trusted by 40,000+ paid learners and validated by 500,000+ working professionals globally, the platform offers worthwhile learning experiences for all. Plus, you get to connect and interact with peers from across the globe, facilitating the exchange of ideas and peer-to-peer learning.