Have you ever felt curious about how businesses run? If your answer is yes, then you must be interested in management, marketing, finance, accounting, or decision making. Business administration covers all aspects of business management from overseeing to supervising business-related operations to project management.
If you wish to manage a personal business or venture into a business-related career, then specializing in business administration is what you need. Read on for more information on this course, the possible career paths, and specialization.
Business administration focuses on overseeing and supervising of businesses and their operations. It is a study that concentrates on equipping students with essential skills in the fields of accounting, project management, finance as well as marketing. Besides business-related disciplines, business administration also covers the technical aspects of operations, performance, or management and how an organization can achieve its goals.
Students cover various aspects involved in managing a company. Typically, business administration courses equip students with the essential skills to thrive in the business industry through case projects, presentations, and internships. Additionally, students should also expect to cover core business disciplines such as marketing, information technology, finance, and accounting.
The requirements for this program vary depending on location and the university you wish to study in. However, most universities will require a high school diploma to qualify for applicants to be eligible for entry into these programs. Nonetheless, a solid background in other fields such as business fundamentals, logistics, economics, ethics, financial accounting, quality control as well as computer systems is an added advantage.
Business administration degree programs are generally offered under a Bachelor of Science degree or Bachelor of Arts degree programs. The main difference between these two is that in Bachelor of Arts degree programs in business administration, there are more liberal arts classes as compared to the Bachelor of Science degree program of the same. Nonetheless, there are numerous business administration programs that students can pursue. Some of these include:
Find the best universities for business administration degrees here.
What are the key skills for Business Administration?
There are varied business administration degree programs. Generally, students are required to learn the core aspect of the discipline within the first and second years of study. To ensure students develop an understanding of the global perspective of business administration, they are taught aspects of Literature, History, Math, Philosophy and other Liberal Arts. Below is a list of some of the topics you’re most likely going to cover:
Here is a list of specialization:
Finance
In this program, students acquire the skills to manage money as well as invest, borrow, lend, save, budget, and forecast. Moreover, they cover corporate finance, which involves tools and assessments that are used to prioritize and distribute financial resources.
Accounting
In this course, students are equipped with knowledge about the methodical processes of identifying, recording, measuring, categorizing, verifying, summarizing, interpreting, and collaborating financial information. Students learn all the fundamental details of communicating profit or loss for a specific period, how to determine the value and nature of a company’s assets, liabilities and owners’ equity.
Information systems
In this program, learn about the interconnected IT infrastructures that are used in the businesses to develop and distribute information to ensure the achievement of the company’s goals.
Management
This course teaches students about the core concepts of creating business strategies and coordinating efforts for employees to ensure the achievement of objectives.
Marketing
In this course, students learn all the necessary information about marketing such as selling, advertising and distributing products to other businesses’ or consumers.
Operations management
This program focuses on equipping students with the relevant knowledge and skills concerning business administration in terms of practices used to develop the highest level of efficiency within a company while maximizing profit.
Technology entrepreneurship
In this course, students learn about investment in projects that assemble and install specialized people and different assets that are related to development in the technology and scientific knowledge to capture value for a business.
Business research
Here, students learn the processes of obtaining detailed information about different areas of the business to ensure the maximization of sales and profit for the company. With this program, students will be able to determine the products or services that are most profitable and in high demand in the real world.
Business administration majors can land business administration jobs in various industries. Apart from firms, some business administration majors work in education, tourism or even healthcare systems as administrators. Below is a list of some of the career paths graduates can venture into:
1. Sales manager
A sales manager is responsible for monitoring the sales and assessing if they align with the production rate of the business or firm. They are responsible for setting the sales goals, analyzing sales as well as training sales representatives on effective methods of selling merchandise.
2. Market research analyst
Market research analysts are responsible for assessing market demands and assisting companies or businesses in determining their target consumers. Moreover, they are responsible for deciding how products or services are packaged and advertised to ensure enterprises are positioned correctly in the consumer market.
3. Human resource specialist
The primary role of human resource specialists is to ensure that they screen vet, interview and recruit the most suitable personnel in an organization. Additionally, these individuals are trained to manage the staff and allocate work, prepare payrolls, handle leaves, train other employees among other duties.
4. Business consultant
Business consultants are responsible for improving the efficiency of businesses. They offer suggestions to managers and company executives on ways to maximize profit by reducing running costs and increasing production and revenue streams. Moreover, they recommend new systems and organizational changes to promote the achievement of a company’s goal.
5. Financial analyst
Financial analysts are responsible for assessing results, surveying variances, recognizing trends, and endorsing actions to the management. Additionally, they reconcile transactions by comparing and correcting data as well as maintain databases by inputting, verifying and backing up data.
6. Loan officer
Just like the name suggests, loan officers authorize and recommend the approval of loan applications for businesses or individuals. Some of their daily tasks include analyzing and verifying loans, assessing the customer’s credit scores, income levels as well as the applicant’s financial information, following up on loan defaulters, among other duties. These individuals are majorly employed by banks, credit unions, as well as mortgage companies.
7. Training and development specialist
These professionals are responsible for training other employees to ensure they develop their skills and perform their duties effectively. These individuals work in various industries. Other duties may include assessing individual employee training needs and introducing new programs that will ensure the requirements are met. They assess workers through observation, surveys and even through interviews. Additionally, they create manuals consisting of new and improved methods of operations to ensure employees' efficiency is improved.
8. Event planners
Event planners are responsible for structuring, coordinating, and planning an event from start to finish. They are responsible for making sure that everything about an event is running smoothly. They choose the event location, hire caterers, vendors, entertainment and arrange for logistics. However, event planners can decide to choose to specialize in a specific area such as wedding planner, corporate event planner, baby showers, parties and so on.
9. Real estate appraisers
Real estate appraisers are responsible for estimating the value of a building or a piece of land. Typically, their duties involve gathering, verifying and analyzing data on residential properties, help in the development of financial models, among others.
10. Purchasing agent
These professionals are responsible for collating purchasing orders, purchase requisitions to order goods, materials, and supplies. Moreover, they deal with under orders, non-supplied, damaged goods and over orders as well as ensure that all invoices are submitted to accounts for payment.
11. Insurance underwriter
These professionals are responsible for evaluating insurance applications and determine whether or not the potential client should be insured.
12. Labor relations specialists
Labor relations specialists are responsible for creating labor policies, overseeing the management of industrial labor relations, negotiating joint bargaining agreements with the union, managing grievance procedures to handle complaints from unionized employees and so on.
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