Business Administration
In the broadest sense, a degree in business administration teaches students how a business runs best, and how the various elements of a business function well together. More specifically, business administration consists of the management of business operations, and the decision-making that allows an organization to run efficiently and successfully. Both resources and employees must be organized effectively to accomplish the company's goals.
Skills: Business administration requires strengths in fields such as leadership, negotiation, finance, marketing, strategy, operations, psychology, and more. This degree is general, and allows graduates to pursue any number of different careers. Students are trained to have a wide skill set: they should have leadership capabilities, problem-solving skills, people skills, and be able to manage organizational resources efficiently. It is therefore a logical choice to pursue a degree in business administration if you see these skills as strengths that you already possess and would like to cultivate further.
People who excel at business administration are also organized, work well under pressure, have strong oral and written communicators, are good at math, work well with different types of people, and can think both critically and logically.
In order to instill these skills in their students, schools offer foundational courses in business administration that include:
- Finance
- Marketing
- Technology and Operations Management
- Financial Reporting and Control
- Business, Government, and the International Economy
- Leadership and Organizational Behavior
- Strategy
- The Entrepreneurial Manager
- Leadership and Corporate Accountability
Specialties: Business administration degrees are often undertaken with the addition of a specialty area within the field, because the subject is so vast. These specialty areas may include human resource management, economics, accounting, psychology, sales and marketing, finance, technical communication, and international business, among others. Thus, schools may offer countless specialty electives and advanced coursework, including:
- Business and the Environment
- Complex Negotiation
- Building and Sustaining a Successful Enterprise
- Strategic Marketing in Creative Industries
- Cross-Cultural Work Experiences
- Power and Influence
- Leadership Development
- Managing Human Capital
- Competing with Social Networks
- Managing Medicine
- Entrepreneurial Finance
Careers: With this degree, a graduate possesses a broad, strong foundation with which he or she is qualified for a great number of careers, rather than a specialized one. Many students go on to work in sales, management, consulting, administration, human resources, accounting, banking, public relations, and analyst and executive positions.
Salary: The pay for each of these fields differs, but generally speaking, the higher the degree you achieve, the more you will be paid for your work and expertise. Working for the private sector tends to pay more than working for the public sector. The median wage for those working in upper management and administration in May 2008 ranged between $65,690 and $85,980. Those who worked in the most elite positions earned over $129,770. Clearly, business administration degrees tend to lead to lucrative positions.
Article Resources:
Australian National University
DeVry University
Dynasty Education
Harvard Business School
University of Kent
The U.S. Bureau of Labor Statistics