Written by: CC Staff
Most people who enter business and management begin their search by assessing career paths for earnings and demand. The business and management field is popular because it opens the door to some of the highest-paying business jobs across varied specializations. The Bureau of Labor Statistics (BLS) pinpoints the 2019 median annual salary for all management-related occupations around $105,000.
Read on for a primer on what to expect from the management field in terms of earnings, responsibilities, and career opportunities.
Business and Management Jobs at a Glance
Managers ensure the daily operations of organizations and handle professional responsibilities, such as hiring and firing employees, setting budgets, and preparing instructional materials. Managerial positions take place in diverse work settings. Professionals should note that business administration salary and business management salary vary depending on several factors. This table illustrates some of the field’s most lucrative and specialized career paths.
|Projected Growth Rate
|Computer and Information Systems Managers||$146,360||11%|
|Market Research Analysts||$63,790||20%|
|Medical and Health Services Managers||$100,980||18%|
Highest-Paying Business and Management Jobs
C-suite executives serve as chief executive officers and chief operating officers. These professionals occupy the highest position of responsibility for a particular company or department, and they guide their organization’s overarching goals.
PayScale reports the top 10% of chief executive officers earn $309,000 annually, while the bottom 10% earn $73,000. Along with higher earnings, these executives can anticipate more comfortable benefits than their management contemporaries.
Sales managers oversee a sales team within their respective organizations, guiding, analyzing, and creating sales-related directives. Their duties can include assigning roles to specific team members, drafting instructional material for new sales hires, and setting goals.
According to PayScale, the top 10% of sales managers earn around $117,000 annually, while the bottom earn $40,000. As managers in supervisory roles, they often receive benefits such as paid vacation time, retirement, and employer-paid insurance.
Computer and Information Systems Managers
Computer and information systems managers handle an organization’s tech-related goals. They direct the work of IT personnel, upgrade outdated systems, and educate themselves on the latest technology.
PayScale reports that the top 10% of information systems managers earn $125,000 annually, while the bottom earn around $51,000. As these managers handle more responsibility than most IT services professionals, they typically receive paid time off, employer-paid insurance, and retirement plans.
High-Demand Business and Management Jobs
Management analysts work in one of the most high-demand business jobs, conducting research in best management practices. They may oversee organizational studies, design procedures, or research work simplification and measurement.
The BLS projects that jobs for management analysts will grow 14% between 2018 and 2028, making this position one of the fastest-growing in management. The BLS further projects that employment gains will concentrate around healthcare settings and smaller consulting firms that specialize in specific industries, such as human resources.
Market Research Analysts
Market research analysts study the market conditions and then synthesize their findings to help their organization prepare a product or service for the public.
Although marketing salary projections vary, these managers can look forward to widespread demand in the job market in a variety of settings. The BLS projects that from 2018 to 2028, jobs for market research analysts will grow by 20%. Managers specializing in this field can anticipate growing demand in settings related to consulting, financial services, and publishing.
Medical and Health Services Managers
Many business and management graduates find themselves in high demand in the healthcare industry, where they work as medical and health services managers. These specialized managers plan, coordinate, and direct business goals of health and medical service providers.
The BLS projects jobs for these managers to increase 18% between 2018 and 2028. This growth in employment relates, in part, to the growing use of electronic health records in many settings, such as the offices of private practitioners.
What Are the Requirements for a Career in Business and Management?What is Business and Management?What Kinds of Business and Management Degrees Are Available?What Specializations Are Available in Business and Management?
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