This article talks about master’s degree programs in small business management and their coursework, career choices, job and wage outlook, and continuing education choices.
Master’s Programs in Small Business Management
Students enrolled in Master of Business Administration (M.B.A.) programs can gain management skills. The primary focus of a specialization in small business management is on managing small- to medium-sized businesses; these include entrepreneurial endeavors and family businesses. Practical experience is available through many programs; in some, students are allowed to customize the program in accordance with their individual needs, such as technology or start-ups. The only criterion for admission to these programs is a bachelor’s degree from an accredited school. Most students complete an MBA program in about two years.
An MBA degree program entails numerous regular business courses, such as management, financial and managerial accounting, data analysis, and business law. Core coursework may cover courses specific to the small business management emphasis such as:
•Using the Internet for new small businesses
•Technology and innovation in entrepreneurship
•Strategies for family businesses
•Starting new ventures
•Entrepreneurship and small business management survey
•Structuring, financing, and planning a small business
•Change and design in the organization
Small business managers can enjoy many opportunities, both working for themselves or others – they can buy franchises, use the Internet marketing or run the family farm. They may choose from possible career areas such as:
Job and Wage Outlook
Over the 2012 – 2022 decade, a 12% job growth rate has been predicted for administrative services managers, also called business office managers (U.S. Bureau of Labor Statistics). Job prospects for these professionals often vary with the relative strength of the economy. In May 2013, administrative services managers brought in an average annual wage of $81,080, with most of these professionals earning from $44,850 to $145,100.
Continuing Education Choices
Program graduates may seek continued education by obtaining professional certifications offered through two agencies. The National Association of Business Management Professionals (NABMP) offers the Certified Business Management Professional (CBMP). The Association of Professionals in Business Management (APBM) offers a Certified Business Manager (CBM) credential. Individuals must complete 20 Continuing Professional Education (CPE) credit hours every year in order to renew certification. The renewal policy has come into place only after 2010. Passage of the exam is a requirement for certification from either group.