Wage Outlook for Individuals with a Bachelor in Business Management
Majors Overview May 7, 2014Business management graduates can find entry-level jobs as managers or assistant managers at retail stores, hotels, offices, and food service companies. After getting additional education or gaining managerial experience, management professionals usually find higher paying jobs.
Food Services Management
Experts in this field are required to complete a bachelor’s degree program in Business Management with a major or specialization area in restaurant management. The focus of restaurant management specializations is on the business and culinary aspects of the hospitality industry. Students’ choice of specialization can be focused on international restaurant management, whereby they can acquire knowledge that would benefit those who wish to work overseas.
Useful business and managerial experience can be gained through participation in internships by enrolled students who are required, before enrolling, to complete prerequisite courses that would help them in transitioning to restaurant management from general business management. Coursework in Restaurant Management programs may include topic areas such as marketing, small business management, and beverage management. These programs include testing methods such as classroom discussions, presentations, essays, examinations, and reports.
Job and Wage Outlook
The duties of food service managers include taking care of the day-to-day routines related to running any establishment, including a restaurant. A decline of 3% in job growth rate has been predicted for food service managers over the 2010-2020 decade (U.S. Bureau of Labor Statistics (BLS)). The reduced incidence of opening new restaurants has been cited as a reason for the negative growth projection. In May 2012, food service managers took home an average annual wage of $47,960 and an average hourly wage of $23.06.
The average annual wages earned by individuals in the top ten percent exceeded $81,030, while wages earned by these professionals in the lowest ten percent were limited to $30,820. Nevada paid the highest average annual wages to food service managers, amounting to $70,910. Grocery merchant wholesalers, who took home an average annual wage of $77,500, ranked as the highest earners among food services managers.
Retail Sales Management
Students seeking careers in retail sales management can enroll in a bachelor’s degree program in Business Management with a major or minor in professional sales. Internships with local businesses are sometimes included in these programs. In certain instances, additional courses or minors are also offered in specific industries, such as computer technology or automobiles. Coursework in a professional sales program includes classes in computer applications, leadership, financial management, accounting, and marketing.
Effective leadership, as well as the ability to manage a business, is expected of retail sales managers. Students are also taught about leading and supporting a team of workers while simultaneously achieving a profit in their field through the provision of quality products and customer service of a satisfactory order. Creation of an effective marketing strategy is essential for drawing in and retaining repeat business.
Job and Wage Outlook
Sales managers employed in retail establishments have to respond to customer complaints and questions, in addition to supervising the running of the store. Employers for these positions prefer graduates with bachelor’s degrees.
In May 2012, first-line supervisors of retail sales workers took home an average annual wage of $40,910, with an average hourly wage of $19.67 (BLS). Rhode Island paid the highest average annual wages to sales managers, amounting to $48,320, with an hourly wage of $23.23. Salaries varied by industry. First-line supervisors of retail sales workers working in clothing stores took home an average annual wage of $41,140, while grocery store sale supervisors earned $40,480, on average, during the year.
Office Management
Students seeking careers in small office settings can enroll in a bachelor’s degree program in Business Management with a specialization in small business management, whereby they can be taught effective managerial techniques and communication skills devised to run an office efficiently. Coursework in a Small Business program includes topic areas such as accounting, financing, computer applications, economics, marketing, and human resources management.
The program helps office managers acquire an equal grasp of customer interaction, employee management, and effective business management. There is a great reliance on an effective office manager if a small business office is to accomplish success.
Job and Wage Outlook
Supervision of a staff of workers and administrative duties are performed by office managers to ensure that the company’s operation is running smoothly. An at-par-with-average job growth rate of 15% has been predicted for administrative service managers, including office managers, over the 2010-2020 decade.
In May 2012, the top 10% of office managers, referred to as first-line supervisors of administrative support and office workers, in this instance, took home an average annual wage of $79,890. Annual average wages of the lowest 10% of these professionals did not exceed $30,520.
First-line supervisors of office workers earned an average hourly wage of $25.40, with their average annual wage amounting to $52,830. The securities and commodities exchanges industry was the highest paymaster for office managers, who took home an average annual wage of $76,720. The District of Columbia paid an annual wage of $62,700 to office managers, which was the highest annual wage.
Lodging Management
Lodging managers enjoy numerous educational choices. However, graduates with a bachelor’s degree in Business Management aspiring for lodging manager positions must major, minor, or specialize in resort or lodgings management.
A comfortable atmosphere, housekeeping services, building and room maintenance, and food and beverage services must be provided by a manager to ensure that the lodging establishment is running efficiently. In addition, effective organization and leadership of a team of workers must also be ensured while maintaining a profitable business.
Job and Wage Outlook
Lodging managers ensure the effective and careful running of lodging establishments, including motels and hotels. A slower-than-average career growth has been projected for lodging managers, with keen competition anticipated in the profession, which requires specialization in hospitality by managers.
In May 2012, lodging managers took home an average hourly wage of $22.50, amounting to an annual average wage of $46,810 (BLS). Lodging managers employed in travel accommodations earned $53,780 annually, while those employed in business management took home an average salary of $82,880 per annum. The lowest ten percent of lodging managers earned no more than $14.08 hourly, while the top ten percent took home at least $43.04 per hour.
