Salary Outlook + Things You Can Do with a Business Management Degree

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The US economy has been gaining steam in recent years. This is leading to strong growth in many business and financial occupations. The Bureau of Labor Statistics (BLS) states that overall growth in the business and financial sectors will be 8% by 2024. This means that there will be a healthy 632,000 new jobs created in the next few years in this sector.

Workers can take advantage of the employment increase by earning a business management degree, such as an MBA or another related degree. These advanced degrees will provide you with the job skills you need to work in many growing business professions. Some of these occupations are experiencing very strong growth and increasing salaries.

These occupations include the following:

#1 Accountant and Auditor

Students who earn an MBA, a master’s in accounting or a master’s in finance may work as an accountant or auditor. Accountants and auditors are responsible for preparing and examining the financial and tax records of companies and organizations. They must ensure that financial records are accurate and that all entities have paid their taxes on a timely basis.

Accountants and auditors also assess a company’s financial operations to ensure that the entity is run in a financially efficient manner. Other common duties of these professionals are:

  • Examine the financial records of companies to make sure that they are in full compliance with laws and regulations
  • Determine what the taxes owed are, ready tax returns and ensure that all taxes have been paid on time and properly
  • Inspect financial accounting books and electronic accounting systems to ensure that generally accepted accounting procedures are used
  • Organize and maintain tax and other financial records
  • Assess the financial operations of the company and ensure that best practice recommendations are made to upper management
  • Suggest new ways to cut costs and enhance revenues

Accountants and auditors also need to have excellent communication skills, as it is important that they explain their findings to non-accountants.

Some accountants may specialize in a certain field, depending upon the company that they are working for. Some accountants may work in assurance services or risk management. Others may focus on a specific industry, such as manufacturing or healthcare.

Accountants will see an 11% increase in jobs by 2024, which is faster than average. The median salary as of 2016 was $68,150.

#2 Management Analyst

A management analyst often has an MBA, and is responsible for proposing new ways for a company to become more efficient and profitable. Management analysts provide companies with ways to boost their productivity and earnings. Also, they provide advice to executive management about how to make the company more profitable through reducing expenditures.

The key duties of management analysts today are:

  • Collect information about the problem that needs to be solved or the procedure that needs improving
  • Interview employees and obtain observations on the job site to determine the equipment, employees and methods that will be needed
  • Analyze the financial data of the organization, including expenditures, revenues and employment records
  • Develop viable business solutions and practices to solve the business challenge
  • Make customized recommendations to executive management by preparing a written or visual report

As a management analyst, you may work for the company that you are analyzing, However, you also may work as a consultant on a contract. Today there are large consulting companies that offer management analysis services. Or, you may work as a self employed management analyst.

Many management analysts specialize in specific industries such as healthcare or IT. Others specialize in certain business functions, including inventory management.

This profession will grow by a strong 14% by 2024, and the median salary is $81,300.

#3 Financial Manager

A financial manager is a general description for a variety of upper level financial management positions that can vary a good deal in their daily job duties. Generally, financial managers are responsible for the financial health of their company. They are responsible for the firm’s financial affairs, investment activities and for strategies and plans that further the long term financial goals of their company.

Some of the most common types of financial managers with a strong business management background are:

  • Chief financial officer or CFO: Accountable for the financial reporting of a company, especially among companies that are publicly traded. The CFO is the head of the financial department of the company and they are responsible for the work of lower level financial professionals.
  • Treasurer: Directs the budget of the organization to meet financial goals. They are responsible for the oversight of how funds are invested, and also run strategies to raise money.
  • Risk managers: Control the financial risk that a company experiences by using strategies to offset or limit the chances of a financial lose.
  • Controller: Directs financial report preparation that forecasts and summarizes the financial position of the organization, using income statements, balance sheets and earnings analysis.

Jobs in the general field of financial management will increase by a steady 7% by 2024. The median salary is $121,700.

#4 Financial Examiner

A financial examiner is responsible for ensuring compliance with laws that govern financial institutions and financial transactions. They are responsible for reviewing balance sheets, evaluating the risk level of various loans, and assessing how well banks are managed. Some of the common duties of financial managers are:

  • Monitor the financial situation of financial institutions such as banks and credit unions
  • Review the balance sheets for the financial institution and provide confirmation of institution assets and liabilities
  • Prepare financial reports that detail the safety and financial soundness of the organization
  • Train other examiners in the key aspects of financial examination
  • Review and analyze new policies and regulations to determine what their impacts may be on the organization

Financial examiners usually work in either risk scoping or consumer compliance. Risk scoping work specifically on evaluating the financial health of financial organizations. Consumer compliance professionals are focused on ensuring that all borrowers are treated fairly.

Financial examiners will see 10% job growth by 2024, and the median salary is $79,200.

#5 Budget Analyst

A budget analyst helps both private and public organizations to properly organize their finances. They prepare reports on budgeting and finance, and also closely monitor institutional spending.

Budget analysts can advise many types of institutions, from businesses, to governments, to universities, on the best way to organize finances. They are responsible for preparing special and annual reports and also they evaluate proposed budgets for the organization and specific programs. Budget analysts also perform data analysis to determine what the costs and benefits are of many programs.

The job outlook for budget analysts is slower than average at 3% growth by 2024. There are most likely going to be more openings for budget analysts in the private sector as businesses are created and current businesses expand. The median salary is $73,800.

Additional Resources

References

Sady Brown
Written by Sady Brown
Sady Brown is Editorial Strategist for Nogre.com