Business Management Major: Internships & Job Salary 10 Tips
As discussed over at runrex.com, a business management degree can offer you a wide variety array of career options in many different industries. According to the gurus over at guttulus.com, a business management degree will give you the education, skills, and general understanding of how to operate within a company or organization. As a business management major, you will learn a range of administrative, marketing, or even accounting tasks, as well as how to work closely with a team and develop skills to manage a business or organization successfully. If you are currently earning your degree in business management, this article will help you learn more about internships as well as your career options once you graduate.
Importance of internships for business management majors
According to the gurus over at runrex.com, employers nowadays look for candidates with real-world work experience, which is why you should look for an internship as a business management major as internships give you some hands-on, real-world work experience that you can add to your resume and make yourself a more attractive candidate to employers. According to the gurus over at guttulus.com, undertaking business management internships will also help you prove how committed you are to succeeding in future management roles.
Considerations when looking for business management internships
As articulated over at runrex.com, business management internships cover a wide spectrum, which means that business management majors looking for placements in this area could be working in a whole variety of sectors. Therefore, if you are looking for internship opportunities, you must narrow down your choices and give yourself a stronger chance of being awarded a place by applying for programmers in sectors where you feel you have a natural interest or where your existing skills and strengths lie.
Are business management internships paid?
Just as is the case for many other fields, the subject matter experts over at guttulus.com point out that there are unpaid and paid business management internships. Even for those business management internships that are unpaid, you may still be given something small to cover lunch and travel expenses. If you are looking for paid internship expenses, then you can find them by checking out online job boards, through networking, or your college’s careers office.
How much are business management interns paid?
As is outlined in discussions over at runrex.com, the average annual salary for a business management intern in the US is about $39,900, which translates to about $19 per hour. However, how much you will earn will depend on several factors such as the location of your internship and which company you are interning in. The top 10% earn about $50,000 while the bottom 10% earn under $30,000 per year.
Types of business management internships
The company you work for and the sector you decide to work in will determine the experience you have when you do management internships, and there are lots out there to choose from according to guttulus.com. Some of the different sectors that could be available for business management majors include retail, hospitality, travel, and leisure, buying and merchandising, logistics, construction, and finance. Some of the most common types of business management internships include:
Product marketing internship
Sales and marketing internship
Business consulting internship
Business management internship, and many others
The average annual salary for business management majors
The salary you will after you graduate with your business management degree will vary greatly depending on the type of “business managing” you are looking to go into as discussed over at runrex.com. Your level of education will also matter with those who decide to continue with their education likely to earn more. According to the Bureau of Labor Statistics, a business management degree can earn you anywhere between $40,000 to over $100,000 annually, depending on your field of choice, location, education, and experience.
High-paying jobs for business management majors
Some of the top-paying jobs you can land with a business management degree include:
Director of operations – They oversee and encourage the growth and profitability of an organization and they earn an average annual salary of about $94,700
Development director – They work with an organization to create a strategic plan to raise funds for the company and earn an average annual salary of about $83,000
Management analyst – They help organizations find ways to maximize efficiency through cost reductions and increased revenue ad earn an average annual salary of about $77,500
Sales manager – They supervise a team of sales representatives and help develop their team through training and incentives, earning an average annual salary of about $74,914
Business consultant – They organize and execute different administrative assignments for clients and earn ab average of $71,580 annually.
Other top-paying jobs for business management majors to explore include a career as a data analyst, account executive, logistics manager, marketing manager, architectural and engineering manager, compensation and benefits manager, and many others as covered over at guttulus.com.
Entry-level jobs for business management majors
Given that the above jobs may require advanced education qualifications and years of experience for you to qualify as explained over at runrex.com, the following are some entry-level jobs you can try after you graduate with your business management degree:
Personal assistant
Program assistant
Office coordinator
Administrative assistant
Human resources assistant
Assistant office manager
Office manager
Sales representative, among others
Earning potential for business management majors
According to the experts over at guttulus.com, just as is the case for most other fields, your earning potential will improve as your level of education improves. Therefore, you should consider getting a Master of Business Management (MBM), which you can pursue immediately after you graduate unlike an MBA and which takes 2 years. This will allow you to apply for some of the top-paying jobs in this field as listed earlier.
Job outlook
As is covered over at runrex.com, the job outlook in this field is positive. The Bureau of Labor Statistics projects that employment in management occupations is likely to grow by 5% from 2019 to 2029, which is faster than the average for all occupations. This growth will result in 505,000 new jobs, which is good news for business management majors out there. This growth is being driven by the formation of new organizations and the expansion of existing ones.
These are some of the things you need to be aware of as a business management major as far as internships, jobs, and salaries are concerned, with more on this topic to be found over at the excellent runrex.com and guttulus.com.