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Is Getting A Business Administration Degree Worth It?
Whether you are hoping to open your very own business, whether you are looking to buy an established business, or whether you are looking for a job within the business field, it goes without saying that having some sort of educational background in business will prove to be beneficial to your career.
Many people may find themselves wondering if getting a business administration degree is worth it. You see, while you can get your foot in the door and apply for an entry-level role in a business, it may be a good starting point, but even so, many entry-level roles require at least a general degree in business.
Having a degree in hand or a business administration degree also exponentially increases your chances of growth from the entry-level point onward.
So, when the question is asked of whether getting a business administration degree is worth it or not, the proof and consensus say it is entirely worth it. You are not only equipped with relevant practical and theoretical skills, but you are also given versatility in the field of business.
Let us delve into the degree and career opportunities that you could pursue with a business administration degree in hand.
Why You Should Consider Getting A Business Administration Degree
If you consider that almost everything in this world is run on the idea of a business, you quickly realize that having an understanding of business, and business operational knowledge, is extremely important for the success of any entity – whether it is a start-up or it is well established and highly profitable.
Consider this, you may have a skill that you are hoping to market. Perhaps this skill is that you are really good a designing digital images and presentations, or perhaps you are an excellent wordsmith and you have found a niche in writing speeches for others.
You will then sell this service to others. But it is not a simple transaction, and if the hope is that this skill expands and earns you a stable income, you will in fact be running a business. But not many people know how to run a business, how to maintain profitability, and how to keep their business afloat, whether it is a one-man business or whether they have 100 employees.
However, the thing about running a business is that it's not just about knowing how to stay financially viable, but it is also about knowing about best business practices, how to successfully run your business, and which business structures and strategies need to be in place to keep your business running successfully.
This is a lot to keep track of, but even if your forte is writing or designing, you need to make sure that business processes are in place.
Considering a business administration degree will prove to be beneficial to you no matter what sort of career you choose to follow: whether you are indirectly running your business, or whether you are looking to work in a business organization.
Consider The Return On Investment
If you are hoping to work toward obtaining your bachelor's degree in business administration, you may want to consider what your return on investment would be. That is that you may consider how much you would spend on earning your business administration degree and how having this degree will benefit you both financially and professionally.
Let us first look at the return on investment from a professional perspective. You have the potential to grow greatly if you have a business administration degree in hand compared to earning an entry-level role, and staying in that role long-term because you don't have a degree.
It is also important to consider that a business administration degree is a general degree in the field of business and finance. Considering that it is not entirely specialized and that you have the opportunity to choose a wide array of coursework, you may find yourself growing within different facets of a business.
Perhaps you are more inclined and drawn to finances, or perhaps you are drawn to operations management. Having this degree in hand allows you to have the skills and expertise necessary to grow and excel in these fields of business. This is just one way for you to see a return on your investment.
Now, let's look at the financial return on investment. On average, it is estimated that completing a four-year degree program in business administration at a public institution will cost about $15,100 per year. When you look at how much you would earn on average per year, the numbers really are impressive.
According to the U.S. Bureau of Labor Statistics, business and financial occupations, which are occupations where a bachelor's degree in business administration is either required or commonly held, earn a median annual salary of $76,570. This means that you could pay for your entire degree program with a year's salary, and still have some money over.
The financial return on investment is therefore quite apparent.
What Can You Do With A Business Administration Degree?
The question should rather be what can't you do with a business administration degree, and the answer would be, not much. In other words, there is a lot that you could do with a broad degree under your belt.
Not only will you understand the operations and processes that it takes to run a business, but you will also understand the mechanisms and business models that exist, therefore choosing the best model for any business you establish or that you work in.
For example, it has often been seen that professionals, such as doctors, often consider adding a business administration degree or a master's in business administration to their academic portfolio.
This is because if they are running a private medical practice, they are still required to manage the business processes that take place within this private practice. From the management of finances to optimal operations and making sure that all duties such as administrative duties, assistant duties, and other duties are all carried out, the responsibility will lie in the hands of someone who knows how to run a business.
What Will A Business Administration Degree Teach You?
With a focus on day-to-day operations and functionality, a business administration degree will teach you several concepts that can be applied to a variety of business structures. You see, when you have a business administration degree, you will be qualified for the role of a business manager, and as a manager, you would need to make operational decisions, manage many individuals, and handle any crisis that may arise.
The main aim of this degree is to impart core business processes and an understanding of how to apply this knowledge to real-life circumstances.
While the hope is that those who choose to pursue this field of study will have some of the innate characteristics that would make for a good business manager, you will still be taught a number of skills that can be used to propel your career forward.
Knowing how to successfully lead a team is something that will greatly contribute to a business's success. Leadership is made up of a unique combination of acquired and innate skills that are refined into a leader that can work with a team. Business administration covers the fundamentals of effective leadership and how to apply these leadership skills to a practical setting.
Next, you will learn how to manage the operations of a business. Sometimes, this may look like an extremely specialized role such as human resource management whereby you will manage and oversee all the staff in an organization; product or service management whereby you manage the sales and production of specific products and services; or Information technology, which often forms the bedrock of many organizations since most operations and processes take place in the digital sphere.
What Are The Benefits Of Earning A Business Administration Degree?
Considering the important role that businesses serve in local and global economies, it serves as a mutually beneficial entity to consumers and to those who work in these businesses. With business continually growing, earning a business administration degree puts you front and center for major opportunities.
One of the greatest benefits of pursuing a qualification in this field is that the is a constant and continuous market demand for business professionals. With this market demand, you can be sure that at any point in your career, you will have your pick of opportunities.
Aside from the growing demand for business professionals, there is also the aforementioned earning potential. With a median annual salary of $76,570 according to the BLS, this just serves as the midpoint earning range and there is even further earning potential in different roles.
There are also major advancement and growth opportunities that are available for you when you have this qualification in hand. This, coupled with the flexibility and versatility that this degree provides you with, you truly will be spoiled for choice in your career.
For example, with a business administration degree, you could effectively fulfill the role of a sales manager, accountant, management consultant, market analyst, and much more. Not only that, but you will also have skills that can be effectively applied across multiple industries. From finances, management, manufacturing, and consulting, to teaching and imparting your acquired business knowledge to others, you can effectively adapt and apply your skills across the board.
Possible Downsides Of Earning A Business Administration Degree
With every career path, there are cons that come with pursuing it, and a degree and career in business administration are not exempt from this. One of the downsides to getting a business administration degree is that it takes a financial and time commitment.
Pursuing your degree through full-time studies means that you need to work consistently hard in studying for tests and exams, completing assignments and projects, attending classes, and staying on top of content for multiple courses that you need to pass and earn your degree.
Not only do you need to commit to doing hard work, but you also need to commit to the time it takes to successfully complete and obtain these qualifications.
But the question remains is that, despite the downsides, do the benefits of a business administration degree make it worth it? Considering the amount of information and knowledge you will receive, and the future opportunities you create for yourself, earning this degree is entirely worth it.
What Skills Can You Acquire From This Degree?
There are a number of skills that you will acquire when you complete your business administration degree. These are as follows:
- Business analysis skills
- Data analysis skills
- Market analysis skills
- Competitor research skills
- Project management skills
- Interpersonal and leadership skills
- Problem-solving skills
- Communication skills
- Networking skills.
Jobs You Can Get With A Business Administration Degree
According to the BLS, there are well over 22 career paths that you could follow with a business administration degree. Here are a few examples of the careers you could follow and the earning potential you can expect in each of these roles:
Geared more toward the finance and accounting field, accountants and auditors earn a median annual salary of $77,250 and this field can expect to see a projected 6% career growth.
Financial analysts can expect to earn a median annual salary of $95,570, and this field can expect to see a projected 9% career growth, according to the BLS.
Human resource specialists and labor relations specialists can expect to earn a median annual salary of $62,290 and $77,010 respectively.
The BLS states that management analysts earn a median annual salary of $93,000 and this field expects to see a projected career growth of 11% year on year.
Project management specialists can expect to earn a median annual salary of $94,500.
All that is left for you to do is to decide which career path best suits your personality and for you to pursue that field relentlessly.
What Industries Can You Work In With A Business Administration Degree?
A business administration degree provides you with multiple transferrable skills that can be used to benefit your growth and success in the field of publishing, marketing, and financial consulting, and you could apply your skills to the medical and healthcare industry, and creative industries to name a few.
A business administration degree is entirely worth it if it is the right fit for you. However, while many people may not think of themselves as business savvy or even as leaders, pursuing this degree imparts several skills that will set you up for success in any role you may pursue.
Considering the earning prospects, the opportunity for growth, and the versatility of its application, a business administration degree is definitely worth it.
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