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Information about Business Programs

There are many degrees and directions to go within the business world. From banking to human resources management to sales and marketing to technology, a degree in business gives a great foundation of knowledge and then allows for a specific path to be chosen in the type of company and job type when searching for a job.

Marketing managers

Marketing managers develop the firm’s marketing strategy in detail. With the help of subordinates, including product development managers and market research managers, they estimate the demand for products and services offered by the firm and its competitors. In addition, they identify potential markets, develop pricing strategy to help firms maximize profits and market share, all while ensuring that the firm’s customers are satisfied. In collaboration with sales, product development, and other managers, they monitor trends that indicate the need for new products and services, and they oversee product development. Marketing managers work with advertising and promotion managers to promote the firm’s products and services and to attract potential users.

Public relations managers

Public relations managers supervise public relations specialists. These managers direct publicity programs to a targeted audience. They often specialize in a specific area. They use every available communication medium to maintain the support of the specific group upon whom their organization’s success depends, such as consumers, stockholders, or the general public. For example, public relations managers may clarify or justify the firm’s point of view on health or environmental issues to community or special-interest groups.

Sales managers

Sales managers direct the firm’s sales program. They assign sales territories, set goals, and establish training programs for the sales representatives. Sales managers advise the sales representatives on ways to improve their sales performance. In large, multi-product firms, they oversee regional and local sales managers and their staffs. Sales managers maintain contact with dealers and distributors. They analyze sales statistics gathered by their staffs to determine sales potential and inventory requirements and to monitor customers’ preferences. Such information is vital in the development of products and the maximization of profits.

Financial Managers

Almost every firm, government agency, and other type of organization has one or more financial managers. Financial managers oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. Managers also develop strategies and implement the long-term goals of their organization.

The duties of financial managers vary with their specific titles, which include controller, treasurer or finance officer, credit manager, cash manager, risk and insurance manager, and manager of international banking. Financial managers need to keep abreast of the latest computer technology to increase the efficiency of their firm’s financial operations. Financial managers now perform more data analysis and use it to offer senior managers ideas on how to maximize profits. They often work on teams, acting as business advisors to top management.

Human Resources Managers

There are many types of human resources, training, and labor relations managers and specialists. In a small organization, a human resources generalist may handle all aspects of human resources work, and thus require an extensive range of knowledge. The responsibilities of human resources generalists can vary widely, depending on their employer’s needs.

In a large corporation, the director of human resources may supervise several departments, each headed by an experienced manager who most likely specializes in one human resources activity, such as employment and placement; compensation, and benefits; training and development; or labor relations. The director may report to a top human resources executive.

Administrative Assistants

Administrative assistants perform a variety of administrative and clerical duties necessary to run an organization efficiently. They serve as information and communication managers for an office; plan and schedule meetings and appointments; organize and maintain paper and electronic files; manage projects; conduct research; and disseminate information by using the telephone, mail services, Web sites, and e-mail. They also may handle travel and guest arrangements.

Almost one-fifth of administrative assistants work part time and many others work in temporary positions. A few participate in job-sharing arrangements, in which two people divide responsibility for a single job. The majority of secretaries and administrative assistants, however, are full-time employees who work a standard 40-hour week.

Education Required for Business Jobs

For marketing, sales, and promotions management positions, some employers prefer a bachelor’s in business administration or master’s degree in marketing. Courses in business law, management, economics, accounting, finance, mathematics, and statistics are advantageous.

Familiarity with word-processing and database applications is important for most business positions. Computer skills are vital because marketing, product promotion, and advertising on the Internet are increasingly common. Also, the ability to communicate in a foreign language may open up employment opportunities in many rapidly growing areas around the country, especially cities with large Spanish-speaking populations.

For financial managers, a bachelor’s degree in finance, accounting, economics, or business administration is the minimum academic preparation. However, many employers now seek graduates with a master’s degree, preferably in business administration, economics, finance, or risk management. These academic programs develop analytical skills and teach the latest financial analysis methods and technology.
Experience may be more important than formal education for some financial manager positions—most notably, branch managers in banks.

For human resources managers, many colleges and universities have programs leading to a bachelor’s degree in human resources. Most prospective human resources specialists should take courses in compensation, recruitment, training and development, and performance appraisal, as well as courses in principles of management, organizational structure, and industrial psychology. An advanced degree is increasingly important for some jobs. Many labor relations jobs require graduate study in industrial or labor relations.

The duties given to entry-level workers will vary, depending on whether the new workers have a bachelor’s degree in human resource management, have completed an internship, or have some other type of human resources-related experience. Entry-level employees commonly learn the profession by performing administrative duties—helping to enter data into computer systems, compiling employee handbooks, researching information for a supervisor, or answering the phone and handling routine questions.

For administrative assistant positions, high school graduates who have basic office skills may qualify. They can acquire these skills in various ways. Training ranges from high school vocational education programs that teach office skills and typing to 1- and 2-year programs in office administration offered by business and vocational-technical schools, and community colleges. Many temporary placement agencies also provide formal training in computer and office skills. Most medical and legal secretaries must go through specialized training programs that teach them the language of the industry.

Employers of executive secretaries increasingly are seeking candidates with a college degree, as these secretaries work closely with top executives. A degree related to the business or industry in which a person is seeking employment may provide the job seeker with an advantage in the application process.

Employment Outlook for Business Jobs

• Employment of advertising, marketing, promotions, public relations, and sales managers is expected to increase by 12 percent through 2016—about as fast as the average.
• Employment of financial managers over the 2006-16 decade is expected to grow by 13 percent, which is about as fast as the average.
• Employment of human resources, training, and labor relations managers and specialists is expected to grow faster than the average for all occupations.
• Employment of secretaries and administrative assistants is expected to increase about 9 percent, which is about as fast as average for all occupations, between 2006 and 2016.
• Above average employment growth in the health care and social assistance industry should lead to faster than average growth for medical secretaries, while moderate growth in legal services is projected to lead to average growth in employment of legal secretaries. Employment of executive secretaries and administrative assistants is projected to grow faster than average for all occupations.

Earnings and Salaries for Business Positions

Median annual earnings in May 2006 were:

Marketing managers	$98,720
Sales managers	$91,560
Public relations managers	$82,180
Advertising and promotions managers	$73,060
Financial managers	$90,970
Human resources managers	$88,510
Administrative assistants	$37,240

Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2008-09 Edition, Advertising, Marketing, Promotions, Public Relations, and Sales Managers, on the Internet at http://www.bls.gov/oco/ocos020.htm, Financial Managers, on the Internet at http://www.bls.gov/oco/ocos010.htm, Human Resources, Training, and Labor Relations Managers and Specialists, on the Internet at http://www.bls.gov/oco/ocos021.htm, Secretaries and Administrative Assistants, on the Internet at http://www.bls.gov/oco/ocos151.htm

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