Business

Business careers include all those professions involved in the day-to-day operations vital to any company, such as accountants, tax preparers, data analysts, or external auditors, but also careers specific to certain industries, like hotel managers, investment fund managers, or funeral directors.

If you want a business career, we invite you to read further and find out more about what to expect.

This section will include several different types of workers:

• Professions that specialize in helping with day-to-day business operations, such as logisticians and market research analysts
• Financial specialists that do tasks such as balancing business accounts and helping decision-makers
• Management positions that oversee business activities, such as finances, human resources, marketing, and more.

Work Environment

Business careers are quite versatile and job descriptions, as well as daily tasks, vary depending on the position and the type of business.

Some occupations, such as human resources managers or salespersons, involve working directly with people while others, such as accountants or data analysts involve working with numbers.

Some business positions require management skills, while others require attention to detail.

Job descriptions vary widely in the business world, depending on the profession.

Bookkeepers are usually responsible for recording all transactions and separate costs from income.

Accountants and auditors prepare and analyze financial records and provide solutions on how to avoid certain business risks.

Marketing managers analyze the market and estimate the demand for products and services.

Human resources specialists are the ones who recruit new workers by interviewing job applicants.

They may also be responsible for calculating compensation and benefits, organizing training sessions, and handling employee relations.

Career Path

Educational requirements vary depending on the profession and job responsibilities.

Most occupations in the business world require at least a bachelor’s degree, but some employers may accept only a high school diploma for some positions if the applicant has good skills or experience in the field.

For some occupations, it helps if the applicant has a major in accounting, finance, or business administration.

Other positions may require a specific major, so it is best to check the employment requirements before deciding what path to choose.

For management positions, a bachelor’s degree in management or a related field is usually required – a degree which can be obtained in four years.

Two-year associate’s degree programs are also available at some colleges.

If you want to become an accountant or auditor, you will need at least a bachelor’s degree in accounting or a related field.

Earning a certification in specific fields of accounting, such as becoming a Certified Public Accountant, may give you an advantage over your competitors in the job market.

Bookkeepers and accounting clerks typically need some type of post-secondary education and coursework in accounting, but some employers may accept candidates who have only a high school diploma.

You can improve your employment and earning prospects by earning a master’s degree in business, management, or a related field.

Master’s degree programs are usually two years long.

Professional certifications that qualify you for management positions in certain industries. are also available.

For example, the American Hotel & Lodging Educational Institute is offering a Hospitality and Tourism Management Program that leads to a professional certificate.

In addition to formal education, most business occupations also require a special set of skills, especially for management positions:

Business skills- knowing how to address budget matters and how to coordinate workers is especially important for managers.

Leadership skills are very helpful for those in management positions.

Customer-service skills are essential if you’re targeting a profession in sales, such as a salesperson, event planner, or another occupation that involves working directly with clients.

Organizational skills- being able to keep track of your tasks, different schedules, budgets, and people is very important in any business occupation.

Problem-solving skills- the ability to solve problems fast is a key asset for business careers.

Experience Requirements

Work experience is helpful for any business occupation, but entry-level positions are also open to less experienced candidates.

You can begin preparing for a business career in high school by getting involved in student government or during college through an internship.

For some positions, especially in management, you will need at least five years of experience in a related field.

On the Job Training

Some employees provide on-the-job training to their newly-employed workers.

During this period, trainees work under the supervision of more experienced workers.

For some positions, the training lasts less than a year, while other occupations require several years spent as a trainee.

Some occupations also require a license specific to the field of expertise.

For example, those who sell financial products usually need to be licensed to sell the type of products they commercialize.

Typically, sales workers are sponsored by their employers who help them prepare for the necessary exams.

Salary

According to the Bureau of Labor Statistics, the median salary in business and financial operations was $72,250 per year as of May 2020.

This wage is higher than the median annual salary across all occupations in the United States, which was $41,950.

As with most fields, business careers don’t pay very well when you first start, but wages increase as you gain experience.

Salaries vary widely depending on the employee’s level of experience, expertise, and position within the company.

One of the highest median annual wages in the business world was reported by personal financial advisors- who were remunerated $89,330 per year.

The median annual wage for management analysts was $87,660 as of May 2020.

Another business profession that is well remunerated is the financial examiner occupation with a median annual salary calculated at $83,660.

Lower salaries were reported by tax examiners, collectors, and revenue agents who were remunerated with $55,640 per year on average.

According to the numbers published by the Bureau of Labor Statistics, the median annual wage reported by marketing managers was $142,170 as of May 2020, while bookkeepers made $42,410 per year as of May 2020.

The median wage tells us that half of all workers in this profession earned less than this amount while half earned more.

Experienced managers who work for large profitable companies can make more than $200,000 per year, while those who have less experience or work for small establishments make less than $75,000.

Entry-level bookkeepers usually make less than $30,000, while experienced workers can make more than $60,000.

Salaries for management positions also vary depending on the industry.

For example, funeral home managers earned $74,200 per year, on average in May 2020, while the median annual wage reported by lodging managers was $56,610.

The median annual wage reported by accountants and auditors was $73,560 as of May 2020, but wages can vary between less than $45,000 and more than $130,000 depending on experience, education, and a variety of other factors.

Some business occupations, especially those that handle sales, are paid on commission or a combination of salary plus commissions.

For these workers, the salary is directly correlated to the number of products they sell.

Those who have good skills receive high earnings, but there is also a risk associated with this type of compensation package because when sales drop the worker’s pay suffers and there is even a risk of losing the job.

Employment Prospects

According to the Bureau of Labor Statistics, employment in business and financial occupations is projected to grow 8 percent by 2030.

This estimation translates into $750,800 new jobs.

As the economy grows and the tax and regulatory environment becomes more complex, the demand for accountants and auditors will be strong.

The demand for marketing positions is also projected to grow, and more companies use market research to understand customer behavior and design marketing strategies.

Before choosing a career, it is also important to take into account your job prospects.

Some business professions are projected to show significant growth while others will decline.

Employment for lodging managers is projected to grow 9 percent from 2020 to 2030, with many new jobs occurring when the COVID pandemic and the recession caused by this will come to an end.

New job openings will also occur for marketing managers, a profession that is expected to grow 10 percent by 2030.

Those who are experts in social media and marketing campaign management will have the best prospects.

Jobs for bookkeepers, accountants, and auditing clerks, on the other hand, are projected to decline 3 percent from 2020 to 2030, but new job openings will appear from the need to replace workers who retire or switch occupations.

As the routine tasks become more and more automated, bookkeeping roles will change within the company, and bookkeepers who have analytical skills and can take on an advisory role have better chances of finding employment.