Is business management a good degree? 5 reasons to get one

Business management is one of the most popular degrees in the UK, according to UCAS. Students are drawn to the flexibility of such a versatile degree, especially if they’re still undecided about their chosen career path. But with such a huge range of qualifications to choose from, how do you know if a business management degree is right for you? Let’s explore the benefits of studying business management and see if it can work for you.

What is business management? 

Quite simply, business management will give you the knowledge and skills to manage a business, whatever that business may be. A business management degree teaches you everything you need to know about how to oversee a business, from planning, organising and directing resources to improving efficiency and achieving company goals. It also includes understanding a whole range of company aspects, including finance, human resources, sales and marketing. 

>> Discover our collection of online marketing degrees

Is a business management degree worth it?

For employers, a business management qualification is an attractive option. This comprehensive degree creates successful managers who have effective leadership and problem-solving skills. This degree also covers how to adapt to changing company trends and industry needs, which are essential in balancing stakeholder interests and building lasting relationships. 

A business management degree can be used across all industries, giving you valuable transferable skills. If you’re still undecided about which career path you want to take, choosing a business management degree could be a great choice.

>> Discover our collection of online business degrees

Five reasons to get a business management degree 

1. Strong earning potential

According to Graduate Labour Market Statistics, working-age graduates and postgraduates continue to have higher employment rates than non-graduates. In addition, business management professionals can expect to earn a higher-than-average salary compared to other industries.  Check out our Highest Paying Degrees article to find out more about the salary potential of a business management degree.

The salary range in business management can vary widely, depending on factors such as the industry, the company, the job role, and the location. However, in general, business management graduates often find themselves well-compensated, especially if they climb the corporate ladder or venture into entrepreneurial endeavours. 

The average business management salary in the UK is £60,194, far above the average wage of £38,000. What’s more, employers often ask for business management degrees when hiring new recruits – in fact, HR News puts business degrees second in their list of the Top 20 most in-demand degrees in the UK.

2. Career flexibility

One of the key advantages of gaining a business management degree is the career flexibility it offers. The broad knowledge base and versatile skill set gained through a business management program can be applied to a wide range of industries and job roles, including leadership positions.

If you’re still unsure about what area you want to work in, or if you just want the choice to change career paths in the future, a business management degree allows you to keep your options open. With the flexibility to apply a diverse skill set across various industries, people with a business management degree remain a valuable asset to a variety of employers.

Business skills are considered timeless because they are critical for success in any industry or era. Regardless of how technology and the business landscape may evolve, these fundamental skills will always be essential for professionals to navigate and succeed in the workplace. Future-proof your career with timeless business skills, which can help you achieve your goals and advance your career, regardless of the current economic or technological climate.

3. Practical skills 

The practical skills covered in business management make business graduates valuable assets to employers seeking individuals who can thrive in dynamic environments. A business management degree provides graduates who are adaptable to many different environments, able to plan ahead and adapt to change. These characteristics are crucial in a fast-paced business world.

These practical skills, combined with the theoretical knowledge gained in a business management degree, prepare graduates to excel in many different professional settings and industries.

Business management skills

• Problem-Solving
• Critical Thinking
• Strategic Planning
• Financial Literacy
• Project Management
• Teamwork and Collaboration
• Time Management
• Negotiation Skills
• Data Analysis

A business management degree also explores leadership and communication skills. Effective leadership is vital to a successful business. These skills not only involve managing people but also inspiring people to achieve their goals and to motivate teams to work toward a common business objective. 

>> Discover our collection of online leadership degrees

4. Personal growth 

Engaging in any form of study is a great testament to someone’s character in their ability to commit to learning new skills and developing themselves. In addition to the professional benefits of having practical business skills, pursuing a business management degree can also contribute to personal growth. The rigorous coursework and challenging assignments can help individuals develop time management, critical thinking, and problem-solving skills. 

Studying business management can also instil a sense of adaptability and resilience as you learn to navigate changes in the business landscape. These qualities are valuable in personal life when facing challenges or uncertainties. Collaborating with peers on group projects and presentations can also improve communication and teamwork abilities. 

Overall, a business management degree can not only help individuals achieve their career goals but also foster confidence, personal fulfilment and development.

5. Networking opportunities 

Networking is an incredibly important aspect of the business world. A business management degree can serve as a catalyst for connecting with influential individuals in your chosen field. This can be particularly useful when trying to build professional connections and gain new clients.

Networking can also lead to valuable job opportunities, as many positions are filled through referrals and personal connections. A LinkedIn survey discovered that most people (73%) have been hired as a result of someone they know making an introduction or a connection, or because they had a personal connection to someone within the company (70%). 

Benefits of a business management degree

A business management degree opens doors to a myriad of career options, as the skills are relevant across so many industries. Here are some of the career paths that business management graduates can pursue.

• Management Consultant – average UK salary £71,859

Management consultants work with organisations to identify areas for improvement and develop strategies to increase efficiency and profitability. They must have excellent analytical and problem-solving skills as well as the ability to communicate effectively with stakeholders.

• Business Analyst – average UK salary £59,153

Business analysts help organisations improve their operations by analysing data and identifying trends. They work closely with management to develop strategies that increase efficiency and profitability. Business analysts must have excellent analytical and problem-solving skills.

• Financial Analyst – average UK salary £52,128 

Financial analysts are responsible for analysing financial data and providing insights into investment opportunities. They work closely with management to develop strategies that increase profitability and reduce risk. Financial analysts must have excellent analytical and problem-solving skills as well as a strong understanding of financial markets and investment products.

• Operations Manager – average UK salary £52,629

Operations managers are responsible for overseeing the day-to-day operations of an organisation. They work closely with management to develop strategies that increase efficiency and reduce costs. Operations managers must have excellent leadership and management skills, including a strong understanding of supply chain management and logistics.

• Marketing Manager – average UK salary £47,137

Marketing managers are responsible for developing and implementing marketing strategies to promote products and services. They work closely with sales teams to identify target markets and develop campaigns that appeal to customers. Marketing managers must have excellent communication and leadership skills as well as a strong understanding of consumer behaviour and market trends.

• Human Resources Specialist – average UK salary £38,945

Human resources specialists are responsible for recruiting, hiring, and training employees. They also manage employee relations and benefits programs. Human resources specialists must have excellent communication and interpersonal skills, with a strong understanding of employment laws and regulations.

• Entrepreneur/Small Business Owner – the sky’s the limit!

Entrepreneurs and small business owners are responsible for starting and running their own businesses. They must have a strong understanding of business principles as well as the ability to identify market opportunities and develop strategies that increase profitability. Entrepreneurs and small business owners must be self-motivated and have excellent leadership and management skills.

Why business management is a good degree

Business management is a great degree choice for a number of reasons. It provides a broad yet comprehensive understanding of the business world, covering topics such as finance, marketing, and operations. This knowledge can be applied to a variety of industries and job roles, making it a versatile degree option.

Business management graduates often have strong communication, problem-solving, and leadership skills, which are highly valued by employers. The demand for business management professionals is consistently high, with opportunities in both the private and public sectors. All of these factors make business management a good and rewarding degree choice.

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