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Business Management/ What is Master in Business & Management by [Idopedia]

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Business & Management is one of the most popular fields of study, teaching you everything there is to know about running a successful business. Business & Management includes subdisciplines like Project Management, Business Administration, Finance, Marketing, Human Resource Management, and others.

A Business degree, such as an MBA or a Master’s in Management will cover all aspects related to conducting business. This includes managing and motivating your team, understanding the way the company makes money and how to reinvest it, how products are advertised and helping the company grow and develop business both at home and internationally.

During a Bachelor’s or Master’s in Business & Management, students will learn how to improve and make businesses more efficient. You will discover ways of increasing the revenue, hiring better people and knowing when to invest, and where. Your leadership skills will be highly valued, especially if your goal is to take on a management position after graduation.

The world of business is huge, and the tasks you will have while working for an enterprise can vary a lot. Your help might be needed for marketing strategies, or you will be asked to analyse the budget and see if you can reduce some of the expenses. You’ll also be in charge of projects, making sure they are completed on time and evaluating results at the end.

One thing is clear: you will have a lot of responsibilities on your shoulders. A career in management is great if you like challenges and enjoy pushing your limits. To succeed in Business & Management you’ll need a wide variety of interpersonal skills. Great leaders know how to manage teams, encourage people and help them develop.

Graduates of Business & Management can pick any career path they wish, but the most popular are: entrepreneurs, forensic accountants, project managers, bankers, international business specialists.

What is Business Management?

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BUSINESS MANAGEMENT OVERVIEW

As a business manager, you are given the major responsibility of managing administrative tasks for a business. A company may expect you to assist with its marketing program. A company may also want you to perform a budget analysis in order to find out ways that the company can cut costs. You should have an astute understanding of accounting, marketing and administrative procedures that are required in order to run a business.

The competition for business management positions can be fierce. You should obtain a degree in business administration, accounting or marketing if you eventually want to obtain a business management position.

Salary

According to the Bureau of Labor and Statistics, the average salary of a business manager is about $77,000 a year. The position is expected to grow by at least 15 percent in the next ten years. Businesses will be facing increased demands as they try to adjust to online commerce. If you have a specialized knowledge of online sales, then you may find that you are easily able to find a position as a business manager. Companies will also be seeking individuals who have an accounting background and are able to cut down on the costs that a company faces.

Education Requirements

To become a business manager, it is essential to possess a four-year bachelor’s degree in administration, accounting, finance or marketing. If you have a special certification, such as a CPA license, then this can also be beneficial if you apply for a position as a business manager. Companies are now hiring individuals who can also assist with financial operations. You may need to do compliance work for a company to ensure that the company is adhering to the recently passed financial regulations. Companies are also looking for individuals who now possess a master’s degree in business or accounting. You should expect to obtain an MBA in management or accounting at some point in your career.

Skills Required

To excel as a business manager, it is essential that you have strong analytical abilities. You will need to foresee the demands that a company will face in the future. It is also important that you have an ability to work well with other people. You should be able to work with a variety of personalities. Employees will look to you for leadership and motivation. You should be able to inspire employees to excel in their work during high-pressure times for the business. You also may need to possess strong accounting skills if a business expects you to perform a budget analysis of its operations every month.

Responsibilities

Typically, the responsibilities of business managers involve overseeing operations, reviewing contracts and helping employees reach their top productivity levels. A business manager may also  be called upon to supervise or train new employees. He or she may also need to assist with planning certain events for a company. A business manager plays an important role in the operation of a company, and it is essential that he or she can deal with heavy loads of stress.

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