All about Degree in Business Administration
Why Get a Degree in Business Administration?
Earning an online degree in business administration can lead to jobs in a growing field. The Bureau of Labor Statistics (BLS) projects jobs for business and financial professionals to grow 8% from 2020-2030. These professionals earn a median annual salary of $72,250. This figure surpasses the median annual salary of $41,950 for all occupations.
Students pursuing an online degree in business administration benefit from flexibility. Many online programs run asynchronously, allowing learners to complete coursework around their schedules. Distance learners can also enroll in top programs without relocating.
How Much Does a Business Administration Degree Cost?
Business administration degree costs vary by degree level and school type. Students can get the most affordable education by attending a public, in-state school. In-state learners spend an average of $38,500 on an online bachelor’s degree, according to EducationData.org. Out-of-state students spend an average of $54,180.
Learners can save money by earning an associate degree at a community college. They can then transfer to a bachelor’s program. Many community colleges feature open-enrollment policies. This means students can attend the school regardless of their GPA or official test scores.
Additional Online Student Fees
Online learners do not pay for campus housing or meal plans. However, they should plan for other expenses like books and materials. Students can save money by buying used or digital books.
Some online programs charge lab and graduation fees. Online students may also need to pay for online classroom management platforms. Scholarships and loans can help degree-seekers pay for their education. Learners should also complete the FAFSA to determine their financial aid eligibility.
How Much Do Business Administration Majors Make?
Salaries vary depending on professionals’ employer, geographic location, and experience.
Professionals with a bachelor of business administration earn an average annual salary of $69,000, according to Sept. 2021 Payscale data. Professionals with only an associate degree earn an average of $53,000 as of Nov. 2021.
Business administrators can increase their salary by gaining experience. Professionals with less than one year of experience earn an average of $50,000. Those with more than 20 years of experience earn $64,000.
Courses in Business Administration
Learners pursuing an online business administration degree study various company functions. Some classes focus on creating safe, welcoming workplaces. Others cover best practices for balancing spreadsheets and leading teams.
Many business administration programs allow students to select a concentration or minor. Options include marketing, economics, and accounting. Bachelor’s in business administration programs usually require around 120 credits. Associate programs require 40-60 credits.
See below for three common courses in business administration programs. Keep in mind that course titles and descriptions vary by school.
· Finance for the Business Administration Professional
Students explore best practices for balancing spreadsheets and conducting financial audits. Coursework covers basic bookkeeping skills and how to administer company payroll. Enrollees learn to think strategically about financial information. They read case studies and discuss the financial implications of the situations covered.
· Marketing Management
Students learn how to create strategic marketing plans. Coursework teaches enrollees how to reach target audiences and use market research to influence plans. This course also examines how to lead teams of copywriters, photographers, and designers to create effective marketing materials.
· Attracting and Retaining Talent
This course covers human resources basics. Learners discover how to create benefits packages. They also learn how to create safe work environments and book training sessions. This class also discusses how to advertise job openings and screen potential candidates.
Career and Salary Outlook for Business Administration
Online business administration degrees prepare learners for various roles. Graduates who want to attract and retain talent for companies may work in human resources. Degree-holders who want to work with numbers may pursue finance careers.
See below for three potential careers for graduates with an online business administration degree. Some of these careers may require specialization or certification.
· Financial Analysts
These professionals analyze companies’ profit and loss statements. They also study economic trends and recommend ways to increase revenue. Some financial analysts work with one large corporation. Others advise many companies.
· Financial Examiners
These professionals ensure company compliance with federal financial laws. They study balance sheets and verify assets and liabilities. Financial examiners also make recommendations for compliance with new regulations. Many financial examiners work in credit remediation. Others work for the federal government.
· Market Research AnalystsThese analysts study economic trends to infer sales potential for products. They study consumer habits for target audiences. Many market research analysts conduct focus group studies. Companies use this data to make effective products and marketing plans.