Industry Trends and Outlook for Business Management Careers

By CSU-Global - January 21st, 2019

If you’re interested in pursuing a degree that can set you up to thrive in a business setting, CSU-Global’s Bachelor’s in Business Management is a great option. This online business-degree program will equip you with the knowledge needed to manage deadlines, lead a team, and conduct research to support your big ideas.

What is the outlook for a business management professional? According to the Bureau of Labor Statistics, there will be about 800,000 new management positions by 2026 — the opportunities are practically endless. Business managers are needed in a variety of industries, including finance, healthcare, marketing, and retail.

Salary and Careers in Business Management

Market Research Analyst

  • Average salary: $63,320/year
  • Average number of jobs: 595,400

One of the most common business goals is driving sales to increase revenue. But in order to sell a product, a company needs to understand their customer, their competition, and industry trends. A market research analyst leads this initiative by diving into the “market” — they study people and buying trends, and they may even report on sales predictions.   

Insurance Underwriter

  • Average salary: $69,760/year
  • Average number of jobs: 104,100

In 2017, net premiums for insurance came in at over $1 trillion. It’s pretty safe to say that the insurance industry isn’t going to shrink anytime soon, making it a great field for a qualified professional to find a position. An insurance underwriter essentially oversees the process of accepting or denying applications, along with assessing the insurance terms.

Budget Analyst

  • Average salary: $75,240/year
  • Average number of jobs: 58,400

Do you enjoy working with numbers and managing a budget? Budget analysts work for locally owned and Fortune 500 companies alike, ensuring an entity’s finances are in line with its budget. This type of analyst may be in charge of reporting budgetary data to the CFO or executive team, and may also work with accounting to track company spending.

Actuary

  • Average salary: $101,560/year
  • Average number of jobs: 23,600

If you enjoy a fast-paced environment with a lot of financial responsibility, becoming an actuary might be the job for you. The role of an actuary is all about risk. An actuary might perform industry research to determine if risks could pay off; they might also implement strategies to correct risks that didn’t pay off in the past. An actuary might work for an insurance company, a healthcare company, or a consulting firm.  

Sales Manager

  • Average salary: $121,060/year
  • Average number of jobs: 385,500

The role of a sales manager is a big challenge, but a successful sales manager could receive a huge financial gain. Sales managers are needed in a variety of industries, from automotive and residential sales to technology to warehouse distribution. Sales managers typically manage and train their sales team, along with setting goals and reporting on the growth of a business.

Industry Trends and Technology in Business Management

Business managers today have plenty of resources and technology to support their initiatives and processes. Researchers and sales managers have access to tools like Google Analytics, which gives them data about their customers and insight about their online presence, and Google Search Console, which helps managers gather data to implement new strategies for growth and improvement.

Technology has also helped managers communicate with their employees in a more seamless manner, whether they’re working from home, in another country, or in the same building. Business managers are able to travel practically anywhere in the world, all while being able to complete most of their work digitally.

With an unemployment rate around only four percentage in Q1 of 2018, it’s a great time for professionals to get the education they need to get invest in themselves and be a part of the future of business. A boost in business jobs, competitive salaries, and emerging business trends offer an abundance of opportunity for someone pursuing a business degree.  

If you’ve already earned a bachelor’s in business, consider CSU-Global’s Master’s Degree in Management

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