Is An Online Business Management or Business Administration Degree The Best Option For You?

From lucrative salaries to enticing career opportunities, there are many good reasons why a business degree continues to be a top choice for many students. In fact, according to information released by the National Center for Education Statistics, of the about 2 million Bachelor’s degrees conferred in 2019-2020, almost 20% were in the business field of study (). Their research also shows that the total number of Bachelor’s degrees conferred increased by 24% between 2010 and 2020, while the number of business degrees increased by 8% in the same period. However, for many students, it is not a question of whether to enroll in a business degree program or not, but which one to pick.

Is A Business Degree Still Worth It?

It is not uncommon for students to ask themselves whether or not a degree, even one as versatile and popular as in the business field, is still worth it. After all, despite the lower cost and convenience of online degrees, obtaining a degree still represents a significant investment in time and money. According to the 2021 statistics for unemployment rates and earnings by educational attainment, a degree still plays a vital role in employment. The statistics show that the unemployment rate is 6.2% among those with just a high school diploma. This drops to 4.6% for those with an Associate’s degree and even further to 3.5% for those with a Bachelor’s degree (). In addition, a significant increase in the median usual weekly earnings amongst those with a degree can also be seen clearly in these statistics.

Of course, not all degrees offer the same opportunities, but students with a business degree definitely have an advantage. For example, while the projected 7% growth in employment for business and financial occupations by the U.S. Bureau of Labor Statistics Occupational Outlook Handbook is about as fast as the average for all occupations, it does mean about 715,100 new jobs between now and 2031. Even better, the median annual wage for this group was $76,570 in May 2021, which is almost double the median annual salary for all occupations ().

Choosing Between Business Management and Business Administration

It is not uncommon for online institutions to offer students a choice between Business Management and Business Administration if they are interested in a degree in the business field. Typically, the difference between the two degree options is not that significant, but understanding what they are can help students make informed decisions about their studies.

What Does A Business Management Degree Entail?

As the name suggests, a business management degree is geared towards the management side of business operations. These can include day-to-day activities, such as ensuring that teams or tasks are organized, monitoring progress efficiently, and so on. For these reasons, a business management degree often tends to favor topics that improve management or leadership skills. This makes a business management degree a good option for those who want to work in management or leadership positions at work. Common career paths for students with business management degrees include sales managers, account managers, financial managers, and marketing managers.

What Does A Business Administration Degree Entail?

Business Administration degrees cover the broader aspects of business operations before allowing students to select which specialization they would like to study. In most cases, business administration degrees also focus more on the technical aspects of running a business. Students interested in business administration typically want to learn how to keep a business running effectively, efficiently, and profitably. In a business setting, this is accomplished by making the best use of available resources, time, and staff. Common career paths for students with business administration degrees include financial officers, operations managers, human resources managers, and business analysts. Of course, the available opportunities will depend a lot on the specialization chosen while completing a degree.

What Are The Major Differences Between Business Management And Business Administration?

Some of the most significant differences between business management and business administration involve their duties and focus. Those focussing on the business management side of things tend to have a broader overview of operations, while the business administration staff tend to be more specialized. This also means that those working on the administration side of the business know more about the company’s inner workings. In contrast, business managers involve themselves more with the client-facing side. Business managers might also be in charge of larger teams because their responsibilities are broader, while business administrators can lead smaller but more specialized teams.

Conclusion

Due to the amount of crossover between business management and business administration, the lines have blurred significantly when it comes to real-world applications. Most employers tend to be more concerned with the skills and experience that prospective employees bring to the table compared to the name of their business degree. However, regardless of which one you pick, both business management and business administration degrees can prepare you for a variety of roles within the business world.