Exploring careers with a business degree

At once versatile and valuable, a business degree can prepare you for a variety of careers in even more industries while providing a solid foundation in concepts like management, operations and leadership.

Students seem to recognize this. According to the National Center for Education Statistics, more degrees were conferred in business than in any other field of study in 2021–2022.

According to the U.S. Bureau of Labor Statistics (BLS), May 2023 wages for select business and financial occupations outpaced the median annual wage for all other listed occupations.

Offering a versatile set of transferable skills, a business degree can seem like a wise choice when navigating an educational path. But exactly which jobs are aligned with a business degree? And what’s involved in the degree program?

Here, we take a closer look at these and other questions about the business track.

Business degrees are academic programs that equip students with foundational knowledge and skills in various aspects of business. Typical coursework for business majors includes:

• Management
• Finance
• Marketing
• Operations

But what can you do with a business degree, really?

Business degree career paths often depend on the type of business degree you have. Individuals with graduate degrees such as a Master of Business Administration (MBA) or Doctor of Business Administration (DBA) may have different job opportunities than someone with an associate degree or bachelor’s degree.

Each degree can be valuable. That includes online business degrees, which can help busy professionals further their skills and knowledge.

Let’s explore what to do with a business degree from University of Phoenix, no matter which level of education you want to pursue.

University of Phoenix’s online associate degree in business helps prepare students with many of the basic building blocks of a career in the field. The Associate of Arts with a concentration in Business Fundamentals (AABFN) offers exposure to several principles of a business career.

This AABFN can prepare you for different positions in business, chiefly as an office manager or administrative manager. Salaries for these roles can vary based on your location, industry and level of experience. BLS notes that in May 2023, workers in these roles earned between $62,470 and $188,820 (with a median wage of $106,470). BLS states that a bachelor’s degree is typically required for such roles but also notes that some people enter the occupation with a high school diploma.

Salary ranges are not specific to students or graduates of University of Phoenix. Actual outcomes vary based on multiple factors, including prior work experience, geographic location and other factors specific to the individual. University of Phoenix does not guarantee employment, salary level or career advancement. BLS data is geographically based. Information for a specific state/city can be researched on the BLS website.

Bachelor’s degrees in business can offer more flexibility than associate programs, owing largely to the number of unique disciplines you can specialize in. In addition to the foundational Bachelor of Science in Business program, some programs allow you to customize your degree in the following areas:

• Accounting
• Project management
• Business analytics
• Marketing
• Small business management and entrepreneurship
• Communication
• Industrial-organizational psychology

Whether you’re targeting one of the above programs or simply want to know what to do with a business administration degree or business management degree, here’s a sampling of what you can do with a business degree:

Overview: Business managers plan and oversee measures that help their organizations achieve optimal efficiencies. They may be responsible for budgets, marketing, business strategy and personnel.

National salary: As of May 2023, it’s reported that general managers made between $46,340 and $232,110 (with a median wage of $101,280), according to BLS.

Education requirements: A bachelor’s degree and related work experience are customary.

Job outlook: Employment in management occupations overall is projected to grow faster than average, with about 1.1 million openings forecast each year between 2022 to 2032, according to BLS.

BLS Occupational Employment Projections, 2022-2032 is published by the U.S. Bureau of Labor Statistics. This data reflects BLS’ projections of national (not local) conditions. These data points are not specific to University of Phoenix students or graduates.

Overview: General managers are often responsible for multiple departments and may be required to form policies and manage daily operations.

National salary range: As of May 2023, it’s reported that general managers made between $46,340 and $232,110 (with a median wage of $101,280), according to BLS.

Education requirements: Most management roles require a bachelor’s degree at minimum.

Job outlook: Employment in management occupations overall is projected to grow faster than average, with about 1.1 million openings forecast each year, according to BLS.

Overview: Similar to a general manager, operations managers oversee daily operations for an organization and may plan the use of materials and staffing.

National salary range: Operation managers also fall under general management occupations. A pay range was not available; BLS only states the median annual wage from May 2023, which is $116,880.

Education requirements: Most management roles require a bachelor’s degree at minimum.

Job outlook: As mentioned, management roles are projected to add 1.1 million openings, on average, each year.

The online master’s degrees in business available at University of Phoenix offer advanced management concepts or a transition to a career in healthcare administration. In addition to both online and competency-based MBA programs, University of Phoenix offers Master of Management and Master of Science in Industrial-Organizational Psychology degrees.

In many cases, an MBA program can help prepare you for the roles listed above that prefer management candidates to have advanced degrees.

Business doctoral degrees at University of Phoenix can help leaders hone their skills even more. UOPX offers two substantial programs: a Doctor of Business Administration (DBA) and a Doctor of Management (DM).

We spoke with Herman van Niekerk, PhD, associate dean of Business and Leadership Doctoral Programs at University of Phoenix, about who might be the best candidates for these programs:

“Business and midcareer professionals from industry who are keen to improve their practice and who want to be subject experts in business administration will benefit from a DBA degree. Obtaining subject knowledge from the various business disciplines and advanced research skills will improve their practice and shape them to become better leaders.”

The DBA helps you cultivate an understanding of business administration and to become a better leader in managing both people and organizations. You’ll also develop research that identifies opportunities for innovation and ways to address them. From a practical perspective, a DBA can prepare you for a career as a general manager, executive director or operations director.

A Doctor of Management equips candidates with critical thinking skills to become better leaders and improve their decision-making skills. Complex problems require creative solutions, and the DM from University of Phoenix allows you to gain knowledge and skills to form those solutions. Popular careers among DM graduates include roles as:

• Management analysts
• Management consultants
• Organizational development consultants

Management analysts and consultants largely have the same role — to gather information about a business’s problems and develop solutions. Management consultants need, at minimum, a bachelor’s degree. Most employers, however, prefer to hire candidates with MBAs and beyond.

Salaries for management analysts and consultants can vary based on factors like experience, industry and location, but in May 2023 they earned between $57,840 and $172,280 (with a median wage of $99,410), according to BLS. As far as employment prospects go, BLS projects 10% growth between 2022 and 2032, which is much faster than the expected average of all occupations. 

Organizations across a broad spectrum of industries — including finance, consulting, technology, marketing and retail — are often on the lookout for prospective employees with business degrees. These industries value the versatile skill set such graduates bring.

It’s not strictly necessary to have a business degree to run your own business, but it could help. Business programs provide the foundational knowledge and critical skills you’ll need to thrive, such as marketing and operations. Many programs — including those at University of Phoenix — offer coursework that teaches the fundamentals of business planning and strategy. There are many advantages to growing your professional network with alumni who can help mentor you through the entrepreneurship journey.

A business degree may open up enhancement opportunities in your existing career by equipping you with a deeper understanding of business operations and strategy. That’s especially important for roles that require leadership or financial or strategic planning. In addition, technical workers can benefit from business degrees (including MBAs) as they transition to managerial or executive positions.

Some high-paying jobs business graduates can aspire to are in the C-suite. However, it’s difficult to say with certainty what the highest-paying jobs are. Salary typically depends on location, the company and individual experience.

You might have questions about where to start. If you’re a busy professional who wants to enhance your education (or career), pursuing an online business degree at University of Phoenix can provide the flexible courseload you need.

Whether you want to dip your toe in the water of the business world with an Associate of Arts  with a concentration in Business Fundamentals or commit to the field with a traditional Bachelor of Science in Business, University of Phoenix offers career-relevant educational pathways to help you build skills.

Additional options include the Master of Business Administration, Master of Management and doctoral programs.

Request more information or apply today.