Business
If money makes the world go round, then business acumen is what’s fueling the engine. Organizations of all shapes and sizes rely on business professionals to help them achieve success. Whether you’re looking to start a new career or upskill or reskill in your current position, this area offers a multitude of pathways for growth.
8.1 million
people today
work in business and finance*
$69,820
average salary
for business and finance occupations*
*U.S. Bureau of Labor Statistics
Generally speaking, business can be described as any commercial activity related to the exchange of goods and services.
However, the skills and knowledge needed to operate a business aren’t confined to large corporations. These same principles can be applied to all types of organizations, from government agencies to small neighborhood businesses to nonprofits.
Essential duties
Business is a broad field that encompasses many different specializations. Your specific responsibilities will depend on your role and the nature of the industry you work in, but may include:
- Sales
- Data analysis
- Customer service
- Contract negotiations
- Logistics
- Personnel management
- Financial planning and analysis
- Employee training
- Marketing
- Licensing/franchising activities
Key skills
COMMUNICATION
Every business needs well-trained professionals who can communicate clearly and professionally. Being able to articulate your vision is essential to achieving high-level organizational goals. By building a solid base of communications skills, you can help enhance your marketability to employers in any segment of business.
LEADERSHIP
Developing your leadership skills will help you grow from within. When you take initiative on projects and speak up about your contributions, it demonstrates your investment in the organization as well as your capacity to lead others toward success.
TECHNOLOGY
Technological advances are rapidly changing the way business is conducted. Professionals who are skilled in emerging software and are well versed in the newest tech trends will have a competitive advantage in the workforce.
FINANCE AND BUDGETING
Organizations of all sizes must measure their spending against income, which is why it’s critical to understand financial management and budgeting. These skills can also become valuable for those who are looking to take on additional responsibilities in a manager or director role.
DATA ANALYSIS
As technology becomes more intertwined with business transactions, a foundational understanding of marketing and data analytics can serve you well in helping to determine emerging markets and how best to serve their needs.
DECISION-MAKING
When working in business, you'll be tasked with making important decisions every day. You may have to examine complex data in order to carefully determine the appropriate next steps. In other cases, you may be forced to act quickly with limited information. This is a particularly important skill for anyone who aspires to move into a managerial role.
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The U.S. Bureau of Labor Statistics projects that business and financial operations will see 5% growth between 2019 and 2029, which is higher than the average growth rate for all industries.
BLS data shows that certain occupations will undergo more expansion than others due to factors like globalization, technological innovations, regulatory environments, and the prevalence of big data. Especially high demand is projected in the areas of accounting, market research analysis, and auditing.
Here’s a brief look at where the industry is headed based on research conducted by Burning Glass Technologies:
Technology focus
Demand for business professionals is expected to increase as technology advances. Software and applications offer automated services, analytical tools, and forecasting features. Those who are skilled in in the most current technologies and trends will have a distinct advantage in the marketplace.
Hybrid skill sets
Success in many business-related occupations often requires a combination of business and technical skills. A growing number of employers are seeking those who not only have a solid grasp of business principles and an understanding of industry trends, but also baseline skills such as communication, visualization, and research.
Remote work activities
While many business professionals work in offices, some of their work is accomplished after office hours. This can lead to more opportunities to work remotely, as professionals are relying more on cloud-based platforms, virtual meetings, and teleconferences with clients.
Emphasis on improving efficiencies and controlling costs
Across many industries, including health care, government, and information technology, business professionals are being asked to help organizations figure out how to improve efficiencies while controlling costs. As competition within these industries continues to increase, greater numbers of organizations will be turning to skilled business professionals to manage organizational changes that result in more efficient use of resources.
Top 10 skills in the business
In business, 80% of the fastest-growing skills relate to some aspect of management or leadership, while the remaining 20% require technological or analytical competence.
Here are the top 10 skills that will see the highest projected growth:
Skill |
Projected Posting Growth (2018-2023) |
|---|---|
| Employee training | 60% |
| Key performance indicators (KPIs) | 41% |
| Customer relationship management (CRM) | 38% |
| Project management | 25% |
| Basic customer service | 24% |
| Leadership and management | 19% |
| Data analysis | 19% |
| General sales | 17% |
| Business process and analysis | 16% |
| Prospecting and qualification | 16% |
Source: Burning Glass Occupational Insights, 2019
Outlook for new graduates
If you aspire to play a leading role in the day-to-day operations of an organization, you should consider a career in business. Not only is the overall industry poised for growth, but it also offers you the versatility to work in nearly any field.
According to the U.S. Bureau of Labor Statistics:
- 476,200 new jobs in finance and business operations are expected to be added between 2019 and 2029
- Washington D.C., Colorado, Virginia, Washington, and Maryland top the list with the highest concentration of business and finance positions
- The highest 10% of business and finance operations professionals earn a median salary of $126,040
