Management is more than ensuring that the job gets done. It’s about inspiring others to get the job done well. Careers in business management can take many forms, and there’s no shortage of options for you to customize your own path as a leader.
Business management is a dynamic field with responsibilities that shift as you advance from one level to the next.
Larger organizations usually have multiple tiers of managers who work together to achieve their organization's goals by improving efficiency and keeping morale high. Smaller companies typically employ fewer managers — sometimes even just one — which means that you may be responsible for overseeing all the day-to-day activities that keep a business running.
Pursuing a path in busines management can help you gain new team-building skills, communicate more effectively, and develop your own leadership style.
To be an effective manager, you'll need a mix of hard and soft skills in communications, writing, project management, budgeting, and more.
Some of your day-to-day responsibilities may include:
Analyzing performance data
Oversight of equipment and machinery
Monitoring facilities to ensure workplace safety
Supervision of clerical and administrative staff
Departmental goal setting
Negotiating supply orders
Revising policies and procedures as needed to improve operations
Maintaining compliance with health, safety, security, and environmental regulations
Appointing department heads and managers
Industry outlook and trends
Business management is a growing field. The U.S. Bureau of Labor Statistics (BLS) estimates that employment of managers will increase 5% between 2019 and 2029. This growth is primarily being fueled by the expansion of existing organizations and the formation of new ones.
Here’s a brief look at where the industry is headed:
Increased demand for health care managers
Industry growth is predicted to be particularly high in the field of medical and health services management. This is in large part due to a greater focus on health care nationwide and the need to care for aging baby boomers.
The BLS forecasts an 32% growth rate for medical and health services managers between 2019 and 2029, which will generate as many as 133,200 new jobs.
Growing role of technology
Candidates with technology skills are highly sought after by today’s employers. As automation and improved data handling capabilities continue to streamline administrative work, leaders and managers of the future may be expected to handle more complex aspects of business, such as:
Top 10 skills in management and leadership
In management, 60% of the fastest-growing skills relate to some aspect of business or leadership, while the remaining 30% require technological or analytical competence.
Here are the top 10 skills that will see the highest projected growth:
Projected Posting Growth (2018-2023)
General sales practices
Software quality assurance
Microsoft Office and productivity tools
Software development principles
Advanced Microsoft Excel
Key performance indicators (KPIs)
Source: Burning Glass Occupational Insights, 2019
Outlook for new graduates
If you have a passion for business and aspire to work in a leadership role, then business management might be your ideal path. Now is a great time to get started on your journey, due to the projected growth of this industry and the potential for a financially rewarding career.
According to the U.S. Bureau of Labor Statistics:
505,000 new management roles will be created from 2019 to 2029
Washington D.C., Colorado, Virginia, Washington, and Maryland top the list for the highest concentration of business and finance positions
The median salary for management occupations is $105,660, the highest of all major occupational groups
As a CPA, you can position yourself for the best accountancy jobs as you progress in your career, providing a powerful resume boost and proving your professional expertise.
Here are some additional reasons to pursue a graduate degree in accounting: