According to a Real Research survey, a sizable 29.8% said that one of the most important factors in having job satisfaction is a high salary. Following ‘salary’ were other considerations like ‘rewards and recognition’ which stood at 11.22%. ‘Teammates who are encouraging and supportive’ at 4.39%, and ‘an excellent management team’ at 4.45%. According to another survey by Glassdoor, while looking for a job, 67% of applicants paid close attention to the salary, while 63% focused on the benefits that come with the job. Whether you are just about to apply for a job or are considering making a change in your career path, salary does play a crucial role in your decision. Even before you decide to pursue a degree in a particular field like business management, a business management salary is one of the many things that you would go on to explore.
Through this blog, we will be providing you with a detailed list of the kind of salary you can expect in a career in business management.
What is Business Management?
Before we get into the nitty-gritty pertaining to the salary, let us take a little detour to understand what exactly business management is. As the name suggests, it simply means managing a business. As part of business management, you are expected to handle numerous tasks like organizing, planning, and looking after various units of the business. The organization and its leaders rely on business managers because they help the company grow by making sure that all the operations are running smoothly.
Within business management, there are various sectors. However, we will be focusing on only five as given below:
- Financial Management includes planning and taking control of a range of financial tasks like banking, accounting, securities, and investing. Financial planning, decision-making, and control are three of the most important parts of financial management.
- Sales Management includes heading and running the sales team of the company. Moreover, it involves the use of various sales techniques to help the organization continuously meet or exceed its sales targets.
- Strategic Management implements marketing, operational and financial strategies to help the organization grow and succeed.
- Project Management includes three functions i.e. planning, implementing, and managing various projects.
- Management Analysis is working with an organization as a consultant to help improve its efficiency and provide solutions to issues related to operations.
Business Management Salary Based on Role and Experience
Given below is the typical business management salary. More specifically, these salaries are for the following business management roles:
- In the United States, the salary range is between $90,600 and $281,000.
- In the United Kingdom, £80,419 is the average gross salary.
- In Australia, the salary ranges between $96,400 and $299,000.
- The average annual salary in India is ₹6,00,000.
- In the salary range in the United States, $82,500 is at the lower end and $256,000 is at the higher end.
- In the United Kingdom, the salary ranges between £62,000 and £198,000.
- $100,000 is the average annual salary in Australia.
- In India, the average yearly salary is ₹5,00,000, and the salary ranges between ₹2,20,000 and ₹14,00,000.
- In the United States, $70,000 falls in the lower spectrum of the salary range, and $145,000 falls in the higher spectrum.
- The salary ranges between £35,000 and £78,000 in the United Kingdom.
- $120,000 and $170,000 is the average annual salary range in Australia.
- ₹19,96,944 is the average gross salary in India.
- In the United States, the salary ranges between $120,515 and $150,739.
- The salary ranges between £43,600 and £139,000 in the United Kingdom.
- In Australia, the salary ranges between $48,900 and $164,000.
- The average annual salary in India is ₹14,50,000 and it ranges between ₹5,00,000 and ₹26,00,000.
- In the United States, the salary ranges between $71,549 and $91,736.
- In the United Kingdom, £47, 248 is at the lower end of the salary range and £68,187 is at the higher end.
- $107,233 is the average salary in Australia.
- ₹3,40,000 and ₹16,30,000 is the salary range in India with ₹10,50,000 as the average salary per year.
While listed above are the individual salaries, how much you make will also depend on the years of experience that you have.
1. Financial Manager
In the United States, if you are someone who has less than two years of experience in this role, you are likely to earn an annual salary of $109,000. Whereas, if you have experience that is anywhere between five to ten years, you can expect to earn about $192,000 yearly. In the United Kingdom, you can earn £55,714 at an entry-level position with experience of about one to three years. With more than 8 years of experience and at a senior level, you can earn an average salary of £100,138.
In Australia, an employee will earn $116,000 with less than two years of experience and someone with ten to fifteen years of experience could possibly earn $244,000. In India, someone with five to ten years of experience will earn 42% more than someone with lesser experience.
2. Sales Manager
While you can earn $131,000 annually with two to five years of experience in the United States, you can earn $175,000 with five to ten years of experience. In the United Kingdom, if you possess less than two years of experience you can make £73,700 in a year and you can earn £131,000 if you have five to ten years of experience. In Australia, experienced workers earn $180,000 per year as opposed to those at entry-level positions beginning at $80,000 yearly.
3. Strategy Manager
In Australia, a senior-level employee makes $204,714 on average and someone with experience of up to three years makes $113,471 on average. In India, an employee at an entry-level position with one to three years of experience in the pocket makes an average salary of ₹14,00,874. And if you are at a higher or a senior level with approximately 8 years of experience, you will make ₹25,27,350.
4. Project Manager
In the United Kingdom, an employee with five to ten years of experience will earn 38% more than someone with less than five years of experience. Similarly, in Australia, someone with five to ten years of experience will earn 42% more than someone with less than five years of experience.
5. Management Analyst
In Australia, experienced employees earn an annual salary of $90,401 and those at entry-level positions earn $90,401 in a year.
Benefits of a Business Management degree and Online Certifications
Your salary will vary based on your work experience, education, or online certifications that you possess. For instance, in the United States, a financial manager with a master’s degree earns 29% more than someone who only possesses a Bachelor’s degree.
Other Benefits of Having an Online Certification
- Some of the most paramount management skills like project management, critical and strategic thinking, and learning how to solve various problems, are what you learn. This, in turn, will make you a valuable and beneficial resource at the organization you will end up working for.
- A degree or online course will allow you to have an in-depth knowledge of business, help you obtain insights into the industry as well as lay the realities of the business world in front of you. These are some things that are often desired in a potential hire by the organization.
- When you are in any role in business management, you are constantly managing and overlooking various teams and people. Learning to build strong relationships is something you also learn.
We hope that through this blog you were able to get an understanding of the kind of business management salary that you can expect with your level of education or the years of experience that you possess. Keen on pursuing business management? Then you might consider taking up a traditional degree or an online course.
At Emeritus, we offer a variety of online courses on a multitude of topics, including business management. These courses will lay the foundation for you and prove to be a great advantage in your career!
By Annabel George
Write to us at firstname.lastname@example.org