How Much Does a Business Management Degree Cost?

Today, Business administration programs rank among the top popular programs in the United States. The reason for this popularity growth is not farfetched from the fact that business administration is an integral part of any organization today.

With a degree in business administration, you can successfully start a career in any industry you deem fit, from entertainment to construction and so on. Business administration and management often go hand in hand and most universities and schools offer them as one unit.

Many retail and sales industries hire the services of those with an associate business degree to work as management trainees, project managers, or office coordinators with their firms.

With a bachelor’s degree in business admiration, you are equipped with the right tool and know-how to work as an administrator or manager in a firm.

For those that wish to attain the role of CEO or CFO in different organizations, an MBA if Business Administration is the right way to go about it.

Business Administration and Management is a broad field of study that focuses on equipping students with the right skill set and knowledge that are essential for the effective running of any business.

Core Competencies of a Business Administration and Management Degree Program

The core competencies of a business administration and management degree program include the following areas:

  • Communication
  • Detail-oriented organizations  
  • Communication
  • Information technology
  • Leadership  

Besides these areas, students with a degree in business administration and management are in high demand in almost all sectors of the economy today. The majority of them account for the highest-paid entry staff into the labor market today.

Today, several colleges are offering some form of program in business administration and management.

Due to the high demand for a business administration degree, the program comes at a large expense. Therefore, the question is, how much does a business administration degree cost?  

While obtaining an associate degree in management comes at a lower price tag, the same cannot be said for a bachelor’s degree. 

Wile you’re here, you may want to check out How Much Does A Masters Degree In Education Cost

Business Administration| Bachelor’s Degree

Business Administration graduates generally have a strong understanding of the different business management principles and technical knowledge of how businesses are set up and run. Besides, they also gain interpersonal skills, which are essential for the day-to-day running of businesses.

A bachelor’s degree in business administration qualifies you for essential roles in both private, public, and nonprofit establishments. The degree will help you to prepare to work across different industries as a business expert, human resource generalist, marketing professional, or business operations manager.

Many business administrators are into private practice/entrepreneurship, building their private companies from the scratch.

Generally, business administration courses cover the various areas of management principles and practices. Some of the examples of core business administration courses include:

Example of Business Administration Core Courses  

1. Business Communication and Critical thinking

The course helps students to develop critical thinking and decision-making skills through different forms of written communication. For example, emails, memos, report writing, and business letters.

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Other topics under business communication and critical thinking are cross-cultural communication and communication ethics, personal communication styles, providing solutions for organizational problems, and organizational strategic direction evaluation.

2. Introduction to Computer Application and System

The course enables students to understand how to use and apply Microsoft® Office applications (Words, Spreadsheet, Database, and PowerPoint Presentation) to complete business goals.

3. Management Theory and Practice

In this course, students discover the ins and outs of management in theory and also gain some practical knowledge of management as a field in both the sciences and arts.

They also gain essential knowledge of how to apply management knowledge to practical work environment situations.

4. Principles of Accounting I and II

Principles of Accounting I introduce the students to the basics of financial accounting, identification, measurement, and financial reporting of the implication of economic events on an organization. In principles of accounting II, students learn to apply the different accounting concepts to business settings.

5. Business Research 

The course exposes students to different research techniques and how to apply them to solve a problem, improve a situation and change a process.

6. Principles of Microeconomics

In this course, students learn the basic theories, terms, concepts, and applications of microeconomics.

7. Business Financing/ Finance for Business

Finance for business is an introduction to the critical elements of finance for business. Topics in this area include:

  • Financial planning
  • Working capital management
  • Capital budgeting
  • Long-term and international financing  

8. Global Business Strategies

This course aims to help analyze the manager’s point of view in the area of international trade, investments, and payments. Emphasis is laid upon the concepts and materials that shed light on the strategies, practices, structures, and results of a multinational enterprise.

Other courses may include areas of marketing, business law, quantitative analysis, and integrated business. When applying for business administration and management, it is best to apply with an accredited business school/institution.

It allows you the opportunity to reduce your business administration degree cost through financial aid, scholarships, and student grant.

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Business Administration Degree Cost

Across the United States, there are 2,645 colleges and universities that offer Business Administration and Management programs.

The average cost for a regular 4-year degree program in business administration and management at a private school in the United States is $32,900 per year, totaling about $131,600 for four years. (the amount includes the cost of tuition and fees and accommodation).

At public institutions, students can access a 4-year bachelor’s degree in business administration and management for an average cost of $15,000 yearly (this amounts to $60,400 for four years and includes the cost of rooms, boards, tuition, and fees).

There are also public 2-year institutions that cost $2,900 per year (a total of $5,800 for two years and does not include the cost of room and board).  

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For those that wish to further their academics with an MBA program, the cost usually ranges from $10,000 to $150,000+.

Do You Wish to Major in Business Administration? —Two Factors to Consider

If you wish to major in business management and administration, there are certain factors you need to consider. They include factors like:

1. Salary Prospect

The expected salary for a bachelor’s holder in business administration and management usually ranges from $12,000 (entry-level) and $60,000 per annum.  An MBA can improve your chances of earning bigger in your career.

However, it does not guarantee a top salary in the field. An MBA holder can earn as much as $75,000 as an entry-level employee.

Different factors can affect your earnings as a business administrator. They include factors like graduating from school and the type of industry you decide to settle for after graduation. It is not new to understand that some schools are more valued than others.

Consequently, graduate from such institutions are bound to earn higher than their colleagues from other institutions. Also, business administration graduates that settle for roles in financial institutions will likely earn more than those working in the manufacturing sectors.  

2. Career Prospects

If you are still wondering how effective a business administration certificate is, today, the answer is simple, it applies to almost all sectors of the economy.

It is even easier to work in any sector of the economy for those that decide to obtain an MBA in the field. While an MBA does not guarantee high earning potential, it opens up new opportunities for you.  

What are the Prerequisites for Business Administration Degree?

Undergraduate

A good college high school foundation is essential as an introduction to the business administration degree program. Taking a course in areas like communications, English Language and social sciences is suggested.

Also, mathematics courses that cover up to the area of pre-calculus are very helpful. If you are lucky to attend a school that offers computer application programs, do well to enroll. Computer skills form a vital part of your college degree and career years.

Graduate

A four-year bachelor’s degree in business administration or any other related field is essential for preparation for graduate school.

GRE and GMAT

If you live in the United State or plan to take a degree program in the States, Graduate Record Examination (GRE) and General Management Admission Test (GMAT) are not essential requirements. However, you may want to submit a score for review purposes alongside your basic admission materials.

Check out Top 10 Colleges with The Highest Paid Graduates in the World |2022

What Can I Do with a Degree in Business Administration?

One of the most obvious questions that may be running through your mind as a student of business administration is most likely, after acquiring a degree, what next?

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It might interest you to know that the concept of business administration and management extends beyond interacting with people. Business administration extends to other fields and professions.

Almost every area of endeavor today requires administration and management. Therefore, with a degree in business administration, there are many sectors where you can easily fit in and offer your services. Below are some of the great career opportunities in business administration:

  • Business adviser
  • Forensic accounting
  • Data analyst
  • Data scientist
  • Supply chain manager
  • Corporate investment banker
  • Logistics distribution manager
  • Business Analyst
  • Risk manager
  • Management consultant
  • Project manager
  • Chartered management accountant
  • Business development manager

Importance of a Degree in Business Administration and Management

A degree in business management is an essential preparatory step to a successful career in business. The degree is effective in almost all economic sectors and industries.

Today, with the growth in the number of institutions offering online degrees in Business Management, obtaining a business management degree is much easier than in the 80s.  

Administration and management are essential for any business/ profession to succeed. A business administrator ensures that staff members are properly supervised and ensures the functionality of other aspects of a business.

If you wish to become an entrepreneur, a degree in business administration and management will equip you with the necessary skill to successfully start up and run your business.

To push your career further, you may consider obtaining a master’s in business administration. It will open up new opportunities for you in different aspects of the economy.

Afterthought   

There is no doubt that Business administration and management have grown very popular over the years. Thanks to the increasing demand for professional managers and administrators in almost all sectors of the economy.

There is no business or establishment, government or privately owned that can survive without the services of a professional business administrator/manager.

Therefore, if you wish to leverage the growing opportunity to expand your career potential, going for a degree in business administration is a great choice.

Among the key factors that you need to consider before going for a degree in business, administration includes the type of career you wish to switch to, and how much a business administration degree cost.

It is essential to know that obtaining a degree in business administration may be expensive, especially from private institutions. However, the result is worth the money you put into the studies.  

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