Exploring the Lucrative Business Management Jobs Salary in 2021
Business management is a growing field that greatly impacts the success and growth of organizations. As companies continue to expand, the demand for qualified managers is constantly on the rise. With high demand comes an increase in salaries for those who are competent in business management.
If you’re considering a career in business management, it’s essential to have a solid understanding of the salary expectations. In this article, we’ll explore what you need to know about business management jobs’ salaries in 2021.
The Average Business Management Salary
According to Glassdoor, the average salary for a business manager is $69,239 per year. However, this salary range can vary depending on the industry, company size, and location.
For example, those working in finance and insurance earn an average of $86,430 per year, compared to those in retail who earn an average of $54,748 per year. The size of the company also has a significant impact on salaries, with larger companies offering higher salaries than smaller ones.
Factors Impacting Business Management Salaries
Several factors impact business management salaries, including experience, education, certification, and location.
Experience plays a significant role in determining your salary. As you gain more experience in the field, your salary also increases. Business managers with 10 or more years of experience can earn as much as $126,389 per year.
Education is also a crucial factor impacting salaries. Most business management positions require at least a bachelor’s degree. Those with a master’s degree can earn significantly more, with an average salary of $93,006 per year.
Certification in business management is also desirable and can lead to higher salaries. Popular certifications include Project Management Professional (PMP), Certified Manager (CM), and Certified Business Manager (CBM).
Location is another vital factor impacting salaries. Business managers in major cities like New York, San Francisco, and Los Angeles often earn higher salaries than those in smaller or less expensive cities.
Top-Paying Business Management Jobs
There are various high-paying business management positions, with chief executive officer (CEO) being the most profitable. CEOs earn an average of $194,350 per year. Other top-paying jobs in business management include Chief Financial Officer (CFO), Vice President of Marketing, and General Manager.
Conclusion
In conclusion, business management is a lucrative career that continues to grow in demand. The salaries for business management positions vary depending on several factors, including experience, education, certification, and location. As more organizations recognize the importance of effective management, the demand for qualified managers will continue to increase, leading to even higher salaries.
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