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Business Management Tops Wage Ladder
April 12, 2007
by Richard Barrington
Business Programs Columnist
Many people like the idea of being the boss, but have you ever thought about what it involves? Are the rewards of business management worthwhile, and what does it take to get a business management job? A look at the data suggests that business management jobs are very rewarding, but if you want to get one of those jobs, you had better get ready to compete.
To put it another way, think of this as a way of evaluating the cost of a business management degree. If you are wondering whether a business management degree can pay off, read on to see just how much of a difference it might make in a competitive job market.
MBA Holders Top the Wage Charts
First of all, why choose business management training? Do business management jobs pay as well as other fields which are known for high-paying jobs, such as the legal, computer, engineering, and healthcare professions?
The answer is, business management stacks up very well against those other professions. According to the Bureau of Labor Statistics, the hourly wages of those fields are as follows:
- Management: $42.52
- Legal: $38.98
- Computers: $32.26
- Architecture/Engineering: $30.73
- Healthcare: $28.45
These are the top five fields in the rankings. The lowest paying field? The ever-popular food service industry.
Get Ready to Compete for Business Management Jobs
From a wage standpoint then, business management sounds pretty good. So why doesn't everyone go after a business management job? Because the competition is fierce -- management jobs represent less than 5 percent of total employment.
In short, if you want to get to the top of the wage ladder, get ready to compete. Choosing a business management degree is just the start -- plan on getting strong grades, and then proving yourself through hard work. But, that business management degree might be the first step to climbing the wage ladder.
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About the Author:
Richard Barrington is an author and freelance writer. He has written a manuscript on business communication entitled "That's Not What You Said!" and a novel entitled "Spinning (out of control)." Previously, he spent over 20 years as head of client services and corporate communications for Manning & Napier Advisors, Inc., an independent investment advisory firm. Richard graduated magna cum laude from St. John Fisher College with a BA in Communications in 1983. In 1990, he earned the Chartered Financial Analyst (CFA) designation from the Association of Investment Management and Research (now the "CFA Institute").
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