Business Management Salary

Business managers are integral to any type of business whether small or large. From small brick and mortar stores up to huge corporations, business managers are necessary to coordinate, supervise and promote business growth.

Generally, business managers oversee operations and employees. Competition is more widespread for high level positions because there are less of them available. Depending on the size of the company, multiple business managers may be necessary. Some of the tasks involved include planning, coordinating and directing a wide spectrum of services that enable an organization to operate efficiently and effectively. They may be in a position to oversee the needs and facilities of multiple departments and operations such as space requirements, work processes, computer services, data storage, scheduling and distribution. Some companies require business managers that assist with compliance and internal issues such as insurance, government regulations, workplace safety standards and communications.

Business management salary levels vary according to the type of company, the level of responsibility and the education level of the manager. The responsibility and authority of a manager also factor heavily into salary. Salaries are also dependent on the number of hours required. About half of business managers work a standard 40-hour week. The other half are split between part-time and an over 40-hours work week.

As of 2008, according the the Bureau of Labor Statistics, the median business management salary for administrative management positions vary from $65,590 for state jobs to $85,980 for larger enterprise positions. Financial managers have a median range of $77,280 for credit related positions up to $134,940 where securities and commodities are involved.

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A top executive position will have a higher business management salary per job because the responsibilities and nature of the work are more complex. These managers often work long hours, travel frequently and oversee large departments and operations. Formal education of at least a bachelors degree is the norm. The Bureau of Labor Statistics reports business management salary levels ranged from a median level of $158,560 up to more than $1 million annually for high level executive positions in large companies.

It is important to keep in mind that a business management salary is a highly negotiable item. Taking into consideration the manager's education, level of experience, the company size, as well as responsibility and authority, all add up to a unique package. Geographic area is a major factor as well. There is more competition in New York City than a small city like Ithaca so business management personnel are compensated accordingly.

Business managers will always be in high demand as businesses will always have a need for them. Education, credentials and experience will propel professionals into management positions with salaries comparable to their qualifications.