Business Manager Salary
Job Description for Business Manager
A business manager is sought after by a variety of companies in many industries. Some employers will be looking for candidates with a bachelor's degree in business administration or a similar discipline, while others are willing to accept an applicant with a high school diploma or associate's degree. The business manager should also usually have at least two years of experience working in administration positions, in addition to several years of experience in the industry of the company. The prospective employee should be proficient in Microsoft Office. The business manager will primarily work indoors, although the settings may vary. There can be some travel involved.Read More...
The business manager is primarily responsible for ensuring that the company's operations in that department are proceeding smoothly. This can involve drafting and executing plans and tasks, assigning work to various staff members, organizing workflow, and coordinating staff meetings. They are responsible for the organization of their department, including recommending changes or improvements as needed. They are in charge of ensuring that all expenses are within the operating budget, and they may be required to draft and present reports to executives as necessary.
The business manager will work closely with other departments, as well as with employees in their own department. The business manager will usually report to a department head or executive.
Business Manager Tasks
- Manage business and financial affairs related to the administration of business unit or department.
- Drive business functions and ensures employee efforts support organizational goals and objectives.
- Provide overall management of financial operations, practice growth, marketing and administration.
Common Career Paths for Business Manager
Business Managers may experience a large salary bump if they progress into a role such as Chief Financial Officer. The latter position pays an average of $123K annually. Career advancement for the typical Business Manager often leads to becoming a Business Operations Manager or a Financial Controller; median salaries in these positions are $8K higher and $23K higher, respectively.
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Popular Skills for Business Manager
Business Managers report using a large range of skills on the job. Most notably, skills in Financial Analysis, Project Management, Budget Management, and Financial Reporting are correlated to pay that is above average, with boosts between 7 percent and 20 percent. Skills that seem to negatively impact pay include Customer Service, Accounts Receivable, and Office Management. People who know Budget Management usually also know Problem Solving and Accounts Payable. Those educated in Accounting tend to be well versed in Accounts Payable.
Pay by Experience Level for Business Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Business Managers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Respondents with less than five years' experience take home $49K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $57K. Business Managers with one to two decades of relevant experience report an average salary of approximately $59K. Business Managers who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $63K.
Pay Difference by Location
For Business Managers, San Francisco provides a pay rate that is 55 percent greater than the national average. Business Managers will also find cushy salaries in New York (+45 percent), Houston (+36 percent), Boston (+34 percent), and Washington (+32 percent). Trailing the national average by 2 percent, Austin is the market with the smallest paychecks.
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