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
At the upper end, Business Managers who move into a Chief Financial Officer role can end up with a hefty increase in pay. The average income for Chief Financial Officers is a much higher $123K per year. Business Managers most often move into positions as Business Operations Managers or Financial Controllers; those groups report median salaries that are $8K higher and $22K higher, respectively.
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Popular Skills for Business Manager
Survey respondents exploit a significant toolbox of skills in their work. 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 19 percent. Skills that are correlated to lower pay, on the other hand, include Customer Service, Accounts Receivable, and Office Management. It is often found that people who know Accounting are also skilled in Accounts Payable. Skill sets containing Budget Management also tend to include Problem Solving and Accounts Payable.
Pay by Experience Level for Business Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Business Managers do not generally earn higher incomes from more experience in the field. Survey participants with less than five years' experience pocket $49K on average, but those with five to 10 years of experience enjoy a much bigger median of $57K. After working for 10 to 20 years, Business Managers make a median salary of $59K. After two decades in the workforce, the average Business Manager generally earns more than ever; median pay for this group is estimated at $63K.
Pay Difference by Location
For Business Managers, busy San Francisco offers a higher-than-average pay rate, 55 percent above the national average. Business Managers can also look forward to large paychecks in cities like New York (+47 percent), Miami (+36 percent), Boston (+31 percent), and Seattle (+27 percent). Atlanta ranks last in the field for pay, reporting salaries 5 percent below the national average.
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