Exploring the Average Business Management Salary Per Month in 2021
As businesses grow larger and more complex, the demand for skilled professionals to manage them also grows. Business management is a vital aspect of any organization, and the individuals who take on such roles are compensated accordingly. In this blog post, we will examine the average business management salary per month in 2021, and the factors that influence it.
What is Business Management?
Before delving into the salary figures, let’s define what business management entails. Business management involves a range of activities, including planning, organizing, staffing, directing, and controlling various aspects of a business. Business managers often work in positions such as executive management, human resources, finance, marketing, and operations management, among others.
Business Management Salary Range
The average business management salary in 2021 varies widely depending on factors such as industry, level of experience, education, and location. According to PayScale, the national average salary for business management professionals in the United States is $70,321 per year or $5,860 per month.
However, this only serves as a general idea of what to expect. For example, a business manager with less than a year of experience can expect to earn an average salary of $51,000 per year or $4,250 per month. In contrast, a business manager with 20 years of experience or more can earn an average salary of $115,000 per year or $9,583 per month.
Industry and Location
The industry that one works in can significantly influence the average business management salary. For instance, professionals working in the finance and insurance industries tend to earn more than those in the hospitality industry. Additionally, working location can also impact pay, with areas with high living costs offering higher salaries.
According to PayScale, the following industries offer some of the highest average salaries in business management:
– Information technology: $87,296 per year or $7,275 per month
– Marketing and advertising: $81,420 per year or $6,785 per month
– Consulting: $79,802 per year or $6,650 per month
Educational Requirements
Another factor that can influence one’s business management salary is educational attainment. Generally, earning an advanced degree, such as a Master of Business Administration (MBA), can significantly increase pay.
According to PayScale, the following average salaries are based on the highest level of education attained in the field of business management:
– Bachelor’s degree: $62,086 per year or $5,173 per month
– Master’s degree: $79,536 per year or $6,628 per month
– Doctorate degree: $95,223 per year or $7,935 per month
Conclusion
In conclusion, the average business management salary in 2021 varies widely, depending on various factors. Experience, industry, location, and educational attainment are some of the critical determinants of salary. Having insight into what salaries one can expect in business management is crucial in making informed decisions about career progression. With that understanding, individuals can better negotiate salaries or decide what industry/sector to pursue.
