Business development managers are vital for the growth and success of an organization, yet many people are unaware of the career path. Anyone interested in establishing goals for a business, creating strategic plans, and working with others is well suited for a job in business development. Learn more about this profession and how earning a business administration degree from Fairfax University of America, based in Virginia with a campus in the Washington, D.C., metropolitan area, can help you start your career.
Business development managers look for opportunities to advance their organization and increase revenue. They form new partnerships, investigate new markets, devise techniques to reach existing markets, and develop plans for new products and services that can better meet the needs of their current customer base. Additionally, business development managers guide prospective clients as they move from consideration to decision about choosing the company.
Since every industry is different, each role features distinct responsibilities. However, most positions involve the following tasks:
Given the extensive list of duties for business development managers, their compensation tends to be highly rewarding. According to U.S. Bureau of Labor Statistics, the average annual salary for training and development was $120,130 in May 2021. With that being said, most people will not be able to secure a managerial position right after graduation. The two following items are crucial for those who wish to advance their careers in business development:
Most business development managers started as business development representatives, conducting tasks related to early-stage leads entering the sales funnel. If you thrive in this role, you may receive a promotion and become a manager after several years. Since business development provides people with transferrable skills, success in this department can lead to a higher position on the customer service or marketing team.
Pursuing business development also is an ideal strategy for attaining advanced sales jobs in the future. Typically, organizations will not hire a candidate for a closing role unless they have some sales experience. Business development responsibilities involve numerous sales-related skills, preparing people for success in the sales department. On the other hand, starting in an entry-level sales role can translate to a management position in business development.
Besides experience, most business development jobs require candidates to have higher education in a related field, such as business administration. Many postings make a bachelor’s degree the minimum requirement, but some organizations want applicants to hold a master’s degree.
Earning a degree will provide you with extensive knowledge of key competencies related to business development, including data analytics, decision-making, and entrepreneurship. The coursework also may cover communication, consumer behavior, marketing, and other topics regarding the human side of business development.
Individuals who wish to pursue a career in business development should consider earning a business administration degree from Fairfax University of America. We offer a B.S. in Business Administration (BSBA) that equips students with the analytical and leadership skills required to help their organizations achieve success while balancing the limitations of growing environmental and social responsibility. These proficiencies enable them to be exceptional business development managers who positively impact their companies.
For those with an undergraduate education in business administration, we offer a Master of Business Administration (MBA) degree that focuses on more advanced topics in the professional field. Our program helps students become competent business development managers by teaching them important skills:
For an affordable and flexible business-centered education, turn to Fairfax University of America for our business administration degree programs. Students from all over the world come to our Virginia campus in the Washington, D.C., area, allowing you to gain a rich understanding of different cultural perspectives, which is vital for a business career in an increasingly global society. You can request information online to learn more about our programs or complete an application to jumpstart your business development career today.