Why Study Business Management?

Published On: May 5th, 2021Last Updated: July 27th, 202115.7 min readCategories: Career Advice, Study tips
Lightbulb-above-office-business-management-meeting-iQ-academy

Written by Zinita Jooste, Lecturer, iQ Academy

Business management equips entrepreneurs, owners, employees and managers with essential business skills and knowledge. Oftentimes without a business education, you don’t know what you don’t know, meaning you are not aware of what knowledge you are missing and how it can make an impact. Studying business management exposes you to a variety of business aspects and develops a strong overall understanding of business that helps you make more informed decisions.

Professionals with no formal business training are often not equipped to handle business management tasks such as creating a business plan, managing resources effectively/efficiently, making financial decisions and leading diverse teams. A business management qualification or certificate can improve your ability to analyse data, manage and lead people, make sound financial decisions and make valuable predictions about the future. This is beneficial to any industry or field you find yourself in.

Business Management provides you with the knowledge and skills that employers want and that translate across many roles and industries. This will ensure you become more employable as you develop sought after expertise. The combination of business management academic theory and practical skill development will help set you apart in South Africa’s competitive workforce.

And, in today’s job market, becoming more employable helps you avoid any restrictions in available employment opportunities.

In South Africa, the growth in the formal and informal sectors is necessary to stimulate our economy. This puts a great focus on the development of an educated workforce who has knowledge, skills and the capacity for innovation as well as an entrepreneurial edge to drive competitiveness, productivity and sustainable growth for the nation. By developing business management skills you can drive growth for a business or create growth by establishing your own business, all contributing towards the South African economy. 

When looking at the above aspects it becomes clear that business skills are highly sought after today, and that the demand will only continue to grow. Those who invest in developing business skills will create a wealth of opportunities for career development.

Read on as we explore the benefits of studying business management and what it means for your career.

What is business management?

Business management focuses on the planning, organising, leading, motivating, controlling and analysing of business functions that are required to efficiently manage and run a business. From studying Business Management, one will learn what makes an organisation successful in a volatile business environment and will gain the knowledge and skills required to work for businesses of all sizes from multinational companies to start-up businesses.

What is the difference between business management and office administration?

Office administration involves performing the day-to-day administrative functions in an organisation while Business management tends to deal with the human aspects and the strategic view of running a business. Business management involves overseeing and managing all the duties of the office administrator or office manager, as well as the rest of the organisation.

woman-sitting-in-business-management-meeting-iQ-academy

Benefits of studying business management

There are countless benefits of studying business management, however, we’ll be focusing on and discussing these:

  • The improvement in employment opportunities;
  • The learning and development of management skills;
  • The exposure to various disciplines;
  • Gaining an understanding of the business world; and
  • The development of skills learnt through a business management course and the various career opportunities

Improve employment opportunities

Students who choose to study Business management acquire highly desirable, versatile skills and strong business knowledge, which are two qualities that are searched for by potential employers. Business management students are presented with a variety of job opportunities in:

  • Management
  • Consultancy
  • Marketing and advertising
  • Human resources
  • Retail and sales
  • Administration
  • Manufacturing
  • Health care
  • Education
  • Non-profit organisations
  • The music industry
  • Hospitality
  • Operations
  • Finance
  • And the list goes on!

Business studies can also create the opportunity for you to start your own business through the development of entrepreneurial skills and the ability to determine the viability of many business ideas.

Learn management skills

One of the significant benefits of studying business management is the development of key management skills. You will build a skill set that enables you to be more reactive to the challenges and current developments in the business environment, improving your ability to make educated managerial decisions that consider environmental, economic and social implications.

Some of these essential management skills include:

  • Critical thinking
  • Communication
  • Problem-solving
  • Organising
  • Motivation
  • Controlling
  • Leadership
  • Entrepreneurial mind-set
  • Diversity management

Learn various disciplines

Business management focuses on the planning, organising, leading, motivation, controlling and analysing of business functions that are a necessity in efficiently managing and running a business. Business management studies provide an overview of the main business functions which contribute to the success and sustainability of a business.

These typically include:

  • Human resource management
  • Business communication
  • Project management
  • Leadership
  • Economics
  • Management
  • Entrepreneurship
  • Finance
  • Marketing
  • Purchasing and logistics management
  • Operations management
  • Strategic management

A business management student who has successfully completed a programme is viewed as a well-rounded professional with diverse knowledge of the business world.

Get an understanding of the business world

Studying business management will help you gain comprehensive knowledge and understanding of core business aspects. It provides a great introduction to the world of business for individuals with no prior experience. For working individuals, this will accelerate your career path as you will gain a deeper understanding of certain business practices and principles with academic insight.

In many cases working individuals gain exposure in one aspect of business leaving a gap in exposure to other areas of impact. Through studying business management, you can bridge this gap. Business studies provide industry insights, which can prove to be instrumental as there is the practical application of academic theory to real-life business situations.

Skills learnt through a business management course

A business management course guarantees skills that can be applied to any kind of industry or venture. An individual who attains these skills plays a crucial role in the performance of a business and can act as a change agent where he/she plays a role in guiding the business to its full potential. These skills make your more marketable as a professional and include:

  • Communication
  • Critical evaluation
  • Motivation
  • Leadership
  • Time management
  • Strategic thinking
  • Change management
  • Budget management
  • Sales and marketing
  • Organisation
  • Planning

Career opportunities with a business management qualification or certificate

Depending on whether you choose to study a business management qualification or short course your potential career paths may differ. However, most successful students go on to work in a variety of different industries, and not all these industries are directly associated with business. Industries that have a high demand for business skills include marketing and advertising, retail, sales, human resources, finance, and business consultancy.

The diversity of career opportunities is what appeals to many students when they choose to study business management.

Business management career options

Below are a few of the most popular career paths that a graduate or short course student can pursue upon completion of their programme. We’ve included a brief job description as well as results from salary surveys in South Africa (Payscale) to give you an idea of earning potential.

The role of a general manager is to manage a company’s daily operations and its employees, essentially maintaining the business. General Managers often work in tandem with personnel and upper management to ensure the effective and efficient functioning of the business and its service delivery.

Let’s take a look at salary expectations of the General Manager role, according to salary surveys from Payscale in South Africa:

Average General / Operations Manager salary in South Africa:

R370,123/ year
Avg. Base Salary (ZAR)

Average annual salary by years of experience:

graph-showing-income-of-general-manager-in-south-africa-payscale-iqacademy

Source: Payscale
Data represented above was last updated: Apr 21 2021. Please visit Payscale for the latest salary survey results

In the supply chain function of a business, you will be responsible for the movement and storage of goods and materials of a company. There is a strong dependency on being able to develop interpersonal relationships and strong social skills. Having sound coaching or leadership skills is also very helpful for motivating regional and store managers in the supply chain.

Let’s take a look at salary expectations of the Supply Chain Manager role, according to salary surveys from Payscale in South Africa:

Average Supply Chain Manager salary in South Africa:

R502,734/ year
Avg. Base Salary (ZAR)

Average annual salary by years of experience:

graph-showing-salary-of-supply-chain-managers-in-south-africa-payscale-iqacademy

Source: Payscale
Data represented above was last updated: Apr 20 2021. Please visit Payscale for the latest salary survey results

A business analyst identifies issues and finds ways to solve them. They also look for opportunities a business can use to its advantage. A business analyst will examine large sets of data and documents to make informed conclusions and in some cases can act as a facilitator within an organisation to make internal departments more efficient.

Let’s take a look at salary expectations of the Business Analyst role, according to salary surveys from Payscale in South Africa:

Average Business Analyst salary in South Africa:

R359,870/ year
Avg. Base Salary (ZAR)

Average annual salary by years of experience:

graph-showing-income-of-business-analysts-in-south-africa-payscale-iqacademy

Source: Payscale
Data represented above was last updated: Apr 22 2021. Please visit Payscale for the latest salary survey results

An office administrator carries out various functions within an office environment to make sure that the administrative duties required by a company are carried out smoothly. The duties of an office administrator usually depend on the industry and size of the business but common duties normally include assisting in company communications, organising meetings, managing paperwork and sometimes HR-related tasks may be included.

Let’s take a look at salary expectations of the Office Administrator role, according to salary surveys from Payscale in South Africa:

Average Office Administrator salary in South Africa:

R117,828/ year
Avg. Base Salary (ZAR)

Average annual salary by years of experience:

graph-showing-income-of-office-administrators-in-south-africa-payscale-iqacademy

Source: Payscale
Data represented above was last updated: Apr 21 2021. Please visit Payscale for the latest salary survey results

Office managers are responsible for all activities, projects, and employees of their offices. Aspiring office managers should have excellent communication, problem-solving, and managerial skills. The Office Manager typically works closely with high-level executives and the CEO, office managers must be able to implement new policies and procedures that executives develop and should have financial expertise with the ability to develop and implement budgets.

Let’s take a look at salary expectations of the Office Manager role, according to salary surveys from Payscale in South Africa:

Average Office Manager salary in South Africa:

R204,296/ year
Avg. Base Salary (ZAR)

Average annual salary by years of experience:

Source: Payscale
Data represented above was last updated: Apr 22 2021. Please visit Payscale for the latest salary survey results

As an account manager, you are responsible for managing relationships with customers on behalf of your organisation, including completing sales. Account managers must have a thorough knowledge of their organisations products and services and need to be able to make targeted pitches for current and future clients.

Let’s take a look at salary expectations of the Account Manager role, according to salary surveys from Payscale in South Africa:

Average Account Manager salary in South Africa:

R275,338/ year
Avg. Base Salary (ZAR)

Average annual salary by years of experience:

graph-showing-salary-of-account-managers-in-south-africa-payscale-iqacademy

Source: Payscale
Data represented above was last updated: Apr 22 2021. Please visit Payscale for the latest salary survey results

As an entrepreneur, you are an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. 

Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits, fame, and continued growth opportunities. But, starting your own business requires sound business knowledge and skills for the best chance of success early on.

Other possible jobs include:

  • Sales Consultant/ Sales Manager
  • Marketing Consultant/ Marketing Manager
  • Project Manager
  • Human Resource Administrator/ Human Resource Manager

Courses available in business management

 Your decision to choose iQ Academy as your preferred online education institution will set you on a path filled with opportunities in the employment and self–employment markets in South Africa. It is our mission to ensure that you reach your full potential as a productive member of the economy, either as an entrepreneur and/or as an employee.

Higher certificate in business management

The Higher Certificate in Business Management at NQF level 5 is an entry-level qualification that provides students with the required competencies to be employed in various entry-level managerial roles in various economic sectors. This qualification aims towards closing the skills gap between what higher education offers and the kinds of skills required by industry and the South African society at large. The Higher Certificate in Business Management was developed to fulfil an industry demand for people with the necessary knowledge and skills to take up supervisory positions in business in a variety of industries and professions.

Upon successful completion of this programme, you will earn an NQF level 5 qualification. With this qualification, you can pursue exciting career directions such as:

  • Project Officer
  • Business Administrator
  • Supervisor
  • Team Leader
  • Eligible for entry into Diploma or Advanced Certificate programmes
  • Entrepreneur and Business owner.
    View Course

    Diploma in Business Management

    The Diploma in Business Management has been designed to provide learners with a well-rounded education and a solid foundation in the fields of general management and Business Management, whether within a non-profit or profit organisation. The qualification contains a solid theoretical component across core business disciplines.

    Special emphasis is placed on the importance of sustainability and ethical business practices, which are deemed highly relevant within the South African context. On completion of the qualification, you will earn an NQF level 6 qualification, the following careers, among others, will be an option:

    • General Management, Project Management, Human Resource Management, Purchasing Management,
    • Production, Operations and Supply Chain Management, Marketing Management, Financial Management,
    • Business Consulting, Small Enterprise Management and Entrepreneurship.
      View Course

      Introduction to Business Management Short Course

      The purpose of this short course it to provide students with an overview of the management of business organisations in the South African business environment. It provides students with principles for the management of resources and activities in such a way that organisations can operate as profitably as possible.

      On completion of this course, you will earn an industry-ready certificate that will empower you to explore exciting career directions such as:

      1. Managers at various levels in an organisation
      2. Small business owners
      3. Employees in profit and non-profit organisations as well as government institutions
      View Course
      Explore our business management programmes and find the right course for your goals
      View all courses
      Enquire Now
      professional-photograph-of-zinita-jooste-lecturer-at-iqacademy-offices
      Zinita Jooste

      Qualifications:

      • Undergraduate: BA Public Administration and Business Management
      • Honours graduate: BA Business Management
      • Facilitation Certificate: Different teaching methodologies.
      • Allan Grey A+ Achiever (2017 Top 100 in the faculty of Business and Economic sciences at Nelson Mandela Metropolitan University)

      Zinita Jooste has been working in the educational field for 3 + years and completed both her degrees at the prestigious Nelson Mandela Metropolitan University. Zinita has lectured in both face-to-face and online educational environments in the areas of Business Management and Public Administration. Zinita is currently a Lecturer at iQ Academy, responsible for modules in both the Higher Certificate in Business Management and Diploma in Business Management.

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