Getting a degree in small business management can prepare students for leadership roles in already established businesses or give them the skills and experience they need to strike out independently.
The average annual salary for all management positions is $116,880, according to the Bureau of Labor Statistics (BLS). However, compensation can vary greatly depending on the industry and exact position. For example, food service managers have a median pay of $63,060, while financial managers have an average salary of $156,100.
A bachelor’s degree in small business management takes around four years to complete, while a master’s program in the same field can take two to three years. The average cost of tuition is $14,688 per year for undergraduate programs and $20,513 per year for graduate programs.
How to Choose an Online Small Business Management Program
Choose your area of study
Many small business management programs will allow you to select a concentration and focus your studies on a particular niche in this field. If you already know what you want to do after you graduate, look for programs that closely match these career goals.
For example, if you’re interested in the financial side, you may choose classes focusing on accounting, finance, or budget analysis. Those interested in leadership positions may want to focus on organizational leadership, information systems management, or operations.
Students who dream of opening their own businesses need a well-rounded program. However, a concentration in entrepreneurship can help them learn the skills they need to start a company.
Research schools and programs
You should only apply to institutions that have been approved by a DOE-recognized regional accrediting organization, such as the New England Commission of Higher Education or Northwest Commission on Colleges and Universities. These organizations evaluate schools to ensure they provide students with a high-quality education. Those who attend a school that isn’t regionally accredited may be unable to access financial aid or transfer credits to another institution if needed.
Ideally, your online small business management program will also be accredited by a respected industry group like the Association for the Advancement of Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP). These programmatic accrediting organizations have particularly high standards for business education.
Faculty members with real-world experience in small business ownership and management may provide more applicable and engaging instruction. Cost, course offerings, and scheduling availability are also factors to consider.
To learn more about any schools that you’re interested in, you can visit the school’s website, contact an admissions counselor, follow the school on social media, or attend an in-person or virtual open house.
Prepare for tests and applications
The application process and admissions requirements will be different for each institution. Many colleges use the Common Application to streamline the process, but they may require additional materials, such as letters of recommendation from past instructors, transcripts, and a personal statement.
Placement tests, such as the COMPASS or ACCUPLACER tests, may also be required. These tests assess your competency in basic subjects, such as math, writing, and reading, to determine what introductory classes you can skip. Check with the admissions office to determine what tests you must take and when to take them to process your application. Admissions counselors can also provide you with other information about application requirements and deadlines.
Select your program
Before making your final decision, review your needs and goals again. Do you plan to attend school full-time or part-time? Do you want your program to be as online as possible, or are you fine with a hybrid program that has a fair amount of in-person requirements? Some programs offer asynchronous courses, which can be completed at your own pace, while others only offer synchronous courses, which involve remotely attending lectures and completing assignments at the same time as other students — which of these two online learning formats do you prefer? Your school should accommodate your scheduling needs and learning preferences.
Determine how you’ll pay for your degree
Speak to financial aid counselors at the schools you’re interested in for the most accurate and specific information about program cost. Tuition, fees, and books can be expensive, but there are multiple options to help you reduce or eliminate student debt.
Start by submitting the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal grants and loans. Private loans and unsubsidized federal loans start accruing interest immediately, meaning you owe more than you borrowed when it’s time to pay them back. If you’re considering student loans, check the terms and interest rates carefully so you know what you’re agreeing to. Also, those who already work in the field should see if their employer offers tuition assistance benefits.
Best 50 Accredited Online Small Business Management Programs
How We Rank Schools
This list features some of the best online small business management programs at top colleges nationwide. Each school featured is a nonprofit, accredited institution — either public or private — with a high standard of academic quality for postsecondary education. Many of the programs on our list are approved by the Association to Advance Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP), both reputable organizations that assess business programs for educational excellence.
We evaluated each school’s program on admission, retention, and graduation rates as well as tuition costs, faculty, reputation, and the resources provided for online students. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of online small business management programs to a list of aggregated college rankings from reputable publications like U.S. News & World Report, among others, to simplify a student’s college search. We pored through these rankings so students don’t have to.
What Can You Expect From an Online Small Business Management Program?
When you enroll in an online small business management program, you can expect to learn how to apply general math and data analysis skills to business operations and communicate effectively, both orally and in writing. Classes cover management aspects, such as decision-making, problem-solving, people management, and promoting diversity and inclusivity in the workplace. Business ethics and foundational courses in taxes and law may also be offered.
Many small business management programs at the bachelor’s and master’s degree levels require students to participate in capstone courses or internships. For example, you may be expected to spend a semester forming and growing a fictional business to demonstrate competency in accounting, organizational leadership, and industry best practices.
Certificate programs can be completed in as little as six to 12 months. Associate programs require 60-65 credit hours, completed over four semesters for full-time students. Bachelor’s degree programs require around 120 credit hours, which takes eight full-time semesters. Master’s degree programs generally range from 36 to 48 credit hours and take one to two years to complete.
Potential courses you’ll take in an online small business management program
- Principles of Management and Organizational Behavior. This course introduces students to the fundamental principles of business operations and management. It focuses on managerial skills, such as team leadership and problem-solving. It also covers topics related to organizational structures and performance.
- Marketing for the Small Business. This course focuses on marketing concepts and processes, emphasizing how they relate to small businesses. It includes topics such as competitive analysis, buyer personas, and advertising strategies.
- Management Planning and Control. Focusing on how managers use accounting data to facilitate decision-making, this class introduces students to cash flow analysis and probable analysis concepts. It also familiarizes them with using computer applications for data analytics.
- Business Ethics. This course covers how ethical theories and principles apply to business decisions. It teaches students how to identify and resolve ethical dilemmas in the workplace.
- Principles of Microeconomics. Microeconomics is the study of how single factors impact economic decisions. It focuses on the allocation of resources and decision-making at the individual level.
What Can I Do With a Small Business Management Degree?
Career outlook
A degree in small business management introduces students to the wide range of topics they must be familiar with to operate a successful small business, including management, finance, human resources, information systems, and more. These skills are applicable to many different industries, including retail, hospitality, financial services, and healthcare. Graduates of small business management degree programs may choose to work with established companies or start their own businesses.
Across industries, overall employment in management occupations is expected to grow at a faster-than-average pace during the next decade, the Bureau of Labor Statistics (BLS) reports. According to the agency’s projections, there will be an average of 1.1 million new job openings per year through 2032.
Some of the most in-demand positions for those with a small business management degree include:
- Management analyst — Analyze a company’s operations and finances and recommend ways to improve an organization’s efficiency and profitability.
- Median annual salary: $99,410
- Projected employment growth (through 2032): 10%
- New jobs projected: 92,900 per year
- Project management specialist — Work with staff and clients to coordinate the budget, schedule, and other details of a project, including identifying, reviewing, and selecting vendors or consultants to meet project needs and assign duties or responsibilities to project staff.
- Median annual salary: $98,580
- Projected employment growth (through 2032): 6%
- New jobs projected: 68,100 per year
- Administrative services and facilities manager — Plan, direct, and coordinate activities that help an organization run efficiently, including supervising staff, setting goals and deadlines for their department or facility, and recommending changes to policies or procedures to improve operations.
- Median annual salary: $104,900
- Projected employment growth (through 2032): 5%
- New jobs projected: 31,400 per year
Online Small Business Management Degree Frequently Asked Questions
How do I apply to an online small business management degree program?
Each college has its own admissions requirements, and these can vary by the type of degree and major. You’ll need a high school diploma or GED to apply for a bachelor’s degree in small business management. You may be required to have a certain ACT or SAT score or take a placement exam.
Graduate schools have more rigorous requirements. In general, you will need a bachelor’s degree in a business-related field and transcripts from every postsecondary institution you’ve attended. Competitive programs may require a personal statement or letters of recommendation. Speak with an admissions counselor before applying to ensure you understand and have met the requirements.
How much does an online small business management degree cost?
The average cost of college tuition is $14,688 per year for undergraduate programs and $20,513 per year for graduate programs. Private schools are usually more expensive than public schools, though public schools tend to charge out-of-state students a much higher tuition rate than in-state students. Also, remember that these figures don’t include other costs, such as books and supplies.
How long does it take to earn an online small business management degree?
You generally need at least 120 credit hours to earn a bachelor’s degree. Master’s degree programs can vary more widely, requiring between 30 and 60 credits. If you’re enrolled full-time, this is approximately four years for a bachelor’s degree and one to two years for a master’s degree. Students who are only enrolled part-time generally take twice as long to earn their degree. However, online programs often offer classes that let you work at your own pace, which can help you meet the degree requirements more quickly.
Is an online small business management degree worth it?
While you don’t need a degree to start your own venture, operating a small business is a complex task that requires knowledge of human resources practices, logistics, management, financial accounting, business laws and regulations, and more. An undergraduate degree in small business management introduces aspiring small business managers to these concepts and provides them with a foundational understanding of how to run a small business successfully.
Many small business management degree programs offer students the opportunity to explore and refine their small business ideas through project-based assignments and classes. This can be an ideal opportunity to get feedback from professors and other experts before launching a venture in the real world.
There are also financial benefits to earning a degree. The BLS reports that the median weekly salary is $1,493 for individuals with a bachelor’s degree and $1,058 for those with an associate degree. Meanwhile, for individuals who only have a high school diploma, the median weekly salary is $899.
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