A businessman is someone who works in commerce, especially at the management or executive level. Businessmen have skill in financial and administrative matters, and may supervise staff. A college degree is generally necessary, though businessmen at higher levels usually reach their positions after many years of experience. The hours are generally long, though compensation can include bonuses or profit-sharing.
The Bureau of Labor Statistics has two major categories of occupations that apply to the work of businessmen. One is management, which is concerned with coordinating human and material resources to meet company goals. About 6.1 million people are employed in the group throughout the United States, earning a mean $49.47 per hour or $102,900 per year as of May 2009. The other is business and financial operations, which is involved in the management of money and administrative matters. The 6 million working here make a mean $31.68 per hour or $65,900 per year.
Top executives such as chief executive officers, general managers or operations managers have the final word in how a company is run, because they are ultimately responsible for the success of their organizations. In smaller offices, they may work by themselves, though in larger concerns, they may manage department heads. Many have master’s degrees in business administration, but also have been promoted from within to reach their positions. The 297,640 chief executives working in the United States make a mean $80.43 per hour or $167,280 per year. The 1.6 million general and operations managers earn a mean $53.15 per hour or $110,550.
Financial analysts are examples of businessmen who do not necessarily supervise other staff. Instead, they analyze financial risk involved with the buying and selling of stocks, bonds and other investments. They may recommend buying particular stocks when working for companies with money to invest, or recommend selling certain money instruments when working for companies that sell securities such as banks. A college degree is necessary in a field such as finance, business, accounting or economics. Analysts also need a license specific to their specialty from the Financial Industry Regulatory Authority. The 235,240 financial analysts in the country make a mean $40.98 per hour or $85,240 per year.
New York City
The New York City metropolitan area provides a useful example of how businessmen salaries increase in the financial capital of the United States and in one of the major business centers of the world. The 437,470 management occupations here earn a mean $64.70 per hour or $134,580 per year. The 54,670 in business and financial operations make a mean $40.13 per hour or $83,470 per year. As for individual jobs, the 12,960 chief executives receive a mean $100.10 or $208,210, 94,610 general and operations managers earn $73.55 or $152,990, and 41,330 financial analysts earn $51.36 or $106,820.