Business Manager
Adrian CarballoMUM 2702, Professor Calle
Miami Dade CollegeSpring 2007-2
What Does a Business Manager Do?
A business manager handles the day to day business & financial affairs of musicians and entertainers.
Skills
Although musical skills are not required, a business manager must have effective negotiation, problem solving, money management, and investment skills.
Must also be proficient in tax law.Audition and music theory test not
required.
Education
Educational Certification: Two to Four-year Business
Administration DegreeEmphasis in Accounting or
Management.More Knowledge and Experience =
Better Opportunities.Degree is usually required.
Colleges offering two-year degrees
University of MiamiFIU *Berklee in Boston Degree is Business Administration with
emphasis on accounting, management, or entrepreneurship.
Colleges offering four-year degrees
FIU, UM, BERKLEEwww.fiu.eduwww.berklee.eduwww.universityofmiami.edu
Education and training costs
About $7,000 for Business Admin Degree per FIU.edu
Sources of Payment:Family Funding, Loan
Additional Income:Freelance: Web design/Graphics,
Recording, Producing
Markets and disciplines
A good Business Manager is always in demand, whether in the music business, or regular businesses.
Skills can all be applied to unique situations in all market types.
Locations
N/A but may be able to look here in Miami, Fl
Employability
Over 230,000 Management Occupations in Florida (in 2006).Business management Skills are
malleable and easy to implement in other markets.
Security and benefits
Job security for a business manager really depends on his or her skill set and dedication level.
If employed by a large corporation, may have good benefits.
Salaries
About $30 per hour if employedA good business manager has the
potential to make an indefinite amount if he has an entrepreneur mindset.
Advancement
To advance as a business manager, one must keep learning, improving, and sharpening skills. Additionally, must be up to date with newest technology, internet business/promotion, and future trends.
Business managers can be employed by the label or artist. They can also be self-employed and freelance.
Benefits and retirement
Health Insurance? Usually not, unless employed by a large company.
Retirement Plan? Depends on employer.
I would obtain insurance and save for retirement from my personal sources.
Flexibility
Depending on the complexity of the particular client’s needs, there may be time to pursue other ventures or side jobs.
Personally, I would not want to put all my eggs in one basket at any given time.
Pluses
Good contacts/connections.Financially rewarding.Mentally rewarding.Interesting and Challenging.
Minuses (challenges)
Risky.Heavy workload.Lots of different skills must be
applied.Artist may have an “ego problem”.
Summary
Business managers are put in place to handle an artist’s financial matters thus relieving the artist (or label) from this very important task. It allows the artist and label to spend more time on other things like creativity and promotion. I am personally leaning more toward the entrepreneur side of things because I find its rewards for creativity and flexibility more appealing. Overall, if you are business minded, a career as a business manager might be the perfect job.
Recommendations
Five educated recommendations for those interested in this field.
1. Stay on top of your game (by researching, reading what other successful people are doing.)
2. Develop the passion3. Make good connections/contacts
(remember its WHO you KNOW.)
4. Make good habits.5. Save money and invest in real estate
to become rich.
Referenceshttp://www.dvc.edu/career/Career%20Sheets/MusicBusinessManager.htm
http://www.berklee.edu/careers/mbm.html
U.S. Department of Labor, Bureau of Labor Statistics. (2008). Overview of BLS statistics by occupation. Retrieved March 17, 2008, from: http://www.bls.gov/bls/occupation.htm.