Business, the most popular college major, accounted for approximately 22% of all bachelors’ degrees awarded recently, according to The National Center for Education Statistics. As the cost of higher education rises and more students face greater job and financial pressures, the appeal of this major is not surprising.
A degree in business can be applicable to a wider range of career options than many people realize. Regardless of your interests, knowledge of business can enhance your career. There’s an increasing need for business majors to apply their skills in government, international commerce, health care, arts, and non-profit organizations. Business principles can support the activities of economic, political, educational, and social systems at all levels.
So what does majoring in business entail? Different programs have different philosophies. Some concentrate on the quantitative, analytical, and technological aspects of business, while others emphasize strategy and management. Further, some programs are more theoretically focused, while others take a more practical, hands-on approach. When researching undergraduate business programs, students should pay special attention to each school’s mission statement and curriculum.
Foundation classes in accounting, economics, finance, information systems, management, marketing, operations, supply chain management, organizational behavior, and statistics usually make up the first two years of a business curriculum. After that, students may concentrate in an area of personal interest. Concentrations might include options such as: Accounting, Business Economics & Public Policy, Environmental Policy & Management, Entrepreneurship and Innovation, Finance, Global Analysis/International Business, Health Care Management & Policy, Legal Studies & Business Ethics, Marketing, Multinational Management, Organizational Effectiveness, Strategic Management, Social Impact and Responsibility, Operations and Supply Chain Management.
Integrated work experience is a critical part of well-respected business programs. Internships, externships, co-op programs, practica and capstone projects all require students to draw on their classroom education to address real-world business issues and problems effectively. These opportunities allow students to observe business operations in action, hone their skills, acquire resume-worthy experience, and network with professionals. All of these are essential in making a smooth transition from academics to the workplace. Understanding the number, extent, and type of practical experiences that are part of each program is essential in evaluating a program’s suitability.
Many of the skills developed or enhanced by studying business are transferable ones, highly sought by most employers. The ability to understand, manage, and communicate with numbers can be valuable in a great many workplaces. Analytical and problem solving skills, emphasized in the business curriculum, also translate well across careers. Oral and written communication skills, the ability to work well with others, and the ability to work well under pressure, are all skills in high demand.
The Bureau of Labor Statistics predicts that the demand for business graduates will remain strong, though the competition for entry level jobs will be stiff. A report issued last year by Georgetown University Center on Education and the Workforce indicated that the unemployment rate for recent business graduates is 7.4%, which is higher than for education or health graduates, but much lower than for those holding degrees in architecture, the arts, or even engineering. The average salary for selected bachelor’s degree candidates ranged from approximately $39,000 to $55,000, well above the median for all occupations.
To learn more about business programs and career opportunities, visit:
American Marketing Association
www.marketingpower.com
American Society for Training & Development
www.astd.org
Association Internationales des Etudiants en Sciences Economiques et Commerciales (AIESEC)
www.aiesec.org
Association to Advance Collegiate Schools of Business (AACSB)
www.aacsb.edu
Business Professionals of America
www.bpa.org
Financial Management Association International
www.fma.org/Student/index.htm
Society for Human Resource Management (SHRM)
www.shrm.org/Communities/SHRMChapters/StudentChapters/Pages/default.aspx
