What can you do with a degree in business? For some, the image of a business degree includes high-profile board meetings, extensive spreadsheet reports and a focus on bottom-line savings. However, the truth about a business degree is that it prepares individuals for career paths across industries.
A vibrant business degree program teaches students to how to engage with stakeholders, review and write organizational policies, analyze workplace practices, and develop community partnerships, among numerous other applicable skills. Let’s dive into how a business degree can be applied across career paths and industries.
Business Degrees Apply to Diverse Job Opportunities
Students who earn a degree in business have numerous job opportunities in the business world. Business degrees are in high demand. Graduates of business degree programs work in large corporations, small local businesses, benefit corporations, healthcare and medical organizations, nonprofit organizations, and city or regional governments.
Through the skills learned in business programs, students can become successful entrepreneurs, gain promotions in their current workplaces, learn the tenets behind strategic planning and lead initiatives to impact their communities positively. A quick search of job titles commonly filled by individuals with business degrees includes the positions of accountant, business analyst, business manager, comptroller, human resource specialist, insurance underwriter, loan officer, market research analyst, sales manager and social media manager.
Earning a degree with diverse applicability is a strength, as it means graduates will have transferable skills should their goals and aspirations change over time. This is one of the biggest benefits of earning a business degree. It’s a degree that employers like to see regardless of industry, field or level as it shows the job candidate has a firm grasp on general business activities and skills.
Types of Business Degrees
When people think of business degrees, their mind usually jumps right away to a Master of Business Administration, the MBA. While that is a popular business degree, that is not the only one.
Business degrees start at the associate level, such as an associate degree in business. It’s a great way to quickly join the workforce and get your foot in the door for entry-level business jobs. From there, people can continue on to a bachelor’s degree. Programs like a B.S. in Business Administration and Leadership or a B.A. in Professional Studies teach students valuable business, leadership and management skills that are broadly applicable to a diverse array of job opportunities and fields.
²Ñ²¹²õ³Ù±ð°ù’s-level business degrees, like the MBA or an M.S. in Organizational Leadership, become important when you’re ready to advance your career to leadership or senior management positions, or if you want to ensure you are equipped with the latest strategies in business. However, there are many options when it comes to master’s-level business programs. Choosing the best for you depends on your area of interest and career goals.
Specialized Business Degrees
Students who know their specific interest in business, such as human resource management or marketing, can choose to pursue a master’s degree in their specific field. These degrees are tailored for students to understand field-specific information and obtain job-specific skills while briefly learning about other functions of business through general coursework. It’s common to see specialized degrees in finance, marketing and technology.
However, you could also choose to pursue an MBA with a specialization. Why would someone, for example, get an MBA with a specialization in finance instead of a degree in finance?
General business degrees like the MBA offer a broad skillset that goes beyond a specific role or field. Graduates benefit from obtaining these extra skills along with the knowledge they need to work within their specialization. For example, ACE’s MBA program includes courses in leadership, financial accounting, corporate social responsibility, marketing management, change management, innovation, economics, business statistics and human resource management.
Maximizing Career Opportunities with a Business Degree
Leadership Development
Business degree students will find value in the leadership knowledge and skills they learn through business programs. Here at ACE, the first course students complete in the MBA program introduces them to leadership theories and how the theories align with ethical leadership. Through a forward-thinking approach, students are guided through self-reflection and observational analysis to determine their leadership styles and examine their organizations’ cultures. Most importantly, students gain insightful knowledge and skills to lead diverse, inclusive and dynamic teams.
Networking Opportunities
Networking is valuable across business sectors and industries. For example, nonprofit administrators must network with stakeholders and partners to ensure their financial sustainability. Individuals who network have greater opportunities to learn from others, collaborate on projects, and find a mentor or sponsor to help with career advancement. Business programs introduce students to the benefits of networking, which I encourage students to use in creating professional learning networks.
Learn Diverse Lessons
Business degree programs address various components that make up an organization. In business classes at ACE, students explore topics such as community partnerships, employee engagement and wellness, inclusive workplace practices, finance, leadership theories, operations management, and sustainability.
Furthermore, students gain experience in developing business communications and creating marketing strategies through creative and unique assessments, such as writing company newsletters, recording podcasts and developing organizational training plans.
Career Advancement and Professional Growth
Working professionals might find earning a business degree desirable because it helps advance their careers and secure promotions. For example, an expert in information technology might decide to earn an MBA to become an information technology manager. While the professional already has specific skills related to information technology, the MBA provides valuable knowledge and skills related to managing people and achieving organizational goals. Even already experienced professionals may get more access to jobs with a business administration degree.
Increased Salary Opportunities
Business degrees are also attractive due to the average salaries employees with degrees receive. According to the , the median annual wage for individuals with business degrees is $71,000, which is higher than the median annual wage of $66,000 for all other jobs reported. Most individuals with a business degree were reported to work in management positions, highlighting the advancement opportunities related to business degrees.
Holistic Knowledge for Entrepreneurship
Starting a new business is a challenging task and it’s important to be prepared. For example, most new restaurants fail in their first one to five years of opening. Closing a business this soon after opening usually means there is a financial loss, which can happen for a variety of reasons, such as poor location, poor financial management, recruiting issues and other organizational management issues.
While a business degree does not guarantee a business will succeed, it does offer a strong foundation and provides the knowledge and resources to help new owners navigate the obstacles of business management.
Individuals seeking to become entrepreneurs and start their own business will find meaningful value in earning a business degree. Starting and successfully maintaining a business takes hard work, grit and patience. It also requires leadership that understands the various functions of a business and systems thinking.
Through studying for a business degree, students will learn best practices for recruiting and retaining qualified employees, such as total package compensation and feedback loops. Students also learn skills that can help them start a business, such as deciding supply chain and logistic practices, engaging with stakeholders, developing partnerships, analyzing market trends, and managing payroll functions.
Real-World and Applicable Learning
The best business courses offer students the opportunity to investigate real-world global and local challenges, explore best practices and stakeholder-minded solutions, and practice leadership decision-making. Former ACE students have shared their excitement about completing assignment activities that are applicable to their current careers. Students have developed training programs, created school-wide newsletters and written proposals that were used in real-world settings outside of class.
The case study is a popular learning tool used in business curriculum. Harvard University developed case-based instruction in the 1920s, and it invites learners to engage in problem solving, idea exchange, critical analysis and big picture thinking. Students examine real-world cases where they are guided through reflective analyses to practice ethical and inclusive decision-making. Case-based instruction and applicable assignments allow business degree students to practice their skills before putting them into practice on the job.
Faculty Perspective: Teaching Business Degree Students
I’ll conclude by sharing why I love teaching business. Teaching business means I also learn something new with each course I teach. Students enrolled in ACE business courses are in various careers, such as school administrators, business owners and healthcare professionals. Additionally, students come from diverse cultural backgrounds and are in regions across the country and even around the world.
Each student brings their experiences, individual knowledge and specific expertise to our weekly discussions, which generates rich, meaningful conversations and knowledge sharing. It’s through these conversations that I myself have learned about industry-specific trends and challenges, which has increased my knowledge and helped me develop new ideas for curriculum and assessment development. This is an example of the richness that comes with the business degree experience. Even instructors benefit from it!
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