Business and related subjects (such as the ‘FAME’ group – finance, accounting, management and economics) are among the most popular fields of study at universities worldwide, particularly at graduate level. You might have some vague ideas about why this is the case – business graduates are in high demand worldwide, business touches on pretty much every aspect of modern human society, careers with a business degree are diverse and often highly paid – and these assumptions are likely to be largely true.
But if you’re still not quite convinced, here’s a deeper exploration of the question, ‘Why study business?’
First, it’s important to recognize that there are many different types of business degrees to choose from, offering different specializations and benefits, and applicable to people at different stages of development and with very different career goals.
Types of business degrees
The term ‘business degrees’ is typically understood to include a fairly wide group of courses, some highly specialized and others more interdisciplinary; some more academic and others primarily focused on practical professional development. You can categorize types of business degrees by level (ie. undergraduate, graduate, professional), and also by subject focus. Some of the areas of study likely to be covered by different types of business degrees, either directly or as supplementary elements, include:
Accounting
Management sciences
Computer sciences
Finance
Sociology
Entrepreneurship
Marketing
Law
Modern languages
Human resource management
Quantitative techniques (mathematics)
Strategic management
Economics
At undergraduate level, and on some graduate-level business degrees, students are able to gain a foundation in many of these aspects of the business world, before choosing a specialization. From master’s level onwards, it’s more usual for business degrees to be focused on a particular aspect of business, though there may still be a lot of flexibility for students to shape the course to match their own interests. Meanwhile MBA (Master of Business Administration) and Executive MBA programs are targeted at those who have already gained significant professional experience, and typically have more of a focus on professional development.
Whichever level you study business at, and whatever field of specialization you choose, you can expect all types of business degrees to have a strong emphasis on the practical application of theory, through the use of case studies, problem-solving tasks, project and team work, and often also internships and placement schemes.
Careers with a business degree
The combination of academic challenge and practical focus makes the prospect of studying a business degree highly appealing for those attracted to the competitive yet collaborative learning environment offered by many business schools and departments. But for most people, the answer to the question ‘Why study business?’ is best answered by reference to possible careers with a business degree.
Business graduates go on to work in myriad different sectors, and not all of them are those you would typically associate with business in general. More obvious careers with a business degree include roles in accounting and finance departments, which take in large numbers of business degree graduates. Other sectors with high demand for business graduates include marketing and advertising, as well as retail, sales, human resources and business consultancy. The diversity and plenitude of careers with a business degree underlies the subject’s appeal for many students.
If you’re unsure of how to start developing your career after graduation, you may consider joining one of the many graduate training schemes which many large and international companies run. These often allow graduates to spend time completing traineeships in different parts of the business, and often different regions of the world, before opting for a particular career track to pursue.
You could also use your business degree to pursue roles within SMEs (small- to medium-sized enterprises), innovative new start-ups, charities, non-profit organizations and NGOs. If you have a bright idea and the knowledge to back it up, you may even consider launching your own business,
Depending on your area of interest and the specialization of your business degree, possible careers with a business degree could include:
Management consultancy
Teaching/training
Marketing
Trading
Chartered accountancy
Market research
Advertising
Retail buying
Personnel officer
Investment banking
Retail management
Public relations officer
Bank management
Sales
Distribution and logistics management
Insurance underwriting
Consumer products
Business degree salary expectations
As already mentioned, earnings potential is at the heart of many business’ students motivation. While you shouldn’t expect a huge business degree salary as soon as you graduate, the skills and knowledge gained from a business degree should facilitate your career progression, making it easier to climb into management-level positions with higher salaries.
The message really is: the business degree itself does not automatically mean a high salary – though graduating from a highly reputed business school with strong grades is certainly likely to open up some interesting opportunities and perhaps a large business degree salary. You’ll still need to prove yourself, and be ready to work hard, if you want to reach your career and salary goals – and be prepared for plenty of competition.
In the US 2013-14 PayScale College Salary Report, the average starting business degree salary was reported at US$43,500, with the average mid-career salary at US$71,000. The figures vary depending on the specialization: international business graduates are projected to start on US$43,800 rising to $US83,700 by mid-career; for finance the figures are $49,200 and $87,100; accounting $45,300 and $74,900; human resources $38,000 and $63,900; organizational management $41,900 and $60,300; marketing management $42,100 and $80,200.
For those studying at the master’s level, business degree salary expectations are likely to be higher. According to the latest TopMBA.com Jobs & Salary Trends Report, salaries for MBA graduates average almost US$109,200 in the US and Canada. In Western Europe the average earnings for those with an MBA are a little lower overall – but this varies depending on the country, while expectations in Australia are around US$117,800.
If a top salary is important to you, it may be worth while researching the latest salary trends and forecasts for different business specializations, as well as looking into the world regions reporting highest demand for business graduates.
Transferable skills gained from a business degree
During your business degree you’ll develop a broad knowledge of business operations as well as gaining targeted skills in your specific field, such as customers, markets, finance, operations, strategy, business policy, communications and IT. You’ll typically also be challenged to explore these fields within an international context, though in some cases it will be advantageous to specialize in their application within a particular country or world region.
You can also expect to gain many valuable transferable skills, which can be put to use in both everyday life or if you decide to take a completely different career path. The skills gained from a business degree are likely to include:
An understanding of how organizations operate
Strong communication skills (oral and written)
Analytical and critical thinking
Problem solving
Decision making
Logical thinking
Presentation and report writing skills
Numeracy and an understanding of how to interpret and use financial data
Self-motivation, initiative and effective time management
Project and resource management
A close understanding of economic fluctuations and other external changes affecting business
Whether or not you’re obsessed with becoming the next Sir Alan Sugar (or, for the North Americans among us, Donald Trump), a business degree is a great way to develop many of the transferable skills needed for use in a business environment.
There a number of types of business degree which you can undertake, one of the most common of which is an undergraduate business studies degree. Often a business studies degree will cover subjects such as accounting, finance, management and, increasingly, entrepreneurship. This wide range of subjects reflects the multidisciplinary nature of business, and the importance of understanding all the key elements needed to make a business successful.
If you’re looking for a degree which specializes more in a particular aspect of the business world (e.g. economics or marketing), consider taking a dedicated program in that area, or a joint honours degree (e.g. Business & Economics). The advantage of a joint degree is that you acquire general business skills along with more specialized ones, leaving you well placed when it comes to applying for graduate jobs.
What can you do with a business degree?
So, what can you do with a business degree? If you’re someone who enjoys the professionalism and high-powered nature of big business, then you’re likely to be considering a business degree as a stepping stone to a high-status, high-salary career. In today’s world, corporate business careers are available in pretty much every sector you can think of; all industries need strong leaders, managers, financial advisors and market-savvy decision-makers. For many business graduates, however, the traditional pathways still hold a strong appeal – including careers in the banking and financial sectors, consultancy, human resources and marketing roles.
If a straightforward corporate career is failing to get you excited, then a business program can also give you the skills to create your own business, or to take on business and management roles within more creative industries, be that fashion, media, or even the charity sector.
The good thing about a business studies qualification is that it can open you up to many entry-level roles upon graduation, while still allowing those who wish to specialize further the chance to improve their return on investment with a graduate degree (read: those who study to master’s level may see a much higher starting salary). Examples of postgraduate programs include Masters in Management, Masters in Finance and (for those who’ve gained some professional experience) the Masters in Business Administration (MBA).
For the purposes of this article, I’ll be focusing on business careers that can be gained via an undergraduate-level course, with and without postgraduate study. Read on for examples of typical and not so typical careers with a business degree.
Typical careers with a business degree
Don’t assume that studying business is a one-way route into business leadership and management roles – while this is a common path, business careers span multiple industries. Good business and management skills are key elements of any profitable company, and therefore effective leaders, strategic thinkers and financial experts are all in great demand. Big or small, global or national, companies all over the world are looking for business graduates like you.
Business careers in accounting and finance
Generalised business studies degrees will usually cover aspects of accountancy and finance. But if you wish to pursue a career in accounting or finance, you’ll usually need to gain further qualifications. A good option for business graduates is to apply for a graduate role, and complete a specialized qualification while you work. In many larger companies, the course costs will actually be covered by the employer.
If you do decide to go into accounting or finance, your job may involve reviewing your company’s financial situation both past and present; advising clients and colleagues on tax and expenditure; managing records and business transactions; playing a role in mergers and acquisitions; and taking responsibility for preventing bad practice as well as fraud and negligence.
For more advice on prospective careers and specializations in accounting and finance, view our individual accounting and finance subject guides.
Business careers in management
Becoming a manager is a tough job. There may be long hours, disruptive colleagues or simply a lot going on at once – but someone’s got to do it! The upside is that managerial roles are known for being higher-paid, as well as boasting many opportunities for career progression or even a career U-turn. Managers can be found across all industries and fields, and their job is to provide structure and strategy to a workplace.
Because of the responsibility of such positions, it’s unlikely you’ll find a managerial role without first gaining a further degree or a number of years of mid-level work experience. Despite this, business graduates are well-placed to become a managers later on in life, and with determination and steady career progression an additional degree may not be necessary.
Another option which may appeal is the field of business consultancy. This means working as part of a team, combining your business expertise and analytical skills in order to provide advice to other companies, usually focusing on how to optimise a specific project or part of the business. Projects and clients may vary widely, ensuring plenty of fresh challenges to get to grips with. Or you may specialize in a particular type of business, combining your business knowledge with a second field of interest, such as engineering or logistics.
Business careers in retail and sales
There’s much more to retail and sales than shelf-stacking and cold-calling, especially if you’re armed with a business degree. Opportunities within sales and retail teams are numerous, including shop-based and office-based roles, as well as travelling positions for which a good knowledge of global markets is a must.
For those looking to rise to the higher levels of retail and sales careers, large companies often offer the chance to undertake a graduate training program or trainee management program, in order to fast-track your position within the company. This can be highly valuable in gaining on-the-job experience, while continuing to develop your business and management skills in a commercial world. Such programs can be highly competitive and often require good grades as well as a proven passion for the industry.
Other common graduate careers with a business degree include roles within auditing, banking, communications, distribution, energy and utilities, hospitality and leisure, IT, insurance, journalism, law, logistics, manufacturing, media administration, production management, public relations, the public sector and defense, risk management and tax. As mentioned above, every sector needs good business brains!
Less typical careers with a business degree
And, you may ask, what can you do with a business degree without following the typical routes? Well, you can do rather a lot. Roles requiring business acumen and analytical thinking are innumerable, and your choice of which industry to head into is likely to be based on personal interests. It’s a cliché, but true – if you work for a company, product or service you truly believe in, you’re likely to be more motivated and effective in your role, and progress your career more rapidly.
Business careers in media
Although business studies degrees may not seem like the most creative of pathways, they can in fact lead to lots of roles within creative industries. Media is one such widespread industry, an umbrella term covering TV, film, online, newspaper and magazine publishing, events and more. While you’re unlikely to be directly involved in creative tasks such as writing, video editing or animation production, you’ll need a solid understanding of the media sector within which you’re working. Business careers in media include roles in sales, human resources, PR, finance and accounting, operations, marketing and branding, as well as overall management and strategic direction.
Business careers in marketing and advertising
Opportunities in marketing and advertising are numerous for business graduates, particularly for those with a bit of creative flair. In these industries, business graduates can use the analysis and report-writing skills honed during their degree in order to conduct market research, develop marketing strategies, manage client relationships, liaise with copywriters, designers and printers, analyze markets and evaluate campaign results. You’re likely to be working alongside specialists such as designers, video producers and copywriters, and will need to continually broaden your own skillset to keep pace with changes in technology and market trends.
Business careers in human resources
Business doesn’t have to be a dog-eat-dog world, and careers within human resources offer roles which require both business acumen and highly honed interpersonal skills. Recruitment, training and pay are all areas handled by the HR department. Great communication skills are essential, but you’ll also be expected to have a good basic understanding of business operations and management (which you should have gained during your degree), as well as detailed and up-to-date knowledge of employment laws and company regulations.
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‘What Can You Do With a Business Degree?’ is part of our ‘What Can You Do With…’ series. We have also covered biology, communications, English, fashion, history, law, marketing, mathematics and psychology.
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