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Facts about Business Degrees you need to know

by StudyMalaysia.com on August 5, 2015 | Top Stories

Let's get down to business! A business degree is the most popular choice of undergraduate degree in many parts of the world. This didn't happen by chance, of course. If you've considered (or are considering) studying business and one of its many specialisations, reading this article might seal the deal for you.

Facts about Business Degrees you need to knowThere are more than 850 business-related courses offered by higher education institutions (both public and private) in Malaysia at certificate, diploma, bachelor degree and postgraduate degree levels. And that's a lot to choose from if you're considering studying business.

According to the National Centre for Education Statistics in the US, the greatest number of bachelor's degrees conferred in 2011-12 was in the field of business (367,000). This was followed by social sciences and history (179,000), health professions and related programs (163,000), psychology (109,000), and education (106,000). Business has been the single most common major since 1980-81.

Business is also tops at the master's degree level – 192,000 degrees were conferred in the field of business, followed by the field of education (178,000).

In Glassdoor's ranking of “25 Best Jobs in America 2015” (determined by combining three key factors – number of job openings, earning potential and career opportunities), 10 of the 25 jobs ranked are linked to a qualification in the business and administration field of study:

1. Physician Assistant
2. Software Engineer
3. Business Development Manager
4. Human Resources Manager
5. Finance Manager
6. Marketing Manager
7. Database Administrator
8. Product Manager
9. Data Scientist
10. Sales Manager
11. Solutions Architect
12. Mechanical Engineer
13. QA Engineer
14. Business Analyst
15. Electrical Engineer
16. Network Engineer
17. Civil Engineer
18. Audit Manager
19. Physical Therapist
20. IT Project Manager
21. Client Services Manager
22. Supply Chain Manager
23. Mobile Developer
24. Nurse Practitioner
25. Sales Engineer

 

One of the advantages of a business and management degree is the employment variety. You can pursue management positions in almost any industry. What industry inspires you? Hospitality, healthcare, banking, education, NGOs, mass media, government, agriculture, social services, sports, and more – all these need management positions, the right people with the right professional skills to help them run their business or organisation.

Wondering about employment after graduation? According to employment projections from a 2013 report from the U.S. Bureau of Labor Statistics (BLS) the number of job openings in a variety of business-related fields will continue to grow through 2022. According to the BLS, positions like accountants, auditors, financial analysts, financial advisors, and management analyst will continue to experience healthy growth.

But wait! Don't rest on your laurels just yet. A business degree may be your ticket to a great career but you need to have skills too. Here are some skills that employers consistently say they are looking for in business graduates – have problem-solving and decision-making skills; and have the ability to manage multiple priorities, analyse large amounts of data, communicate effectively, and construct a cogent argument.

There are many types of business degrees you can consider, so you should narrow down your interests and choose the specialisation that can lead you to the career you want. Here are some specialisations you can consider, common subjects you can expect to study, and the possible jobs you can pursue:

Specialisation Common course subjects Possible job titles
Accounting accounting, financial analysis, economics and business law accountant, financial analyst or payroll manager
Advertising market research, consumer behaviour and brand management marketing manager, copywriter or media planner
Business Administration accounting, economics, human resources and management human resources manager, business analyst or operations analyst
Business Management accounting, management, marketing and leadership sales manager, account manager, or project manager
Business Technology process management, operations management, IT management and project management business analyst, process analyst or business consultant

 

Communications mass communication, public relations, mass media and interpersonal communications public relations manager, communications specialist or copywriter
Economics macroeconomics, microeconomics, accounting and business statistics financial analyst, contract specialist or economist
Entrepreneurship accounting, marketing, performance management and business strategy business owner, business manager or management analyst
Finance financial modelling, portfolio management, taxation and business law risk manager, portfolio analyst or financial analyst
Healthcare Management financial management, policy management, healthcare operations and healthcare law health services manager, patient care associate or medical director
Hospitality Management tourism, business administration, human resources and management guest services manager, hotel manager or general manager
Human Resources management, leadership, organizational behaviour and employment law human resources manager, recruiter, or benefits specialist
International Business international marketing, global commerce, business ethics and communication management analyst, supply chain manager or business development specialist
Marketing consumer behaviour, marketing management, internet marketing and communications marketing manager, marketing coordinator or marketing specialist
Project Management organisational management, leadership, communications and project management project manager, business analyst or project coordinator
Public Relations communications, advertising, public speaking and writing public relations manager, event coordinator or communications specialist
Statistics algebra, calculus, probability and statistics statistician, data analyst or business analyst

Reference:

Glassdoor - 25 Best Jobs in America 2015
National Centre for Education Statistics, Fast Facts – Popular majors
Ringler, I., Experts Predict Job Market Primed for Business Majors, Kaplan University
Tilus, G. (2013), A Complete Breakdown of the Different Types of Business Degrees, Rasmussen College

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