Starting a degree course is a big commitment, whether you are a full-time student or a working adult. Therefore, “is a business degree worth it” is a very common question we hear from people who wants to start a business degree. Nowadays, there are lots of research and education materials available online so is it really wise to invest a big amount of money for a business degree?
If you want to start a career in the business industry or want to start your own business or you are already a working professional who wants to advance in your business career then a business degree really worth it. Having a business degree can increase your job prospects, job opportunities, increase the salary, and all together boost your career progress.
What Is Business Degree?
A business degree is a broadly applicable type of qualification that trains students or professionals to build a career in different types of business organizations, companies, or financial services. Earning a business degree from a reputed educational organization can help you grow your career through lots of great opportunities. If you want to build a career in the business sector then a business degree is very important because this type of degree is applicable to nearly every sector of industry and commerce. Moreover, a business degree is versatile so it gives students lots of options to earn a business degree and enjoy above-average salaries and strong job growth.
Types Of Business Degree
Before we discuss the value of a business degree, we should have a clear idea about all the available business degrees. There are eight types of business degrees available. Let’s know about them!
Business Management Degree
Management is very important for a business because it helps people understand the core value of a business. So if you are interested in management then a business administration degree in management will be a great option for you. The main aim of this degree is to provide students the knowledge of business fundamentals and a focused study of business management principles. You will get a real-life application of this knowledge in a proper environment. Students can learn about current operations and marketing management practices and principles so that they can easily create efficient, productive systems and evaluate the various methods. Other skills a student will develop are marketing research, marketing management, product, and brand management, etc.
If you are interested in finance then a degree in finance will help you get relevant jobs. A business degree with a major in finance can help you learn various aspects of finance including investment, capital planning, international finance, financial analysis, etc. You will also learn how to assess and solve different problems related to a business by applying the principles of finance and accounting. You will also learn how to use various tools to identify and solve problems. You will develop skills like analyzing business functions, financial concepts, market trends, etc.
Marketing is the dynamic part of a business and it has lots of opportunities. So, if you are interested in this field then a marketing degree will be an obvious choice for you. In a marketing degree, key principles of marketing are explained including planning, implementation, controlling, and evaluating the marketing strategies, etc. You will also learn how you can measure the marketing policy and achieve a company’s goal. Other skills you will develop are competitor analysis, marketing management, sales forecasting, product management, product pricing, brand management, etc.
If your target is to start your own business then an entrepreneurship degree is the right choice for you. In this type, of course, you will become familiar with the real-world problems of running a business. Some of these problems are employment law, budgeting, management problem, marketing problem, product outsourcing problem, and many more. With this degree, you will develop different managerial skills like leadership and management tactics, etc.
International Business Degree
An international business degree will help you open up about global opportunities across the world. In this course, you will learn how international trade and finance policies works and they affect the outcome of a business. Moreover, you will be able to analyze real-world problems related to international business, the global financial market and its uses, international trade operations, and other related aspects. You will also develop skills related to international marketing strategies, construct management practices, leadership, and many more.
Human Resource Management
This is a very important part of the business sector because every industry has human resource management. So a degree in human resource management will offer you opportunities to boost your career in this sector. Usually, this type, of course, provides industry-focused knowledge and you will be able to grow your skill from human asset management to conflict resolution. Moreover, you will be able to learn how to develop a personnel selection process for a specific requirement of a business.
Operations Management Degree
Operation management means following the transformation processes which are related to processing and developing new products. Therefore, operation management is very important in today’s modern business and managing supply chain networks. So a business degree with an operation management major can help you develop required skills through coursework focusing on the various real-world factors. You will be able to analyze the behavior of supply chain networks and easily identify the problems and solutions of the problems.
Project Management Degree
A business degree with a project management major will help you lead and manage diverse teams within an organization and you will know all the steps to successfully complete every project in time. With this degree, you will be able to learn how to develop and use Gantt Charts, CPM and PERT techniques, etc. Moreover, you will develop skills regarding project plans including cost management, schedule management, and risk assessment.
Why Pursue A Business Degree?
If you closely look at all the above business degrees and their covering fields then you will understand the importance of a business degree. The business sector is very competitive and the trends and business strategies change very rapidly. So it’s very important to keep yourself up to date with the latest trends and changes. A proper business degree will help you adjust to all the changes and make you versatile for the upcoming challenges.
Nowadays, there is more demand for subspecialties like Accounting, Marketing, and Finance under the business degree. However, it is also true that other business degrees like Business Administration or Business Management are also covering important business skills to help you cope with modern-day professional challenges. The practical versatility that a business degree provides can be a major plus point for a job seeker.
A recent study showed, in 2019, there were more than 1.5 million job vacancies in the business sector of the USA and companies were only looking for professionals with a business degree. Though a business degree is not the only criteria to get a suitable job in the business sector a business degree will help you reach the destination where you want to be as a professional.
What Business Career You Can Pursue With A Business Degree?
There is no denying the fact that business is a big industry and there are lots of opportunities available in this sector. If you have a business degree then you can have lots of options at the beginning of your career. Usually, a business degree covers multiple disciplines as a result it opens up the door to a variety of roles. Here are the 10 most common job titles for a business degree holder:
1. Business analyst
2. Financial analyst
5. Human resources (HR) manager
6. Sales manager
7. Marketing manager
8. Sales representative
9. Administrative assistant
10. Project manager
So, it is quite clear that a business degree is not a one-way road. In fact, it unlocks numerous numbers of positions in a variety of fields and you can easily reach your desired target.
Projected Salaries And Growth Related To A Business Degree
A proper business degree will help you get a high-salary job. A study from BLS Occupational Outlook Handbook showed that, in 2018, the median annual wage for business and financial occupations was $68,350 compared to $38,640 for all other occupations. In the below table you will get a clear idea about the projected salaries and growth related to a business degree.
|Occupation||Median Annual Wage||Projected Growth (2018-2028)||Business Degree|
|Advertising, promotions, and marketing managers||$132,620||8%||B.S. in business administration – marketing MBA – marketing|
|Financial managers||$127,990||16%||B.S. in business administration – finance MBA – finance|
|Human resources managers||$113,300||7%||B.S. in business administration – human resource management MBA – human resource management|
|Medical and health services managers||$99,730||18%||MBA – health care management|
|Personal financial advisors||$88,890||7%||B.S. in business administration – finance MBA – finance|
|Financial analysts||$85,660||6%||B.S. in business administration – finance MBA – finance|
|Lodging managers||$53,390||1%||B.S. in business administration – hospitality and tourism|
So, after reading this article I think now you have understood whether a business degree is really worth it or not. If you want versatility in your business career then you should definitely get a business degree. Finally, a business degree will help you unlock a world of professional possibilities which results in a better life for yourself.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.