Why Study Business?

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.

If you’re thinking of studying a business master’s degree, you can view the QS Business Masters Rankings 2019 for business analytics, management and finance here. Or, if you’re still not quite convinced, read on for a deeper exploration of the question: Why study business?

Types of business degrees

Business degrees are typically understood to encompass a fairly wide group of programs, 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 (i.e. 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:

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 include:

Business degree salary expectations

As already mentioned, earnings potential is at the heart of what motivates many business students. 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.

However, a 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.

According to NACE’s Fall 2018 Salary Survey the average starting business degree salary was reported to vary depending on the specialization:

For those studying at 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 US$116,300 in the US and Canada. In Western Europe, the average earnings for those with an MBA are a little lower, while the expected salary in the Asia-Pacific region is around US$85,900.

If a top salary is important to you, it may be worth researching the latest salary trends and forecasts for different business specializations, as well as looking into the regions of the world which are reporting the 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

Top universities for business degrees

If this article’s helped you decide you’d like to study business, the QS World University Rankings by Subject 2018 table for business is a good place to start your university search – you can gain additional insight by using the comparison tool or also checking the table for your desired specialization, such as economics.

As mentioned, those thinking of studying a master’s in business should also check the new QS Business Masters Rankings 2019, in which MIT’s Sloan School of Management is the world leader for master’s in business analytics degrees, London Business School leads the finance ranking, HEC Paris is first place for management, and Columbia Business School is top for marketing.

This article was originally published in January 2014. It was last updated in December 2018.

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