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Not everything you’ll have heard about studying a business degree is actually true. Some people might like to say that the only reason to study business is because “you just love the idea of making money”, or “you must be good at math”.
We spoke to IE Business School to bust some of the most enduring myths surrounding business degrees.
Myth #1: You just want to be a millionaire
Sure, you’ll make a lot of money studying business but there have to be simpler paths to follow if your only ambition is to become a millionaire. According to the US 2017-2018 PayScale College Salary report, the average business graduate starting salary ranges from $42,700 in human resources management up to $58,700 in business and information technology, so not quite million-dollar amounts.
Of course, things are slightly different if you choose to study an MBA in addition to a business degree at undergraduate level. According to figures obtained by QS, an MBA from a top European business school could increase your salary by as much as 79 percent. If a high-earning salary is something that is important to you, MBA programs like the one-year full-time MBA at IE Business School based in Spain’s sunny capital, Madrid are a perfect fit for you. The program is designed to encourage students to think outside the box, challenge their unconventional thinking and develop their entrepreneurial and innovative ideas.
Myth #2: You must be good at math
Although having a knack for numbers will help, the ability to communicate effectively with customers, clients and colleagues within the world of business is just as important. So don’t fret if your numeracy skills are lacking, and don’t let it discourage your decision to study business if that is what you want to do.
Myth #3: Business is too general
You can argue that every degree is too general. However, it’s important for students to understand the absolute basics of what they’re studying before moving onto a specialized area within their degree. The same applies to studying business. Many business programs cover a variety of topics, tools, methods and frameworks, but will provide the opportunity to specialize through electives further into the program. 150 different elective courses are offered at IE Business School as part of their International MBA.
Myth #4: Business is easy
As the world of business intrudes every aspect of day-to-day life, from a café deciding how much to charge for a cappuccino, to multi-million-dollar business negotiations between companies and organizations, the theories and models behind such decisions can be very complex.
Studying business encompasses an extensive range of skill sets and expertise necessary to develop in-depth knowledge about the industry. It’s also important that students keep up-to-date with current affairs and trends within the business sector, so do your best to keep informed, even if it’s just watching the business news every evening (any excuse to watch television!)
Myth #5: The business job market is competitive
There’s competition in almost every other graduate field, and not just in business. Although you cannot change how well the job market is functioning when you graduate, you can take some steps during your studies to make yourself stand out.
Most business programs offer their students the opportunity to practically apply their business knowledge by having them undertake internships or placement schemes. An internship or placement scheme gives students a sense of business in the real world and to utilize their skill sets and expertise within a real working environment. Taking advantage of a placement scheme or internship can be hugely beneficial as it allows you to demonstrate and apply your academic knowledge within an authentic working environment where it really matters.
Myth #6: Career opportunities for business graduates are limited
Many assume that business graduates are restricted in the type of jobs they’re able to find, doomed to a stereotypical 9-5 office life.
In reality, the fundamental expertise and innovate skill set you can gain from studying a business degree can expose you to a versatile job market, where opportunities await in various fields and industries. From sales and marketing, to media, to finance and banking to entrepreneurial start-ups, business graduates are also seeking career opportunities within the tech industry.
As technology continues to dominate the traditional business landscape, business graduates can be considered the ideal candidates who are able to bridge the gap between business and technology.
At IE Business School, graduates have gone onto become consultants, financial managers, entrepreneurs, marketing managers and more.
Myth #7: Your degree won’t be recognized with international universities or organizations
Attending an institution which is accredited with global rankings and has a good track record is always beneficial regardless of this misconception. IE Business School is recognized worldwide for its extensive range of bachelor’s programs, master’s programs and PhD courses and offer exchange programs to study elsewhere.
This article was originally published on November 16th, 2018.
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