Are you looking for your dream career and asking yourself should I major in business? If you are, then you are not alone. In fact, the number of students opting for a business degree is growing every day.
The pandemic year and beyond is witnessing a large number of students opting for business degrees, despite the economic downturn. The National Center for Education Statistics (NCES) stated that the number of students earning a master’s degree in business rose to 200,000 in 2019 from 26,490 in 1971.
While the competition is stiff, the demand for business administration degree holders is high as well. They help students gain the experience and knowledge that can be applied to diverse careers. A business degree is applicable to all areas of work, not just the corporate sector. The curriculum blends practical and quantitative courses to provide you the skills you need to excel as you learn everything from marketing and branding to financial management and data analysis.
It is clear that a business administration degree will teach you a lot and set you up for success. But if you are still asking yourself if a business degree is right for me, then read through this article for some insights. Here you will find the relevant information about the different business degrees that will help you make the right career choice.
Ask yourself why should I major in business?
Apart from being one of the most in-demand degrees out there, business programs also form a good foundation for careers in diverse fields. They are practical and grounded in business fundamentals that are applicable to all industry sectors. Business degree holders are typically focused on getting into management careers where graduates may lead teams and drive organizational progress. Though a popular choice, students with a unique mindset are most likely to excel more than others.
Learn about the why
We have created a checklist of the key traits of business professionals. Go through them and check how many you identify with. It will help you determine how good a fit a business degree is for you.
- I like challenges
- I am good at time management
- I like troubleshooting and problem solving
- I am a team player
- I like numbers, and I am good at crunching data
- I am good at critical thinking and applying independent thought
- I am a natural leader
- I know when to ask for help
- I am a lifelong learner
- I am creative, and I like generating big idea
- I am passionate about affecting change in the business world
The more boxes you check, the more you are suited for a business administration degree. So if you are still wondering, is business right for me and what field of business is right for me, then read on. There are different kinds of business degrees. Bachelor’s degrees are offered as BBAs, BAs, or a B.S. in Business Administration. Some schools may offer a Bachelor of Applied Science in Business, but among all of them, the BBAs are the most opted for. Graduate degrees may range from a Business Administration Degree, a Business Management Degree, or even some area of specialization like human resources, economics, or information technology?
What will I learn in a business administration degree?
A business administration degree will offer you a well-rounded and foundational knowledge of business theories, evolving business practices, and organizational behavior. You will also gain entrepreneurial skills that will further prepare you to run your own business.
The curriculum will teach you to supervise teams, manage projects, analyze and interpret data, and make business strategy decisions. You can specialize by choosing a concentration that will help make you even more business savvy. These concentrations can emphasize management skills, human resources management, healthcare administration, or logistics. You will also learn about various interpersonal and decision-making skills that you need to get into and grow in the modern business world.
The leading colleges for business administration offer hands-on coursework and global learning opportunities. As a student of these programs, you will build varied business-related skills. These span areas like communications, leadership, ethics, finance, and marketing.
Topics usually covered in online business bachelor’s degree programs include:
- Career DevelopmentBusiness and Society
- Business Law and Ethics
- Business Research
- Business-oriented computer applications
- Data Analysis with Spreadsheets with Lab
- Critical Thinking and Problem-Solving
- Database Essentials for Business with Lab
- Financial Accounting
- Finance for Business
- Global Business Strategies
- Financial management
- Introduction to Business and Technology
You will also have to choose electives or concentrations along with projects that cover research areas and data analysis. These are designed to prepare you for work in business, sales, marketing, healthcare, human resources, or education, as well as for advanced studies.
What are some of the typical concentration options in an online business administration degree?
- Business Administration General Plan
- Business Analytics
- Information Systems
- Operations & Supply Chain Management
- Human Resource Management
- Hospitality Management
- Project Management
- Sales and Marketing
- Small Business Management and Entrepreneurship
What are the types of business degrees and salaries?
Bachelor’s in Business
A bachelor’s degree in business can be offered as a BBA, B.A., or B.S. Some schools only offer a BBA or a Bachelor of Arts, others only a Bachelor of Science. While the degrees differ slightly in nature and approaches, they are quite similar at the core. Some schools offer both options, while most of the leading schools for business offer a bachelor’s in business administration degree.
The requirements for these degrees might differ, as they do their concentration options and nature of internships. These degrees can be offered on-campus as well as online. In fact, the latter is increasingly becoming popular. Students need to do their research and find out the specific requirements of each program of study to make sure that they have taken the right courses and specializations that align with their interests and career goals. Despite their differences, students of all these programs share the same foundational knowledge and skills as they prepare for a graduate business administration degree.
Master’s in Business
Most people think immediately of an MBA when they consider a master’s degree in business. In reality, there are different types of master’s degrees in business offered by the leading business schools in the country. Students can opt for a generalist degree that covers the fundamentals of business. Or they could opt for a specialist degree that focuses on a particular area and helps them become a subject-matter expert in the field.
In each case, they gain the essential skills and learn the strategies to take their career to the next level. Take a look at the different types of business master’s degrees to understand which one best meets your needs. The admission criteria, curricula, and costs all depend on the institution, location, and program chosen, so your preferences will play a big role in the final decision.
Types of business degrees and salaries
Generalist business administration degrees
- MBA – Master of Business Administration
- MIM – Master in Management –
- MBM – Master of Business Management
These general graduate degrees in business offer students a comprehensive and strategic understanding of common business principles. It prepares students for diverse industries and jobs. The curricula are typically grounded in theory, with the learning supplemented with activities designed to help students gain the corporate perspective through internships or consulting projects.
MIM degrees are designed to complement all undergraduate studies. They are best suited for students with less than two years of work experience and who want to learn general management principles. Some ask students to come with a specific concentration at the BBA level as well. These may help them qualify for admission easily.
An MBA degree has a prestigious reputation and is the most popular among business degree choices. Students learn through hands-on, practical application via internships, group projects, and consulting projects. Some programs require several years of work experience, while others accept students who have completed a bachelor’s degree in business, especially from the same institution. Most MBA degree holders are recruited for mid to senior-level positions.
Specialized business administration degrees
A specialized business degree helps students focus on a particular area of business or industry. In-depth knowledge in a specialized subject area may lead to faster career advancement and earning potential. This focus helps students to shine in their chosen field and is a great way to start their career in business.
A quick overview:
- A Master of Accountancy degree – Prepares students for careers in consulting, finance, and operations. They gain the additional experience needed to earn their Certified Public Accountant credential.
- A Master of Finance – While some require significant work experience, others are targeted at those early in their career in related fields. Students are prepared to excel in fields such as finance, risk, insurance, and banking. They can work as retail or corporate bankers, financial analysts, and financial advisors.
- Master of Data or Business Analytics – These degrees are designed to meet the growing demand for skilled professionals who have an analytical mind and can extract insights from data. Most schools accept candidates from any undergraduate degree, but ones with statistical skills may be preferred. Students need to learn a programming language like Python or R.
- Master in Marketing – These programs provide students with a good foundation in marketing principles, such as strategy, market research, and branding. They can further tailor their degrees through a choice of electives covering topics such as analytics or digital. These degrees provide a straight path to careers in brand management, advertising, public relations, sales, and more.
- Master of MBA – Healthcare – This is an increasingly growing field. As more healthcare jobs open up, there is a demand for people with skills to fill up management positions. Students are trained to work in hospitals and clinical settings, managing large departments, and teams.
Go through the details and study them, and then ask yourself again what field of business is right for me. This will help you make the right choice for your career.
Earning a graduate business administration degree is an excellent investment for the future. Business professionals who wish to enhance their leadership skills with the aim of progressing into positions with added responsibilities will do well to gain business master’s degrees.
A master’s in business degree will help you develop a competitive edge in the market no matter which kind you choose. These are highly versatile in nature and will help you build a strong professional network. Business master’s degree holders can potentially negotiate a higher salary and see steady growth throughout their careers. According to the U.S. Bureau of Labor Statistics (BLS), bachelor’s in baa holders typically earn $64,896 per year while master’s degree holders earn $77,844 a year, to begin with.
Preparation is key to choosing the right business administration degree. Take time to research schools, save money, and prepare to enroll in a business program that is best suited for your career needs.
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