Different types of business degrees that you should know about
Business is a vast ever-growing field that has a variety of branches and subfields. Nearly everything and every object all around happened to be related directly or indirectly to one of the other business functions. But with so many business functions and subfields available, it can be hard to select and specialize in one. And selecting the right one is extremely critical as it defines your success or failure.
We know how daunting it can be to decide which business concertation best fits your career aspiration given that there are so many online business degrees available from associate level to the doctorate. Moreover, the availability of a wide range of interdisciplinary subjects such as accounting, management, finance, entrepreneurship, administration ensures that while pursuing a concentration in business we have a thorough understanding of all those elements that makes a business successful.
So, to help you with your options and that you can make an informed decision, we will breakdown all the elements which you should consider
Different kinds of degrees that are offered
Before you decide on what kind of concentration you want to focus on, it is advisable that you first choose what kind of business degree you want to pursue. There are various kinds and levels of business degrees that are being offered and ranging from associate and post-secondary level to the doctorate. Additionally, some certification level courses are usually open to all and that have a time duration of fewer than two years
Moreover, if you are pursuing a bachelor’s degree in business, then you required to have a high school diploma degree and once you are enrolled in the program, you are expected to complete it with two to four years. Additionally, if you were pursuing advanced studies and are looking to enroll into either master’s or Doctorate program, then you are expected to have at least a bachelor’s degree to get enrolled in Masters, whereas for Doctorate some school expects you to have a master’s degree while for others bachelor’s degree would do. A master’s in business usually takes up to 2 years while for doctorate it is up to 2 or 3 years
Selecting a business major
There are several factors which you should consider while choosing a business major; these include:
Personal Interest: This is one of the most important factors when deciding upon a business major. You are expected to a considerable amount of time studying concertation in which you will be pursuing your majors, so if your interest aligns with that concentration, you should pursue that. It will be easier for you to stay motivated and score good grades since it will naturally align with your likes and dislikes
Knowing your strengths: Knowing your strength and playing to it significantly increases your chances to succeed. If you are naturally good at something, then it is high time you align your future goals and career according to it. Once you base your education and work experience with regards to your strength and skill set, you significantly improve your chances to succeed as well. For example, someone who is good at public speaking and has a strong network of friends should pursue his majors in Marketing.
Salary expectations: Another factor to consider is the salary. Different programs have a different baseline and average salary, and if you are looking for a luxurious lifestyle, then you should consider programs that offer higher average salaries.
Career: Besides salary, consider the career which you want to pursue. Different majors offer different career paths, and you need to research and decide what kind of career you want to pursue.
Healthy Balance: A healthy work-life balance is essential and tilting the scale towards one or the other, often creates an imbalance leading to an unhealthy routine. However, in certain careers, you are expected to spend more time and devotion towards your job, usually in upper-level management. And you should make your career choices based on that.
Different types of business majors
These are a few business majors in which you could focus on once you have weighed in all the factors
- Accounting: It happens to be one of the most popular choices as a major. It deals with recording, managing, and analyzing financial statements, reports, and other business documents. You are expected to learn about the audit, taxation, accounting information system, business laws and managerial accounting within the coursework. And you can even pursue different certifications such as ACCA or CPA, to enhance your skills further.
- Marketing: Besides accounting, it is another popular field to pursue your career in. You are expected to learn about product management, product promotion, product pricing, consumer expectation, brand awareness and the role of advertising. The coursework typically focuses on market research, brand management, consumer sentiments, and marketing strategy. This gives you in-depth knowledge about the product and the market you are operating in
- Sales: This is the key function of business operation, and the entire business setup relies on that. As a sales major, you will learn about how to sell different products and services to both B2B and B2C types of marketing. Additionally, you will also learn about market dynamics, entrepreneurship and business economics as well. It is an interesting and well-paying field.
- Finance: Everything and anything is related to finance. Without finance running the business operations, it is close to impossible. As a finance major, you learn about the coursework regarding financial management financial analysis, accounting, financial markets, and investments as well as business operations. You are expected to manage informed decisions regarding business investments and long-term operations. It is a highly rewarding field
- Human resource: Human Resource lies at the heart of a business. As a Human Resource major, you are expected to work on job functions such as training, recruiting, and motivating, and managing the employees. The coursework includes labor relations, employee benefits and compensation, management and organizational behavior.
- International business: is another interesting field where you get to learn are international business management, monetary and fiscal policy, taxation, international relations, global markets, and banking. The coursework normally includes logistical costs, business relations, and ethics, financial markets and institutions, business communication, corporate finance, international markets, and operations. The students who pursue a career in international business are normally hired by multinational and global organizations
- Business administration and management: It is one of the most demanding fields whereas a business administration major you are expected to learn the fundamentals of business organization, additionally you learn how to analyze its strengths and weakness and how the company operates within the industry. The coursework normally includes business policy, business ethics, and law, information system, financial modeling, financial management, international management, and operation. It is a highly rewarding field where you are expected to make more than $80,000 annually.
The final thought
There is a wide range of business degrees and courses available, each leading to a different path and a different career. Nevertheless, no matter what business concentration you choose, companies are always on the lookout for effective future business leaders who can be financial experts and strategic thinkers and help the company make the big jump.