Picking a profession to excel in for the rest of your life is an important decision that should not be taken lightly. The profession of business incorporates academic challenge and practical focus. Studying business allows you to choose from a variety of degrees which enable you to earn a comfortable living and make advancements within the field.
Although a common career choice, studying the major of business can potentially create a different experience for everyone. It is a “combination of academic challenge and practical focus,” which 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. It is common to see students enter the study of business without knowing for certain what it entails and what to expect. But, for most people, the answer to the question “why study business?” is best answered by reference to possible careers with a business degree.
With a degree in business, the options for what one can do with it are endless; there is a plethora of job opportunities and career options that can best fit one’s interests and needs. Business graduates go on to work in myriad different sectors, and some career paths are very unconventional from those one 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. Aside from these careers, there is a high demand for business graduates to go into marketing and advertising. In addition, plenty of job opportunities are available in 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.”
With such a wide array of job options, business graduates can oftentimes feel overwhelmed and are unsure of how to start developing their career after graduation. One common path is joining a graduate training scheme. Joining one of the many graduate training schemes should definitely be considered if unsure how to start developing one’s career after graduation. Graduate training schemes can take many formats depending on the employer, but usually allow graduates to experience many aspects of both the role and the organization as a whole. These schemes are run by many large and international companies, and they 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.
One could also utilize their business degree to pursue roles within SMEs, which stands for small-to-medium sized enterprises. Aside from SMEs but similar places a business degree can be used include innovative new start-ups, charities, non-profit organizations and NGOs, or non-governmental organizations. If one has a bright idea and the knowledge to back it up, they may even consider launching their own business. Entrepreneurship is a somewhat risky, yet common path people with business degrees choose to pursue.
As mentioned earlier and a common theme within all career paths, earnings potential is at the heart of what motivates many business students. It must be noted that one should not expect a huge business degree salary immediately after they 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.
Another common idea that must be remembered is that a business degree itself does not automatically mean a high salary. However, it is promising to know that 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. In the end, each individual still needs to prove his or herself and must be ready to work hard if they want to reach their career and salary goals. Most importantly, someone pursuing any career in business has to be prepared for plenty of competition as the business field is quite competitive.
For those studying at master’s level, business degree salary expectations are likely to be higher. This can be seen from statistics and a quantitative point of view. According to the latest TopMBA.com Jobs & Salary Trends Report, salaries for MBA graduates average 116,300 dollars 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 85,900 dollars. For those of whom salary is of utmost importance, 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. Information of this sort can easily be accessed and is beneficial in educating individuals on what kind of paying jobs are out there.
Different business careers have their own aspects characteristic to them that are important to be educated on in order for individuals with business degrees to choose the occupation best fit for them. First comes marketing careers. To work in marketing, one needs very good communication skills, as they are going to have to persuade others that their suggested strategy is the right one to pursue. They will also have to be able to plan ahead. For instance, in a marketing career, an individual might have to to decide what activities to include in their campaign for the coming year and how they will spend their budget, but also be flexible and prepared for if things, such as prices, change. Lastly, they’ll need to deal politely but firmly with suppliers’ salespeople, when they get in touch to buy one product and they want to sell them lots of others.
Next comes specialist digital roles. For specialist digital roles, which include pay per click (PPC) marketing, one needs to be good with data and spotting patterns in numbers. The same applies if someone wants to work in market research. For more general business roles, individuals need some ability to analyze data, an element of creativity and to be reasonably confident with other people. People with jobs in business will be likely to cooperate and collaborate with lots of different colleagues at all levels of the company and also to have lots of contact with suppliers and with members of their target market. It’s also important to be resilient, “in case one’s great new idea for a campaign has cold water poured all over it by your boss or the CEO.”
If an individual works in what is known as business to business marketing (B2B). They’ll need to feel comfortable producing work that has a slick. Business-like feel, and to portray this image his or herself in their interactions with others. Patience is key. As they might also need to be prepared to wait around. While their ideas are escalated up the company hierarchy for approval or modification before they can put them into practice.
In contrast from business to business marketing is business to consumer marketing (B2C). Business to consumer marketing might suit someone if they want a career that’s a bit more creative, fast paced and able to react to current trends. For example, someone working in business to consumer marketing might set up a competition to win the latest must-have item or book a stall at a music festival or big event to promote their charity.
Many marketing roles, particularly the more generalist ones. involve representing the company to the outside world. Individuals within this field will probably be expected to meet suppliers or clients. And attend events that are popular with their target market. On the downside, it’s unlikely that these meeting and events will all be near an individual’s homebase office, and not all events will take place during normal working hours, which can be challenging. That being said, people within this job field need to be adaptive, flexible and prepared to work some evenings or weekends when necessary. They also might have to travel to different parts of the country, or the world, meaning they are away from home from time to time. However, individuals will generally know well in advance when this will be, so they can plan accordingly. This kind of job with these aspects is most certainly not fit for everyone. Some people might enjoy getting out of the office. But find that they can’t always attend evening or weekend commitments outside of work. Making this type of career difficult.
Furthermore, the career path of business has endless different roads to take and a world of possibilities for what the future will hold. It all depends on what one’s personal interests are and what career choice and its demands are best fit for them. What may seem as a problem or con of certain business career to one person can be another’s selling point on why they want that occupation. This wide array of choice makes studying business a smart and flexible major to study and can ultimately lead to so many different careers.
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