All students regardless of what profession they belong to, come across the world of business where they will be expected to deal with times of crisis efficiently and lead the team on in a manner both progressive and motivating.
Keeping this in mind, they must learn at one point in their live how businesses function, the certain aims and goals they have in mind and most importantly, the significance of business and business education in our societies.
In order to succeed in any field, students must learn the skills necessary for survival in this business-oriented world and how to implement them in their lives. As explained in the above quote by notorious American computer scientist Alan Kay, one must be fully aware of his present to invent his future and ergo, predict it.
To succeed in today’s fast-paced world, one must utilize his capabilities to the fullest potential and recognize his responsibilities to those around him and the organization that he may be representing. In this article, you will soon discover how vital a business degree and prove to be and how the future of not only business education, but that of business degree graduates actually is.
The idea of the extent of the growing demand for business education throughout the world can be understood from the fact that of the 1,895,000 bachelor’s degrees conferred in the years 2014-2015, the greatest number of degrees were conferred in business education (364,000) according to NCES. Moreover, the U.S. Bureau of Labor Statistics reports good news for business graduates stating that from 2012-2022 budget analysts see a potential 6% increase in business related job opportunities, marketing managers 13% and financial analysts see a striking 16% increase in jobs for business graduates.
According to Burning Glass Technology, three of the most desirable soft skills in today's workplace are communication, organization and polished writing skill, all three of which are taught in business education.
Why choose a business degree?
Business activity in the 21st century has engulfed the daily lives of people, as they work, spend, save and invest. It exerts influence over jobs, incomes and provides countless opportunities for personal entrepreneurial enterprises.
In times like these a business education degrees, even one that merely complements another has become a necessity, and for all the right reasons. Along with gifting the student valuable transferable skills, a business degree is one of the few degrees that doesn't deprive the students of vistas of opportunities but rather guides the student towards them.
Problem-solving, analytical thinking, and brainstorming, effective time management, interpretation of financial data, deciphering economic fluctuations are just a a few of the skills gifted to the student by a business degree.
Troubleshooting learnt and internalized during the course of this study enables the student to not only first understand the situation that he's put into, but to analyze each and every aspect of it, lay down the potential solutions to that predicament and then choosing the best-suited one thus also sharpening the decision-making skills of the student in a pressurized situation. Last but surely not least, your oral and written communication skills and presentation skills will also flourish as they form a crucial part of business education.
What type of business education should you opt for?
Whether you’re looking for a highly specialized degree or an extremely interdisciplinary degree or you’re inclined towards polishing your practical professional development, business degrees have you covered by being categorized by different subject focus. Some of the most prized and sought-after business degree key areas of study are; Accounting, Management Sciences, Finance, Marketing, HR management, and Entrepreneurship. You can choose to specialize in either of these categories according to your preference in your postgraduate degree, whereas an undergraduate degree goes for a more holistic approach building your foundations in all of these. Regardless of whichever strand of business degree you choose, all of them will help you build a sturdy, practical application of theory and effectively troubleshoot dilemmas which will be of utmost vitality in your professional career.
Careers with business degrees
Obtaining a business degree may prove to be your first step into a world of high-status and certainly a high salary. Every corporate sector that runs successfully in today's world search frantically for strong headed leaders, motivating managers, financial advisors, and market-savvy decision makers. Business graduates find themselves swimming in a sea of opportunities in the banking and finance sectors, consultancies searching for business analysts or human resources and marketing roles. For those individuals who are not willing to step into the ever-changing corporate sector can find themselves interesting and challenging roles in fancy private firms, creative industries or even in the charity sector. There could never be a dearth of businesses and thus, jobs for business graduates. If you do not want yourself working for an organization at all, then there is and always will be, the opportunity of starting your own business.
Media Career with a business degree
You can still opt for a business degree if you do not want to join the typical line of work in the corporate sector. In fact, now a lot of creative industries like the media search for business graduates too. This media includes TV, film, internet and even print media like newspaper and magazine publishing. Business careers in media include work in Sales, HR sector, PR, finance and accounting and lastly in marketing and branding. The world of media is as successful as it is now because of strong, commanding leaders and even stronger managing force; a business degree provides one with both these crucial skills.
Career in Human Resource with a business degree
Human resource jobs require immensely polished communication skills, sound business acumen, and developed interpersonal skills. The basic sense of business operations and management is essential for a successful career in a human resource which a business graduate develops enough of.
Salary Expectations after a business degree
For many students earning a 5-7 digit salary is a golden attraction after obtaining a prestigious business degree. According to the Pay Scale College Salary Report, in the U.S. in the years 2017-2018, the average starting and mid-career salary of business graduates varied depending on the specialization. The highest starting salary was reported to be of Business, and Information Technology graduates $58,700, and the highest mid-career salary was that of International Business and Finance graduates at $112,200. The lowest starting salary and the lowest mid-career salary was of a Human Resource Manager was $42,700 and $71,600 respectively.
Entrepreneurship with business studies
In the easiest words, available business education can be termed as "education for business and about business." It equips its recipients with the important skill set needed to perform well as entrepreneurs. These skills include proper business management, financial handling, avoidance of business failure and proper marketing and promoting techniques.
In the long run, more entrepreneurs would imply that more businesses are opening up, which means that more employment would be generated and thus the country benefits as a whole. New entrepreneurial ideas would also lead to a growth of inventive thinking that would benefit people’s lives.
Role of the government in the future of business education
Businesses are perhaps one of the important parts of a country's economy, and thus it falls on the government's shoulders to make sure that good quality business education ensures new entrepreneurial ventures. The state should not only support high-quality entrepreneurship education in school systems and higher education systems but should also work towards encouraging closer links between educational institutions and the private sector. Providing training and coaching sessions to business graduates aspiring to be a successful entrepreneur would also yield positive outcomes. Lastly, sound business know-how should not be something that a student is exposed to in business school only, but rather short, easy-to-understand business courses should be made a part of the curriculum of every class.
What business education teaches you
The skills that you learn during your business education program not only help you in the business world but may also prove to be helpful in your day-to-day personal life. Just take the simple skills of planning and execution as an example. In your professional life, it helps you to finish tasks effectively in the given time frame and complete important orders, but at home it allows you to utilize your limited time in a way that suits you best. Moreover, being a business analyst teaches you to weigh all the various options at hand carefully and then after careful consideration choosing one. This skill can also come in handy when say you have a vacation to plan whilst maintaining a budget.
Most importantly, let's not forget the immense improvement in money management and communication skills that business graduates go through. The extremely sought after skill of money management allows you to organize and spend your own personal funds in a better manner and polished communication skills allow better interactions with your peers and relatives.
Why Business education would be important in the future
Whether it be firms in Indonesia or Main Street in the U.S., business today know no boundaries. The world's economy depends on shared businesses and, trade unions and trade laws. As global businesses increase in number, so do the demand for fresh business analysts and business graduates. To work globally, it is of utmost importance that one is aware of the cultural and societal differences that exist between countries and this is the reason why business undergraduates are now taught to explore international business issues so that they can better understand and resolve such issues once in the professional field.