The reasons to study for a business degree are many. Job opportunities, higher pay and interesting work are just a few of the justifications for doing a business degree.
But let’s take a closer look at good reasons for getting a business degree, such as a Bachelor of Business (BBus) or Master of Business Administration (MBA). See how many of the rationales apply to you.
1. You’re Good at Analysis and Communication
A good reason for going into the business field is because you have ability in both analysis and communication. Some talent in these areas can be capitalized on during your studies and after.
Analytical skills can be the foundation of a successful career in many business disciplines, including accounting, finance, logistics and marketing. Having some math ability (a) will help you get through a business degree and (b) is likely to be useful in your future career. Analytical skills are specifically taught in core units of most business degrees.
Communication skills are essential in almost any business career. You could be advising, presenting, negotiating, publicising or just operating in a team environment. In almost any capacity, you probably won’t get far without being an effective communicator.
In a business setting, you need to learn how to present information so everyone can understand it easily. Simple and short is often the best approach.
2. For Versatile Career Options
A business degree is one of the most flexible when it comes to career options. You develop transferrable skills that can be readily applied to many jobs within the business sector and more generally.
As well as analytical and communication skills, you learn critical thinking and fact-based decision-making in business studies. On the job, you can expect to learn about teamwork, performance management and customer service for example.
Having universal skills will make you a strong candidate for any job. A further advantage of the “business” sector is that you tend to be exposed to many different types of jobs and can transition between disciplines quite easily. For example, working in human services can easily lead to a career in on-the-job training, professional recruitment or senior management.
3. To Be In Demand after Graduating
After graduating (or shortly before), business majors with solid grades are in high demand. Getting at least an entry-level position is usually not difficult. And the options open up even more once you’ve gained some professional experience.
Business skills are required in every organization, no matter how big or small or the industry. Every firm needs people to do jobs like accounting and marketing for example. And managing and leading teams, along with jobs such as human resources management, are created once a company starts employing people.
One survey found that eight of the top 10 bachelor-degree majors in demand were business majors. Companies were looking to recruit people in finance, accounting, administration, marketing, logistics, sales and human resources.
4. For a Salary Boost
Those who have a business degree are almost guaranteed to be strong candidates for high-paying jobs. The BLS reported that the “median annual wage for business and financial occupations was $72,250 in May 2020, which was higher than the median annual wage for all occupations of $41,950.”
Because business graduates have skills that can be used in many different jobs, there is little risk of having to accept a low wage. You always have the option of shifting into a different field if you don’t like the pay rates.
Among the top-paid business professionals are: personal financial advisors, management analysts, financial analysts, financial examiners, budget analysts, logisticians, accountants and auditors, and labor relations specialists. Your prospects for a high salary are strongest if you are in a math-heavy field and/or succeed in becoming a manager.
5. To Learn How to Start a Business
While a business degree is a ticket to lucrative salaried positions, you can also use it as a foundation for starting your own business. Along with computer science and engineering, it is one of the best degrees to make a business.
Launching a startup, whether as an innovative entrepreneur or regular small business owner, requires a huge range of skills. Studying business lifts your overall skill rating, though you’ll still need to be keep learning to achieve success. Finance and marketing are examples of key competencies you learn in business school.
Depending on how you feel after graduating, there is always the option of keeping your business startup ambitions as a future goal or side hustle. You can work in a more secure job in the meantime and only jump into business ownership when you feel the time is right.
6. To Learn How to Manage and Lead
Learning how to manage and lead is a specialist business field, most commonly studied when people do a Master of Business Administration (MBA) degree.
Every profession creates opportunities to become a manager and leader. One of the best ways to capture those opportunities is to study for an MBA. This is why the degree is perhaps the most popular masters qualification worldwide.
MBA students examine theory, which they apply to projects and case studies. You also reflect on your own professional experiences. Graduates come away from the program with new and fresh insights into how to manage well, along with practical ideas they can implement in day-to-day work.
7. You Have a Good Business Mind
Some people are just meant to study and do business because they have a good business mind. That means they have a knack for seeing opportunities and profiting from them.
A business degree can provide the training for a business mind to flourish. As well, you should have plenty of avenues to put your brain to work after graduating with your university qualification.
How do you know if you have a mind for business? One sign is that you see opportunities to be of service to others; that you find ways of delivering value to clients or customers.
But you also need a strong pragmatic streak. Having ideas is not enough. Successful business professionals get things done efficiently so that imagination converts into financial gain.