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Study Business

Whether you are interested in accounting, marketing, sales, finance, business administration, human resources, or management, a business degree will provide you with many exciting career paths. The business field is exciting and fulfilling, providing some of the most valuable skill sets and qualifications. With a business degree, you learn about multiple disciplines and develop key management skills - highly valued in the business world.

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Erudera’s Complete Guide to Studying Business

While many students go into business school to launch their own business or, bluntly said, be their own boss, many choose this path because they want to obtain the skills and qualifications necessary to enter the job market and create a career in either finance, marketing, or human resources among others. Business schools offer plenty of opportunities to develop a fulfilling career, whatever it may be.

The skills and knowledge you obtain in a business program are easily transferable to any career type, especially considering that these programs teach students the skills necessary to succeed in any career: critical thinking, time management, analytical skills, and creative thinking. Business jobs are in high demand, and the job flexibility in this field is one of the main reasons to study business, wherever you decide to pursue this career.

Financial Times Business School Rankings

2021 Business School Rankings

  1. INSEAD
  2. London Business School
  3. University of Chicago Booth School of Business
  4. IESE Business School Universidad de Navarra
  5. Yale School of Management
  6. Kellogg School of Management
  7. CEIBS / China
  8. School of Higher Commercial Studies of Paris HEC
  9. Fuqua School of Business
  10. Tuck School of Business

2020 Business School Rankings

  1. Harvard Business School
  2. Wharton School of the University of Pennsylvania
  3. Stanford Business School
  4. INSEAD
  5. CEIBS
  6. MIT Sloan School of Management
  7. London Business School
  8. Columbia Business School
  9. School of Higher Commercial Studies of Paris HEC
  10. University of Chicago Booth School of Business

2019 Business School Rankings

  1. Stanford Business School
  2. Harvard Business School
  3. INSEAD
  4. Wharton School of the University of Pennsylvania
  5. CEIBS
  6. London Business School
  7. University of Chicago Booth School of Business
  8. MIT Sloan School of Management
  9. Columbia Business School
  10. Haas School of Business

US News Business School Rankings

2021 Business School Rankings

  • 1.Stanford University tie
  • 1.University of Pennsylvania (Wharton) (tie)
  • 3.Northwestern University (Kellogg) tie 3
  • 3.University of Chicago (Booth) tie 3
  • 5.Massachusetts Institute of Technology (Sloan)
  • 6.Harvard University
  • 7.University of California--Berkeley (Haas)
  • 8.Columbia University
  • 9.Yale University
  • 10.New York University (Stern)

2020 Business School Rankings

  • 1.University of Pennsylvania (Wharton)
  • 2.Stanford University
  • 3.Harvard University tie 3
  • 3.Massachusetts Institute of Technology (Sloan) tie 3
  • 3.University of Chicago (Booth) tie 3
  • 6.Columbia University tie 6
  • 6.Northwestern University (Kellogg) tie 6
  • 6.University of California--Berkeley (Haas) tie 6
  • 9.Yale University
  • 10.Duke University (Fuqua) tie
  • 10.University of Michigan--Ann Arbor (Ross) tie

2019 Business School Rankings

  • 1.University of Pennsylvania (Wharton)
  • 2.Stanford University
  • 3.Harvard University tie 3
  • 3.Massachusetts Institute of Technology (Sloan) tie 3
  • 3.University of Chicago (Booth) tie 3
  • 6.Columbia University tie
  • 6.Northwestern University (Kellogg) tie
  • 6.University of California--Berkeley (Haas) tie
  • 9.Yale University
  • 10.Duke University (Fuqua) tie
  • 10.University of Michigan--Ann Arbor (Ross) tie

Popular Business Study Programs

GISMA Business School_logo

GISMA Business School

Degree:  Master

Location:  Germany

Language:  English

RMIT University_logo

RMIT University

Degree:  Bachelor

Location:  Australia

Language:  English

The University of Newcastle_logo

University of Newcastle

Degree:  Bachelor

Location:  Australia

Language:  English

Popular Business Schools

2,011 Students

Boston, United States

 

Berlin, Germany

3,000 Students

Barcelona, Spain

800 Students

Berlin, Germany

60.000+ Students

Bad Honnef, Germany

How Much Do Business Majors Earn?

Business graduates may engage in different careers, with typical jobs being administrative managers, accountants, human resource professionals, financial analysts, or database administrators. According to the Bureau of Labor Statistics, the median salary for all business management occupations is currently $91,440.

Salaries differ from one country to another and from one career path to another. Wages are often in line with the living standards of a country, which means, regardless of where you are, you are likely to consider your salary in business management occupations as satisfactory.

Here’s an overview of salaries across different business occupations:

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*according to the US Bureau of Labor Statistics (BLS)
Occupation Median Annual Salary
Marketing Manager $142,170
Financial Manager $134,180
Sales Manager $132,290
Human Resources Manager $121,220
Public Relations and Fundraising Managers $118,430
Statistician $92,270
Personal Financial Advisors $89,330
Management Analysts $87,660
Operations Research Analysts $86,200
Accountant $73,560

Reasons to Study Business

1. Enhance Communication Skills

In any business field, or business-related career, you will need communication skills; there will be clients, consumers, and teammates, so you are expected to keep situations running smoothly. This is where your people, hospitality, and even your negotiation skills come in handy, which is why this is such a great reason to study business. A business degree will allow you to work with other peers from around the world on various challenging projects and assignments, where your points of view might even differ. This will make you an effective communicator who can respond to challenges in a diplomatic manner. These are essential skills that can make a difference in your career.

2. Learn Project Management

Project management skills include the necessary abilities to manage a project from the starting point to completion. Managing logistics, complex problems, being in charge of project organization, and being able to solve challenging issues - all these and more are required from an individual equipped with project management skills. You might be wondering what project management means to you as a business major. Well, your project management abilities will be of use to you regardless of the industry you are working in, whether it is the music industry, finance, IT, or military. Your skills will be of use in a wide range of sectors; it just depends on where you would like to work.

3. Obtain Transferable Skills

Business programs are quite flexible, meaning the skills you learn during your time at university are easily transferable to any job position you might consider. In a business program, you will get skills like working on a team, leadership skills, personal motivation, organizational skills, and time management. You will also learn a lot about written and verbal communication, obtain research and analytical skills, along with numeracy capabilities. Resource management and interpretation of financial data are also among skills you learn in a business program, which you can integrate into your career, whatever it may be. Not many programs teach transferable skills, which is why this is among the most important reasons to study business.

4. Broaden Your Horizons

Among the reasons to study business is that business programs help you look at challenges, matters, and issues from a global perspective. You will get to broaden your horizons on an international level, see how things work beyond where you live, and how the international economy operates. You might even get to be part of a global environment, often surrounded by international students, exchange ideas and options, and become more knowledgeable. With the knowledge and skills that come with a business degree, you can even open your own business. Whether it is a coffee shop, restaurant, or jewelry store, you will have the necessary skills to create a financial plan, track the profits and losses, and keep the business running.

5. Benefit From a Good Salary and High Demand

Although the average payment for business majors varies significantly on the job, skill level, and location, the average salary for business degree jobs is relatively high. In the US, for example, the average salary for business-related jobs is approximately $50,000 per year. The salary can double with further education, such as an MBA, and work experience. Overall, business majors are likely to become financial analysts, sales managers, human resources specialists, or personal financial advisors, professions that have good salaries. In addition, employment in business and financial operations is expected to grow by 5% from 2019 to 2029, as projections from the Bureau of Labour Statistics show.

Disadvantages of Business School

High Cost of Attending Business School

Sure, education is always a worthwhile investment. A degree in business will open so many doors towards a successful career, but it also comes at a great cost. Of course, the amount you pay in tuition fees will depend on the country you plan to pursue your degree. In the United States, business schools cost a great deal of money. Financial aid can be of significant value in such cases; however, for those paying without the help of financial aid, the cost of tuition (average $66,000 for an MBA), including room and board, as well as books and supplies, can be quite a burden.

Lengthy Degree Duration

University studies can take time, but it all depends on how you see your path to success. A possible disadvantage of business school is that it takes time to complete. For example, an undergraduate degree in business takes four years to complete. An MBA, on the other hand, takes an additional two years. Those who are truly ambitious and committed to their studies may complete business school in a matter of six to seven years. However, considering many find part-time work during their undergraduate studies or are employed full-time during their MBA, the degree may take longer than that to pursue.

Unrealistic Expectations

Many believe that a business degree is a quick and certain route to success and prosperity. While a degree in business is a worthwhile qualification, you would be disappointed to know that you may not be getting rich and successful straight out of college. While getting a successful and rewarding career is not an unrealistic expectation in itself, the idea that you will get this kind of career as soon as you finish your studies is. To get a higher-level position and an adequate income, you will need not only your MBA degree but also an incredible amount of professional experience, skill, and ambition. But this is not to say that a business degree is not worth it; it simply means that it can have minor disadvantages.

How Long Does a Business Degree Take?

The duration of a business degree usually depends on the level of study you are pursuing. For example, an associate degree in business takes two years, a bachelor’s degree is typically four years in the US, and three years in Europe. In comparison, a master’s degree will take you about one to two years, depending on the program.

If you also want to pursue a DBA (Doctor of Business Administration), it will take around 3-6 years. It also depends on the country you are pursuing your qualifications. After you finish high school in some countries, you are eligible for university entrance, where you can enroll in bachelor studies in business and further proceed to a master’s degree. For example, associate degrees are usually available in the US or Canada, but you might not find them in Europe.

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How Long Does an MBA Take?

A Master's in Business Administration (MBA) has various advantages, especially when it comes to career opportunities and professional advancement. In fact, many employers seek MBA graduates for many managerial and leadership positions. But is an MBA worth it? It definitely is — if you are looking for professional advancement to fulfill your career aspiration.

Here’s how long an MBA can take, depending on the type of MBA you’re pursuing:

  • Traditional MBA. The traditional MBA takes two years to complete. Full-time, in-person, attendance.
  • Part-time MBA. A part-time MBA takes anywhere from four to six years to complete. Classes are held online, in person, or combined.
  • Accelerated MBA. Takes anywhere from 11 to 16 months to complete. Full-time attendance, online or in-person.
  • Executive MBA. Takes anywhere from 18 to 24 months. Part-time attendance, where classes are held online, in person, or combined.
  • Dual MBA. A Dual MBA is an MBA program in combination with another master’s program. It takes a minimum of three years to complete.

Top Countries to Study Business

Choosing the perfect country and university to pursue a business degree can be challenging, considering business university programs are advanced in numerous countries. Of course, you should decide while considering a few factors, such as cost of living and tuition and quality of education and employment opportunities. Find some of the best countries to study business below.

Here are the top countries to study business:

1. United States

The US is one of the most popular countries to study business, for international students. Although tuition fees are higher than in many other countries in the world, the quality of education is exemplary across its public and private sector. US qualifications are recognized worldwide for their excellence, thus ensuring easy access to the labor market anywhere.

2. United Kingdom

The UK is one of the most welcoming countries for international students, including thousands who pursue their business education there. Its economic hubs like London, Manchester, or Edinburgh provide a wide range of benefits for business majors. University qualifications have a high worldwide reputation, recognized for quality, self-discipline, and hard work.

3. Germany

Europe’s Germany is also among the most popular destinations for international students, partly due to the affordable tuition fees (free in most state universities) and partly due to the higher education qualifications it provides. While the cost of living and studying in Germany is undoubtedly appealing, its higher education system in business is also extraordinary.

4. Canada

Canada is among the top choices for international students due to its top-notch quality of education and its work and immigration opportunities. With one of the world’s largest economies, business graduates in Canada can find employment across numerous industries due to high demand in human resources or other financial management, accounting, or auditing roles.

5. France

France has some of the most prestigious business schools in the world, featuring high performance and a global reputation. Also boasting one of the world’s largest economies, France offers a wide range of academic development opportunities in a selection of companies, whether you are looking for internships or a full-time career in France after graduation.

How Much Does a Business Degree Cost?

The cost of a business degree program depends on the country, university, and level of study. While you will find university business programs for nearly free in German state universities, you might have to pay an average of $26,200 per year for undergraduate programs in state universities in the US.

According to College Board, you might have to pay up to $55,000 per year in tuition fees at private non-profit universities. Tuition fees are typically higher for postgraduate programs such as masters; however, master’s programs are usually 1-2 years in duration. International students in the UK, for example, will be required to pay approximately $31,700 per year for an undergraduate program at a public university. In contrast, tuition fees for business programs across other countries within Europe are typically cheaper.

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What Skills Do You Learn in Business School?

Careers with a business degree are usually highly rewarding, resulting from the considerable skills business graduates earn during their education. These skills are diverse, plentiful, and highly valued by employers and the global job market.

The skills you will acquire during your business studies include — but are not limited to — the following:

  • In-depth understanding of the way organizations operate.
  • In-depth understanding of today’s economy and economic fluctuations.
  • In-depth knowledge of business essentials:
    • Create business plans.
    • Create marketing campaigns.
    • Create Cost-Benefit Analyses (CBA).
    • Promote products and services.
    • Effectively delegate responsibilities.
    • Create business budgets, etc.
  • Project management and planning.
  • Quantitative concepts and methods (e.g., collection and analysis of data).
  • Innovation, design thinking, and creativity.
  • Interpersonal skills:
    • Written and oral communication.
    • Conflict management and resolution.
    • Problem-solving.
    • Critical thinking.
    • Decision making.
    • Self-discipline.
    • Time management.
    • Multi-tasking.
    • Networking.
    • Negotiation.

Business Administration vs. Specialization

Whether you want to get a Business Administration degree or specialize in a particular field, it is totally up to you. Both pathways have significant pros and cons. But, the important thing is that you recognize your career aspirations and what you wish to achieve with the degree you pursue. Here’s an overview of what you can expect:

Business Administration

This program usually follows a broader curriculum. A Business Administration program allows you to receive a more generalized understanding of business-related concepts, such as economics, entrepreneurship, marketing, accounting, and even management. If you’re unsure of what to specialize in, this type of program gives you the opportunity to wait until graduate school to choose a specialization. You will gain a broader knowledge during your undergraduate studies and then get specific instruction during your graduate studies. It also prepares you for numerous entry-level positions where you can get further training on particular job positions and even advance your career.

Specialization

Whether you choose Business Management, Finance, Marketing, Entrepreneurship, or Operations Management, to name a few — a specialization will allow you to get a more in-depth education on a specific business-related field. A specialization is a perfect choice for individuals who have a clear-cut idea of the career they want to pursue in the future. Having a degree where the focus area is in one specific field will also give you an extra edge when it comes to employment in the area you have specialized in, in contrast to students with more general education.