Study Business

Types of Business Degrees

A business degree is flexible, and its application can be rather broad across several industries. Business students can specialize in different areas, from business management and marketing to project management and economics. Business professionals are important across numerous industries and organizations, which means job opportunities tend to be plentiful and diverse.

Here are some of the business degree specializations:

Business Management

A degree in business management is relatively common due to the wide variety of advantages it provides career-wise. Business management students learn numerous skills, from what helps make organizations successful to gaining the skills to start their own business. These students graduate with a solid foundation in business, which will be helpful in any career path they decide to pursue.

Typical courses taught in business management programs include but are not limited to the basics of finance, functional and project management, business law and ethical behavior, and accounting for business managers, to name just a few. There are various skills you can obtain through this type of business specialization, just like there is a wide array of professional settings where you can find employment.

Typical career outcomes for this type of specialization are:

• Executive
• Marketing Manager
• Sales Manager
• Business Analyst
• Financial Analyst
• Account Manager
• Talent Acquisition Specialist
• Accountant
• Banker, etc.

Marketing

Obtaining a degree in marketing will only benefit your career in today’s day and age. Marketing covers numerous aspects and, contrary to popular belief, it does not simply mean advertising. You will also learn about consumer behavior, public relations, marketing strategy and research, as well as communications. This type of specialization will give you insights into the fundamental principles of marketing, such as the planning, implementation, and evaluation of strategies.

Courses you can expect to take during your marketing degree program include but are not limited to marketing research, product management, global marketing techniques, business to business (B2B) marketing, and corporations and financing, to name just a few. Through a marketing degree, you will learn current industry best practices and earn the skills to apply your knowledge in the real world.

Typical career outcomes for this type of specialization are:

• Marketing Assistant
• Advertising Art Director
• Sales Manager/Sales Representative
• Public Relations Specialist
• Market Research Analyst
• PPC Specialist
• SEO Specialist
• Data Scientist
• Social Media Manager
• Digital Marketer
• Brand Manager
• Media Planner
• Copywriter, etc.

Finance

A business degree specializing in finance has a wide range of advantages regarding job opportunities and career satisfaction. Whether you wish to work on behalf of individuals, companies, banking institutions, or other organizations, you will be able to use your degree in finance to secure a job in any of the aforementioned settings.

You will learn a variety of skills, which you will be able to implement upon graduation, including the likes of data analytics, capital allocation, investment strategy, risk management, international finance, and others. In other words, specializing in finance has plenty of advantages, especially for the ones who are particularly fond of numbers. An additional bonus: job opportunities are plentiful as well.

Typical career outcomes for this type of specialization are:

• Chief Financial Officer
• Financial Advisor
• Financial Analyst
• Commercial Banker
• Grants Analyst
• Accountant
• Auditor
• Impact Investing Analyst
• Fintech Business Analyst
• Insurance Agent
• Public Accounting
• Real Estate Agent, etc.

International Business

Specializing in international business means getting a global perspective on the fundamentals of business. This type of degree gives you an extra edge in the job market because it provides students with the skills to operate in a global setting. Today, more and more companies have partnerships with international partners, and these companies look for professionals who are knowledgeable when it comes to dealing with numerous cultural and social situations.

Just like other business degree programs, the international business specialization also covers the basic principles of accounting, economics, marketing, or finance, to name a few. However, one difference is that the specialization in international business also covers courses such as international finance, international marketing, or other business-related courses at an international level, which is not often the case with a general business degree.

Typical career outcomes for this type of specialization are:

• External Auditor
• Financial Trader
• Human Resources Officer
• Marketing Executive
• International Marketing Agent
• Strategic Planning and Operations Analyst
• Emerging Markets Analyst
• International Prospection (Business Development Officer)
• International Affairs Development Officer
• International Affairs Adviser
• Strategic Planner (Exports)
• International Politics and International Affairs Analyst
• Import-Export Consultant, etc.

Entrepreneurship

A business degree focused on entrepreneurship could mean many things, starting with the fact that students learn the necessary skills to start and lead their own businesses. Through an entrepreneurship program, you will learn to identify goals and create strategies that lead towards those goals. You will learn a variety of marketing techniques, the fundamentals of managing modern organizations, as well as issues like employment law and budgeting.

During your entrepreneurship program, you will learn anything from the fundamentals of innovation in organizations to global entrepreneurship and entrepreneurial finance.

Typical career outcomes for this type of specialization are:

• Chief Executive Officer
• Business Consultant
• Business Manager
• Finance Manager
• Sales
• Research and Development
• Not-for-Profit Fundraiser
• Recruiter
• Business Reporter, etc.

Operations Management

If you wish to focus your business degree in operations management, you are probably already aware that businesses need operations management to function properly and smoothly. The great thing about specializing in operations management is that when you enter the job market, you will be directly involved in creating and delivering an end product to the customer, regardless of what the product is.

Operations is a crucial aspect when it comes to running a business. With this in mind, operations management programs teach students how to analyze and make recommendations based on important data and information. Careers with this type of business specialization are also endless and can span across different industries, as evidenced by the following list of typical career outcomes.

Typical career outcomes for this type of specialization are:

• Operations Research
• Materials Management
• Purchasing Management
• Business Operations Management
• Account Manager
• Business Development Director
• Inventory Manager
• Logistics Manager
• Manufacturing Shop Supervisor
• Operations Analyst
• Sales Manager
• Plant Manager
• Production Supervisor
• Project Coordinator
• Regional Manager
• Safety/OSHA Manager
• Supply Chain Manager, etc.

Human Resource Management

Human resource is among the most important roles in every organization. With a degree specializing in human resources management, you will get the tangible skills to go through management challenges such as employee relations. Graduates of this specialization are equipped with the skills necessary to recruit, hire, and maintain positive outcomes. They are problem-solvers with exceptional personal and communication skills.

Program objectives usually revolve around the functional aspects of human resource management, such as compensation, recruitment, employee training and development, career planning, etc. Among others, this specialization focuses on equipping students with the skills to manage change and conflict in organizational settings.

Typical career outcomes for this type of specialization are:

• Human Resources Manager
• Human Resources Assistant
• HRIS Specialist
• Employee Relations Manager
• Benefits Administrator
• Payroll Specialist
• Training Coordinator
• Compensation Specialist
• Training Manager
• Recruitment Specialist, etc.

Project Management

In a few words, project managers plan, organize, secure, lead, and manage the resources needed to achieve organizational goals and outcomes. They focus on finding the right strategies to create the best outcome possible by evaluating and analyzing the project requirements. Project managers set the budget, lead meetings, and find adequate professionals to complete certain projects/tasks.

Project management as a career is rather in-demand, especially due to the fact that it is an essential role across several industries.

Typical career outcomes for this type of specialization are:

• Project Co-Ordinator
• Product Development Project Manager
• Marketing Project Manager
• Engineering Project Manager
• Software Project Managers
• Construction Project Manager
• Information Technology Project Manager
• Environmental Research Project Manager
• Consulting Project Manager, etc.

Economics

Students majoring in economics are equipped with the skill of understanding economic issues and concerns of crucial importance. Students learn to apply their knowledge of economics towards issues related to economic development, social justice, individual freedom, cultural values, and globalism, to name a few. In a few words, economics helps professionals think strategically and base their decisions on their analytical, interpretive, and scientific skills.

Students of economics will have classes on macroeconomics (dealing with concepts like market structure, failure, and resources) and microeconomics (dealing with concepts like static models, consumer behavior, and distributive efficiency). Careers are also plentiful for economics majors, often overlapping with those who hold a finance degree.

Typical career outcomes for this type of specialization are:

• Economist
• Financial Risk Analyst
• Data Analyst
• Financial Planner
• Accountant
• Economic Researcher
• Financial Consultant
• Investment Analyst
• Actuary
• Chartered Accountant
• Compliance Officer
• External Auditor
• Political Risk Analyst
• Risk Manager
• Stockbroker, etc.

Top Occupations for Business Graduates

Generally, career paths that business graduates tend to choose have promising projection rates. For example, the BLS reports that employment in management occupations is expected to grow by 9% in the upcoming decade (up to 2030). This essentially means that about 906,800 new jobs will be available throughout the years.

Recent US statistics show there are around 11.5 million business graduates in the workforce. Among the most common occupations are Other Managers (19.8%), Accountants and Auditors (11.8%), Chief Executives and Legislators (9.5%), as well as Financial Managers (9.3%).

Here’s a percentage distribution of the most common occupations for General Business and Business Management and Administration graduates:

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.

Related: List of Online MBA Programs Without GMAT

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.

Top Employers for Business Graduates

Some of the main industries employing business graduates by number of employees in the US include elementary and secondary schools; banking; accounting, tax preparation, bookkeeping, and payroll services. In 2019, there were half a million business graduates in the workforce employed in elementary and secondary schools, closely followed by the banking industry with just below half a million business graduates in the workforce.

Top employers for business graduates around the world include: