A business degree has historically topped the list of rankings for college majors. Most recently, the National Center for Educational Studies(NCES) said, “Of the 1,840,000 bachelor degrees conferred in 2011 – 2013, the greatest number of degrees…field of business [totaling] (361,000)…” The business degrees earned at the master’s level is 189,300. But why are a large percentage of students from all around the globe pursuing business degrees? Here are seven advantages of academic studies in business.
1. Business Means Management
If you have honed the skills that a bachelor’s degree in business gives you, you can run any business anywhere. Whether it is a movie theater or a funeral home, you’re ready.
Management entails planning, controlling and directing and it is an art and science. Hard skills like accounting and technology and soft skills, interpersonal and communication skills are needed.
Management is doing the right thing the right way. Leadership is doing the right things for the right reasons.
Leadership is a hot topic. Amazon listed 262,162 books on the topic on November 10, 2016. But most people do not really understand what leadership is. As Author John C. Maxwell said in “21 Irrefutable Laws of Leadership,” “True leadership cannot be awarded, appointed or assigned.” For example, a Utah State degree in business gives students a chance to cultivate leadership qualities like collaboration, leading, speaking, conflict resolution and influencing others.
3. It’s About Money for Men and Women
Men and women who pursue a degree in business know they will graduate with a choice of lucrative options. As a first-time manager, you are in high demand in a competitive market.
The University of Illinois Division of Management revealed the following 2014 statistics.
- 15 women and 14 men studied business processing management.
- 58 women and 45 men studied management.
- 40 women and 116 pursued MBAs
The median salary for a general manager was $60,154 in 2016.
Communication is a skill that employers cite as one of the most desirable. The Journal of Business Communications published “The Business Communicator as Presence Allocator” in 2007. It said, “Our ability to communicate at any time in any place with anyone is increasingly our opportunity for interaction.”
Experts agree that communication entails not just words but active listening, body language and an awareness of the other person’s reaction.
5. Analysis and Big Data
Critical thinking skills, decision making and problem solving are the domain of students majoring in business.
Big data is everywhere including retail, farming, and disease and infection control. But deciphering the reams of data and applying it correctly is key. Superior analytical skills are necessary to compete effectively in any industry.
“Success is not final. Failure is not fatal. It’s the courage to continue that counts.” When Winston Churchill made that statement, he could have been referring to the pursuit of a college degree. Completing four years of courses in accounting, finance, economics, statistics, etc. isn’t easy — not to mention extracurricular activities, a part-time job and a social life. But graduating with a bachelor’s degree in business demonstrates your ability to focus, prioritize and stay the course.
In 2014, Amway published its Global Entrepreneurial Report. When asked which aspects of entering small business management were most important, 42 percent said “basic business skills.” When asked, “Where are these skills learned?” 37 percent responded “schools and secondary education.”
Getting a degree in business has long-term advantages that secures your future. Make sure you know what sector of business interests you and plan a strategy to attain it.