Over time, the predominant argument has always tagged profits as the sole purpose of any business. While profits do matter, we now have a better understanding of how critical businesses are in society. Good companies bring innovation to the global marketplace, which fosters their development. Aside from this, thriving businesses also impact the growth of an economy by generating employment opportunities.
The importance of businesses to society has been well publicized, so much so that some academics argue that the primary goal of a business is to generate economic growth while also providing critical economic benefits.
The development of an economy spurred by innovation can impact income over time. A degree in business management serves as a springboard for a professional to advance to numerous high-level managerial positions in the business field. It provides information for anyone wishing to advance or enter the sector.
A society cannot thrive without the businesses that make it up. Therefore, different business processes have seamlessly integrated themselves into virtually every sector. From management to finance and even human relations, there’s an element of business in every facet of society. As a result, the employment growth rate for business professionals is at an all-time high. Additionally, a business degree is becoming increasingly valuable. In this article, we highlight how vital a business degree is in today’s global market.
Business degree career paths
Professionals in an advanced business degree program are trained for careers in top industries such as technology, healthcare and finance. A business degree incorporates several disciplines. Therefore, students must complete coursework in finance, management, accounting, marketing and sometimes human resources.
Furthermore, most institutions support career specialization. Through this, professionals can develop critical career skills by taking courses closely related to their professional goals. For instance, professionals with a technology background can take management classes if they wish to become managers.
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A business degree is very flexible, and can be tailored to suit several career paths. Here are some primary industries where most professionals with a business degree elect to work.
Healthcare industry
Business career paths in the healthcare industry require professionals to provide medical services, consult, and oversee medical records. Professionals with a business degree spearhead the teams in charge of these responsibilities. An example of a business career in healthcare is a healthcare manager. They are often regarded as the executives of a health institution and apply their expertise to ensure that healthcare organizations run efficiently. It’s also their responsibility to manage the staff and make sure that the organization sticks to rules and regulations.
Another example is an administrator. This career path is predominant in nursing homes. Administrators are responsible for supervising all facilities and patients’ information and records. Becoming an administrator does not necessarily require an advanced business degree. Most healthcare administrators are undergraduate degree holders in business administration. It does, however, prepare graduates adequately for all the responsibilities of a healthcare administrator.
There are so many other healthcare jobs that do not require clinical training. Coursework such as health information systems, medical terminology, and human resource management integrated into a business degree can offer valuable training for these healthcare careers. Management-level roles, however, require an advanced degree.
Technology industry
Technology has completely transformed the world and how we function in it. Today, so many organizations are creating innovative solutions and attempting to outdo each other. As each tech company tries to dominate its market, there is a need for tech and business-savvy professionals to run different processes in the company effectively.
Taking data analysts, for example, these professionals can do with relevant business knowledge in advising organizations and implementing solutions that would lead to efficiency, especially if the section is business oriented. A data analyst’s role in a business context sees them analyzing data to provide solutions and make recommendations for data-driven decisions.
Aside from technical responsibilities, a business career in the technology industry can also be business-related only. For these positions, professionals could obtain an undergraduate degree in business or information technology.
Top positions such as supervisory roles do require an advanced degree and relevant experience. Professionals looking to attain managerial roles could specialize in information systems, the management or information technology management.
Finance industry
Business degree holders are employed in different positions in the financial sector, including financial managers and analysts, accounting examiners, managers and procurement specialists, among others.
In these roles, business-oriented professionals are tasked with the responsibility of analyzing financial information and advising organizations on financial stability and investment plans. Additionally, a career in the financial sector also requires business professionals to assess a company’s efficiency and forecast the market based on economic trends.
In a finance institution, management is one of the top positions. Financial managers utilize their skills and knowledge base to supervise employees, evaluate market trends, make decisions, and develop short-term and long-term financial objectives.
The flexibility of a business degree is also evident in the financial sector. Most business careers in the financial industry require professionals to have an undergraduate degree specializing in finance, accounting, economics or management. Following suit with other sectors, management positions are reserved for candidates with an advanced business degree.
Aside from these apparent paths, obtaining a business degree could also qualify an individual for a position in marketing, politics, human resource management, accounting, communication, sociology, law, entrepreneurship, strategic management and quantitative techniques.
Skills gained in a business degree
A business degree offers much more than the basic knowledge of business practices. Engaging in an advanced business degree program also helps students broaden the scope of their skills. These are also transferable skills, making them worthwhile for every sector and aspect of life.
Not only does a business degree offer so much flexibility, but it also creates a platform to develop these essential skills. Here are a few skills that can be developed throughout a degree program.
Communication skills
The ability to interact with other people clearly and effectively is not only relevant in a business environment, but it’s also essential in every facet of society, including your personal life. With a good business program, individuals can engage in coursework that improves communication and strengthens their presentation skills. One such coursework is project management.
A course in project management is permanently integrated into the curriculum of a good business degree program. This helps students learn how to work effectively as part of a team, communicate adequately and accomplish team goals. Specialized business communication skills also teach students how to communicate with clients, management and co-workers.
Communication is one of the biggest transferable skills present today. Developing this skill in a business program will help you build sturdy relationships and learn leadership qualities. These skills can be transferable to every other responsibility in any industry.
Problem-solving skills
There are different formats for obtaining a business degree. The most predominant form is test-based, where students have to study for a final examination to test their level of competency. However, most institutions introduce a competency-based program with hands-on projects.
Competency-based programs are primarily used in analytical courses such as finance and quantitative analysis, where mathematics and analytical processes are used in solving real-world problems. By engaging in these projects first-hand, students develop critical problem-solving skills. Over time, students become competent in breaking down issues, identifying their root causes, and developing the best solutions.
Problem-solving skills can also be helpful in every aspect of life. By obtaining a business degree, individuals become trained to collaborate effectively and independently solve some of the most challenging problems.
Technical skills
Technology has completely revolutionized our world. Unsurprisingly, all industries rely on the impact of technology to boost productivity. As a result, business degree programs also offer students the opportunity to learn some of the latest technological trends, including basic knowledge of digital marketing platforms, cyber security and information technology.
Business programs offer coursework in information systems and network security, among others. Therefore, students can learn these skills and more. As a professional, being familiar with the latest technological trends helps become a key asset in the global market.
Management skills
Every industry requires competent leaders, and as such, acquiring leadership and management skills is a priority to grow in any industry. A business degree gives professionals the opportunity to build relevant management skills, and these skills can be customized to suit different fields. In fact, management courses are also integrated into undergraduate degrees, giving students a basic foundation in management.
With this skill, professionals could create a workplace culture, enlighten co-workers on policies and processes, and engage in human resource responsibilities. Management skills can also be tailored to suit different fields. For instance, skills developed in a specialized business IT degree teach students to decide when it’s best to adopt a specific technology.
Adaptability
Everything is subject to change, and the volatile nature of a business environment is no exception. Based on this, most business degrees help students build flexibility and adapt to these changes. This includes the knowledge and skills required to conform to changing tides of the global market.
A business degree includes classes on communication, ethics and employment policies. Through these classes, students learn about employment laws and how to comply with them.
The business industry has always covered all aspects and incorporated different expertise and roles. As such, the skills developed from a business degree are critical in ensuring all round success. Engaging in a business program can help build competency to enable you to navigate through different facets of life easily. Some other worthwhile skills that come with a business degree are logical thinking, decision-making, self-motivation, project and resource management, and time management.
Benefits of a business degree
The business industry continues to thrive and evolve. This is mainly down to the field offering diverse and numerous career opportunities. Therefore, acquiring a business degree has proven to be an intelligent decision for driven professionals. Here are some of the benefits of becoming a business student.
High employment rate
As the global marketplace continues to evolve, a business degree qualifies professionals for some of the most in-demand careers. As a business degree graduate, you are exposed to various career advancement opportunities in different industries.
Career flexibility
The process of choosing a college degree is critical. This is because some degrees limit the holder to specific job opportunities. However, as we pointed out earlier, a business degree is very versatile, making it useful in many professions. The skills that accompany a business degree can also be transferred to any other profession.
Competitive salary
To many, money is a significant motivation for engaging in a profession. In that case, having a business degree offers the potential for a relatively high income. Typically, the median annual salary for business and financial professionals stands at $76,570, averaging a higher annual wage for most occupations.
Networking
Business degree courses train a professional in relevant communication skills that foster better business and personal interaction with other people. This proves essential in exchanging ideas with peers and consulting others on work-related concerns.
As a result of quality communication, a professional can network and collaborate with individuals of similar interests. This includes peers, professors and potential employers. This, in turn, opens people up to employment, internship opportunities and partnerships.
By engaging in a business degree, professionals stand a chance to gain general knowledge, balance practice with theory, and develop job versatility and work ethics.
