A degree in business is one of the most versatile and flexible qualifications out there. That’s because, in our world, business is everywhere, which means that you can work in any area, from farming to international commerce.
With a little training and specialization, students who have graduated from undergraduate business schools can work in a wide range of careers. Often, students already have some area of specialization before graduation. If you don’t, however, don’t fret. Training can come by way of real-world work experience, apprenticeships, or additional courses.
The good news here is that job opportunities for business graduates are strong. Even without specialization, a business degree is in high demand. Generally, employers look for people with initiative, work ethic, knowledge of business practices, and the ability to take on an array of different tasks. With a business degree, you’ve proven your ability to do all of these things.
What It Means To Work In The Business Industry
Working in business can mean many different things. As we mentioned earlier, the potential areas of employment are incredibly vast. As the world becomes increasingly globalized, businesses spread into areas that previously were not subject to market logic. As a result, you can now work in almost any sector imaginable with a business degree.
Currently, the public sector usually models itself according to private business and market logic, which means you can complete a business degree and successfully begin a career in a public sector job, the civil service, as a government contractor, or even in politics.
Within these areas, the potential business jobs are even more vast. From marketing to human resources to accounting, every business position contributes to its function and maximizing profit.
In short, there is no shortage of work in business. If you’ve graduated with a business degree, you’re already well on your way to success. Plus, since business is everywhere, you have an opportunity to work in an industry that you’re passionate about, whether it’s healthcare, farming, or computers.
How do you start a business career?
There is no formula for beginning a business career. Everyone takes a different path. Some of it is down to luck, but a lot of what contributes to a successful business career is hard work, determination, and planning. Some people start by taking an entry level position at a company. Others work for years to gain the qualifications to succeed at a higher level.
Often, the best way to enter the business world is to pursue a degree in business. A business program at a university will not only focus upon providing you with the toolkit you need to succeed in the world of business but also features real-world work experience in the form of internships or co-ops.
Some of the best degrees today are business degrees. These include business management, business administration, managerial information systems, finance, economics, and accounting. These degrees can help give you the necessary foundation to start a business career successfully.
Internships and co-ops are a great way to gain practical work experience. Also, they allow you to make connections. Once you begin to network, finding work becomes a lot easier. Many people find their first job out of university because they make a connection during an internship. It is also possible to find work through a professor or a peer.
Beyond internships, the best way to break into the business world is through a good old fashioned work ethic. Once you find work, finding more work becomes easier. The important thing is to get your foot in the door. Then, you have an opportunity to show them what you can do.
What careers do business degree graduates typically go into?
The potential careers for someone with a business major are many. Business decisions are involved in just about every industry, and there are a lot of opportunities out there. These can range from starting a small business to working as a financial analyst at a transnational corporation.
Having this many roads to take throughout a career is exciting, but we know that too many options can leave you feeling a little lost. Where do you start? It helps to know what the most popular and most in-demand careers for a business graduate are. Knowing where you should start looking can help you get your bearings and begin your new path.
Some of the most popular areas to start business careers include:
- Business analyst
- Human resources
- Business development
As you can see, these areas are pretty vague. Generally, starting a career in one of these areas means finding an opening at a larger firm. The specifics of the job will then vary depending upon the nature of the business you are working for and the role you are asked to fill.
What does it mean to work in the business industry?
Once again, working in the business industry can mean many things. There is a wide range of different business skills. For instance, a student of finance will study business in a complex money-centric way. A student of economics will work more theoretically, studying how economies function. A student of business administration will learn about organizing and overseeing a business.
Generally speaking, working in business means working to maximize its growth and profit. This approach is opposed to working as a laborer who offers the business services, manufactures the product, or works in a customer service role.
Types of Business Jobs
There are countless business jobs in the world today, which is why undertaking a degree in business can be such a lucrative choice. Graduates with business degrees enter a workforce with a surplus of options.
People tend to think of business school as a place where people learn to start a business. For some people, this is the case. For the most part, people who attend business school do not start their own businesses. Instead, they train to fulfill certain functions within a business. The specific business can be a matter of specialization or chance.
A business major will expose a student to a wide range of specializations. The course options range from business law to operational analysis. Hopefully, by the time the student graduates, they will have discovered an area they would like to work in.
What are the different types of business jobs?
There are thousands of different business jobs out there. These include work in a range of sectors, from healthcare to stocks. Within individual sectors, jobs can range just as widely. Specific roles include things such as hospitality management and personal financial advisor.
Some of the most popular business jobs include:
- Marketing manager:
Marketing managers plan campaigns and oversee marketing. A market manager has expertise in advertising, market analysis, and market trends.
- Insurance appraiser:
Insurance appraisers deal with insurance claims, which involves conducting claims, appraising claims, filing claims, and documenting. An insurance appraiser has expertise in legal, analytical, and organizational skills.
- Financial manager:
Financial managers deal with financial planning in corporations, overseeing investments, costs, profits, and goals. They usually have expertise in accounting, statistics, and mathematics.
- Operations research analyst:
Operations research analysts look at data regarding the fine details of business operations, like addressing costs, organization, and growth. They typically have expertise in predictive modeling, statistics, and analytics.
- Purchasing manager:
Purchasing managers oversee buying goods. They deal with supply and demand, pricing, procurement, and inventory. Generally, they have expertise in supply chains, management, mathematics, and finances.
- Sales manager:
A sales manager oversees sales. They deal with quotas, expenses, budgets, organization, and coordination. Usually, sales managers have expertise in management, economics, communication, and sales.
- Budget analyst:
Budget analysts help analyze budgets. This involves assessing profit, expenditures, taxation, etc. Generally, budget analysts have expertise in mathematics, finances, economics, and accounting.
What are the different paths a business career can take?
Like jobs, the potential career paths for a business student are broad. Some of the most popular business career paths include:
- Human Resources:
The human resources department works with employees, and its roles include hiring, staffing, organizing teams, training, and administering benefits. Human resources are a vital part of every business.
- Management Consultant:
Management consultants analyze and apply problem-solving skills to specific business projects on behalf of businesses. Generally, they work for a consultancy fee and produce findings based on their analysis, which helps the business deal with a specific problem or strategy.
Accountants are another integral part of every business. They deal with the financial side of things. Often, they spend a lot of time working with taxes, analyzing profit, and documenting expenditures.
- Financial Analyst:
Financial analysts analyze financial trends, work with investments, and help direct company resources.
Marketers help sell a brand, product, or service. In general, they focus on advertising, targeting demographics, analyzing consumer behavior, and campaign strategy.
What are some in-demand sectors within the business sphere?
The business world extends to most areas of society. As society is ever-changing, so is business. Some of the most in-demand sectors are those which are on the cutting edge of change. These include innovative technologies for transportation, food production, digital technology, artificial intelligence, and so on.
The information technology sector is in high demand, including software, social media, digital marketing, digital commerce, and entertainment. As you’re likely aware, some of the wealthiest, most powerful corporations deal almost exclusively with the online world.
Other in-demand sectors provide staples or the necessities of life, including food, housing, shelter, and communication.
Salary Ranges And Career Paths For Business Jobs
Business can be one of the most lucrative fields of study. Nearly all of the wealthiest people in the world are business people. Of course, the average worker in business won’t make billions, or even millions, of dollars.
What entry level positions are available for a new college graduate with a business degree?
The entry-level positions available to new graduates depend on work experiences and connections. Many enter the workforce from working at a co-op or internship, while others find work at job fairs. For most people, finding a first job can be a bit of a challenge.
Often, graduates expect to jump right into a high paying job at a large firm. Sometimes, people get lucky or have connections, and this is the case. For most people, however, work begins with an entry level position. Taking an entry level position can be very beneficial. Work experience is one of the most important things an employer looks for in a potential employee. With a combination of a degree and a year or two of work experience, you’re well-positioned for a more advanced position.
You should also remember that entering the workforce doesn’t mean that you have to end your studies. For instance, somebody who wants to get ahead in the world of business might complete their bachelor’s degree in business management, take an entry level position at a corporate firm, and then complete an online master’s program as they work. This approach would enable them to gain work experience as they developed a specialization in a relevant field. When a promotion or advancement is on the table, this combination stands to their advantage. Their employer could also recognize the dedication and work ethic involved in taking on a master’s program while working.
Some of the most common entry level positions for graduates with business majors include market research analysts, financial analysts, marketing coordinators, brand marketing assistants, sales representatives, human resource assistants, and operations research analysts.
Market research analysts keep track of market trends. This job involves analyzing markets, measuring marketing effectiveness, and advising companies on trends and consumer behavior.
Financial analysts advise companies based upon their analysis of finance. This role can relate to the finances of a specific company or project. It can also apply more broadly to larger financial questions and models. This job is closely related to other positions such as security analysts and equity analysts.
Marketing coordinators deal with the organization and implementation of marketing projects, which involves organizing events, coordinating campaigns, tracking demographics, and analyzing consumer responses.
Sales representatives make sales for a company. These positions are ideal for people with strong social skills, business acumen, and dedication.
Human resource assistants generally work with the less complex human resources tasks, such as addressing interpersonal issues, recruiting and hiring, training, and coordinating interoffice affairs.
How does selecting an internship affect your career path?
Many business schools offer students the ability to participate in an internship program, which involves working as a low-level employee in an already existing company or business. Often, these internships count towards school credit.
An internship can be a very personally and professionally rewarding experience. You have the opportunity to develop real-world skills, work ethic, and immerse yourself in a new and exciting environment. Professionally, you make great connections, build references, and establish a foundation for future success.
Selecting the right internship is, in part, about finding work in an area that excites you. Think about the career you might like to have and try to find an internship or work placement within that field. Of course, even if you find work in an area that you are not necessarily excited by, it can still be very beneficial.
Selecting the right internship is also about finding a place that will launch you on your post-graduation path. Establishing yourself in an industry or merely getting your foot in the door is a significant benefit down the line. With an internship, you might find a mentor, great reference, or company with hiring potential.
Some of the many benefits of an internship are:
- Gaining work experience
- Making connections
- Learning new skills
- Testing out a career
- Gaining access to the professional world
- Finding a mentor
- Building a resume
- Developing confidence
- Transitioning into a job
What are the average salary ranges for major career paths in the business sphere?
Since business is such a broad field, the salary ranges within it vary drastically. The maximum salary is endless – look at Jeff Bezos or Bill Gates. As capitalism relies on constant expansion and growth, the concentration of capital steadily increases. Profits for those at the top grow exponentially.
Of course, the average salary is not that of Bezos or Gates. The average starting income of a person with a business degree varies. If you have a bachelor’s degree, your starting salary will be lower than someone with an MBA. If you have an associate’s degree, you will likely start with an even lower salary. However, with work experience, you may rise quickly.
Certain estimates state that the median starting salary for someone with an MBA is somewhere in the range of $78,000 and $95,000, which increases over time. According to the U.S. News & World Report, the average salary of a person with an MBA is $106,757. Other estimates are not as optimistic and claim that the actual number is somewhere closer to $89,000. Unfortunately, like many fields, salaries in business demonstrate the reality of the gender wage gap. According to Investopedia, women earn $48,000 – $137,000 on average, whereas men earn $56,000 – $165,000.
To be a little more specific, we’ll go through some median salaries for specific career paths. Many of these career paths are more lucrative than the average job and require some hard work and dedication to achieve. Generally speaking, managers and executives make far more than the average worker.
If you’ve taken business management and you’re interested in marketing, you’re in luck. The median salary for a Marketing Manager is somewhere close to $106,0000. Marketing specialists make about $70,615 on average.
Finance can also be very rewarding. The average salary for a Financial Manager is approximately $125,062. A Personal Financial Advisor will likely make around $59,621, and a Financial Examiner might make about $65,171.
Sales is another pretty rewarding path at the managerial level. A Sales Manager can probably expect to make about $118,255. In contrast, the average Sales Rep probably makes closer to $55,444.
As you can see, the pay scale for business is not entirely restrictive. Depending on the role you fill and the company you work for, you will make very different amounts of money. For the most part, those with MBAs and managerial positions are likely to make the most on average, barring CEOs, COOs, and other high ranking executives. In the United States, the average CEO’s salary is $155,446.
Best Programs For Business Degrees
There are a wealth of different ways to enter the world of business. For most people, the journey starts with a business degree. Whether you study business management or business administration, a degree can help put you on the right track for success. If you are already in the workforce, returning to school for a degree not only gives you the extra qualifications to get a promotion, but it also shows your employer that you have initiative and drive.
If you have just graduated and are entering the workforce for the first time, a business degree provides you with a solid framework for success. When an employer sees that you have a degree in business management, they know that you have a toolkit and are prepared to get to work.
Generally, a graduate will enter the workforce with an understanding of practice, theory, and function. In essence, they will have business acumen.
What are the top ten business degree programs in the United States?
The United States is home to some of the most prestigious and well-respected business programs worldwide, which is no surprise given the number of transnational corporations in the United States. Many students come from around the world to attend the most well-known business schools in the country. These programs include both undergraduate and master’s degrees.
Some of the highest-ranking MBA degree programs in the United States include:
- Yale School of Management
- UCLA Anderson School of Management
- Columbia Business School
- Kellogg School of Management
- Haas School of Business
- The University of Chicago Booth School of Business
- Harvard Business School
- MIT Sloan School of Management
- Stanford School of Business
- The Wharton School
All of these programs offer different specializations and concentrations. If you’re considering a major in business, there is a certain degree of overlap. However, the list varies slightly. Some of the highest-ranking bachelor’s schools for business majors in business include:
- University of Pennsylvania
- University of California Berkeley
- University of Michigan Ann Arbor
- New York University
- University of Texas at Austin
- Carnegie Mellon University
- Cornell University
- University of North Carolina
- University of Virginia
What are the best-ranked online business degree programs?
Business degrees can be completed at universities, community colleges, and online. Though online learning used to be rare, online degrees are now more common than ever. These degrees are very popular because they are accessible, flexible, and can be completed at your own pace. Some of the online degrees which consistently rank highly include the following:
- University of Florida
- Florida International University
- California State University
- San Diego State University
- University of Illinois at Springfield
These various programs offer concentrations and specializations in different areas. Some larger schools even offer courses that feature a mixture of online and in-person classes designed to accommodate students who cannot meet regularly in person or might prefer to take online courses.
What other business career information should you know before pursuing a degree?
A business degree has a lot of benefits. First of all, the degree itself is useful in a highly competitive job climate. From transnational corporations to local farmer’s markets, employers are always looking for graduates of business programs. These graduates are some of the most highly sought after.
Also, education itself equips you with a strong foundation in a wide range of business tasks. It gives you the knowledge that you need to succeed. Business success can mean significant financial payoff, and it just takes a quick perusal of business administration salaries to demonstrate this.
After completing a business degree, you should have a general understanding of all kinds of niche areas such as finance, human resources, marketing, accounting, organizational behavior, and supply chain management. These are the different areas that keep businesses running, profiting, and growing.
As has been demonstrated, there is no shortage of work out there for a business graduate. A degree in business is one of the most useful degrees out there. It provides you with a flexible and wide-ranging cache of practical skills and techniques. The training and specialization that students who attend business schools attain are valuable far beyond the classroom. With this silk set, business graduates consistently rank among the most successful and employable graduates of any program.
Business graduates frequently work in wide-ranging fields like marketing, government, public policy, energy, healthcare, transportation, and international business.
With real-world experience and classroom education, business school can set you on the path for success. If you’re innovative, a born leader, a hard worker, and have a head for organization and finance, business might be the career path for you.