7 Types of Business Degrees You Should Know About
If you are interested in pursuing a career in business, you might be wondering what types of business degrees are available and what they can offer you. Business degrees are among the most popular and versatile academic programs in the world, as they can prepare you for a wide range of professions and industries. In this article, we will explore seven types of business degrees you should know about, and what skills and knowledge they can provide you with.
1. Business Administration
A business administration degree is a general and broad program that covers the fundamentals of business, such as accounting, finance, marketing, management, economics, and more. A business administration degree can give you a solid foundation of business concepts and principles, as well as the ability to apply them to various situations and contexts. A business administration degree can also allow you to specialize in a specific area of interest, such as entrepreneurship, international business, or human resources.
2. Accounting
An accounting degree is a specialized program that focuses on the measurement, analysis, and communication of financial information. An accounting degree can teach you how to prepare and interpret financial statements, audit financial records, comply with tax laws and regulations, and advise clients on financial matters. An accounting degree can also prepare you for professional certifications, such as the Certified Public Accountant (CPA) or the Certified Management Accountant (CMA).
3. Finance
A finance degree is a specialized program that focuses on the management of money and other assets. A finance degree can teach you how to plan, analyze, and optimize the financial performance of individuals, businesses, or organizations. A finance degree can also help you develop skills in areas such as investment analysis, portfolio management, corporate finance, banking, risk management, and more.
4. Marketing
A marketing degree is a specialized program that focuses on the creation and delivery of value to customers and stakeholders. A marketing degree can teach you how to identify and understand the needs and wants of your target market, develop and implement effective marketing strategies, communicate and promote your products or services, and measure and evaluate your marketing results. A marketing degree can also help you develop skills in areas such as market research, consumer behavior, branding, advertising, digital marketing, and more.
5. Management
A management degree is a specialized program that focuses on the organization and coordination of people and resources. A management degree can teach you how to plan, organize, lead, and control various aspects of a business or organization, such as operations, projects, teams, human resources, quality, innovation, and more. A management degree can also help you develop skills in areas such as strategic management, decision making, problem solving, leadership, communication, and more.
6. Economics
An economics degree is a specialized program that focuses on the study of how people and societies allocate scarce resources. An economics degree can teach you how to analyze and explain the behavior and interactions of individuals, businesses, governments, and markets. An economics degree can also help you develop skills in areas such as economic theory, quantitative methods, policy analysis, international trade, development economics, and more.
7. International Business
An international business degree is a specialized program that focuses on the global aspects of business. An international business degree can teach you how to operate and compete in different countries and regions, taking into account the cultural, political, legal, ethical, and environmental factors that affect business activities. An international business degree can also help you develop skills in areas such as cross-cultural communication,
global strategy, international marketing, foreign exchange, global logistics, and more.
These are just some of the types of business degrees you should know about if you are interested in pursuing a career in business. Each type of business degree has its own advantages and disadvantages, depending on your goals, interests, and preferences. However, all types of business degrees can provide you with valuable knowledge and skills that can help you succeed in the dynamic and competitive world of business.
Types of Business Degrees and Their Global Demand
Business degrees are among the most popular and versatile fields of study in higher education. They can prepare students for a variety of careers in different sectors and industries, such as management, finance, marketing, accounting, entrepreneurship, and more. But what are the types of business degrees available, and how do they differ in terms of global demand?
Bachelor’s Degree in Business
A bachelor’s degree in business is a four-year undergraduate program that covers the general aspects of how a business operates, as well as specific areas of specialization. According to the U.S. Bureau of Labor Statistics (BLS), some of the top-employing occupations for workers with a business degree include financial managers, management analysts, accountants and auditors, sales representatives, and chief executives . The median annual salary for these occupations ranges from $48,776 to $65,000 .
The global demand for business graduates with a bachelor’s degree is expected to grow as the world economy becomes more interconnected and competitive. According to a report by the World Economic Forum, some of the most in-demand skills for 2023 include analytical thinking and innovation, active learning and learning strategies, creativity, originality and initiative, critical thinking and analysis, complex problem-solving, and leadership and social influence . These skills are essential for business professionals who need to adapt to changing markets, technologies, and customer needs.
Master’s Degree in Business
A master’s degree in business is a two-year graduate program that provides advanced knowledge and skills in a specific area of business. The most common type of master’s degree in business is the Master of Business Administration (MBA), which covers topics such as strategic management, organizational behavior, financial analysis, marketing management, operations management, and more. Other types of master’s degrees in business include Master of Science (MS) or Master of Arts (MA) in fields such as accounting, finance, marketing, human resources, or international business.
The global demand for business graduates with a master’s degree is also high, especially for those who want to pursue leadership positions or specialized roles in their industry. According to the Graduate Management Admission Council (GMAC), 89% of employers worldwide planned to hire MBA graduates in 2023, up from 77% in 2022 . The median annual salary for MBA graduates was $115,000 in 2022 . The GMAC also reported that the demand for specialized master’s degrees in business was strong across regions and industries, with finance/accounting, data analytics/business intelligence, and marketing being the most sought-after fields .
Doctoral Degree in Business
A doctoral degree in business is the highest level of academic qualification in the field. It usually takes four to six years to complete and requires original research and a dissertation. The most common type of doctoral degree in business is the Doctor of Philosophy (PhD), which focuses on developing new theories and knowledge in a specific area of business. Other types of doctoral degrees in business include Doctor of Business Administration (DBA), which emphasizes applied research and problem-solving in real-world settings; Doctor of Education (EdD), which concentrates on educational leadership and administration; and Doctor of Professional Studies (DPS), which integrates academic research with professional practice.
The global demand for business graduates with a doctoral degree is relatively low compared to other levels of education, but it can offer significant benefits for those who want to pursue careers in academia or research. According to the BLS, postsecondary teachers of business earned a median annual salary of $87,200 in 2022 , while economists earned $108,350 . The BLS also projected that the employment of postsecondary teachers would grow by 9% from 2021 to 2031 , while the employment of economists would grow by 14% .
Business degrees are diverse and flexible fields of study that can open up many opportunities for students who want to work in various sectors and industries. Depending on their level of education and specialization, business graduates can expect different levels of global demand and earning potential. However, regardless of their type of degree, business graduates need to develop the skills and competencies that are relevant for the current and future labor market.
References:
http://www.otoc.pt/fotos/editor2/Aula_do_Comercio%20-%20L%C3%BAcia%20Lima%20Rodrigues.pdf
https://www.bls.gov/ooh/field-of-degree/business/business-field-of-degree.htm
https://www.bls.gov/emp/chart-unemployment-earnings-education.htm
https://www.coursera.org/articles/types-of-business-degrees
http://www3.weforum.org/docs/WEF_Future_of_Jobs_2020.pdf
https://www.gmac.com/-/media/files/gmac/research/employment-outlook/gmac-2023-corporate-recruiters-survey-report.pdf
https://www.gmac.com/-/media/files/gmac/research/salary-outcome/gmac-2022-alumni-perspectives-survey-report.pdf
https://www.gmac.com/-/media/files/gmac/research/employment-outlook/gmac-2023-corporate-recruiters-survey-report.pdf
https://www.bls.gov/ooh/education-training-and-library/postsecondary-teachers.htm
