The default image of someone with a business degree is of people wearing suits and ties working in financial departments or even the C-suite.
While there are people with business degrees working in these lucrative jobs, there are many other jobs business management degree holders can fill. And there are other reasons to earn this degree than hoping that it leads you to a manager role.
Here are 5 reasons why business management degrees are so valuable in today’s economy.
There Is Significant Demand for the Skillset
Technology firms are hiring people with business management degrees to fill a variety of roles. They may work in the finance or marketing department, or they may head technology development projects.
A business degree also helps you develop skills that are useful in almost any role, and employers know this. That is why a business degree can be considered the true universal college diploma; it opens up jobs almost everywhere. That is aside from the employment of those in finance and business growing 10 percent over the next ten years – a rate much faster than projected employment for all occupations.
Here are some of the skills you’ll learn with a business management degree:
- Problem solving
- Communication skills
- Organisational behaviour
As you can see, these are very diverse and could open you up to a wide variety of positions. And many of these are soft skills that are in great demand in fields not related to business or finance.
It Yields a Significant Return on the Investment
Students with a Bachelor of Business degree or Bachelor of Science in Business Administration receive higher than average incomes. Statistics found that the median income for bachelor degree holders in business is around £45,000 a year.
More importantly, they have better than average odds of advancing up the career ladder. The opportunities for advancement are greater if you hold a master’s degree in business. A master’s degree results in a pay bump, too.
There are also far better paying specialisations within the business world. If you are an expert in tax preparation, global trade, or qualitative market research in a high demand area, you can almost set your own salary.
You Have Career Flexibility
Business related jobs are still mostly performed in the office. However, the internet and technology make it much easier to enjoy career flexibility as a business degree holder. You can work remotely or from home. For comparison, hardware engineers may have to come into the lab to determine the root cause of a system error and fix it. Business skills are often the road to good paying part-time jobs. Working as a seasonal tax preparer or part time accountant for small business clients are both good paying jobs. Or you could become a tax advisor or business consultant, earning as much working part time as some do working full time.
Your business skills are transferable, allowing you to jump industries without retraining. You simply shift from selling insurance to selling computer hardware. You shift from business process consulting for manufacturers to service providers. You can work in the billing and accounting department for any company large enough to have one.
There is a variety of roles you can fill with a business management degree, such as:
- Supply Chain Manager
- Business Consultant
- Business Manager
- Project Management
It May Allow You to Truly Follow Your Passion
Business skills allow you to monetise your passion more effectively, also known as earning a living doing whatever you want to do. In fact, business schools increasingly offer dual degrees so you can combine a business education with whatever other degree you want to earn.
For example, you could earn dual degrees in music and business, or science and business. Then you can enter the industry at any level. You could actually earn a living in music or research, or you could manage others who want to do better.
You could work at a big firm in the industry while you cultivate your own niche. Note that you can earn a business degree on your own while attending school or working in the field of your choice. For example, you could get an online business degree through an institution like Aston University. Then you can work in marketing or administration in the field you love.
Business schools are known for focusing on practical case studies, and these will almost always be applicable to your current job, no matter where you work. Furthermore, you can tailor the modules you take based on your career aspirations. Whether you want to grow your small business or take your company international, you will gain the knowledge and practical experience you need.
It Gives You Networking Opportunities
Business programmes often give you excellent networking opportunities. Whether you attend classes online or in a brick and mortar school, you’ll spend hours studying and working with classmates from many different industries.
Furthermore, many of them will come from all over the world. You’ll create a diverse, international network. These connections could help you find an overseas assignment to fill out your CV, or to find a better position in the industry you want to work in. That is aside from the professors themselves who want to help you find a good professional job after graduation.
If you want to grow your own business, you’ll be able to tap into a broad network of experts and find people to either work for you full time or offer consulting services to you. And you may find investors or sales leads.
The broader network you build through online business education:
- Fellow working professionals
- Graduate students at other schools
- People planning on returning to the workforce
- People transitioning to a second career
- People ready to start their own business
Business degrees give you a truly universally applicable skillset. You can work anywhere doing almost anything, and you’ll be well-paid for your expertise.