With college costs rising rapidly, the value of earning a business administration degree, or any college degree for that matter, is assessed in terms of metrics such as starting salaries, ease of placement, long-term career stability and growth potential.
Business administration graduates complete four years of study in business-focused courses that may include one or more of the following specializations: accounting, finance, human resources management, marketing, operations management, supply chain management, public relations and real estate development. The value of your business degree depends on the specific field that you intend to pursue because not all options are equally lucrative.
Broad Knowledge Base for Business Majors
The core curriculum for an associate or bachelor’s in business provides enough exposure in the fundamentals of business processes. The courses provide an overview of what is involved in each specialization so that students can examine their alternatives and decide which field is most suited to their skills, interests and career goals. Students can choose a practicum or an internship based on their preferred specialization, gain exposure and network with professionals in the field. Not all business majors are equal in terms of relevance to the current economic environment. Marketing is a lucrative major because the internet and social media have expanded communication channels, creating new opportunities for businesses and marketers to reach a lager audience.
However, it must be emphasized that the general skills and broad perspectives learned in business school are valuable for many entry-level positions if you wish to gain a few years of experience prior to committing to graduate school. The knowledge base and business competency, resulting from completing your degree in business administration can be valuable in positions not tagged as business management jobs.
Business administration encompasses several specializations, but the skills you learn as a generalist or as a business graduate with advance skills in accounting or financial management are valuable in almost any industry. This means that you can find a career path in just about any industry if you hone your skills in business office processes, human resource management or marketing and sales. You can create niche opportunities for yourself by selecting jobs that establish your expertise in a particular field. For instance, if you want to be known as a business specialist for health institutions, choose jobs in this sector only, and enhance your credentials by earning additional certifications relevant to this sector.
Impact of the Economy and Technological Advances on Business Administration Careers
The state of the economy affects the demand for business graduates. In an expansion mode, business administration graduates are easily absorbed in the workforce in different capacities in retail, finance, manufacturing, logistics and real estate development. When the economy is facing a slowdown, jobs that do not contribute directly to the bottom line, of which there are many in backroom business operations, will be cut. This is true for most industries, so it is important to leverage your business skills to ensure that you have viable alternatives regardless of prevailing micro and macroeconomic factors.
A business administration degree is worth the passion, commitment and foresight that you invest in it. It provides a solid background in understanding the dynamics of the workplace and the key processes that drive the system. The Bureau of Labor Statistics expects demand for business, management and finance occupations, which are typical career tracks for business administration graduates, to grow from 6 to 8 percent in the decade ending in 2024. This is about average compared to other occupations.