Many students around the globe are opting for business studies for higher education. A business degree helps the graduates to get high paying jobs in multinational companies or start their own business. But is a business degree/diploma the best option for you? Can it actually help in boosting your career? Is it mandatory to have a business degree to become a businessman?
No. You can run a successful business and become a reputed entrepreneur without studying business. There are several established businessmen who have managed their companies effectively without having a business qualification. However, as the market trends are changing rapidly, many new entrepreneurs are investing enough time and money in studying business in order to cope with the increased challenges and competition.
So if you are planning on pursuing business studies in higher education, then you need to ask yourself a few questions that will help you in your decision.
What is a Business Degree/Diploma?
Business education provides you with specialised skills and knowledge that will enable you to successfully manage and run a business. You will be able to build a great career and secure your future not just with a Degree in Business but also a Diploma Program in Business. During your course, you will learn about various aspects of business like finance, accounting, economics, marketing, human resource, public relations, administration, organisational behaviour etc. Moreover, the knowledge you will gather from a business school will help you to face many challenges in life as well.
Having a business degree proves that you have adequate knowledge about your field of work and that you are qualified and committed to do the job. It will help you to start your career in a reputed company and also to start your own venture.
Can a Business Degree Boost Your Career?
Contrary to popular belief, getting a business degree does not necessarily mean that you will get a high paying job. Apart from earning an accredited business degree from a reputed business school with excellent grades, you will be required to prove your mettle and work hard to achieve your career goals.
In a recent post, topuniversities.com published the US 2013-14 PayScale College Salary Report which shows the average starting salary for business graduates was reported at US$43,500 while the average mid-career salary was at US$71,000. The salary range vary greatly depending on your specialisation –
- For graduates of International Business, starting salary is expected at US$43,800; and mid-career salary is US$83,700.
- For graduates of Finance, starting salary is $49,200 and mid-career salary is projected at $87,100.
- For Accounting graduates, the numbers are $45,300 and $74,900
- Human Resource graduates can expect a starting salary of $38,000 and mid-career salary at $63,900
- For graduates of Marketing, starting salary could be $42,100 while mid-career salary can rise to $80,200.
- For Organisational Management graduates, the salary range varied from $41,900 and $60,300.
Are You Passionate About Business?
It is imperative that you have some amount of passion about the subject which you choose to study for higher education. This will not only keep you focused but it will also ensure that you achieve your educational and career goals. However, it does not mean that you should remain engaged in your studies throughout the entire day.
In such a scenario gaining a sound knowledge in this field through online mode is quite helpful. Online business courses taken from an accredited and recognized university will give you equal benefit as a regular on campus business programme. In fact it will give a better standing as you will be able to gain a practical understanding of the subjects and its key elements by utilizing your knowledge in the everyday business scenario. However, what is also important while opting for this field of study is that you must have a desire to take up a career in this or related fields.
The fact is if you get bored with your subject easily or if you are not thrilled about your future career in your chosen field, then you need to re-think your decision and find out your true passion. You should not study business just because you think there are no better options for you. However, business can be a great career path if you are passionate about starting a new business and you get a kick by researching, planning, managing and leading projects with different team members.
Is a Business Degree Necessary for Doing What You Want?
In case you want become an entrepreneur and start a small or large business, then having a business degree is not compulsory. But if you plan to become a faculty in a business school or a college, then it’s imperative that you have a degree or a Postgraduate diploma in the subject. Thus you need to carefully consider what you want to do before you invest time and money in studying to be a business graduate.
Currently, there is stiff competition in the corporate world and until you are ready to face various business challenges, you will not in able to achieve success in your field. Business can be a great career for you only if you are a motivated and ambitious individual who is determined to move forward even after encountering hardships and failures. But if you are not head-strong and get easily affected by failure, then business may not be the right option for you.
Studying business can offer you numerous job and business opportunities that will help you to move closer to your goals and aims. Your business education will enable you to face the competition in the market and allow you to compete with the leading companies in your field. So, Are You Determined and Motivated?