What can you do with a College Degree in Business?
Business is a versatile and dynamic field of study. While millions of students study it every year, many feel lost as to what they can do with their degree. Keep reading to hear the Simplify team's thoughts!
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Business majors are considered among the most popular undergraduate degrees in the U.S., with nearly 1 in 5 bachelor's degrees awarded between 2018-19. A business degree can open up a world of opportunities because it can help you gain the knowledge necessary to succeed in various fields, including marketing, investment banking, operations, consulting, and sales.
What Do You Learn in Business School?
Business school is designed to give students the skills and knowledge they need to succeed in the business world. Students learn about key concepts like financial accounting, marketing, and supply chain management through coursework and experiential learning opportunities. In addition, business schools often offer specializations in areas like entrepreneurship or international business.
As a result, business school graduates are prepared for a variety of careers in the corporate world. In recent years, there has been an increasing demand for business school graduates as businesses seek employees equipped with the latest skills and knowledge. Business school provides an ideal way for students to gain the skills and experience they need to succeed in today's competitive job market.
Careers You Should Consider Having a Business College Degree
A solid education and experience are essential to success. A business degree can help you gain the skills and knowledge to succeed through in-class learning and onsite business internships.
Here are some of the careers you can break into with a business degree:
Marketing
Marketing covers many activities, from product development to advertising and promotions. Because of this, marketing degree programs often allow students to specialize in a particular area, such as digital marketing or brand management, and learn valuable skills that can translate easily into other areas of marketing.
What is Marketing?
Marketing is creating value for a company through the creation and distribution of products or services. It involves the entire process of research, product development, pricing, promotion, and distribution. In essence, marketing is about understanding the needs and wants of customers and then creating a unique offering that meets those needs. Marketing can help to build brand awareness, generate leads, and drive sales. It is an essential part of any business strategy. Simply put, marketing is how a business can make more money and achieve its goals.
Average Marketing Salaries
Because of its many roles, marketing careers have a wide range of salaries. According to the U.S. Bureau of Labor Statistics (BLS), the 2021 median salary for marketing managers is $135,030. Where you are located and who you work for can hugely impact salary averages.
Market Research Analysts and Marketing Specialists have a median salary of $63,920, while Public Relations Managers have a median salary of $125,780.
Investment Banking
Most investment banks require their analysts to have a college degree, preferably in business or economics. A business degree can provide you with the skills and experience you need to succeed in investment banking. Business internships are typically a great way to get started in the industry.
What is Investment Banking?
The role of investment banking has evolved over time, but the core function remains the same: to raise capital for clients. Investment bankers are professional intermediaries who help companies and governments raise money by underwriting and selling securities. Investment banks also advise on mergers, acquisitions, and other corporate finance matters. To be successful, investment banks must have a deep understanding of the securities markets and the regulatory environment. They also must be able to provide innovative solutions to complex financial problems. As a result, investment bankers play a vital role in the global economy.
Well-Known Investment Banking Firms
Investment banks are typically divided into two main categories: bulge bracket firms and middle-market firms. Bulge bracket firms are the largest and most well-known investment banks, such as Goldman Sachs, JP Morgan, and Morgan Stanley. These firms offer a full suite of services, including mergers and acquisitions (M&A), equity and debt capital markets, and corporate finance. Middle-market firms are smaller than bulge bracket firms and usually specialize in a particular type of service or industry. For example, Jefferies is a middle-market firm that focuses on healthcare, while Rothschild is a middle-market firm that specializes in M&A.
Average Investment Banking Salaries
● Analysts: $100-$125K
● Associate: $175-$225K
● Vice President: $250-$300K
● Director/Senior VP: $300-$350K
● Managing Director: $400-$600K
Consulting
Consulting is a rapidly growing industry that offers many challenges and rewards. Consultants work with clients to help them solve problems and improve their businesses. To be successful in this field, you need to be able to think on your feet and come up with creative solutions. A business degree can give you the skills to succeed in this competitive field. In addition to learning how to analyze data and develop strategic plans, you'll also gain experience working in teams and communicating effectively with clients.
What is Consulting?
Consulting is a professional service that provides advice and assistance to businesses and organizations. Consultants typically have expertise in a particular area, such as management, marketing, finance, or human resources. They use their knowledge and experience to help their clients solve problems, achieve their goals, and improve performance. Consulting services can be provided on a project basis, on an ongoing basis, or an as-needed basis. Depending on the client's needs, consultants may work independently or as part of a team. In most cases, consultants are hired by companies or organizations that do not have the internal resources or expertise to address a specific issue.
However, some consultants also work with individuals looking for guidance and advice on a personal or professional matter. Whether working with businesses or individuals, consultants aim to provide impartial and objective advice to help their clients reach their desired outcomes.
Well-Known Consulting Firms
Some of the most well-known consulting firms include McKinsey & Company, Boston Consulting Group, and Bain & Company. These firms are often household names in the business world, and they are known for their work with some of the biggest companies in the world. They also have a reputation for being extremely selective, only hiring the top talent from the best schools. In addition to their work with major corporations, these firms also frequently advise governments and nonprofits on strategic planning and management. As a result, they can wield a great deal of influence in the public and private sectors. Consequently, these firms are often at the forefront of trends and changes in the business world.
Average Consulting Salaries
Bigger firms like those mentioned above typically offer higher starting salaries for consultants. Mid-tier consulting firms pay a salary between $65,000-$70,000 for entry-level financial consultants. Senior consultants earn an average salary of $112,000-$120,000.
Sales (Roles and Internships)
A business degree can provide a strong foundation for a career in sales. Business courses cover various topics, from accounting and finance to marketing and management. As a result, students who earn a business degree develop a well-rounded understanding of how businesses operate. This knowledge can be invaluable in a sales career, where success depends on understanding clients' needs and developing creative solutions to problems. In addition, business courses typically include some form of business internship or practicum experience. This hands-on experience can allow students to hone their sales skills and learn from experienced professionals.
What are Sales?
Sales are the heart of any business - without them, a company will quickly go under. But what exactly are sales? In its simplest form, a sale is an exchange of goods or services for money. However, there is much more to the art of selling than that. A good salesman needs to understand human psychology, have excellent communication skills, and be able to think on their feet. They must also be knowledgeable about their product and the competition.
Average Sales Salaries
Typically, salespeople have a base salary and also get paid a commission on the sales they're able to make. According to Indeed, the average salary of a salesperson in the U.S. is $53,490 and the average commission is $12,000 per year.
Operations
A business degree can be a stepping stone to a career in operations management. Operations managers are responsible for the day-to-day running of an organization, from planning and coordination to quality control. They need to be able to think strategically, identify problems and find efficient solutions. A business degree provides students with the analytical and decision-making skills required to succeed in this role.
In addition, coursework in finance, accounting, and marketing can give students a well-rounded understanding of how businesses operate. With the right mix of skills and experience, graduates with a business degree can carve out a successful career in operations management.
What is Operations?
Operations is a branch of management concerned with the design and control of systems that transform inputs into outputs. Operations managers are responsible for ensuring that these systems are efficient and effective, and they may oversee production, logistics, inventory management, and customer service. The goal of operations management is to minimize waste and maximize efficiency, which can help to improve profitability. In today's business environment, operations management is essential for ensuring that businesses can compete effectively. By streamlining processes and improving quality control, operations managers can help companies to improve their bottom line.
Average Operations Salaries
Business operations managers made a median salary of $103,650 in 2020. The top 25 percent earned $161,190, while the lowest 25 percent averaged $67,450.
Conclusion
A business degree can be the key to unlocking many exciting and rewarding career paths. Whether you want to work in marketing, investment banking, operations, or sales, a business degree provides the skills and knowledge you need to succeed. With the right mix of experience and training, you can build a successful career in any field that interests you!