The corporate landscape is continuously shifting, but the importance of having a business degree has not. In the last several decades, skills and expertise that are sought out by employers have changed enormously. The shift is evident in the labour market where organisations have created a variety of new, exciting, and innovative roles for fresh graduates and upskilling professionals in the workforce.
The Bureau of Labour Statistics (BLS) reports that employment of business and financial operations occupations is projected to grow by 7% from 2018 to 2028, translating to about 591,800 new jobs. If you’re working towards a business degree, you might be wondering: which of these “new jobs” can I apply for when I graduate?
Graduates with business degrees possess many valuable skills to make significant contributions across a wide range of sectors. This is because a business major is one of the broadest and wide-ranging degrees a professional could have.
Business degree modules typically explore how organisations operate, how they find revenue sources, how to negotiate effectively, and most importantly why some businesses thrive, and why some do not. The development of personal skills is an added bonus.
Presentation skills, logistical and analytical thinking, decision making, projects management, and more — all crucial for success in a 21st-century workforce — are key takeaways of a business degree today.
The type of career you can apply for depends on the specific skills you gain in addition to the above. Here are the seven careers you can embark on with a business degree:
Accountants help organisations finance their operations, abide by government regulations, save money, and maximise profits. They tap into the financial knowledge and skills learned during their studies to make sound decisions about the organisation’s resources. Accountants are also known to represent and communicate business information that will be used by colleagues to operate more effectively, and by investors to make sound decisions about their investments. Additionally, these professionals conduct audits and provide consulting and tax planning services, often moving on to leadership positions within the finance division of their organisation or client organisations.
Management consultants apply analytical and problem-solving skills to their projects, utilising teamwork, and presentation skills cultivated through their studies. These consultants are experts at gathering information, organising it, then composing reports with their findings. Analysts are power users of technology, processing and representing data to their clients. They enlist the spreadsheet, database, and presentation tools that were often applied to their business degree class projects.
Social media manager
Social media managers use their tech-savviness and knowledge of marketing communications to coordinate their employer’s presence on platforms such as Facebook, LinkedIn, Twitter, and Instagram. They enhance business activity, establish brand identity, and get the word out about their organisation. Social media managers devise strategic plans, help develop content and measure the impact of online campaigns.
Business students learn to assess the strengths and weaknesses of companies and analyse trends in various industries. Financial analysts capitalise on these skills to evaluate companies, industries, and associated investments for clients or their parent company. These analysts interpret financial statements, calculate ratios and other metrics, and write reports with recommendations for investments and the allocation of corporate resources.
Business degree holders with a strong quantitative orientation to their background can become key players in the insurance industry by working as an actuary. Actuaries calculate the probability of risky events occurring, such as deaths, injuries accidents, fires, and illnesses when insurance companies would be liable to pay out claims. They utilise knowledge of accounting, finance, and economics, carrying out complex analyses of scenarios based on demographic profiles. Actuaries, much like business majors, often work with spreadsheets, databases, and statistical software to conduct their analyses. Additionally, they must have strong writing, presentation, and persuasive skills to secure support from colleagues for their proposals.
Administrators in the healthcare sector must have knowledge of accounting, budgeting, human resources, marketing, management, business law, ethics, and information technology—all subjects that are covered in the business curriculum. The teamwork, communication, analytical, and presentation skills that come with a business degree are all critical for success as a healthcare administrator.
College admissions representative
Business degree holders who are interested in working in a college environment should consider a position with the admissions office as an option. Admissions staff draw upon the strong communication, presentation, and persuasive skills to reach out to prospective students. They develop marketing plans to strategically promote the college and encourage applications. A college admissions role is essentially a sales position for a college, so business majors with a strong foundation in sales and marketing, and an outgoing personality, are likely to be successful in this niche.