For a wide-eyed freshman eager to go to college, one of the most life-changing decisions you’ll ever make is choosing from the various undergraduate majors. For business students, this can be challenging. Unlike some undergraduate majors, which seem more clear-cut, like nursing or psychology, the branches of business are incredibly diverse.
As a result, this can confuse business students since, at first glance, these branches may look similar on the surface. I mean, money is money, right? But, in reality, each business major offers a unique blend of knowledge and skills that cater to specific career paths and industries.
We’ll learn more about them in this article. We’ll discuss some general knowledge of each of the most popular business majors and how they differ from each other. We’ll also discuss the most popular occupations linked to these majors so that you can make a more informed decision and carve a career path that’s well-suited for you.
Let’s begin!
Business Administration
One of the many undergraduate majors to choose from is Business Administration. In a nutshell, Business Administration is considered the jack-of-all-trades in terms of business majors. In fact, the Southern University of New Hampshire defines it as a comprehensive field that includes a variety of roles, professional settings, and growth opportunities. Simply put, business administration involves managing an organization’s resources, time, and people.
Professionals working in the field of business administration are tasked with the best interest of businesses and organizations in terms of running them effectively, efficiently, and profitably. One of the best assets that business administration students can cultivate is a solid knowledge of hard and soft skills, particularly in communication.
Business administration professionals should be able to effectively articulate their ideas, influence others, give constructive feedback, and create compelling and informative presentations. After all, business administration entails frequent team collaboration on business projects.
The article also points out that business administration professionals should at least have a basic understanding of the different branches of business, like accounting, finance, marketing, human resources, and even information technology, to effectively work with others. They, too, also often specialize in a field that can prove to be essential for their respective roles in an organization.
At the same time, some students continue to grow their knowledge by pursuing a prestigious Master’s degree in Business Administration, or an MBA, which can significantly propel their careers to greater heights. Earning an MBA can mean career advancements in the future, higher salaries, and improved desirability in a highly competitive job market like business.
As a matter of fact, in 2022, statistics provide compelling evidence that having an MBA degree can ensure job security for graduates. The report shows that 91% of employers hired MBA graduates across all industries. While this was slightly lower by 6% from the year before, the percentage of MBA graduates that employers hired was highest in the years 2021 and 2022 compared to previous years when only 50% to 80% of graduates were hired. Furthermore, recent data supports a continued worldwide demand for MBA graduates. The 2024 Corporate Recruiters Survey by the Graduate Management Admission Council (GMAC)—which is based on nearly 1,000 corporate recruiters and staffing firms globally—shows that over a third of recruiters around the world and employers across sectors expect to hire more MBA graduates in 2024 compared to last year.
Finance
From the word itself, Finance majors deal with the complex financial aspects of a business or organization. So, is Finance one of the many undergraduate majors for you? According to the University of Pennsylvania, rated first in finance schools by U.S. News, a Finance major is perfect for students who want to work in financial markets, investment banking in a global context, financial management, venture capital, mergers and acquisitions, and global management consulting; it could also prepare students wanting careers in law or the public sector.
Given the quantitative nature of the field, a solid foundation in Mathematics is essential. If you’re not wild about working with numbers, a major in Finance could be a way for you to develop a deeper understanding and inclination toward numbers all while improving your work ethic in the process.
According to Dr. John Halstead, an economics and finance Lead Instructor at Colorado Technical University (CTU), a Finance degree allows you to apply financial principles to everyday work, enhancing career impact.
For those who are unaware of the job outlook for finance, the Bureau of Labor Statistics, the fact-finding agency of the United States Department of Labor, reported that employment in business and finance is projected to grow faster than the average for all jobs over the next decade to 2032, with an average of about 911,400 openings projected each year. So, if you’ve got a knack for numbers and want a semblance of job security, becoming a Finance major could be the right move for you.
Accounting
If you have a keen analytical eye and an inherent love for numbers and trends, majoring in accounting might be the perfect choice. What can you expect if you decide to major in accounting?
The American Intercontinental University gives us a glimpse into what this major entails for students. As an Accounting major, you’ll cover basic accounting principles, processes, and software. Students can also expect to learn about tax law, auditing, and cost/benefit analysis. Although students tend to spend a lot of time working alone, balancing records, and working through formulas, accounting professionals need interpersonal skills to work with various departments and writing skills to report their findings clearly.
Unlike some undergraduate majors, which necessarily don’t prepare you for the skills you’ll need in your chosen profession, accounting programs are statistically not as problematic. That’s because the institutions that offer accounting programs usually have a good grasp of what skills to teach their students.
In 2022, researchers conducted a study on whether universities in Ghana prepared their accounting graduates with the skills they needed for employment. They surveyed 435 employees and accounting graduates and gave each group a different set of questionnaires. The findings revealed that graduates had developed about two-thirds of the essential skills necessary for accounting jobs.
Unfortunately, however, the participants lacked proficiency in IT skills, which are essential in the profession. Additionally, the study also found that the type of institution they attended significantly affected the development of their technical skills and abilities. As such, when choosing an institution, make sure to select a program that gives you plenty of education in technical skills. Most importantly, because the field of accounting depends on technology, make sure you maintain a mindset that is open to continuous learning so you can be technologically fluent and become an invaluable accountant.
Marketing
If you have excellent people skills, majoring in marketing might be more up your alley. That’s because marketing majors often deal with the complexities of how the human mind works in terms of business. In other words, marketing undergraduate majors learn the best ways to entice people to buy certain products and services.
In an article provided by the University of Georgia, as a marketing major, you’ll learn how to understand and utilize specific marketing principles when it comes to making crucial business decisions on products or services, promotion, logistics, and even pricing, all the while emphasizing on the consumer’s wants and needs.
By the time marketing majors graduate, they’ll be able to properly utilize the knowledge and expertise they’ve learned in school to persuade and acquire customers for any product or company. It can be a company you work for or even a company you start and run yourself. Regardless, marketing plays a huge role in the success of any business venture.
However, marketing in itself can also be incredibly diverse, as it encompasses several branches of business and disciplines that all have a unique part to play in the marketing world. So, if you’re interested in pursuing a marketing major, try to evaluate your inherent skills, passions, and planned career path first before diving into a specific marketing major.
Moreover, you’ll also need to consider advice from your peers and teachers, as well as a specific marketing major’s culture. In 2021, researchers studied how students decided on their marketing-related majors, taking into consideration different factors that influenced their choices and compatibility with the selected major.
The researchers surveyed 608 marketing majors representing a general marketing major and five specialized majors: advertising and promotion, digital marketing and e-commerce, food and consumer package goods (CPG) marketing, integrated supply management (ISM), and sales and business marketing.
The findings revealed that students were more likely to be influenced by faculty and other students in the major when choosing a specialized marketing major. Additionally, students rated specialized majors higher in terms of self-efficacy, culture, and professional fit, while they considered the general marketing major to be better in terms of flexibility.
Economics
If you’re more concerned with the social implications of a specific product or service, the field of economics might be the right choice for you. In a nutshell, Encyclopedia Brittanica defines economics as a social science that analyzes and describes the production, distribution, and consumption of wealth.
While economics are still inherently intertwined with business, they’re unique because they place a heavy focus on how various factors affect a business or society in general. Let’s say, for example, finance undergraduate majors found a trend that the price of a certain product is at an all-time high—economics majors are tasked to find the reason behind it.
This phenomenon could be due to a disruption in the supply chain, an imbalance between supply and demand, or any other factor that has indirectly – or sometimes directly – affected the price of that product. Although we’re generalizing, these are some of the main themes you’ll encounter as an economics major.
As society moves into a more globalized approach in terms of business, there’s no doubt that economics majors are in high demand. As a result, pursuing an economics degree could prove to be a lucrative path for those who are interested in how economics essentially works, as well as its intricacies.
This was indeed the case in a 2022 study on the impact of studying economics on wage return by examining a policy that restricted students with low grades from majoring in economics. The results revealed that even students who barely met the grade threshold for economics earned $22,000 more in early-career wages compared to their second-choice majors.
In the study, this surge in early-career wages was explained by the fact that Economics majors tended to go into higher-paying business and finance careers, which accounted for the wage increase. Moreover, the benefit of majoring in economics on wages is similar to what the researchers saw in national data.
International Business
International Business is arguably one of the many branches of business that closely relates to economics. That’s because international business majors often need to understand and analyze the impact of economic trends on a global scale. This means analyzing the implications of a certain product or service in a particular nation.
Moreover, international business undergraduate majors should also have to be aware of the different laws and regulations, as well as the politics that apply to certain countries. This allows them to conduct and forge business relations on an international scale successfully. Therefore, if you want to test your business capabilities globally, international business might be the major for you.
Aside from business knowledge, graduates have the potential to work outside of the U.S., learn about other cultures, and even learn a new language. In 2022, researchers reviewed the language requirements in the international business curriculum.
To shed light on the matter, the researcher gathered and analyzed data from various scholarly articles pertinent to language learning and international business students. The results revealed that many business schools currently require traditional language instruction for international business students.
However, no information was provided on whether Language for Specific Purposes instruction or Translation and Interpreting practices were utilized in the United States. Also, since international business students often come from various language backgrounds, placing heavy emphasis on cross-cultural communication and language could have a profound impact on preparing them for their careers.
Entrepreneurship
Have you heard the saying that “Anyone can be an entrepreneur”? While this might hold true in some cases, having a degree in entrepreneurship can be a game changer in terms of how you approach and run your business. That’s because it provides you with complex business knowledge and skills that can significantly impact your business’s success.
In 2020, researchers studied the impact of entrepreneurship education on business performance among graduates in a Malaysian school. The researchers surveyed 250 graduates from various businesses. The results indicated that university curriculum, relational factors, societal factors, and entrepreneurship values significantly influenced business performance.
However, the university’s role itself had little impact on business performance.
Based on the study, it’s clear that having an entrepreneurship degree can do wonders for your business. That’s because the knowledge you gain from studying entrepreneurship can prepare you to make well-informed decisions and navigate the complexities of starting and managing a business effectively.
Additionally, having a degree in entrepreneurship can boost your credibility as a business owner and leader. It can reassure potential investors, partners, and customers that you have the education and expertise needed to succeed in running a business.
Conclusion
Choosing the right business major is vital to ensuring that the time and energy spent on your education align with your skills, passion, and overall career goals. The options are diverse, ranging from Business Administration for management-oriented individuals to Finance and Accounting for those who enjoy working with numbers.
Alternatively, undergraduate `majors like Economics and International Business offer unique perspectives and opportunities for those with a global outlook. Lastly, Marketing and Entrepreneurship can be suitable for those with plan to run their own business. Whatever path you choose, remember that each major opens doors to a promising future in the dynamic world of business.
