Deciding if Business a Good Major: A Definitive Guide
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Deciding to major in business can be a lucrative and personally rewarding career move. Regardless of your background and previous education, majoring in business can open up new professional opportunities. Deciding whether business is a good major for you can be an important step in your career and you can make an informed decision through research. In this article, we discuss if business is a good major, the major benefits of a business major and provide tips for majoring in business.
Related: 18 Top Business Double Majors
Is business a good major?
Deciding if business is a good major greatly depends on your personal context, but choosing business as your major is generally a good career move. According to Indeed Salaries, the national average salary for a financial analyst, which is one of the most common occupations for business majors, is $67,844 per year, which is approximately double the U.S. national average salary. Also, the Bureau of Labor Statistics estimates that the number of business and financial occupations is likely to rise by 5% until the year 2029, which would result in 426,200 new jobs in the field.
Related: The Highest Paying Business Majors
Benefits of a business major
Besides having the potential to help you earn significantly more than average, some of the other benefits of earning a business major are:
You can quickly advance in your career. Majoring in business usually means you are familiar with all the elements that need to be in place for a business to be operational and profitable. This information can help you advance in your career quicker than graduates with other majors, as you typically require less training and on-the-job experience.
You gain marketable and transferable skills. By choosing business as a major, you can gain a wide range of skills that employers in many different industries look for in a job candidate. Most industries require employees who understand business practices and, as some companies expand to international markets, business majors are likely to have even more growth opportunities in different fields.
It can help you in case of a recession. When a recession occurs, a large number of businesses limit their operations and reduce the number of personnel. Given the fact that business majors can perform many different business-related roles within a company, you are more likely than others to either keep your current job or quickly find new opportunities in fields that keep their high demand even in the case of a recession, like financial management, human resource management or information technology.
It can help you ascend to a management role. If you're looking to work in a management position, majoring in business can give you the skills and knowledge you need to effectively perform the job, once you have the necessary work experience. Alternatively, if you already have relevant experience and want to be considered for management, completing your education by majoring in business can significantly improve your odds.
You can use the acquired information to go into entrepreneurship. Besides giving you better career prospects as an employee, majoring in business can also improve your odds of succeeding as a business owner. Regardless of the exact field in which your business operates, having a business major can help you make better decisions regarding your company's operations and strategic direction.
You can realistically earn a business major online. If you lack the time to pursue a business major with courses that take place entirely in a classroom environment, there are many online and hybrid alternatives. Ideally, you would find a program with a significant amount of physical classes, as direct interactions with professors and fellow students are likely to improve your performance.
Tips for majoring in business
Consider these tips for majoring in business:
Complete your education with an MBA. Earning a Masters's in Business Administration degree is an appropriate way to continue your business education and can significantly improve your earning potential.
Consider undertaking internships. While working to earn your business major, it may be a good idea to pursue an internship that can give you real-life experience in working within a business setting. By doing so you would be adding practical experience to the theoretical knowledge you acquire by earning your business major, therefore increasing your range of employment opportunities.
Pursue educational opportunities in unrelated fields. Although learning about business is the main reason for pursuing a business major, college is a good environment for expanding your knowledge in other fields. By gaining knowledge in fields that are related to business, such as psychology and marketing, you can improve your odds of finding a good business-related job, as your varied skill set can be seen as an additional asset to hiring managers.
Start building a professional network from college. Having a strong professional network can help you find a lucrative job or advance your career later on. By building a network of peers, professors and major business stakeholders, you can discover new business and employment opportunities, stay updated on industry developments and enhance your reputation in a certain business-related field.
Stay up to date with industry trends. Once you decide in which industry you wish to pursue a career with the help of your business major, you should constantly perform research to discover industry-specific trends, challenges and valued skills. Although a business major gives you general business knowledge, it's essential to be able to apply it to a particular field while taking into account that respective field's particularities.
Don't neglect opportunities in different industries. Once you've chosen an industry or a specific company, you should pursue that opportunity without completely eliminating all others. Exploring various related industries can expand your scope of knowledge, but also prepare you for a situation in which you don't succeed in your chosen field or a unique opportunity in a different field presents itself.
Maintain a balance between your professional and personal life. Although earning a business major and pursuing a related career typically requires a higher than average commitment, you need to reserve some time for personal activities. Working too much can lead to burnout, which can significantly affect you both personally and professionally.
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