Almost everyone follows the business path in a world where the economy is based on making money. The business world is becoming more demanding and more competitive daily, and I sometimes wonder what the state of the global economy would have been without business concepts.
People no longer rely on rudimentary business knowledge due to the rising degree of competitiveness in the business sector; instead, many have earned professional expertise in business by enrolling in business studies and related courses at various institutions.
Business studies concentrate on the activities that firms carry out, their management practices, and their commercial strategy. You’ll frequently study microeconomics, accounting principles, management introduction, and corporate finance fundamentals during your initial years.
Students are particularly interested in earning degrees in business studies. Universities, fortunately, provide a wide range of courses to meet the need.
Students who major in business studies have a variety of job prospects, including:
Business account manager, account manager, business analyst, sales and marketing manager, associate consultant, audit associate, trainee chartered accountant, financial analyst, marketing associate, paraplanner, corporate finance associate, operations analyst, associate analyst, and a ton of other positions are all available.
Therefore, if you are wondering if business studies are a wise choice, I assure you that they are a fantastic course of study.
It gives you a choice that not many subjects offer; you can consider moving into the following areas:
- retail management
- retail banking
- retail buying
- consumer products
12 Career opportunities in Business Studies
1. Office Administration and Mana
Not everyone who owns a business can run it successfully. People who study business are typically very business-inclined, so they balance the firm’s activities today to assure its efficacy tomorrow. They do this by viewing the industry today through the past and future lenses.
Regardless of the industry, when you talk about business, you are talking about people and money. As long as money is involved in a firm, you need an accountant to maintain the company’s accounts.
When your business is profitable or losing money, ready for expansion or innovation, and many other things, an accountant will be able to tell you.
A business student may decide to further their education by becoming a marketer. Marketers are the wealthiest individuals in business because they can choose how much money they want to make, where they want to make it, and how they will make it. Their time and resources are under their control.
4. Human Resource Management
The Human Resource Manager often looks after people while the accountant manages the company’s finances. They ensure that the company employs everyone and that there are no gaps in the organizational chart.
They are frequently among the highest-paid employees since they manage a business’s most vital resources: its people.
Another option is enrolling in a particular insurance course, which safeguards all of a business’s assets and ensures accountability.
Receptionist, stenographer, banking and finance, actuarial science, etc., are some additional employment options.
6. Tax Policy Analyst
The job of a tax policy analyst involves researching and analyzing topics related to the government’s taxation policies and developing the organization’s policy structure so that all procedures are consistent. A tax policy analyst’s primary duties include modeling tax outlooks and tracking and analyzing the effects of governmental taxation efforts.
As a task analyst, you must assess data about challenging technical work, be familiar with projections and data sources for estimating tax revenues and communicate effectively to comprehend and resolve problems with other organizations regarding taxation policy.
A bachelor’s degree in accounting is required, as well as professional qualifications such as a CA (Chartered Accountant), CPA, etc., and job experience for career advancement to become a tax analyst. A master’s degree is beneficial but not required.
7. External Auditing
To give firms, investors, and regulators a clear picture of how they’re functioning and suggestions for improvement, external auditors look through financial records and other data. Their job can be separated into two categories: a financial audit, which involves looking over a company’s financial records and statements, and a corporate/non-financial audit, which assists businesses in resolving particular issues.
8. Supply Chain Manager
Supply chain managers manage the flow of commodities from producers and suppliers to the final consumer.
As a supply chain manager, your responsibility is to supervise and manage each production stage, from acquiring raw materials to delivering the finished good. Along with coordinating the product’s storage, you’ll ensure the appropriate product quantity is manufactured at the proper time. Forecasting trends is necessary to plan the flow of commodities from distribution hubs to clients and businesses. You will carry out all of these tasks as a supply chain manager.
Currently, one of the most popular and lucrative business specializations is entrepreneurship. Even if starting your own business is an adventure in and of itself, having a great business idea is your ticket to quick success. Starting a business can be challenging at first, and failures are inevitable. Your success stories will undoubtedly outweigh your setbacks if you are consistent and persistent.
This job path offers you the chance to be your boss in addition to being flexible, and being committed to something could end up paying you more than a white-collar job.
There are no set requirements for becoming an entrepreneur, but you must be knowledgeable about management and business practices, as well as financial planning and management.
10. Business Analyst
A degree in actuarial science will also provide you with the skills necessary for a career as a business analyst. Here, your job mainly entails analyzing an organization’s operations, structure, and policies and recommending improvements to help them reach its objectives.
To thrive in this position, you must be able to analyze and evaluate complex data effectively and have strong problem-solving abilities and IT knowledge.
The business analyst, on occasion, is a member of the business operation who collaborates with IT to raise the calibre of services rendered, occasionally helping with the integration and testing of novel solutions. Business analysts serve as technical developers’ and management’s point of contact.
Below are the skills required of a business analyst;
- Oral and written communication skills
- Interpersonal and consultative skills
- Knowledge of the business structure
- Analytical thinking and problem solving
- Being detail-oriented and capable of delivering a high level of accuracy
- Stakeholder analysis
- Costs benefit analysis
- Processes modelling
- Organizational skills, etc.
Since there are many different types of businesses, not everyone will develop a job that necessitates regular attendance at an office. Some individuals will be obliged to impart their business expertise to others. A career in business studies that is very significant is teaching.
One needs a formal teaching qualification to pursue a career in education; however, in some jurisdictions, those with a bachelor’s degree in another field can follow a fast track to certification and start teaching immediately. A postgraduate degree is strongly advised if you want to teach at the university level.
12. Investment Banker
Corporate financial analysis is a field of expertise for investment bankers. Their primary responsibility is to raise money in the financial markets, structure client acquisitions and sales, and fund the operations of enterprises.
There is no set career route to take to become an investment banker. Nevertheless, it is essential to have a bachelor’s degree in accounting, economics, or commerce, such as a BSc in banking and finance, an MSc in finance, or a bachelor’s in accounting and investment banking. Additionally, internships with investment banks or certification courses like the CFA program can help you grow in this industry.