In this blogpost, Vivek, a serial entrepreneur from e-commerce domain to political campaign management. He studied Engineering at NSIT and MBA at NMIMS and proceeded to work in a fast, upscale environment assuring client delight at companies like Wipro and HP. Passionate about IT and innovations taking place in this field, he developed himself as keynote speaker in the area of Data Visualization and Data Analytics. Currently he is working on taking the benefits of IoT (Internet of Things) to the masses at minimal cost. He writes about why study business.
Business studies have been a consistently popular subject in the UK for years. With an ever more competitive job market and higher tuition fees, it is not surprising that students are attracted to a subject that equips them with strong concrete skills that are highly in demand among employers. However, studying business doesn’t only open up a huge number of job possibilities, it gives you an insight into topics that underpin our society and personal life: Logos, economic news, adverts, pricing, personal finance. From the high street to Wall Street, from your current account to the World Bank, you will be better able to understand the world and make the big decisions in your life.
Why study business?
The wonderful thing about studying business is the sheer breadth of topics it covers. Economics, psychology, management, marketing, law, accounting, planning, and strategy, the list is enormous. From flamboyant wheeler dealers and creative entrepreneurs to prudent, hard headed number crunchers, everyone can find their niche and something to interest them. Of course, this also means that you will be faced with assignments those are in areas of weakness for you, whether that is maths, essay writing, public speaking or IT. These academic and personal challenges will give you valuable life skills, and increase your self-confidence. The other great advantage, of course, is the fantastic employment prospects it offers and we will discuss this further below.
The course options for studying business are as rich and varied as the subject itself. For example, courses may include one or more industry placements, which allow you to gain valuable practical experience, enhance your CV and make contacts. Other courses include a term or more spent studying abroad. Others combine business with other subjects like management, finance, sports, science or languages. Given that business attracts many mature students, it is not surprising there are many part-time and flexible study options enabling you to combine your studies with work. And you don’t need to limit your horizons to the UK: Business is a truly international field and universities across the world offer courses in English which may be financially or academically advantageous. With such a plethora of options, it’s hard to know where to start. A useful tool is the website which lets you search for courses across the world based on location, content, entry requirements and fees.
Career prospect for business students
Business studies are perhaps the perfect combination of flexibility and practicality in terms of your subsequent career development: You will gain concrete skills and knowledge that are sought after across a range of sectors, while not specializing to the extent of more vocational courses. In an increasingly globalized business world, it is also one of the subjects that give you the best international mobility. As business studies are highly practically orientated and normally includes industry placements, you are likely to emerge from your studies with a clearer idea of what you would like to do than many other students.
According to a study by the buying platform Approved Index, 12 percent of the individuals on the Forbes 100 List studied business, making this the second most common degree subject of the listed billionaires. While we don’t all have the ambition to be billionaires, money is undoubtedly an important issue and so it is reassuring to know that according to HESA statistics, UK business graduates entering first-time professional employment had an average starting salary of £22,979, comfortably above the overall average for all graduates. Meanwhile, 92% of business student were in employment or study after completing their course.
So what kind of things could you be doing after graduating? One very common destination for business graduates is a specialised role within a large or medium sized company, for example in accounting, human resources, marketing, or strategy and planning. This will give you the chance to develop your skills within a structured professional environment, to work on big projects and deals, and to travel internationally. Alternatively, you may choose to work in a small business or even your own startup. This will allow you to take a more general role and can be highly satisfying as you really shape the overall culture and direction of the business.
A world of possibilities
Perhaps the best way to illustrate the sheer diversity of roles that a business degree can lead to is to list some examples: – Retail and hospitality manager – Salesperson – Management Consultant – Business Studies Teacher – Business Journalist – Politician – Trader – Stockbroker – Financial Manager – Marketing Executive – Logistics and Supply Chain Manager – Investment Banker – Advertiser – HR officer – Entrepreneur – Public Relations Executive – Social Media Manager – NGO officer – Charity Executive. Of course, this doesn’t mean that you can simply cherry pick what you want to do. But studying business allows you to shape and direct your career towards the organisations and fields that you are passionate about. Not only your professional passion but a Business Studies degree could allow you to follow your travel passion too.
Inevitably, some people who study business will eventually opt to work in other areas. This may be because their interests evolve or simply because circumstances lead them to different opportunities. This doesn’t mean that time spent studying business is wasted, far from it. Business studies provide a host of transferable skills and are highly desirable for all kinds of jobs. These include logical thinking and decision making, team working, communication skills, IT, public speaking, numerical ability, research, problem solving and time management. Business graduates end up in all walks of life, just ask Kevin Costner, Lionel Richie, Arnold Schwarzenegger or Queen Rania of Jordan. Outside of work, the knowledge gained from a business degree could help you choose a bank account, mobile phone contract or pension plan; manage your spending, negotiate a pay rise, invest your money effectively; understand current affairs; and deal effectively with hundreds of other life tasks.
The next steps
So, we have seen the advantages of studying business: Learning skills and knowledge that will open up great career opportunities and make you better able to deal with key life decisions. Not only that, you will be challenging yourself in all sorts of ways, immersing yourself in some truly fascinating and eye-opening topics, and getting to know like-minded people. Once you have made the decision to study business you need to do some deep thinking on what kind of course would be suitable for you; full or part time, with industry placements or study abroad, combined courses etc; and undertake some serious research to find out what the best options are for you. Don’t hang around, get started now!