Business Degree

Business degrees are extremely popular today, and there are thousands of schools and colleges offering a selection of degrees to suit every need.

The associate’s accounting or business degree is the most affordable and the quickest one to earn because it typically takes two years to complete at a community or junior college. With flexible scheduling and online classes, these programs are ideal for students who need to continuing working while earning their degree.

High school students interested in pursuing a business degree can often take basic courses during their junior or senior year, including bookkeeping, business communications, accounting and other related subjects. Students may want to major or minor in business at a four-year college and pursue popular courses of study like business degree management, accounting, finance and entrepreneurship. Communications and marketing are also popular among business majors.

For students who have earned an undergraduate degree, the next step is obtaining a Master of Business Administration (MBA). The MBA may be the most valuable business degree since program graduates are both highly in demand and well compensated. Before beginning the MBA application process, students will need to take the Graduate Management Admissions Test (GMAT), get written recommendations and write a strong admissions essay. Most MBA programs can be completed with two years of full-time study. However, there are other options for earning an MBA, including online business schools or part-time programs that combine online work with some on-campus study .

Business Degree Types

Business degrees are in demand in virtually every sector of the United States economy. A degree in business demonstrates to a perspective employer that the job candidate has received training in business fundamentals, understands profit drivers and what impacts them, and knows to make sound business decisions based on data. In a business degree program a student learns strategies to operate efficient and effective businesses, and to gain competitive advantages in the current environmental landscape.

Over one million students enter the work force every year. Those with a business degree have a marketable background, given the broad range and applicability of training received.

Most business degree programs offer a balance of the different types of skills taught. They typically offer mandatory and elective courses in soft skills, such as leadership, communication, human resources, and organizational effectiveness. In addition, most business schools require the satisfactory completion of qualitative, analytical courses, such as finance, accounting, economics, and statistics.

Some careers have an inverse relationship between earning potential and highest degree obtained; however, in business, continuing education pays. The following are the different types of business degrees and the typical salaries they fetch.

Associate’s degree in business. An associate’s degree in business prepares students for entry-level administrative and clerical positions. Most programs for an associate’s degree in business provide students with exposure to business fundamentals, such as accounting, economics, finance, business operations, and management. Many individuals first seek an associate’s degree and an entry-level position before enrolling in a four-year bachelor’s degree program in business or in a business specialization.

Bachelor’s degree in business. The most common business degrees at the undergraduate level are a Bachelor of Science Degree in Business Management, or a Bachelor of Science Degree in Business Administration. These degrees prepare students well for a wide variety of roles in management, sales, insurance, auditing, marketing, public relations, and human relations. According to the Bureau of Labor Statistics, the average pay salary for administrative service managers in 2008 was $73,520. This is a position typically held by someone who has attained a baccalaureate degree in business management.

Master’s degree in business. Many students return to business school to get a master’s degree after working in the field and gaining practical experience for a few years. A master’s degree in business helps students deepen their understanding of business profits and competitive drivers. In addition, many employers require an MBA (Master of Business Administration) as a condition of employment in executive or leadership roles. While a general business degree is marketable, there is also a demand for a specialized degree, such as Master of Business Administration: Concentration in Finance. This type of degree would be a prerequisite for many Chief Financial Officer (CFO) positions. A Master of Business Administration: Operations Management degree would be helpful for those professionals who aspire to a Chief Operating Officer (COO) position.

According to PayScale.com, the starting median pay for MBA graduates is $47,000. Salaries tend to accelerate quickly thereafter. PayScale.com cites Chief Financial Officers with a master’s degree as earning anywhere between $61,626 and $219,643.