Look at any university in the world, and you might notice that degrees surrounding the study of business and commerce are notably popular. Particularly at a graduate level, university students are seeing a lot of value in business oriented degrees.
This is all well and good, however you might be wondering why this is – what is truly involved in the study of business, and how will it apply to the real world? Business is a broad term, and understanding what it encompasses will give a useful insight into the impact that it can have.
You might have heard that business graduates are amongst the highest demanded degree holders in the world when it comes to employment, and on average will get paid well too. Generally speaking, claims like these are true – business knowledge is undeniably important in a wide range of areas, and there are a number of reasons as to why.
1) The Areas of Business
Before understanding the extent to which business knowledge can be useful when applied to the workplace and in your day to day life, it is crucial to understand the areas within the business itself.
If a student claims to be studying business, they will be learning about business in a broader context – knowledge that is immensely useful. However, there are also a number of specific areas in which they might be specialising:
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Accounting
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Finance
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Marketing
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Management
Each of these main functions work together and will be present, to some extent, in any business. In addition to main business functions such as these, business as a whole also comprises a number of supporting areas, such as IT, entrepreneurship, and more specific areas such as real estate.
Having the knowledge to effectively operate within these areas of business and understand how other businesses function means that your ability to navigate competition and see success as a business will be immensely increased.
2) The Flexibility of Business Knowledge
One of the aspects of business that makes it a strong career choice is the flexibility and relevance it holds. This is not only in regard to the range of business functions that you can focus on but also because of the broad range of business types that exist.
Regardless of industry or niche, all businesses require some extent of business knowledge to be successful. Whether the focus is on fashion products, technology development, or providing services to tourists, business knowledge has an extremely broad application and is always relevant and useful. Take this one step further and pursue a career in business consulting or marketing within an agency – you will get to work with a broad range of companies. Clearly, the transferable skills that you will gain in business, in terms of broader business knowledge as well as knowledge of specific business functions, is invaluable. Therefore, no matter what career path you are interested in, a business degree can be a good step in the right direction.
Not only is the study of business useful in terms of career options – many of the topics involved in business are directly applicable to personal life. Whether this is in managing relationships with the skills learned in a management or human resources course, managing your personal finances as a result of studying accounting or finance, or learning how to market yourself as a person with marketing knowledge, business knowledge is extremely flexible.
Finally, business is flexible in that you do not need to study a degree to understand business practice and operate successfully in a business environment. Whilst some jobs require an extremely in depth knowledge of business that only a degree can provide, a fantastic and more practical middle ground is an option through a platform such as Courses. This example is a nationally recognised course which will allow you to effectively apply skills that let you work in an office environment, managing stakeholders and working as a team.
3) The Tangible Benefits of Business Knowledge
Whilst there are various aforementioned benefits of studying business, there are also direct monetary and networking benefits that you will be able to take advantage of.
Business graduates on average earn a decent salary in comparison to the average person. Obviously, this will differ in regard to which route of business you take, however a career in business is profitable as a whole. With the skills you gain throughout your studies, you will also be able to better market yourself to employers and more effectively manage your finances. After all, a significant objective of all business is to make a profit.
Finally, studying and pursuing a career in business means that you will have endless networking opportunities, and more importantly, the skills to effectively take advantage of them. While networking events are often poorly utilised by young professionals due to a lack of networking skills, studying business better equips you to deal with the marketing of yourself to others, as well as the management of people in general. Whether you are networking in regard to your professional or personal life, the opportunities will be significant throughout your studies and career.