Is a Business Degree Worth It?

Young male contemplating his college degree or diploma

Thinking of the phrase “business degree” conjures up images of wealthy men and women in corporate suits.  These types of people spend their days in meetings drumming up ideas to improve their businesses, and they may be the kind of people you want to be in the future.  Maybe you like the competitive, high-speed look of the business world and are still unsure how to get your foot in the door or what role is best for you.  Today’s rapid development of the Internet and various technologies can be a great starting point for the emergence of new business job positions.  Fields such as finance, digital marketing, management, accounting, and many others are skyrocketing, attracting new visionaries and graduates. Here we discuss whether a business degree is worth it or not. 

However, for one reason or another, those with a business degree may enjoy greater advantages and greater benefits than their peers who studied in different fields.  So a business degree is an excellent qualification if you want to work in a company or organization that manages accounting and marketing finances.  There are various specialized courses for those who want to master different areas of business.  So, what exactly is a business degree?  What do you learn from it?  Is learning even practical?  After all, is a business degree even worth studying in this modern age?  All questions can be answered here.

What is a Business Degree?

Business is a broad field that spans many different roles and skills. As a result, many business degrees attempt to cover a variety of bases. When someone is asked about a business degree, they are usually talking about a degree in any business.

Many business degree programs seek to build core knowledge in subjects such as accounting, finance, marketing, management, information technology, organizational behavior, human resources, logistics, and international business.

Hence, as the names of the degrees in this sector suggest, business management and business administration degrees are business degrees that focus on the managerial and administrative aspects of the business.  With so many degrees that can be considered business degrees, it can be difficult to define exactly what it is.  Should it have the word “business” in its name?  Often, anything related to the study of business and entrepreneurship can be considered a business degree.

These typically include ideas about organization, planning, and other basic business practices.  Generally, aside from studying how to run a business, management and administration students learn about entrepreneurship in a broader sense.  Rather than emphasizing management skills, these graduate students focus on the financial and mathematical aspects of the business.  An accounting degree focuses primarily on how to handle finances.  Especially the recording and interpretation of financial transactions.  In contrast, a finance degree emphasizes the study of markets, investments, and financial management.  Apart from management and finance degrees, some degrees develop the creative skills necessary for business success.  One of these is the marketing degree. 

Students of marketing often study how to promote products and reach customers.  They may learn about psychology, advertising, and other related subjects.  Of course, they are not the same business degrees.  As jobs become more specialized, more degrees are being developed to meet certain skills needed in the corporate and business world.

Business Degree Specialization

Many business specializations can be seen nowadays.  The reason for this is that the business workforce is large with opportunities to quickly open up markets for a new field of business.  Business careers attract many people with excellent written and verbal skills.  However, finding the right workplace is about more than just being verbal.

And specialization is important because specific people can do specific business areas the more knowledge and expertise.  High specialization is also an important factor in professional salaries.  If you can do more than your competition, you will be paid more for it.  For example, a degree in international business can help specific students focus on foreign trends and trade.  Higher paying positions require a bachelor’s degree in fields such as finance, economics, and other business fields.

The comparison between these positions means that students who wish to specialize in business must delve deeper into their field to stay ahead of their competition.  Fortunately, many options in business education can lead to lucrative employment.

How much does a business degree cost?

A degree in business may sound appealing right now.  Especially with the benefits and opportunities that come with it, the cost of a degree can outweigh those gains.  For example, the website for Harvard College says tuition for the 2020-2021 academic year is nearly $50,000 without room and board.  Additionally, if you want a Master of Business Administration (MBA) from Harvard, you’ll have to spend two extra years and an extra $140,000 in tuition alone.

But other universities and colleges may offer cheaper business degrees.  Community colleges are often more affordable with tuition under $5,000.

In addition, tuition also costs money when studying business.  Like all other majors, you also need books, school supplies, and laptops.  There may be libraries and computer shops.  But these also have joining fees at present.  And travel expenses can also put a dent in your pocket, and if you decide to stay in a hostel or your apartment, you will also have to spend more.

What careers are trending in business?

A business degree is usually broad and versatile.  Therefore, there are many positions available to postgraduates in business.  After considering the facts, it seems that if you want to pursue a successful business career, it is best to get a degree in IT, Business Information, Communication, Statistics, Philosophy, Psychology, and other subjects.  There are also hybrid degrees that can lead to great results in a business career. Some careers to consider are;

  • Accounting
  • Communications
  • Journalism
  • Business writing
  • Graphic design
  • Information Technology
  • Business Information
  • Hospitality
  • Ecology

Another thing that is very important to get a better career in business is to combine different degrees for better results.  Nowadays, business majors are often combined with other fields such as psychology or computer science.  Doing so will benefit the business as much as any other profession.

And if you want to work in management or accounting, you’ll also need to acquire a more specialized skill set to perform them.  However, they are not taught in a typical business degree.  For example, it means that to do accounting, you will have to know more about mathematics, probability and statistics, and other fields.

Benefits of getting a business degree

As mentioned above, a business degree has many benefits. More importantly, it represents the foundation of your future career path endeavors. Getting a degree means getting a higher salary and better working conditions.

Having a business degree in other fields such as management, information technology, and media can open doors to better salaries and industry recognition within the company.  That said, earning a business degree is worth it while focusing on other fields will put you ahead of the competition and have many benefits.

As new business career fields are constantly on the rise these days, various companies are collaborating with various educational institutions.  Often, companies engage professors and students to come in for an internship or an entry-level job interview that can create a solid foundation for their future careers in business.

What Jobs Can You Get With a Degree?

A business degree is a launching pad for many job opportunities. So some of the most in-demand jobs you can get with a business degree are:

JobDescription of JobAverage Salary (US) / Annually
Account managerAn account manager is responsible for managing relationships and sales with particular clients.$56,017
Marketing managerCharged with managing the positioning and promotion of a brand, a marketing manager works to boost brand awareness.$66,849
Business analystBA works with organizations to boost their systems and processes.$62,052
Sales representativeSales reps sell and showcase a product to agencies, organizations, and businesses instead of directly selling products to customers.$48,435
Human resources specialistAn HR specialist assists an employer with finding adequate job candidates to facilitate career growth.$52,042
AccountantCharged with recording financial information, accountants get to work with tax returns, financial reports, transactions, budgets, and more.$51,894

Skills learned from a degree

  1. Soft skills
  • Solving problems
  • Logical and critical thinking
  • Decision making
  • Self-motivation
  • Efficient time management
  • Teamwork and communication
  • Hard skills
  • Writing business plans
  • Accounting
  • Report writing and presentation skills
  • Resource and project management

Is a business degree worth it in the long run?

In today’s money-driven corporate world, earning a business degree certainly has its advantages.  If you are interested in this field, moving in that direction is definitely worth your future.  Additionally, if you work in a field closely related to business, economics, finance, or accounting, earning a business specialization, certificate, or degree may feel more advantageous in your pursuit of the perfect job lately.

Ultimately, no article or statistic can tell you whether a business degree is worth it to you individually.  The final decision is always up to you.  What you need to do is what are your long-term goals, outlook, career plans, and interests.  However, there is no doubt that there is always more work in the business with new trends emerging as well as more opportunities for ambitious and hardworking students.

Please let us know your opinion in the comment section below.