Many individuals who dream of creating their own startup or climbing the career ladder at a company often wonder if a business degree is worth their time, energy, and money.
After all, there are success stories of people without a college degree. Yet, there are just as many (if not more) stories of those without a degree falling short of their goals—and wishing they got a degree in the first place.
Business is a unique area of study in that it can prepare you for a diversity of careers after graduation. In fact, business is consistently ranked among the most in-demand majors by employers today. The skills gained in a business program are highly valued—ranging from critical thinking and leadership, to marketing and finance—and this is just one of the many benefits of a business degree.
Additionally, employment in business and financial occupations, according to the U.S. Bureau of Labor Statistics (BLS), is projected to grow faster than the average for all occupations, with about an average of 911,400 job openings each year to 2032, revealing how eager employers are to hire highly-skilled, educated business professionals.
Below, we’ll cover what students can expect from a business degree program and the benefits of business school overall.
What is a business degree?
There are a variety of business degrees and programs out there. They can prepare graduates for exciting and fulfilling careers in many different roles and industries, including:
- Associate degree in Business Administration: This fast-paced program covers the fundamentals of business management, business law and ethics, accounting and finance, economics, budgeting, and planning, in addition to general education courses.
- Bachelor’s degree in Business Administration: This four-year degree program dives deeper than an associate-level business degree by covering topics in management, marketing, accounting, entrepreneurship, business research, customer relations, and strategic planning.
- Master’s in Business Administration (MBA): A graduate-level business degree that often takes students an additional two to three years to complete, an MBA is perfect for candidates looking to become managers in their companies with a focus on management techniques, theory, economics, accounting, and finance.
- Master of Science in Organizational Leadership (MSOL): This advanced degree prepares students for forward-thinking leadership roles and can be completed in as few as 20 months part-time.
Students should do their research to find a business degree that aligns with their interests, needs, and goals. Additionally, look for business degrees that offer opportunities to network and connect with peers, staff, and faculty, which can lead to future employment and career opportunities.
What are the benefits of business school?
There are many benefits of a business degree, including versatile skill building, technical and operational knowledge, networking, and high salary potential. Here’s an in-depth look at the many benefits.
Versatile skill building
Business programs, including Business Administration degree programs, provide students with a diverse range of skills that help them succeed in many professional environments—whether they are working in a start-up, small to large business, or nonprofit.
Business skills developed and strengthened during business school include:
- Collaboration and teamwork: Working effectively within teams is crucial for business success.
- Creativity and problem-solving: Businesses succeed in finding innovative solutions, and business programs strengthen creative thinking and equip graduates to tackle challenges.
- Effective negotiation: Strong negotiation skills are essential in landing favorable deals and navigating business relationships.
- Project management: Business programs hone the ability to plan, organize, and execute projects efficiently.
- Public speaking: Clear and confident communication is instrumental for success in any business environment.
- Work ethic: A strong work ethic is essential for sustained professional growth.
Technical and operational knowledge
Candidates further their analytical, technical, management, and operational knowledge in business programs, which shows employers they can be trusted to work and become leaders in the organizations or industries of their choosing.
These programs build upon the fundamentals of planning, leadership, and development fundamentals and instill students’ confidence in managing people, accessing resources, and processing information in any business environment.
Students should look for courses that provide training in the following areas:
- Accounting and financial management: Understanding financial statements and managing resources effectively is must-have knowledge for business professionals.
- Business planning and development: Creating a solid business plan and fostering growth are fundamental to business success.
- Leadership: Business programs equip individuals with the skills to lead and inspire teams.
- Maintaining a competitive edge: Businesses must constantly adapt to stay ahead, which is why programs provide the knowledge and tools to navigate a growing and changing marketplace.
- Product development: Understanding the development and launching of new products gives graduates a competitive edge.
Networking
Networking is an invaluable part of any career, and the best business schools offer in-class and out-of-class networking opportunities.
In-class opportunities involve regularly discussing, debating, and discovering the latest on business law and ethics, corporate responsibility, customer relations, modern targeted marketing, social media, and more with faculty and peers.
Look for programs offering real-world experience and help long after graduation, such as connecting with employers and professionals statewide. For example, at Goodwin University, the career services team and extensive network of employers provide a lifetime of career support with resume and cover letter writing assistance, networking, workshops, mock interviewing, individual counseling, career fairs, and more.
High salary potential
The median annual wage for business and financial occupations is $76,850, higher than the median yearly wage for all occupations of $46,310.
Business degrees, especially Business Administration degrees, prepare students for a variety of career paths with high salaries, including:
- Sales managers ($130,600): Lead sales teams, set goals, and develop training programs.
- Human resource (HR) managers ($130,000): Manage employee relations, oversee administrative functions, and contribute to strategic planning.
- Financial Analysts ($95,080): These business professionals analyze financial data, prepare reports, and advise on future financial needs.
- Marketing managers ($140,040): Develop and implement marketing strategies to increase brand awareness and product sales.
Start your business career at Goodwin University
A business degree, like a degree in Business Administration, equips individuals with a versatile skillset, technical knowledge, strong professional networks, and the potential for a high-paying career.
Goodwin University’s flexible Business degree programs are designed to fit your interests, needs, and goals and set you up for success in various fields, including the corporate, state, and federal business spheres.
Contact us for more information and reap the benefits of a business degree today!
Goodwin University is a nonprofit institution of higher education and is accredited by the New England Commission of Higher Education (NECHE), formerly known as the New England Association of Schools and Colleges (NEASC). Goodwin University was founded in 1999, with the goal of serving a diverse student population with career-focused degree programs that lead to strong employment outcomes.