Today a degree in business has become a necessity and is most pursued after in the education sector owing to the availability of different types of business degrees and their specializations with hardly any bar on requirements for admission. Business degrees have become flexible to the extent that even an online type of business degree is equally valid if done from a reputed university.
Earning a degree in business can drastically boost your career opportunities and open wide options and not to mention the knowledge and exposure you would be getting from business stalwarts. With the proliferation of fields and application of business in almost every sector, studies in numerous types of Business degrees are possible wherein the candidate can choose his choice of course according to his area of interest.
Types of Business Degree
Here is a list of a few types of Business Degrees that you can choose from based on your interest.
1) Business Degree in Management –
Perhaps the most popular amongst all types of business degrees is a business degree in management. Management covers the overall managing of the business at strategic levels. The degree teaches business fundamentals to students with a focus on business management principles along with their applications in related work environments.
The syllabus usually covers basic principles for creating and managing the effective business, managing and growing established business, current operations, effective man-management, and personnel management, standardizing processes etc.
This is suitable for people aiming higher positions in organizations like the director, National head, President, Vice-President etc. The advantage of having a business degree in management is you can shift to any industry, be it FMCG, Telecom, Pharmaceutical, Industrial machinery etc. knowledge of general business management always comes in handy and is not industry dependent.
2) Business Degree in Healthcare Management –
Healthcare management is a relatively new but fast-growing field. Having a background of healthcare and then specializing in its business aspects opens up many opportunities in the healthcare sector. People from science fields like Pharmaceutical graduates, healthcare professionals, science graduates are suitable for this degree.
The specialization allows you to master accounting, management, marketing and ethical business-related aspects of the healthcare industry. From hospital management to managing a pharmaceutical company, healthcare management has many options for candidates interested in related fields. Understanding the business aspects of any industry is essential if you want to deep dive and business degree in healthcare management ensures the same.
3) Business Degree in Economics –
Economics is present in almost every field of importance. Having a mind for mathematics and being good with numbers will definitely give you a good opportunity for pursuing Economics Business degree. The most important use of having a degree in Economics will help you understand the nature of the economics of various countries.
Working as an advisor for country’s administration to managing the economy, candidates can pursue their interest in various fields. The former prime minister of India Mr. Manmohan Singh held a degree in economics and was one of the most learned and respected persons all over the world including former US president Barack Obama.
His knowledge and understanding of National as well as global economies have been pivotal in setting many economic strategies and policies of India. Business degree in economics requires an understanding of various subjects on a global scale which is why it is considered as most intellectual amongst all the types of business degrees.
4) Business Degree in Advertising –
Think you can manage to get creative in seconds? An advertising degree is helpful for creative people for exploring their creativity. This degree is much more than just creating advertisements. It also includes knowledge and basics of managing an advertising firm or an advertising department of an organization. Advertisements have started to make a presence everywhere in every sector in every form utilizing every possible source.
From a regular flyer and handout distribution to newspaper and hoardings to latest advertisements on YouTube and ads between videos on Facebook, advertising degree ensures studies of all these fields. For giants like Google and Facebook, Advertisements brings in 60% of their revenue which makes this field as lucrative as any other field. Amongst all types of business degrees, Advertising degree requires creativity to a large extent.
5) Business Degree in Finance –
For every company, it all comes down to money management. Managing finance is very important for the financial stability of the company. Understanding the cash flow, cutting down unnecessary costs, finding alternative ways to invest, ensuring high returns on investment are few of the functions of the degree holder in Finance.
Finance and related types of Business Degrees are for you if you are good at understanding the commercial aspects of business and also good with accounting. The course also explores how to assess the financial issues of businesses and provide long-term effective remedies for the same. Finance and related types of degrees in business explore opportunities not only with companies in the financial sector but also with various finance departments of different industries.
6) Business Degree in Marketing –
Marketing is a support system and backbone of the Sales department of every organization. Having a degree in Marketing is for you if you are good at creating understanding, creating and implementing marketing strategies for the company.
Marketing aspects of the business include understanding the technicalities of the product and forming a marketing plan accordingly and hence you would require a fast understanding of product knowledge in order to implement the marketing strategy. Prospects of having a degree in Marketing include starting your own marketing firm to getting employed with Marketing department of various companies.
7) Business Degree in Entrepreneurship –
For people who are determined to start their own business, this is the degree to go ahead with. Entrepreneurship is the initiation and management of the business and all of its aspects. Managing an already established business is one thing but starting a business requires vision, mission and business setting skills and lots of patience.
Apart from that, setting a business also requires knowledge of things apart from a business like market factors, political influences, people skills and managing all of that. Another aspect of business degree in Entrepreneurship is managing legal aspects of business, developing and sustaining the business, being aware of challenges in setting up a business, negotiation tactics, implementing or modifying business strategies and an undying will to run the business.
The entrepreneur is not only the boss of the business but he or she also has to work more than others and should be capable of handling basic aspects of every department.
8) Business Degree in International Business –
With businesses exploring global opportunities everywhere, it is almost mandatory to get a business degree in international business to understand and grow business on a global proportion. Every country has different regulations and to start a business in a different country, it is essential to know the target audience, their tastes, their likes and dislikes and the nature of the business market in that geography.
For example, companies like McDonald’s, KFC and Burger King have customized their menus for Asian and Arabic countries with their beef free and Pork-free menu and have come up with customized menu options suitable to customers over there. Starbucks when entered in India, it had to come through Joint Venture with Tata group owing to the business restrictions.
For companies like Microsoft, it is easy to set up a business almost everywhere owing to the universality of their products but even then, in countries like China and Russia, they have to get a lot of things customized for their audience. Another example is Google is blocked in China and the Chinese have come up with their own search engine Baidu. E-commerce companies have to know that and tie up accordingly with a local service provider with customized terms and conditions.
9) Business Degree in E-commerce –
E-commerce business degree is a relatively new entrant in the types of Business Degrees. E-commerce companies like Amazon and Alibaba have captured a major market share and clearly, are future of business.
E commerce now accounts for more than 25% of Global business which is a huge number. While many companies are starting to set up an online version of their business as well, many more are simply relying only on online business.
Setting up a business online is substantial economic and improves the reach of customers on a global scale. With the advent of Facebook as a major mass marketing and awareness tool, a knowledge in E-commerce and Digital Marketing is very important. A degree in E-commerce covers this and much more to understand the online or intangible aspects of the business.
10) Business Degree in Human Resources –
The success of a company depends on their people. Southwest Airlines said that ‘We ensure our employees are happy because they are the ones who interact with customers and if they are happy, they can make customers happy.’ Starbucks follows a similar philosophy where they believe in educating their employees.
Google is one the employee-friendly places on earth right from no requirement of formal outfits to having a special napping area, gym, exotic cafeteria, and many more employee friendly policies. This is where a business degree in Human Resources comes in use. If you are good with people, care and empathize with them then a degree in Human Resources and related types of Business degree is for you.
A person who is good with people is popular within the organization, be it in the Human Resource department or as a head of a company. Their jobs include right from spotting the talent of an employee to hiring, forming and executing employee-friendly policies, conflict management and resolution, payroll management and right up to managing existing formalities of the employee, all of it is managed by the HR.
The Above were all the Types of Business Degrees that exist in the market.