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Getting Down to BusinessFrom the MCG 2008 edition By Amai ThomasIf you're drawn to the corporate world of navy suits and Wall Street, you're probably already considering a career in business. Still, it's a broad term and there's a lot to decide before committing to the major. In which field will you focus? Finance? Management? Marketing? Entrepreneurship? Accounting? What classes should you take? What can you expect to make when you graduate? Perhaps the first task is to figure out what makes you tick. How do I know what business major is right for me? If you're like many high schoolers, you may not know what you want to be, but you already know what you like to do. If you'd classify yourself as a strong leader good at motivating others you might consider a focus on management. If you enjoy a challenge, think of yourself as persuasive, and are highly motivated, marketing might be a good place for you. Into computers? Love math and working with numbers? Accounting and finance have your name all over them. Want to own your own business one day? Then entrepreneurship might be right up your alley. What classes will I need?You probably won't have to worry about this too much until you're a junior in college. Your first two years will mostly consist of general courses, like calculus, computers, sociology or psychology, science, writing and English, as well as some business courses that all business majors have to take.By your third year, your business education will become more focused, including a set of core courses in marketing, management, finance, organizational behavior and problem solving. The second half of your junior year and all of your senior year will focus on your specific major under the broader category of business. Unlike high school, when you questioned where you'd ever put your knowledge of the Louisiana Purchase to good use, today's college and university business professors are focused on providing you with an education for the real world. "I believe instruction must be balanced," says Walter Moore, Ph.D., Associate Professor and Faculty Chair of Accounting and Taxation at Nova Southeastern University's H. Wayne Huizenga School of Business and Entrepreneurship. "Practical application, or real-world scenarios, must be taught using theoretical and professional foundations, such as FASB Statements or the IRS Code." (Editor's note: FASB stands for the "Financial Accounting Standards Board," the board responsible for determining uniform standards for treatment of accounting items. But don't worry. You'll learn all about that in class!) What jobs can I get when I graduate?The beauty of majoring in business is that it prepares you to work in a wide variety of jobs -- from private corporations and international companies to government and nonprofits. Even better, most students who graduate with a degree in business can find jobs quickly. Depending on your focus, you could start out as a market researcher, financial analyst, entry-level manager, public relations rep, or systems analyst -- just to name a few. (And yes, some lucky students get the really big bucks on Wall Street but, don't count on that. It's very competitive for those jobs.)"Regardless of the sector or tax status (profit or not-for-profit), everything eventually comes down to business," says Robert E. Mittelstaedt, Jr., Dean of the W.P. Carey School of Business at Arizona State University. "Knowing something about leading people, managing an organization and having skills in financial matters will serve a student well no matter what they want to pursue." What can I do to increase my chances of getting a job when I graduate?There are three main factors employers look at when evaluating job candidates. The first two are grades and extracurricular activities. Of course, you're no doubt familiar with the importance of both of these in applying to colleges. So, you need to keep up the good grades and get involved in activities in college, such as leadership positions in organizations, internships, sports, etc."In today's marketplace, college graduates are competing for jobs globally," explains Stephanie G. Ward, Ph.D., Assistant Professor of Human Resources and Greehey Scholars Program Director at the Bill Greehey School of Business at St. Mary's University. "To become more marketable, college students must begin building their resumes from the first day of their college experience. Of course, maintaining a high GPA is crucial, but to be competitive, students must also involve themselves in student-managed businesses, academic competitions, service learning, and leadership roles during their entire college career. College graduates who can show their business skills through performance will be the graduates who garner the highly desired positions." The third factor is one that colleges don't really evaluate but employers do. It's something you probably can't do much about: your personality. Corporations have different "corporate cultures," and both you and the company need to be sure that you'll fit into that culture. While you won't have to worry about this until you start interviewing as a junior or senior, you might want to think about what kind of industries best fit your personality. For example, an accounting firm is probably more conservative than a software company. This can help you figure out what major might be best suited for you. What can I expect to make when I graduate?Depending on where you live, you can probably expect the following average starting salaries:
Source: Fall 2006 Salary Survey of the National Association of Colleges and Employers (NACE) Many of the jobs in the above areas come with signing bonuses to sweeten the deal. According to the summer 2006 NACE survey, average signing bonuses were in the $4,000 range.Of course, preparing business majors for life after college presents new challenges for professors, who essentially have to foresee changes in the business world. "Doing business in the world today is more challenging and more exciting than ever before; the twin forces of globalization and innovation lead to frequent change in all aspects of doing business," says Diane K. Denis, Senior Associate Dean for Faculty & Research at Purdue University's Krannert School of Management. "In order to produce young managers who will succeed in this shifting landscape, business schools must go beyond teaching the tools of today. They must also prepare students to think critically and to analyze new and unfamiliar information to create the tools of tomorrow. The opportunities are many for students who are equipped to succeed in a changing world." Whatever route you choose, you'll want to look beyond the opportunity to just land a job when you graduate. Test the waters with a variety of classes when you first get to college and then start narrowing down the field as you discover courses you love. Finding a career you enjoy will make going to work something to look forward to! Amai Thomas writes business articles and profiles for various publications. |