by Steven Vukaj, Product Specialist
Majoring in business might sounds like a good fit for you. Working with others to sell products and services, managing organizations, and dealing with money are all facets of the business world. Yet, saying that you’re a business major is such a broad statement. There are several majors to choose from if you find yourself applying to a business school. With so many to choose from, you may ask yourself: How will I know which major is the right fit for me? Continue reading to find out!
Much of marketing revolves around “the marketing mix,” also simply known as the four "P"s. The four "P"s stand for product, place, promotion, and price. This area of study engages the most with developing new goods and services and effectively delivering to consumers that demand them. After coming up with new products that you can sell to customers, you would need to learn how much to sell it for. What is the most reasonable yet profit-generating price that you can set for the buyer? Promotion is all about how you will advertise your new product and make it well-known to the masses. Will you choose commercials, press releases, billboards, or more? The possibilities are endless! Lastly, you would need to focus on the right place for your product. How will you be able to deliver this great idea of yours? Will you focus on specific areas of the country? Of the world? If this entices you, perhaps marketing is the perfect fit for you!
Accounting deals mainly with preparing the financial statements of any company, an individual person, or even law firms. Any business that wants to perform well financially will need an accountant to analyze and manage their money. There are several subsections of accounting, including tax and audit. While most traditional students will go to school for four years and attain their bachelor’s degree, accounting majors will usually take on a fifth year, receive a master’s degree, and continue to study for the Certified Public Accountant (CPA) Exam. If you are an analytical person, and have no problem being precise when preparing financial documents, maybe accounting is the right major for you!
Finance is similar to accounting. It requires knowing how to read financial statements properly, and using that knowledge to the best of your ability to develop future plans for companies and individuals. This means using your knowledge to assist in generating a profit for other people, which can be done with future investments that seem rewarding. It’s sort of like the problem-solving part of business: is an investment worth a risk if it means the possibility of running huge numbers? As mentioned before, finance relates to accounting, so that’s an example of a class you would need to take in college. Understanding statistics is crucial as well, since you would need to look at trends and how you might be able to relate them to the future. Some careers that are associated with this major include financial analysts, investment bankers, quantitative analysts, and even accountants! If you find yourself enjoying researching while also working with numbers, discover how finance can be your major!
A human resources major typically works with employees of any company. It entails the more-so psychological side of business, assisting employees with any issues they may have. Human resources employees are also responsible for training other employees, deciding on compensation and insurance benefits, payroll, organization, and so much more. You can think of these majors almost like the guidance counselors of the professional workplace. They assist others in many different ways, and perhaps you could help others in the business world as well!
Business administration is probably one of the more common business majors that students choose to study. This major concentrates on the basics of how businesses operate, what it takes to run a business successfully, and more. A degree in business administration sort of gives students a general understanding of the other specific types of business like finance, accounting, marketing, and human resources. People who aspire to become entrepreneurs may find this major to be the right fit for them!
Note: Different business schools offer different business majors, but these are five of the most common business majors offered to students pursuing business!