The Business of It All

Return on investment continues to take a front seat in the minds of students and their families as they consider potential college majors. So it’s never a surprise when I meet with a new student and they reveal that business is at the top of their list. Sometimes they come in with an established reason – following Mom or Dad‘s footsteps, they’ve already been trading stocks on their own and want to help others as a financial planner, they learned about marketing through selling ads in Newspaper class or competing in DECA, etc. Other times they don’t know, but just think there will be vast opportunity with a degree in the field. 

Business has consistently been one of the most popular areas of study for college students. According to the National Center for Education Statistics, business was the most common field for bachelor's degrees in the United States in 2021–22, with colleges awarding approximately 375,400 business bachelor's degrees—or 19% of all bachelor's degrees awarded. That's nearly one out of every five bachelor's degrees.

The field of study has become more diverse and specialized, offering options for a variety of interests, from analyzing numbers to effectively communicating with others to solving logistical problems Let’s explore these options and how they play out in college admissions.

Consider general area of interest:

💰 Money and numbers

Accounting

Students learn about financial statements, auditing, taxation and how organizations track and report their finances.

Finance

Finance focuses on investments, financial markets, corporate finance, banking and financial decision-making.

Real Estate

Students study areas such as real estate investment, development, finance and property markets.

Actuarial Science

A particularly quantitative option, actuarial science combines mathematics, statistics and business to evaluate financial risk.

📊 Data and technology

Business Analytics

Students use statistics, data and analytical tools to help organizations make better decisions.

Information Systems / Management Information Systems

This is a great option for students who enjoy technology but don't necessarily want to become computer programmers. The focus is on using technology and information systems to solve business problems.

Operations Management

Students look at how organizations can improve processes, efficiency and decision-making.

📣 People, communication and understanding consumers

Marketing

Marketing students study consumer behavior, branding, advertising, market research and communication.

Sales

Some universities offer specialized programs in professional sales, which can be particularly appealing to students who enjoy communication and working with people.

Management

Management focuses on leadership, organizational behavior, teamwork and strategic decision-making.

Human Resource Management

HR students study recruiting, employee development, compensation, organizational culture and workplace issues.

🚚 Solving logistical problems

Supply Chain Management

This field looks at how products, information and resources move from suppliers to consumers. Think about everything that has to happen between the moment a company decides to manufacture a product and the moment that product arrives at your front door. Supply chain professionals deal with procurement, transportation, inventory, forecasting, manufacturing and distribution.

🚀 Creating something

Entrepreneurship & Innovation

Entrepreneurship isn't only about starting a company. Students learn about identifying opportunities, developing products or services, innovation, business models and growing organizations.

Interested in a particular industry? Look for specialized programs such as Healthcare Management, Hospitality Management, Sports Business or International Business.

Not sure which concentration you want?  Many schools allow (or even require) a Pre-Business selection, making way for exploration during the first year or two of college. Most will also allow changes of specialization once you’re enrolled.

Learn more by navigating the business school pages of a variety of colleges. Indiana University’s Kelley School of Business serves as an excellent example of the variety of majors, minors and certifications available within their school, to include interdisciplinary options such as Bachelor of Science in Music Business, and co-majors such as Sustainable Business.

Some schools, such as Boston University's Questrom School of Business, offer a Bachelor of Business Administration (BBA), which covers all aspects of business, with concentrations available in specialized areas of interest.

Popular can mean harder to get into

Business is popular for a reason. It can lead to an enormous variety of careers, and students can tailor their education toward areas of interest. For this reason, the business school can be considerably more competitive than the university as a whole. Schools such as University of Texas McCombs School of Business will require you apply directly to the Business program rather than allowing you to apply after starting at the school. Others will allow a transfer into Business after having met certain requirements.

When looking at Business programs, ask these questions:

• Which type of business specializations do they have?

• How does the college admit students to that major?

• Can students change business majors once they're there?

• Can they combine business with another area of interest?

• What opportunities are available for internships, experiential learning and career preparation?

Prepare early

If a business major is a possibility for you, it’s never too soon to begin to explore the field by taking related elective classes in school or taking on a role within your extracurricular activities that allows you to gain experience with finance, marketing or management. Many of the top business programs will look for this “fit-to-major” when evaluating applications in a landscape where only a fraction of their applicants will be accepted. So start exploring – to find out if you have an interest – and to show colleges that you do.