Which Business Degree Program is Best for Me?

Your college degree serves as a starting point for your career, so deciding which degree to pursue is one of the most important decisions you'll ever have to make. When contemplating this decision, it is essential that you measure the rewards of each type of degree against the time and monetary sacrifices you are willing to make. The first step in choosing the right business degree for you is to know your options, and to understand the function of each degree in the business world.

Get to Know Your Options - Business Degree Overview
Associate's Degree - Bachelor's Degree - MBA - Doctorate in Business
Other Considerations

Get to Know Your Options

College business programs are highly practical, since the curriculum provides students with valuable real-world experience. This tends to make the transition from school to career much smoother than other fields.

However, due to the constant changes in the job market, students should be advised to pursue a path that is in line with their own interests and talents, rather than simply focusing on high-demand fields. The market is unpredictable, so look at your education as a starting point rather than a definitive line to a specific job title. Take the time to consider what you have to offer, your interests, and your ultimate goals.

Majoring in business prepares you for work in a variety of fields, including management, human resources, market research, public relations, sales, and financial analysis. With all these career options, you need to determine your specific interests, skills, and preferences. College jobs, internships, and volunteer work can help you figure out what type of work setting you are most interested in.

Business Degree Overview

Choosing the right business degree program is a critical step for students seeking to enhance their management credentials. Finding the right associate's degree in business is very different from finding the right master's degree in business. Deciding on the right business program also varies according to the business degree level you desire.

• An Associate's degree qualifies you for entry-level business employment. This is the cheapest and quickest business degree to earn, and can usually count towards a bachelor's degree program later if you chooses to further your education in the future. Associate's degrees in business may not provide enough of an educational background to guarantee job advancement. The prime considerations for finding the right business program in this case are: location, cost, and career goals. Most students find it convenient to choose a program that is close by or online and as cost-effective as possible. When considering costs, students should factor in the program's schedule and how it affects their current job situation, scholarship opportunities, and the placement rate of the program's graduates into desirable jobs.

• A Bachelor's degree usually takes four years to complete and qualifies graduates for entry-level business work with a greater likelihood for advancement than those who hold associate's degrees can expect. Students who choose a business major as undergraduates must make similar choices to associate's degree students. Defining career goals is a critical step. It is very valuable to speak with professionals in your desired field. A student who understands his or her own goals, whether it is a career in accounting, finance, marketing, or another area, can more easily choose the appropriate classes to take and activities to pursue during their time in college. Defining and meeting goals is also excellent practice for the world of business itself. Students who are as specific and informed as possible about their goals will have a competitive edge. It is also a good idea to choose a school with strong alumni connections; this makes it easier for current students to obtain internships and entry-level positions.

• A Master's degree usually takes one to three years of postgraduate work to complete and typically involves both coursework and independent study. Those who enter MBA programs have typically already worked in the business field for a few years, and are seeking to advance. By now, an MBA student has a good understanding of business operations and where his or her talents lie. MBA programs also vary widely. Some students may seek nationally recognized institutions for their MBA. This may require moving across the country more than once, first to attend the program and then to obtain the right job. Other students who wish to stay where they are geographically will find that attending a regional institution opens many doors. Online MBAs are also useful for professionals who want to keep working while attending school, particularly if a student plans to advance within the same company.

• A Doctorate in Business is the most advanced business degree and requires between three and seven years of postgraduate work (the majority of which is conducted independently by the student). Professionals with doctorate's in business usually work in academia or as corporate consultants.

Regardless of degree type or specific interest, it is important for students to take the time to assess their goals and learn about the different career opportunities available to them before committing to a business degree program.

Other Considerations

When looking for business programs, it is sometimes difficult to assess which school best suits you and your needs. Following these guidelines should make that process a little bit easier.

• Always look for an accredited program.
  These independent agencies ensure that the students are receiving a quality education.

• Look for a program that specializes in your area of interest.
  A lot of programs offer an assortment of business courses (such as accounting, marketing, sustainability, and many more), but numerous of these programs also excel in certain specialties.

• Check the employment rates for the business program graduates.
  If a school has a low employment rate, it is obvious that its business program is not up to par for business employers.

• Check the average salary for graduates.
  Recent graduates with higher salaries indicate a great business program.
  
• Look at the student retention rate.
  If the students are staying at the school, that is always a good sign.

• Look at the acceptance rate.
  Competitive business programs often have a lower-than-average acceptance rate. This usually means that the program is above average and is looking for the best and brightest students.

• Check the mean GMAT scores for entering students.
  GMAT is short for the Graduate Management Admission Test. All undergraduates must take this test in order to get into a graduate business program. If the mean GMAT score is high, it is a good sign that the program is looking for the most qualified and learned students.

• For Graduate programs, look for the mean undergraduate GPA.
  Once again, if the mean undergraduate grade point average is high for the entering students in a program, that usually indicates a competitive program.

• Look for high rankings on nationally recognized Web sites and/or magazines.
  An example of a national business school ranking can be found at Business Week.