Okay, i noticed that a lot fo the users here are older, so i thought it might be a good idea to ask this question here. I am going to be a sophmore in college, and i just got accepted into the BBA program for Ross Business School at University of Michigan. I kinda just applied just cuz business sounds pretty interesting, and that ross is consistently ranked top 5 in the nation. What i really don't have that much of an idea about what direction of business i want to get into. Finance? Strategies? i have no idea. so i am just hoping if you guys can give me your 2 cents on what you think about the pro and cons of the different fields in business, and what you think the best one is for business as far as earnings and job prospect.
Pretty broad topic, but other posters would probably have more questions for you than immediate answers... like: 1) What is it about "Business" that draws you to it? Not just the money, I'm assuming...? 2) What are your strengths/weaknesses? For example, are your quantitative skills strong and do you enjoy working with numbers? Or are you a more creative type?
What programs does your business school focus on? Accounting, Finance, IT? There is a shortage of IT workers building in America and accountants are always in demand.
1) well, i can't really pin point it but, I really liked the econ class, so i assumed business can't be too far off. I do want to have an opportunity to work abroad. 2) I think i have strong quantitative skills, but i don't really enjoy working with numbers all that much. if you were in my position, what would you have concentrated on?
a large portion of the students concentrated on finance, but i don't think there's much emphasis on accounting.
My two cents: go with finance. Economics is more theoretical, and I get the impression it's harder to build a career in economics. Supermac34 is right, IT jobs are in demand, but they fluctuate, and ever since the bubble burst in 2000, they aren't as affluent or well-respected as they used to be. Also, I suspect that such jobs are susceptible to future layoffs if the economy goes down the tubes again, or as tech markets fluctuate. Yeah, there's always demand for accountants, and it pays well, but..... blech... who wants to do accounting all day, every day, for their entire career. Yuk. Be an accountant only if you have a knack for it. Finance is the best track. Good positions. Ya learn how to make money for the company and for yourself. Good career track for getting rich early and retiring early. Yup. or, you could be a lion tamer: <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/XMOmB1q8W4Y&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/XMOmB1q8W4Y&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>
He's a sophomore in college. He's gonna me most interested in nailing chicks and drinking. And, really, most 20-yr-olds have no idea what they're interested in, career-wise. That's probably why he's asking here.
This is the best advice that you are going to get. Most undergraduate business programs make their students take a variety of business courses (marketing, finance, accounting, etc.). Head in the direction of what interests you the most and don't try to force yourself to be interested in something that you're not.
I have an undergraduate business degree, so based on the little information you've provided I'll give you my opinion. A. Stay away from accounting. You said you don't like numbers. If you're going to go a numbers route - finance, econ, accounting - finance should be the first choice. It is broad enough, and requires enough underlying knowledge of the other two, to get you into many doors. B. Don't stay completely away though. I'm guessing the program you got into will have some sort of structure, but you should at least minimally graduate having completed at least 1 intro class in every major business sub-subject(finance, accounting, econ, business law, marketing, management, statistics, etc.). You don't need to be able to do my taxes, but if you can't tell me the basics of GAAP accounting, how the financial statements work together, etc. than you're in trouble. C. Don't be afraid of less manly sounding subjects. Finance is manly. Negotiations is manly. Only girls focus on marketing. Not true. If you like marketing, follow it. D. If you want to have the opportunity to live internationally, you need to prepare for that. First, definitely take some international business courses. Second, study abroad. I have to believe your program has a semester study abroad option. Take advantage of it. Go to either England or Asia (Japan, Hong Kong). E. Be an entrepreneur. First, you can afford to and it's fun. More importantly, it really teaches you real life skills. I only took one entrepreneurism class and to this day wish I could go back and take 2 or 100 more. It may just be personal - i found it fun - but especially when you get to the point where you have to start up you're own "fake" business, it definitely is a useful class. F. Be a problem solver. It doesn't matter what you focus on, it all comes down to the same thing. Business (and life, for the most part) is about solving problems. How to get the best return? How to negotiate the best price? How to minimize risk? Whatever. You'll do best if you remember this simple framework AND... G. Be proactive. The most successful business people aren't always the best, but they're always pro-active. Even if you can solve the problem, it doesn't do any good if you don't let anybody know. Speak up, participate, join a club or two that interest you, take the lead when giving presentations (as the only way to get more comfortable at it is by doing more of it), etc. H. Real life experience. There's nothing more useful than it. Get a good internship if you can. the end.
I was a business major in college. I am assuming you can choose Finance, Marketing, Management or Accounting, and perhaps some sort of business IT major (it's been a while for me and that wasn't an option in the late 90's) I wouldn't go the accounting route unless you want to be an accountant, and Financial Accounting (a course you will probably have to take regardless of major) will let you know if you like that or not. Finance is always good. Gives you lots of options when you get out of school. Marketing is good if you want to get into sales, adveritising, public relations, branding, or marketing with a company. Management is kind of a double edged sword in the sense that you really have to have experience to become a manager and it's tough to get an entry level position. At TCU, we had to take an accounting, finance, management (operations) and marketing beginner course before we could declare the specific major and it gave you a taste of all four choices so you could go with the one that interests you most. Good luck. There really isn't a wrong choice if one clicks with you and you enjoy it.
hey thanks alot, that was really helpful. Just wondering, what route did you go to? and where did you graduate? and do you think your job is fun, challenging? or boring. a ton of ppl from my school end up on wall street, and they work like 100 hrs weekly.
i went to a top undergrad business program in the ivy league, worked as an investment banker for 2+ years and moved on to the buy side. There are many negatives about working 100+ hour weeks, but none of them outweigh the biggest positives. (1) You get paid a crapload for someone you're age, and (2) if you want to be a professional, you have to act like one. Want to see real hours...trying being a lawyer or doctor. They put in the same hours as Wall St. finance professionals, but in some cases more, while getting paid less. As I said before, there is no substitute for on the job training. On Wall St., you'll get the best on the job training there is...if you can keep your sanity, you'll be good to go! But remember, don't just do finance because its "manly" or "hip" - i.e. you get paid a lot, all your friends are doing it, etc. Do whatever you want.
Hell, I'm 33 and have no idea other than I am sick of working for the man. That being said, I am back in school going for my finance degree.
I majored in business management and I currently work in high finance. But I always tell my friends and others who are still in college that the most useful business degree is an accounting degree. It has the most useful set of practical job related skills. If you want to work in the stock market or something regarding equities, you should have a good understanding of how to tear apart a balance sheet. An accountant can do this easily. Most other business degrees( entrepreneurship, marketing, finance), mine included, are pretty vague in nature and I don't believe one needs to even go to school to acquire this knowledge. That being said-while in undergrad, its more important to network and get proper internships.
Ross is an excellent school. It has a top 5 undergrad business program in the nation. I was going to go there but I got a better offer elsewhere. With that being said, BBA is not quite as valuable as the MBA. If you plan on single majoring, look into accounting. If you are double majoring outside of the business school, then consider finance. At my career fairs, they are always looking for those computer science/IT and accounting majors. Finance is very useful in life though. A lot of accounting firms will hire finance majors too.
I would look into Accounting and Finance together, or MIS major if you are interested in the IT side of things. There are plenty of MIS jobs available, but only do MIS if you are interested in IT. I am currently doing the PPA/MPA(Masters in Accounting) at UT with a minor in Finance. One thing I have noticed is that finance and accounting goes hand in hand, and having a solid background of either one creates tons of opportunities for you. The key is to focus on maintaining a fairly decent GPA, and make sure to gain some experience through internships. Take advantage of your school's career services early as experience often is what ends up setting you apart from others. On top of that, getting paid well over the summer never hurts either. So, my two cents is to major in accounting or finance as there are a variety of jobs in those fields (public accounting, consulting, industry, investment banking). The diversity of opportunities available in those majors will give you time to "find yourself" and figure out what you like in business. MIS is great too in terms of the job market (for right now) but I would only do that if you are sure of it. Other than that, major in marketing or management only if you are sure that is all you enjoy because only the best get rewarding jobs in those majors since many other majors can fulfill those roles as well.
you'll figure it out dude, don't worry. let me give you a hint, you'll be making more cash than the art history or psychology majors!
