This article contains information on the list of top careers in Business Studies for the year 2021.
In a world where the economy revolves around money making, virtually every individual is towing the path of business. On a daily basis, the Business world is getting tougher and more competitive. Sometimes I’m left to wonder what the world’s economy would have been like without business ideas.
With the increased level of competition in the business world, people no longer rely on little business knowledge; many have acquired professional knowledge in business by enrolling for business studies and the likes in various institutions.
Business studies focus on how organizations operate, what they do, their management styles and their business strategies. Some of the common subjects you’ll typically learn during your first years are Accounting, Microeconomics, Principles of Accounting, Introduction to Management, Fundamentals of Corporate Finance.
Degrees in business studies are very popular among students. Fortunately, universities offer many courses to match the demand. Some of such degrees are:
Business Administration: This business course gives you the general overview of the functional aspects of a business especially in the areas of business courses designed to develop communication, business analysis skills, etc.
Finance: Finance is an integral aspect of business. Thus, this course equips you with knowledge on how to generate and manage money. You will learn about financial management, risk analysis as well as investment and banking.
Marketing: This provides you with the skills and knowledge to communicate the value of a brand, its product or service to customers with the goal of maximizing profit while building sustainable relationships.
Management: This equips you with the function of planning, managing, coordinating and allocating people to accomplish organization’s goals through the effective and efficient use of available resources.
International Business: This relates to all cross-border commercial dealings that take place between business entities spanning two or countries.
The interesting thing about having a Business degree is its wide practicality and relevance in various industries. Therefore, if you have a degree in business studies or any business related course at all, here is a list of career stated below you may wish to consider;
List of Top Careers in Business Studies
1. CHARTERED ACCOUNTANCY
Chartered Accountancy is one of the most popular business careers. Building a career through this profession can be highly rewarding. A Chartered accountant is one who is specialized in accounting, auditing and taxation and also serves as a management and corporate caretaker.
While working as an accountant, you are also responsible for preparing, updating and assessing the internal accounting policies and control processes. In order to work as accountants, you must possess knowledge related to financial accounting, management accounting, cost accounting, record keeping, reporting, financial statements and the generally accepted accounting principles. However, in order to progress in this career, you can take up an accounting qualification like CA, CPA and ACCA.
2. INVESTMENT BANKER
Investment Bankers are professionals who are experts at corporate financial analysis. Their main job is to raise capital to fund the operations of corporations, raise money from capital markets, structure acquisitions or sales for clients.
An important role of a financial analyst/ investment banker is to analyze and understand how organizations have invested their resources and whether the investments are financially feasible. They also need to understand how these investments and future financial decisions will affect the short-term and long-term growth of the organization.
Apart from the roles mentioned, they are also saddled with preparing weekly, monthly and annual financial forecasts as well.
To become an investment banker, there is no particular career path to be followed. However, a bachelor’s degree in accounts, economics or commerce such as BSc Banking and Finance, MSc Finance, Bachelors in Accounting and Investment Banking is necessary. Further, Internships with investment banks or certification programs such as the CFA course act as a positive catalyst for advancement in this career.
3. SUPPLY CHAIN MANAGER
Supply chain managers are responsible for the movement of goods, from manufacturers and suppliers to the final consumer.
As a supply chain manager, your duty is to oversee and manage every stage of the production, from purchasing the raw materials to the delivery of the final product. You’ll also ensure that the right amount of product is made at the right time, as well as coordinate the storage of the product. Organizing the movement of goods from distribution centers to customers and stores involves forecasting trends. All these are what you will do as a supply chain manager.
Stockbroking is another popular career option in business studies. These professionals are responsible for buying or selling stocks for their clients. Sometimes, they are also involved in advisory work.
As a stock trader, you can either work for yourself or for a firm, buying and selling stocks. Traders may also buy and sell bonds and other financial instruments. Trading is a fast-paced, competitive and high-pressure career, best suited to those with bold, dynamic personalities. Those in this field have very little supervision so this career will suit you if you’re self-disciplined and motivated.
To build a successful career in this field, one needs to be versatile and good in Commerce subjects like Economics, Accounting, Corporate Laws, etc.
5. ACTUARIAL SCIENCE
An actuarial scientist is a recognized mathematical professional who has the skills to demonstrate and manage uncertainty and financial risk.
They play an integral role in the areas of business, government, stocks, and insurance and a host of industries. However, Actuarial science is the science/art of arithmetically and scientifically assessing the risk present in a situation, be it a business investment, an insurance investment, or a stock/bond investment.
The actuarial field is one of the most common industries in which banking and finance graduates find work. Actuaries specialize in evaluating financial risks in order to manage and advise clients. They combine risk analysis skills with in-depth knowledge of Probability, Economics, Mathematics, Finance, Computer science and Statistics to calculate and manage risks for companies. Actuaries ensure sound investments are made and commercial/business goals fulfilled.
Actuaries also work in the public sector. In the federal government, actuaries may evaluate proposed changes to Social Security or Medicare or conduct economic and demographic studies to project future benefit obligations. At the state level, actuaries may examine and regulate the rates charged by insurance companies.
The study of uncertain future events by actuaries are of special concern to insurance and pensions companies, but actuaries can work in a wide range of sectors. They are highly skilled individuals and as such are often in high demand.
6. INSURANCE UNDERWRITER
This is another career in business studies. An underwriter determines whether or not to accept applications for insurance coverage by considering the risks involved in protecting the policyholder based on factors such as age, health condition and occupation.
Underwriters generally prepare insurance policies, collect and analyze statistical data on potential policyholders and carry out risk assessments. This involves examining if the insurance company can afford to undertake the risks of these policyholders. Once this assessment is made, the underwriter will price the insurance premiums accordingly.
Insurance underwriters are professionals who are meant to determine potential client’s risk factors, evaluate and analyze risks of insuring people and assets and establish pricing for insuring the risks.
Insurance underwriting requires an individual who is focused on skill development with a strong analytical base and a high degree of computer literacy as the position requires data analysis and interpretation.
Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.
Thus, you can build a career as an economist. Economists study market data and use actuarial models and statistical analysis to understand and explain economic trends, monitor market conditions to help corporations maximize their profits. Many economists work for various levels of government, examining issues related to employment, taxes, and interest rates.
Although tasked with analyzing an array of issues related to the overall economic processes of the country, a career as an Economist is challenging yet interesting. With the existence of many important factors like employment, inflation, banking, etc affecting the economy of a country, these professionals are required almost everywhere.
Many of the entry-level positions in government agencies are available to those with a bachelor’s degree in mathematics and economics.
8. MARKETING MANAGER
Marketing involves the use of any available strategy to persuade and convince people to buy a product or service. There are different ways in which marketing is done these days. It has gone beyond the traditional method of carrying goods from one location to another, in search of buyers.
Now, marketing has taken another shape. All thanks to technology, marketing can be done in any location via online medium and different social media platforms have made building a career in this field very rampant and easy.
However, Marketing Managers are responsible for planning, organizing, estimating and promoting businesses based on customer, competitor, and company analysis. Marketing managers assess and determine the demand for an organization’s products and services and develop ways of increasing profits, investments, and shares.
Marketing managers utilize a number of advertising and public relations techniques to promote sales and maximize profit. Marketing managers primarily must have a minimum of a bachelor degree in marketing, public relations, or a related field to gain the specialized skills and knowledge necessary to establish careers. ..
If you’re a person with a convincing power, ability to communicate freely with people you barely know, analytical, strong numerical background and ability to think out of the box, then choosing a career in marketing is certainly a wise career choice in business.
9. FINANCIAL ACCOUNTANT
Financial accountant see to the proper management of a company’s financial account. Accountancy jobs include roles such as auditor, tax accountant, forensic accountant, management accountant and corporate advisor
They are also responsible for ensuring that the financial records of an organization is up to date, calculating payroll, preparing tax returns, and ensuring that the company complies with all financial rules and regulations.
To become a chartered accountant, in addition to an undergraduate degree in mathematics or a related area, you’ll also need to gain further professional qualifications. Becoming a Certified Public Accountant (CPA) can be a big advantage to your career.
Accountancy is always a popular career path for finance graduates. Go for it.
10. TAX POLICY ANALYST
Tax policy analyst is responsible for analyzing and researching on matters relating to taxation policies of the government and working out the policy structure of the organization such that they comply with each other. The main responsibility of a tax policy analyst is Modeling tax outlooks along with monitoring and studying the impact of Government taxation initiatives.
As a task analyst, you should be able to analyze the information related to highly complex technical work, have the knowledge of forecasts and data sources for forecasting tax revenues, communicate effectively so as to understand and address issues with other organizations relating to taxation policies.
To become a tax analyst, a bachelor’s degree in the field of accounting is necessary alongside certifications such as a CA (Chartered Accountant), CPA, etc, coupled with work experience for career development. A master’s degree is important but not a necessity.
11. ASSET MANAGER
These experts are hired on a daily basis by firms and individuals to manage, evaluate and grow the owned, leased assets. Assets can be physical real estate properties or even intellectual property. The major responsibilities include:
The set of tasks and requirements of asset managers may vary from situation to situation. However, the fundamental task is to monitor the assets, implement, negotiate and advise clients in regard to assets. They are expected to manage the funds and achieve the financial goals depending upon clients’ objective and risk-taking capacity.
Generally, people in this field are required to have a minimum of a bachelor’s degree in finance, business or accounting.
12. EXTERNAL AUDITING
External auditors examine financial records and other data to provide businesses, investors and regulators with a clear idea of how they’re performing as well as recommendations for improvement. Their work can be divided into two distinct areas; a financial audit, examining a company’s financial statements and records, or a corporate/non-financial audit to help companies solve specific business problems.
13. PUBLIC RELATIONS
Public relations involve maintaining or improving the reputation of an organization by influencing how other people perceive it. PR is about how organizations communicate with the public, promote themselves and build a positive image.
PRO’s are majorly involved in:
- Copywriting and research
- Contacting journalists to try to persuade them to Online advertising
- Drafting press releases and newsletters
- Blogging and writing social media content
- Search engine optimization (SEO). This ensures that clients’ online content gets found and read by its target audience when they do a relevant web search.
In the world of business, information must be communicated to the public. So, this is a very lucrative career.
14. BUSINESS ANALYST
The skill set you gain from an Actuarial Science degree also prepares you for a career as a business analyst. Here your work basically involves examining the operations, structure and policies of an organization and recommending solutions to enable them to achieve their goals.
In this role, you will have to be able to analyze and evaluate complex data efficiently, display effective problem-solving skills and be IT savvy to succeed.
The business analyst, sometimes, is someone who is a part of the business operation and works with Information Technology to improve the quality of the services being delivered, sometimes assisting in Integration and Testing of new solutions. Business Analysts act as a liaison between management and technical developers.
Below are skills required of a business analyst;
- Oral and written communication skills
- Interpersonal and consultative skills
- Knowledge of business structure
- Analytical thinking and problem solving
- Being detail-oriented and capable of delivering a High level of accuracy
- Stakeholder analysis
- Costs benefit analysis
- Processes modeling
- Organizational skills,etc.
Business is diverse and not everyone will build a career that requires one to be in the office on a daily basis. There are some who will be required to pass the knowledge they have about business to others. Therefore, teaching is a very important career in business studies.
Numeracy is always a high priority within primary and secondary education systems; this however, makes highly numerate graduates with an interest in teaching highly sought-after. If you enjoy the challenge of making mathematics and other business related factors understandable to students of different ages and abilities, you might be cut out for a career as a high school teacher.
In order to pursue a career in teaching, one is required to have a formal teaching qualification, but some states allow people who already have a bachelor’s degree in another area to take a fast track to certification and begin teaching immediately but if you must teach at university level, a postgraduate degree is highly required.
16. RISK ANALYST
As a risk analyst, you will advise companies about the potential risks of new and existing projects, as well as predict factors that could negatively impact the business. These risks may include operational risks and financial risks
Risk analysts are expected to have exceptional organization and decision-making skills, a keen business sense, the ability to evaluate complex numerical data and good communication skills.
A risk analyst evaluates financial documents, economic conditions and potential clients to help companies determine the level of risk involved in making a particular business decision. They typically work for banks and insurance companies; though any company handling large amounts of money may choose to hire a risk analyst.
Entrepreneurship is one of the hottest and most rewarding specializations in business currently. Starting your own business is an adventure of its own but an amazing business idea is a fast ticket to being very successful. Starting up a business might not be easy initially, failures are bound to occur. With consistency and determination, your Success story will definitely outweigh the failures.
This career path is not only flexible; it gives you the opportunity of being your own boss. Being dedicated to this might just pay you higher than what a white collar job may offer.
There is no certain qualification to becoming an entrepreneur, but you must have the knowledge of business and management as well as financial management and budgeting.
Apart from the above- mentioned careers in Business management, there are others that you can take up after completing a degree or course in the field of business. Business studies has grown to be a very vast field with loads of career opportunities that have a high possibility of landing one a mouthwatering pay.
If you already have a degree in business related courses, you’re made.
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