Business education

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Business education is a branch of education that involves teaching the skills and operations of the business industry. This field of education occurs at multiple levels, including secondary and higher education

Contents

Secondary education

At secondary level, Business Studies, as it is often called, typically combines elements of accountancy, finance, marketing, organizational studies, human resource management and economics. [1] The range of topics is designed to give the student a general overview of the various elements of running a business.

Business is taught as an academic subject at high school level in many countries, including: Australia, Bangladesh, Canada, Hong Kong, India, Ireland, Lesotho, Nepal, New Zealand, Pakistan, Nigeria, South Africa, Sri Lanka, Zimbabwe, Argentina, Sweden, Tanzania, Malaysia and the United Kingdom.

Many school systems (additionally) examine accounting and economics as separate subjects; these offering a more technical orientation than the course in general business. Business mathematics may be included under business studies, or as a part of the mathematics syllabus.

Undergraduate education

Students attending a class at Harvard Business School, the top-ranked business school in the world, according to U.S. News & World Report's 2023 rankings Inside a Harvard Business School classroom.jpeg
Students attending a class at Harvard Business School, the top-ranked business school in the world, according to U.S. News & World Report 's 2023 rankings
Curriculum
  • Management
    • Organization Structure
    • Productivity
    • Leadership
  • Marketing, Sales and Public Relations
    • Marketing analytics
    • Brand Management
  • Economics and Analytics
    • Market Trends
    • Supply and Demand
    • Elasticity
  • Accounting
    • Managerial
    • Auditing
    • Tax
  • Finance
    • Fixed Income Securities
    • Valuation Models
  • Business Law
    • Regulations
    • Organizations
    • Legal Risk

At the university level, students have the opportunity to take undergraduate degrees, usually a bachelor's degree, in business and management. Specific curricula and degree-granting procedures differ by program and by region. In general though, the program will comprise either preparation for management and general business, or a detailed - more academic - focus on a specific area. Regardless, all will typically include basic selections such as Accounting, Marketing, Finance, Operations Management, and Economics for business. Examples of these concentrations, and some topics typically covered, [3] are aside.

Management-directed programs [4] are designed to give a broad knowledge of the functional areas of a company, and their interconnection, and also to develop the student's practical managerial skills, communication skills and business decision-making capability. These programs thus incorporate training and practical experience, in the form of case projects, presentations, internships, industrial visits, and interaction with experts from the industry.

Subject specific programs, on the other hand, focus on a particular area, and are often more weighted towards theory. Even in these cases, however, additional to their major, students are exposed to general business principles, taking initial courses in accounting/finance, human resources, statistics, marketing, economics, and information systems. Regarding, "tagged degrees" however, see below.

Degrees offered here include:

Postgraduate education

At the graduate school level, students seek a variety of master's degrees, either in general management–very commonly the MBA–or in a specific area, such as marketing or finance. A further distinction is that students pursuing postgraduate degrees often have some business experience, although this is not always a program requirement.

Corresponding to both of these, graduate degrees in business and management are generally of two types: On the one hand, programs such as the Master of Science (M.Sc.) or Arts (MA) or Commerce (M.Com.) in General Management (sometimes also called Master in Management, or MIM) usually do not require professional experience. (Often the M.Sc. in Management is for graduates with a first academic degree in a social science, while the MA in Management is for other backgrounds. The Master of Engineering Management, MEM, is aimed at graduates with an engineering background.) On the other hand, the Master of Business Administration (MBA) requires a minimum of two to three years of professional experience and is open for graduates from any field. A related distinction: the M.Sc. in Management is more specialized than an MBA, and is more suited for academic research, while the MBA is more industry- and management-focused.

As regards degree structure, postgraduate business programs are, in general, designed such that students gain exposure to theory and practice alike; [9] the mix, though, will differ by degree and by school, [10] as discussed. Learning is through lectures, case studies, and often team projects ("syndicate" work). The theory is covered in the classroom setting by academic faculty. Particularly in the MBA, the theory is then reinforced, and revisited, also in the classroom setting, through the case method, placing the student in the role of the decision maker, "complete with the constraints and incomplete information found in real business issues." Practical learning often comprises consulting projects with real clients, or at least addressing an actual case, and is often undertaken in teams. The practical elements (as well as the case studies) may involve external practitioners, and sometimes executives, supporting the teaching from academic faculty. (See Business school § Use of case studies and § Other approaches.) One of the challenges for business academics is demonstrating that their curriculum is relevant to those who want to become managers. [11]

Degrees offered include:

Doctoral

At the doctoral level, all degrees offered are research focused, although they do differ as regards their relative weightings of theory versus practice. Typically, the DBA, DPA, DHA and D.Mgt emphasize managerial practice alongside research; relatedly, the theses for these degrees will often focus on applied research. The other doctorates here are (exclusively) theory and research based. Entrance is usually on the basis of a relevant master's degree, and for practice-weighted degrees, relevant managerial experience. For the topic areas applicable to the thesis component, see List of fields of doctoral studies in the United States § Business management/administration. Degrees offered here include:

Internships

An internship is when a person works for a company for a temporary amount of time, typically for a few weeks over the summer or winter. By participating in the program, a student will be able to act in the everyday operation of the industry. They give the participants real-world experience in their desired career. Internships also give the company it is at an idea of whether or not the participant would be a good fit as a full-time employee. Many people complete internships while they are in school, whether that be secondary or post-secondary education. These are very common, and have started to be a requirement, in finding a job in the business world.  Although internships are by no means a new form of educating a student, the amount that have completed a program has only continued to grow. In 2008 about one out of every two graduating college students had included a completed internship in their job applications. [14]

There is significant evidence that has indicated that completing and internship develops skills essential to success in the business world as well as everyday life. The skills that are mainly developed while participating in an internship program includes interpersonal and social skills, as well as quantitative or other technical skills. Many internships use group projects as well in order to develop teamwork and leadership skills. All of these skills are vital to a business and are difficult to be taught in a class room. These skills are very valuable to a company and the ability to train these skills is making internships extremely valuable in business. [14]

Career development

Many programs within a business education have a main focus on the career development of their students or audience. They want to prepare them for entering the labor market and ensure they possess the best knowledge and skills of the industry possible. The aid in these programs can range from the guidance in career choices to solidifying a student's first full-time job. [15] The idea of curriculum is typically integrated straight in to the curriculum of one's business education. This allows the students to focus on both at the same time while also understanding the importance of thinking of their life after school has on their life. Additionally, it allows students to think more about their goals and interests to determine if their current path of academics is what they wish to continue. Many faculty members will typically reach out to students and attempt to connect to graduates. This connects the current students with alumni in their field, allowing them to hear from people in their career path who were in their place not too long ago. This information lets students understand what is necessary to do in order to succeed in their desired career. [15] There are instances however, where the effort of career development while still obtaining a degree does not yield a desire result. Research of business undergraduates state that only about 60% obtain a full-time job by graduation and of that percentage, only 40% have one that is consistent with their major. [16]

See also

Related Research Articles

Business administration, also known as business management, is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. From the point of view of management and leadership, it also covers fields that include office building administration, accounting, finance, designing, development, quality assurance, data analysis, sales, project management, information-technology management, research and development, marketing and communication studies.

Bachelor of Commerce (abbreviated BCom or BComm; also, is an undergraduate degree in business, usually awarded in Canada, Australia, India, Sri Lanka, Pakistan, Ireland, New Zealand, Ghana, South Africa, Myanmar, Egypt, and additional Commonwealth countries.

The Bachelor of Business Administration (BBA), Bachelor of Science in Business Administration, or Bachelor of Arts in Business Administration is a bachelor's degree in business administration awarded by colleges and universities after completion of four years and typically 120 credits of undergraduate study in the fundamentals of business administration, usually including advanced courses in business analytics, business communication, corporate finance, financial accounting, macroeconomics, management, management accounting, marketing, microeconomics, strategic management, supply chain management, and other key academic subjects associated with the academic discipline of business management.

The Bachelor of Accountancy, also known as Bachelor of Accounting, is the principal academic degree in accountancy in several countries, and is often the only (undergraduate) degree recognised for subsequent practice as a professional accountant; see First professional degree. It is abbreviated as B.Acy., B.Acc., or B. Accty.. It is also sometimes titled Bachelor of Accounting Science (B.Acc.Sci.) or "Baccalaureus Computationis" (B.Compt.).

<span class="mw-page-title-main">Independent University, Bangladesh</span> University in Bangladesh

Independent University, Bangladesh or IUB is a private university in Bangladesh. It is located in Bashundhara Residential Area of Dhaka, Bangladesh. It was established in 1993 under the Private University Act, 1992. IUB has 10,000 students, 11,556 alumni, and 401 faculty members. The campus is spread over three and a half acres and is equipped with an amphitheater, a library, laboratories, and more than 120 classrooms. The Independent University has academic research collaborations with a number of universities including Harvard University, Stanford University, and the University of Colorado at Boulder.

<span class="mw-page-title-main">ICESI University</span>

Icesi University is a private university located in Cali, Colombia. The campus is located in the area of Pance, south of the city. Founded in 1979 by a group of businessmen in the region. Icesi University with a campus of 141,334 square meters, offers undergraduate programs, specializations, masters and doctorates.

The Bachelor of Economics, or the Bachelor of Applied Economics, is a bachelor's degree awarded by many universities and colleges for completion of an undergraduate program in economics, econometrics, or applied economics; these are often paired with business, finance, or mathematics. Specialized economics degrees are also offered as a "tagged" BA (Econ), BS (Econ) / BSc (Econ), BCom (Econ), and BSocSc (Econ), or variants such as the "Bachelor of Economic Science". The curriculum is (substantially) more theoretical and mathematical than the major in economics available generally.

<span class="mw-page-title-main">Terry College of Business</span>

The C. Herman and Mary Virginia Terry College of Business is a constituent college of the University of Georgia in Athens, Georgia, United States. The business college offers undergraduate programs, MBA programs, specialized master's programs and doctoral programs. It was founded as the first business school in the American South in 1912. The Terry College Bachelor of Business Administration degree is recognized as a top 30 undergraduate program with a large residential enrollment, and the MBA Program is considered a top 40 graduate business program and has a selectivity rate of approximately 35%.

The Monte Ahuja College of Business is a business school located in Cleveland State University in Cleveland, Ohio. With more than 3,000 current students and over 19,000 alumni, the Monte Ahuja College of Business ranks among the largest in Ohio. It is fully accredited by the AACSB, and currently offers the Bachelor of Business Administration (BBA) undergraduate degree with a number of majors and minors. It also offers six graduate degree programs, one dual graduate degree program, and one doctoral degree program.

<span class="mw-page-title-main">Florida International University College of Business</span>

The Florida International University (FIU) College of Business, located in Miami, Florida in the United States is one of the university's 26 schools and colleges and was founded in 1965. The college is split into two separate schools: the Landon Undergraduate School of Business with over 7,00 students and the Chapman Graduate School of Business with close to 2,200 students, making the College of Business the most popular and largest professional college at FIU. The College of Business attracts top faculty and students and is consistently ranked highly by the Princeton Review, U.S. News & World Report, the Financial Times, and BusinessWeek.

The College of Business is the business school of James Madison University in Harrisonburg, Virginia. It is a fully accredited business school that offers undergraduate degrees in accounting, computer information systems, business analytics, economics, finance and business law, international business, management, marketing, and quantitative finance. Additionally, the College of Business offers two master of business administration programs – an Innovation MBA program and an Information Security MBA program. The college also offers a master of science in accounting. It has received recognitions and awards from multiple organizations, including being listed in BusinessWeek's Top 5% Undergraduate Programs and the 40th best business school in the United States. Its facilities are located in Zane Showker Hall on the southwestern part of JMU's campus.

Moscow Technological Institute was established in 1997 for the amalgamation of the international, national and regional efforts for the further development of the persistent technological education. It is the only institute of higher education that works under the aegis of UNESCO to execute the decree of the Russian Federation Government from 6 January 1997, 13. This project of UNESCO has been aimed at the internationalisation training of personnel in the sphere of high technology all over the world. The aim of MTI is to provide the integration of the best universities efforts for the spread of knowledge, high technologies and besides ensuring the moderateness of education.

The Guanghua School of Management is the business school of Peking University in Beijing, China. The school offers undergraduate, master's, and doctoral programs, with a total enrollment of more than 3,000 students. In addition to full-time academic programs, the School runs an EMBA program and MPAcc program, as well as several other non-degree, customized Executive Education Programs. Guanghua was ranked #54 in the top 100 Global MBA rankings by the Financial Times for its International MBA program, and #8 for its Master of Finance program in 2012. It has consistently been regarded as one of the top business schools in China, often recognized for faculty research, academic teaching, and admission selectivity. Notable members of the faculty include celebrated economists Li Yining and Zhang Weiying. The school's current dean is Liu Qiao.

<span class="mw-page-title-main">George Washington University School of Business</span>

The George Washington University School of Business is the professional business school of George Washington University in Washington, D.C. The GW School of Business is ranked as one of the top business schools in the United States, with globally ranked undergraduate and graduate programs. GW's campus is also adjacent to some of the world's leading financial institutions, including the Federal Reserve, World Bank, and International Monetary Fund.

<span class="mw-page-title-main">Goodman School of Business</span>

The Goodman School of Business is the business school of Brock University in St. Catharines, Ontario, Canada. The business school offers programs at both the undergraduate and graduate level of study.

The Tepper School of Business is the business school of Carnegie Mellon University. It is located in the university's 140-acre (0.57 km2) campus in Pittsburgh, Pennsylvania.

Jyoti Nivas College is an autonomous college institute for women, situated at Koramangala, Bangalore, India. It was established in 1966 and founded by The Sisters of St. Joseph of Tarbes. It is affiliated to Bengaluru City University.

The John Chambers College of Business and Economics is the business school of West Virginia University, a state university located in Morgantown in the U.S. State of West Virginia. The college building is in the downtown campus of the university. The college offers ten undergraduate Bachelor of Science in Business Administration (BSBA) programs and one Bachelor of Science in Economics program, seven master programs, and doctoral programs throughout its six departments.

References

  1. "Business studies".
  2. "Best Global Universities for Economics and Business", U.S. News & World Report 2023
  3. Gordon, Jason; Bursuc, Vlad (December 2018). "Law and Entrepreneurship Education: A Proposed Model for Curriculum Development: Law and Entrepreneurship Education". Journal of Legal Studies Education. 35 (1): 123–141. doi:10.1111/jlse.12071.
  4. See for example BBA program outlines at: uregina.ca; Institute of International Trade
  5. "BBA and BCom: What's the difference?". News.utoronto.ca. University of Toronto – News@UofT. 10 June 2008. Archived from the original on 28 June 2010. Retrieved 8 July 2010.
  6. e.g. BA-finance vs BS-finance, mydegreeguide.com
  7. e.g. Best Undergraduate Business Marketing Programs, usnews.com
  8. e.g. Colleges Offering a Human Resources Major, usnews.com
  9. See for example: "The HBS case-method", hbs.edu; "The Chicago Approach", chicagobooth.edu Archived 2014-02-13 at the Wayback Machine ; "Practical Learning", jbs.cam.ac.uk; "Academic Experience", gsb.stanford.edu.
  10. Is the MBA Case Method Passé? forbes.com
  11. MacIntosh, Robert; Beech, Nic; Bartunek, Jean; Mason, Katy; Cooke, Bill; Denyer, David (2017-01-01). "Impact and Management Research: Exploring Relationships between Temporality, Dialogue, Reflexivity and Praxis" (PDF). British Journal of Management. 28 (1): 3–13. doi:10.1111/1467-8551.12207. ISSN   1467-8551. S2CID   152252273.
  12. See for example appliedeconomics.bc.edu
  13. NBEA
  14. 1 2 Cook, Sherry James; Stokes, Amy; Parker, Richard Stephen (2015-02-17). "A 20-Year Examination of the Perceptions of Business School Interns: A Longitudinal Case Study". Journal of Education for Business. 90 (2): 103–110. doi:10.1080/08832323.2014.988201. ISSN   0883-2323. S2CID   62570386.
  15. 1 2 Amoroso, Lisa M.; Burke, Molly (2018-11-17). "Developing career-ready business students: Three curriculum models". Journal of Education for Business. 93 (8): 420–429. doi:10.1080/08832323.2018.1494533. ISSN   0883-2323. S2CID   70036046.
  16. Blau, Gary; Williams, Wayne; Jarrell, Sherry; Nash, David (2019-01-02). "Exploring common correlates of business undergraduate satisfaction with their degree program versus expected employment". Journal of Education for Business. 94 (1): 31–39. doi:10.1080/08832323.2018.1502144. ISSN   0883-2323. S2CID   69707572.