Studying a Business Degree AbroadBusiness education is one of the most in-demand areas of study. In the USA alone, more than 350 thousand bachelor’s degrees in this field are awarded annually. Business education is commonly associated exclusively with the MBA. However, in this field, you can also get other degrees – from bachelor’s to doctoral degrees. There are also programs that do not award degrees – Certificate and Diploma.
In this article we will analyze all levels of business education, the requirements for admission and the cost of such programs in different countries.
What is a business education?
Students in business fields study macro- and microeconomics, financial theory, marketing, management, and apply this knowledge to solve cases from real companies.
There are many different specializations in business education: accounting, finance, entrepreneurship, human resources (HR), international business, marketing, public administration, and so on.
Depending on the specialization, graduates of business programs can work in almost any field: from healthcare and logistics to advertising and journalism.
Advantages of business education
- There is a wide variety of programs to choose from. There are many choices for business education. There are traditional higher education – Bachelor’s, Master’s and Doctoral degrees, as well as applied and specialized degrees – BBA, MBA, DBA. There are also short-term courses and Certificate and Diploma programs, which cover a narrower pool of knowledge and skills.
- Career prospects. Graduates of business programs can work in almost any field. During their studies, students choose the direction of their future career and study an appropriate specialization, such as entrepreneurship or HR. In addition, there are many short-term professional development courses to help you explore new markets and avenues.
- Developing key skills and competitive advantages. Understanding theory and fundamentals helps you build business processes more intelligently. This distinguishes graduates of business programs from those who work intuitively and do not understand the underlying processes behind a problem.
- Networking. One of the most important principles and benefits of business education is the cohort principle. People from the same or related industries are brought together in a group. They exchange opinions and experiences, share their stories, and help each other get better at what they do.
- Higher salaries. According to studies, mid-level managers see a 54% increase in earnings after an MBA. Also, graduates of business programs can expect a promotion or even an executive position, and thus a higher salary.
Types of business education
Business education can be obtained at the bachelor’s, master’s and doctoral levels. At the same time, there are two types of business education: traditional higher and more prestigious – in the field of business administration – BBA (Bachelor of Business Administration), MBA (Master of Business Administration) and DBA (Doctor of Business Administration). There are several fundamental differences between these types.
- Applied orientation. During their studies, business administration students analyze real cases from the work of large international and local companies, study their strategies and propose changes. The program also often includes projects, field practices and brainstorming sessions.
- Prestige. Due to the peculiarities of training and practice, business administration degrees are valued more in the industry. It is believed that graduates of such programs study business “in practice” and are better prepared for real work than “theorists” who graduated from a traditional higher education.
- Cost. Education in the field of business administration is always paid and costs 2-3 times more expensive than usual. It is more often offered by private universities and business schools, it is not easy to find such a program in a state university. The same applies to the search for a qualified and reliable provider of cheap paper writing services. There are numerous online writing agencies that offer various types of content, but finding one that provides quality services at an affordable price can be difficult. To make sure you get the best deal for your money, it is important to research providers carefully.
Short-term non-degree programs are also common in the business sector. Basically, they are mostly in demand among current managers and managers who cannot break away from work for 1-2 years for full-time study at a university.
How to get a business education
When choosing a training program, the following criteria should be taken into account:
- Your career goals. First of all, you need to understand why you need education. The format, duration and content of the program will depend on your ultimate goal. If you are just starting your way, enroll in a BBA or Bachelor’s degree in management, and continue on to an MBA. Short-term Certificate/Diploma courses that teach modules and provide basic knowledge are more suitable for young entrepreneurs and startup founders.
- Cost. The country of study will depend on your budget. Business education in Europe is cheaper than in the USA, and it is not inferior in prestige and quality. Therefore, you should decide on the budget and possible sources of funding. There are few scholarships for business areas and they are quite small.
- The prestige of the school. For business education and in particular MBA, the prestige of the school is very important. This education is received, among other things, because of the status it gives.
- The geography of your future employment. If you plan to work and build a business in the East, it is better to get an MBA in Hong Kong, Mainland China or Singapore. If an international approach is important to you and you want not just to make useful acquaintances, but also to expand their geography, apply to Europe.
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Business education in the USA
In the USA, you can get an education in business schools at top universities – Columbia, Harvard, MIT and others. Or go to study at institutions that specialize exclusively in training entrepreneurs and managers. Holding top spots in global rankings, these prestigious institutions are highly sought after and their inclusion on a resume is sure to leave an impression.
According to the Financial Times magazine, the top 10 best business schools in the world include 7 American business schools at top universities. They are called Magnificent 7 (M7). The requirements in the “magnificent seven” are higher than in other universities and countries.
Master’s and MBA programs are mainly common in the USA, but bachelor’s and BBA — Bachelor of Business Administration programs can also be found.