Is a Business Degree a Waste? Is a business management degree worth it? I keep hearing people/news outlets arguing at opposite ends of what seems to be a common question. Short answer – NO! I don't think a business degree is anywhere near being a waste. A business degree is worth it in many cases.
EDIT: Please read my post about how I paid off $40,000 worth of student loans shortly after I turned 24.
Recently, I read an interesting article about whether a business degree is a waste or a good decision.
I read the article multiple times (and unless I missed it), I'm pretty sure it means business schools as a whole (and the various degrees that are offered), and not just specifically a “business degree.”
So when they say business degree, I'm assuming this includes Finance, Economics, Accounting, etc.
Personally I think a business degree is a great choice.
It can open many doors and in some instances make you well rounded because of the wide range of classes which are usually available.
There are also many jobs and careers out there that involve a business degree. And as I said in the paragraph above, there are so many majors: finance, economics, accounting, management, health administration, marketing, operations, strategy, international business and so on.
As long as you are realistic about getting your degree and what you plan on doing with it, I don't think there are many instances in which a degree can be a bad choice or a waste. Read my post How To Pay for Graduate School if you haven't yet. Today's post somewhat relates to that.
If you know what you want to do and also see value in it, then go for it. If you are unsure and question every move you make, then you might want to stop and think about what you truly want.
Also, most of my friends who graduated with business degrees have found jobs, whereas some of my friends who have other majors are having a much harder time.
Now, I'm not saying it's easier to find a job for everyone, but with my friends and the area we live in, it has worked out well. And many of my friends who have degrees in other areas (such as anthropology) have even told me “I wish I went to school for business instead.”
I would never say that getting a business degree is a complete waste.
Of course I am biased when it comes to this post, as my undergraduate degrees are a B.S. in Business Administration and a B.A. in Management. And then I also have a Finance MBA.
So yes, I have THREE business degrees. I do like/enjoy the life I live, so that is probably another reason why I am biased. I am sure that if I couldn't find a job, that I would question whether having a business degree is truly worthwhile to me.
Here's the main statement of the article:
The biggest complaint: The undergraduate degrees focus too much on the nuts and bolts of finance and accounting and don't develop enough critical thinking and problem-solving skills through long essays, in-class debates and other hallmarks of liberal-arts courses.
However, I think most majors are similar to this. I started off as a Psychology major in the beginning, and I definitely wouldn't say it was that much different. Everything is mainly there for you to break into the subject, and then I think you should pursue some sort of emphasis or focus for yourself. This can include getting a job internship or focusing on a particular study within your degree.
According to the article, business majors account for around 20%, social sciences and history account for 11%, health professions at 8%, education at 6%, and the list goes on and on. For information about a masters of business administration, click here.
There are multiple ways to analyze whether or not your degree is worth it:
1. Do the professors have “real” experience?
I think this is extremely important. In classes where my professors had no actual business experience (there were very few of these professors at the schools I attended), I found the classes were just boring.
It's hard to listen to someone when you have more experience than them in the subject that they are trying to “teach.” I like to know how I can apply what I learn to REAL situations and how a professor has applied it in the past.
2. Does the student work?
This can include volunteering, a part-time or full-time job, etc. I think real world experience is important. If you work while you go to school, you are most likely applying what you learn as you learn it.
I am more able to remember things if I can apply it as I learn. Or if you worked in the past, then you will be able to analyze your past behaviors. I worked full-time all throughout undergraduate, and had a full-time career during my MBA program (same job I have today). You have a lot more to contribute to your classes when you have some experience.
3. What school are you attending?
Of course some schools are harder than others, and this might make it more “worth it.” There are different tier levels for school. Are you going to the best value? Or are you just going to the cheapest or the most expensive?
4. What do you see yourself doing in the future?
Is this degree worth it to you and what you envisioned for your life? If you want to be a veterinarian but go to school for social work, well, that's just a tad confusing. Make sure it lines up with what you want to do.
One commenter below the article referenced above said:
“When relatively few went to college, a college degree was a sign of accomplishment. Majors were limited, so you had to conform to the college's needs. Then colleges started catering to everyone, backed by Federal loans to students. Degrees became watered down or meaningless, as students would keep changing majors (engineering – communications, math – psychology) just to get any degree.”
I somewhat agree with this. If getting a degree is now becoming the “norm,” then what's next? Obviously individuals are going to have to up the ante somehow. I do think that a business degree is mainly a stepping stone, and college degrees are becoming the norm. Many things need to be done to differentiate yourself from the tons of other individuals out there.
What I'm doing (and did) to differentiate myself:
- Worked full-time and earned great experience all throughout undergrad as a retail manager.
- I now have a great career in the financial services industry.
- Have my Finance MBA.
- Finishing up with my financial certification this year (it's a process that takes a couple of years to earn and I've been working on it since the Summer of 2010).
What is/was your major? Do you think it was worthwhile?
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