Business Administration | Albright College

Business Administration

What is Business Administration? (from http://www.allbusinessschools.com/faqs/business-administration.php)

“A career in business touches on information technology, leadership dynamics and increasingly on ethics and international relationships. There’s incredible room for growth in the field. When you find the right “fit,” you’ll find that working your way up the ladder may be both challenging and rewarding. Plus, skills you acquire in one capacity will translate into others as your career path evolves.”

Related Careers

Sales ManagementRetail Management
AccountingFinance
EconomicsTransportation & Logistics
Human ResourcesManagement
MarketingInformation Technology
Hospitality ManagementHealth Care Administration
Operations ManagementEntrepreneurship
International BusinessE-commerce
Non-Profit OrganizationsGovernment
AnalystProject Manager
BankingProduct Development
Loan OfficerInsurance
Event PlanningPharmaceuticals
Sports Teams and Venues

How do you get ready?

 

  • General business is a broad area that leads to many opportunities. Students should clearly define their goals and seek related experiences to reach those goals.
  • Gaining relevant experience through part-time and summer jobs or internships is critical.
  • Many desirable skills can be developed through participation in and leadership of student organizations.
  • Get involved in professional associations in field of interest.
  • Develop and utilize a personal network of contacts. Once in a position, find a mentor.
  • Consider earning an MBA after gaining work experience to reach the highest levels of business management.
  • Learn to work well in a team and effectively with a wide variety of people.
  • Strong communication skills, including public speaking, are important to achieving success in this field.

Related Major Skills

AnalyticalInterpersonal
Oral & Written Communication SkillsWorking Independently and On a Team
EmpathyEffective Listening
Conflict ResolutionPersuasion
NegotiationPublic speaking
Critical ThinkingSupervisory
AdaptabilityStress Management
Motivation/InitiativeReading Comprehension
Analyze and Interpret DataDevelop Solutions

What about the future?

“Employment of sales managers is projected to grow 5 percent from 2014 to 2024, about as fast as the average for all occupations. Employment growth of these managers will depend primarily on growth or contraction in the industries that employ them…. Growth is expected to be stronger for sales managers in business-to-business sales than in business-to-consumer sales, because the rise of online shopping will reduce the need for sales calls to individual consumers.”

For more specific job outlook information regarding business occupations, refer to http://www.bls.gov/ooh/

Available at Albright College Career Development Center’s Resource Library

  • Great Jobs for Economics Majors, by Blythe Camenson
  • Career Opportunities in Banking, Finance, and Insurance, by Thomas Fitch
  • Careers for Born Leaders and Other Decisive Types, by Blythe Camenson
  • Careers for Financial Mavens and Other Money Movers, by Marjorie Eberts and Margaret Gisler
  • Careers for Number Crunchers and Other Quantitative Types, by Rebecca Burnett
  • Opportunities in Bank Careers, by Adrian A. Paradis
  • Opportunities in Government Careers, by Neale Baxter
  • Opportunities in Social Science Careers, by Rosanne J. Mare

Disclaimer
Links to Internet sites are provided for your convenience and do not constitute an endorsement by Albright College or the Experiential Learning and Career Development Center.

Job and Internship Search Links

Career Planning Links

Professional Associations Links

 

7/17

What is Economics?

“Economics is the art of trying to satisfy infinite needs with limited resources.”
Albert Camus

“Economics is the study of how effectively society meets its human and material needs. It provides a logical, ordered way of looking at various problems. It draws upon history, philosophy, and mathematics to deal with subjects ranging from how an individual household or business can make sound decisions, to societal issues such as unemployment, inflation and environmental decay.”

What is this career like?

“Economists study how society distributes resources, such as land, labor, raw materials and machinery, to produce goods and services. They may conduct research, collect and analyze data, monitor economic trends, or develop forecasts. Economists research a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes and employment levels, among others.

Economists develop methods for obtaining the data they need. Preparing reports, including tables and charts, on research results also is an important part of an economist’s job. Presenting economic and statistical concepts in a clear and meaningful way is particularly important for economists whose research is intended for managers and others who do not have a background in economics. Some economists also perform economic analysis for the media.

Economists working for corporations are involved primarily in microeconomic issues, such as forecasting consumer demand and sales of the firm’s products. Some analyze their competitors’ growth and market share and advise their company on how to handle the competition. Others monitor legislation passed by Congress, such as environmental and worker safety regulations, and assess how the new laws will affect the corporation. Corporations with many international branches or subsidiaries might employ economists to monitor the economic situations in countries where they do business or to provide a risk assessment of a country into which the company is considering expanding.

Economists working in economic consulting or research firms sometimes perform the same tasks as economists working for corporations. However, economists in consulting firms also perform much of the macroeconomic analysis and forecasting conducted in the United States. These economists collect data on various economic indicators, maintain databases, analyze historical trends, and develop models to forecast growth, inflation, unemployment, or interest rates. Their analyses and forecasts are frequently published in newspapers and journal articles.

Another large employer of economists is the government. Economists in the federal government administer most of the surveys and collect the majority of the economic data about the United States. For example, economists in the U.S. Department of Commerce collect and analyze data on the production, distribution and consumption of commodities produced in the United States and overseas, and economists employed by the U.S. Department of Labor collect and analyze data on the domestic economy, including data on prices, wages, employment, productivity, and safety and health.

Economists who work for government agencies also assess economic conditions in the United States or abroad to estimate the effects of specific changes in legislation or public policy. Government economists advise policy makers in areas such as the deregulation of industries, the effects of changes to Social Security, the effects of tax cuts on the budget deficit, and the effectiveness of imposing tariffs on imported goods. An economist working in state or local government might analyze data on the growth of school-age or prison populations and on employment and unemployment rates in order to project future spending needs.”

Related Career Titles

ActuaryDemographerInstitutional Research Director
AuditorEconomistInsurance Salesperson
Bank OfficerEfficiency ExpertIntelligence Agent
Bond TraderEntrepreneurInternational Trade Specialist
Business ForecasterEstate PlannerJournalist
Business ManagerFinancial EconomistLabor Economist
Chamber of Commerce AnalystFinancial OfficerLabor Relations Specialist
Commodities TraderFinancial Planner/AnalystLawyer
Commodity-Industry AnalystFinancial ReporterLitigation Analyst
Compensation/Benefits Admin.Government AdministratorManagement Consultant/Analyst
ConsultantHealthcare AdministratorMarket Research Analyst
Consumer Affairs DirectorHospitality ManagerPolitician
Consumer Goods RepIndustrial EconomistPopulations Studies Analyst
Cost AnalystIndustrial TransportationProperty Manager
Credit Analyst/Loan OfficerIndustrial/Institutional BuyerPublic Administrator/Manager
PurserSecurities TraderUnderwriter
Real Estate Agent/BrokerStatisticianUrban/Regional Planner
Retail Sales ManagerTeacherWage and Salary Administrator
Securities Salesperson/BrokerTechnical WriterTreasury Management Specialist
Public Utilities ManagerTransportation SpecialistInformation Scientist

How do you get ready?

  • Choose a career focus and structure your curricular and extra-curricular activities to achieve your goals.
  • Obtain volunteer, part-time, summer or internship experience to enhance your career path. For example, complete a finance-related internship if interested in a career in banking.
  • Develop an excellent background in research, statistics and computers.
  • Earn a graduate degree in economics, business or other related fields for increased marketability.
  • Do informational interviewing with professionals to learn more about your fields of interest.

Related Major Skills

Reading comprehensionActive listening
Mathematics & scienceCritical thinking
Different learning strategiesAbility to give advice on business
Research skillsInvestigative skills
Oral and written communicationComputer literacy
Active learningAbility to prepare & write reports

What about the future?

“Employment of economists is projected to grow 6 percent from 2014 to 2024, about as fast as the average for all occupations.

Businesses and organizations across many industries are increasingly relying on economic analysis and quantitative methods to analyze and forecast business, sales, and other economic trends. Demand for economists should grow as a result of the increasing complexity of the global economy, additional financial regulations, and a more competitive business environment. As a result, demand for economists should be highest in private industry, especially in management, scientific, and professional consulting services.

However, employment in the federal government—the largest employer of economists—is projected to decline over the next ten years due to anticipated reductions in federal spending.”

For more information about a specific care, use http://www.bls.gov/

Available at Albright College Career Development Center’s Resource Library

  • Great Jobs for Economics Majors, by Blythe Camenson
  • Career Opportunities in Banking, Finance, and Insurance, by Thomas Fitch
  • Careers for Born Leaders and Other Decisive Types, by Blythe Camenson
  • Careers for Financial Mavens and Other Money Movers, by Marjorie Eberts and Margaret Gisler
  • Careers for Number Crunchers and Other Quantitative Types, by Rebecca Burnett
  • Opportunities in Bank Careers, by Adrian A. Paradis
  • Opportunities in Government Careers, by Neale Baxter
  • Opportunities in Social Science Careers, by Rosanne J. Mare

Disclaimer
Links to Internet sites are provided for your convenience and do not constitute an endorsement by Albright College or the Experiential Learning and Career Development Center.

Job and Internship Search Links

Career Planning Links

Professional Associations Links

 

7/17

What is Finance?

“Finance studies and addresses the ways in which individuals, businesses and organizations raise, allocate and use monetary resources over time, taking into account the risks entailed in their projects. The term finance may thus incorporate any of the following: the study of money and other assets, the management of those assets, and profiling and managing project risks. As a verb, “to finance” is to provide funds for business.  Finance is the most encompassing of all business enterprises.  To understand finance you must know about the entire business, indeed the entire economy.”

Related Career Titles

ActuaryCommodities TraderFinancial Planner
AppraiserConsumer Credit/Loan OfficerForeign Exchange Trader
Audit ManagerControllerGovernment Official
Bank ManagerCost ManagerIndustrial/Institutional Buyer
Bank RepresentativeCPAInsurance Agent/Broker
BookkeeperCredit CounselorInternational Trade Specialist
Branch ManagerCredit ManagerInvestment Banker
Budget AnalystEconomistInvestment Researcher
Business AnalystEstimatorInvestor Relations
Loan AdministratorExternal AuditorLoan Officer
Business ManagerFinance WriterLoan Processor
Chief Executive OfficerFinancial AnalystManagement Accountant
Chief Financial OfficerFinancial ConsultantMarket Research Analyst
Claim Adjuster/ExaminerFinancial EconomistMergers/Acquisitions Mgr.
Mutual Fund ManagerProperty ManagerSecurities Analyst
Mutual Fund TraderRate AnalystSecurities Broker
Payroll AdministratorReal Estate DeveloperStockbroker
Portfolio AnalystSales AnalystSystems Analyst
Treasury Management SpecialistTrust Analyst 

How do you get ready? 

  • Quantitative skills are extremely important. Take additional courses in math, statistics and accounting.
  • Many positions in finance require the ability to analyze and interpret data.
  • Develop strong interpersonal and communication skills. Cultivate an eye for detail.
  • Gain experience through internships, summer and part-time positions.
  • Read the Wall Street Journal and other financial news magazines to stay abreast of current events and to learn more about the industry.
  • Join student professional associations in the field of finance.
  • Several professional designations and licenses, e.g., Chartered Financial Analyst or Certified Financial Planner, are available to finance professionals working in a particular area. Earning these designations may help one obtain advanced positions.

Related Major Skills

Reading comprehensionActive listeningWriting & speaking skills
MathematicsCritical thinkingActive learning
MonitoringGive advice On financesPlan & administer budgets
Examine financial recordsPrepare financial reportsPrepare/organize records
Process data-computersComputer skills 

What about the future? 

“Employment of financial analysts is projected to grow 12 percent from 2014 to 2024, faster than the average for all occupations. A growing range of financial products and the need for in-depth knowledge of geographic regions are expected to lead to strong employment growth.”

Learn more about a specific career using http://www.bls.gov/

Available at Albright College Career Development Center’s Resource Library

  • Great Jobs for Economics Majors, by Blythe Camenson
  • Career Opportunities in Banking, Finance, and Insurance, by Thomas Fitch
  • Careers for Born Leaders and Other Decisive Types, by Blythe Camenson
  • Careers for Financial Mavens and Other Money Movers, by Marjorie Eberts and Margaret Gisler
  • Careers for Number Crunchers and Other Quantitative Types, by Rebecca Burnett
  • Opportunities in Bank Careers, by Adrian A. Paradis
  • Opportunities in Government Careers, by Neale Baxter
  • Opportunities in Social Science Careers, by Rosanne J. Mare

Disclaimer
Links to Internet sites are provided for your convenience and do not constitute an endorsement by Albright College or the Career Development Center.

Job and Internship Search Links

Professional Associations Links

 

7/17

What is International Business?

“Today’s successful business executives think globally. Marketing, manufacturing and finance managers must be well educated in international business, bolstered by a fluency in a second language, to compete in both domestic and international environments.” Harvey Falk, Vice Chairman and President, Liz Claiborne, Inc.

Related Career Titles

International Account ExecutiveInternational Media PlannerInternational Restaurant Manager
International Bank ManagerInternational Stock BrokerInternational Job Analyst
International ConsultantInternational Purchasing AgentInternational Travel Agent
International Real Estate Agent/BrokerInternational Financial AnalystInternational Quality Control Auditor
International Commodities TraderInternational BookkeeperInternational Economist
International Finance WriterInternational CEOInternational Appraiser
International Loan OfficerInternational Sales AnalystForeign Exchange Trader
International Account RepresentativeInternational Advertising ExecutiveInternational Marketing Specialist
International Financial PlannerInternational BuyerInternational Product Manager

Learn more about International Business occupations by going to http://www.bls.gov/ooh or by visiting the links listed below.

How do you get ready? 

  • Entry-level positions are generally in the U.S., with mid-level positions involving some international travel. Corporations hire employees with the most experience or skills set for overseas work.
  • Target larger firms that may be more likely to employ contracting services.
  • Develop linguistic skills. Learn a second and third language.
  • Demonstrate intercultural competency, sensitivity and tolerance.
  • Gain experience in communications with people from other countries. Get to know international students on your campus.
  • Live and/or work abroad while in school.
  • Commit to a continuous study of the host country’s language.
  • Develop a good understanding of etiquette and business practices in the subject country.
  • Look for temporary positions abroad.
  • Obtain daily papers in target city to determine international and national news, business features, real estate markets and community calendars.
  • Work domestically with an international firm as a contract representative.
  • Develop traits such as creativity, initiative, tenacity, a willingness to take risks, an adventurous spirit, and a sense of humor.

Related Major Skills

Oral & written communicationOrganizational numerical analysis
Interpretation problem-solving teamworkMarketing
Computer literacyCreative thinking
Critical thinkingPlanning and budgeting
Decision makingAnalytical skills
Time managementManagement (people and activities)
Reading/writing another languageCommunicating between cultures
Understanding cultural diversity 

What about the future? (from http://www.allbusinessschools.com/business-careers/international-business/salary/)

“While job growth depends on the area of business in which you choose to work, the prospects for success in international business grow as the world shrinks due to technology. According to the U.S. Bureau of Labor Statistics, the demand for business administrators is expected to grow about as fast as average for all occupations. But, as corporations establish operations overseas or seek to strengthen their bonds with existing global partners, demand for those with specialized skills—such as translation, ethics, advising and management—will likely increase.”

Available at Albright College Career Development Center’s Resource Library

  • Opportunities in International Business Careers, by Jeffrey S. Arpan
  • Great Jobs for Economics Majors, by Blythe Camenson
  • Career Opportunities in Banking, Finance, and Insurance, by Thomas Fitch
  • Careers for Born Leaders and Other Decisive Types, by Blythe Camenson
  • Careers for Financial Mavens and Other Money Movers, by Marjorie Eberts and Margaret Gisler
  • Careers for Number Crunchers and Other Quantitative Types, by Rebecca Burnett
  • Opportunities in Bank Careers, by Adrian A. Paradis
  • Opportunities in Government Careers, by Neale Baxter
  • Opportunities in Social Science Careers, by Rosanne J. Mare

Disclaimer
Links to Internet sites are provided for your convenience and do not constitute an endorsement by Albright College or the Experiential Learning and Career Development Center.

Job and Internship Search Links

Career Planning Links

Professional Associations Links

Miscellaneous

 

7/17

What is Management?

“Management is the organizational process that includes strategic planning, setting objectives, managing resources, deploying the human and financial assets needed to achieve objectives, and measuring results. Management also includes recording and storing facts and information for later use or for others within the organization. Management functions are not limited to managers and supervisors. Every member of the organization has some management and reporting functions as part of their job.” http://home.earthlink.net/~ddstuhlman/defin1.htm

Related Career Titles

Account ExecutiveGovernment Services Admin.Media Planner
Bank ManagerHealth Services/Hospital Admin.Mortgage Loan Officer
Benefits ManagerHotel ManagerOccupational Analyst
Branch Manager – any industryHuman Resource ManagerOperations Manager
Budget OfficerIndustrial Relations DirectorOutside Property Agent
Commodity – Industry AnalystInformation Systems ManagerPayroll Officer
Communications OfficerInsurance AgentPersonnel Manager
Compensation ManagerInternational Business ManagerPersonnel Recruiter
Construction SupervisorJob AnalystPromotions Manager
ConsultantLabor Relations ManagerProvisioning Manager
Credit AnalystLoan OfficerPublic Utilities Manager
Credit and Collections Mgr.Management AnalystPurchasing Agent
Employment CounselorManagement TraineePurser
Entertainment AgentManufacturing SupervisorQuality Control Auditor
Financial AnalystMarket Information SpecialistReal Estate Agent/Broker
Foreign-Exchange TraderMarket Research AnalystRecreation Manager
Restaurant/Food Service Mgr.Media PlannerReports Analyst
Retail Sales ManagerStock BrokerTraining Manager
Sales ManagerSupervisorTransportation Director
Securities TraderTelecommunication MarketerTravel Agent
Service Organization ManagerTelecommunications CoordinatorTrust Administrator
Wholesale Sales Rep.Traffic ManagerVoice/Data Service Operations

Learn more about management and business and financial operations occupations by going to http://www.bls.gov and by visiting the links listed below.

How do you get ready?  Management is a broad business degree that can lead to many career opportunities. Students should clearly define their career goals and seek related experiences to reach those goals.

  • Gaining experience through part-time and summer jobs or internships is critical.
  • Many desirable skills can be developed through participation in and leadership of student organizations.
  • Develop and utilize a personal network of contacts. Once in a position, find a mentor.
  • Consider earning an MBA after gaining work experience to reach the highest levels of business management.
  • Learn to work well in a team and effectively with a wide variety of people.
  • Strong communication skills, including public speaking, are important to achieving success in this field.

Related Major Skills

LeadershipCritical thinking
Problem solvingNumerical computation
Sound decision-makingOral & written communication
Organizing activitiesComputer literacy
Planning activitiesFlexibility
Team playerCoordinating activities
Directing activities and staffCross-cultural skills
Interpersonal skillsAnalyze and interpret data

What about the future?

“Employment of financial managers is projected to grow 7 percent from 2014 to 2024, about as fast as the average for all occupations. However, growth will vary by industry.”

For more specific job outlook information regarding business occupations, refer to http://www.bls.gov

Available at Albright College Career Development Center’s Resource Library

  • Great Jobs for Economics Majors, by Blythe Camenson
  • Career Opportunities in Banking, Finance, and Insurance, by Thomas Fitch
  • Careers for Born Leaders and Other Decisive Types, by Blythe Camenson
  • Careers for Financial Mavens and Other Money Movers, by Marjorie Eberts and Margaret Gisler
  • Careers for Number Crunchers and Other Quantitative Types, by Rebecca Burnett
  • Opportunities in Bank Careers, by Adrian A. Paradis
  • Opportunities in Government Careers, by Neale Baxter
  • Opportunities in Social Science Careers, by Rosanne J. Mare

Disclaimer

Links to Internet sites are provided for your convenience and do not constitute an endorsement by Albright College or the Experiential Learning and Career Development Center.

Job and Internship Search Links

Career Planning Links

Professional Associations Links

 

7/17

What is Marketing?

“Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

Marketing is far more than tactics. Marketing is analysis, and a sound marketing strategy is based on this analysis.  What type of analysis are we talking about? Well, analysis about customers, for example. Having a solid understanding of customers means having a solid understanding about how customers behave, their motivations, their perceptions and preferences. It means segmenting the market correctly and not in the way that most companies think about segmentation (if they ever do).” (American Marketing Association)

Related Career Titles

Account RepresentativeCredit/Loan AdministratorInternational Marketer
Advertising ExecutiveCustomer Service ManagerInternet Marketing Specialist
Art DirectorDevelopment OfficerInventory Control Specialist
Bank OfficerDirect Mail SpecialistLobbyist
Brand ManagerDistribution ManagerManagement Trainee
BuyerDistrict Sales ManagerMarket Representative
Circulation ManagerEmployment Agency CounselorMarket Research Interviewer
Claims Adjuster/ExaminerFinancial PlannerMarketing Field Coordinator
Commercial ArtistFranchise SpecialistMarketing Planner
Comparison ShopperFund-raiserMarketing Researcher
ConsultantGovernment AdministratorMedia Buyer/Analyst
Consumer Affairs SpecialistGrant WriterMerchandising Manager
Consumer Loan OfficerImport/Export ManagerNon-Profit Organization Manager
CopywriterInside SalespersonPackaging Specialist
Credit ManagerInsurance AgentProduct Analyst
Product ManagerSales AgentTraffic Coordinator
Promotions DirectorSales ManagerUrban/Regional Planner
Property ManagerSpecialty Advertising DistributorWholesale Salesperson
Public Relations ManagerTelecommunications DirectorTV Shopping Channel Coordin.
Research AnalystTelemarketing RepresentativeRetail Manager

Learn more about Marketing and Sales occupations by going to http://www.bls.gov or by visiting the links listed below.

How do you get ready? 

  • Most entry-level positions for marketing majors reside in sales.
  • Many marketing majors seek positions in advertising, public relations, sports management and entertainment. Such positions are difficult to obtain and require breaking in at the bottom level. Seek internships in these fields even if unpaid.
  • Gain as much relevant experience as possible through internships or summer and part-time positions.
  • Join the American Marketing Association student chapter and seek leadership roles.
  • Develop excellent communication skills and the ability to work well with others.
  • Engage in personal networking to increase job possibilities.
  • Marketing is good preparation for graduate study in business. An MBA can lead to greater opportunities, particularly in the areas of brand management and market research.

Related Major Skills

Reading comprehensionActive listeningExcellent writing skills
Critical thinkingActive learningMonitoring skills
Analyze and interpret dataManage & direct people/programsFormulate program policies
Hire and supervise staffSell products or servicesResearch business problems
Plan work tasksPlan & administer budgetsPrepare status reports
Good communication skillsLearning strategiesNegotiate staff policies/disputes
Develop solutions  

What about the future?

“Employment of advertising and promotions managers is projected to grow 5 percent from 2014 to 2024, about as fast as the average for all occupations. Employment of marketing managers is projected to grow 9 percent from 2014 to 2024, faster than the average for all occupations.”

To learn more about Marketing careers, go to http://www.bls.gov/

Available at Albright College Career Development Center’s Resource Library

  • Great Jobs for Economics Majors, by Blythe Camenson
  • Career Opportunities in Banking, Finance and Insurance, by Thomas Fitch
  • Careers for Born Leaders and Other Decisive Types, by Blythe Camenson
  • Careers for Financial Mavens and Other Money Movers, by Marjorie Eberts and Margaret Gisler
  • Careers for Number Crunchers and Other Quantitative Types, by Rebecca Burnett
  • Opportunities in Bank Careers, by Adrian A. Paradis
  • Opportunities in Government Careers, by Neale Baxter
  • Opportunities in Social Science Careers, by Rosanne J. Mare

Disclaimer
Links to Internet sites are provided for your convenience and do not constitute an endorsement by Albright College or the Experiential Learning and Career Development Center.

Job and Internship Search Links

Career Planning Links

Professional Associations Links:

 

7/17