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 Management Retail Management
Accounting Finance
Economics Transportation & Logistics
Human Resources Management
Marketing Information Technology
Hospitality Management Health Care Administration
Operations Management Entrepreneurship
International Business E-commerce
Non-Profit Organizations Government
Analyst Project Manager
Banking Product Development
Loan Officer Insurance
Event Planning Pharmaceuticals
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

Analytical Interpersonal
Oral & Written Communication Skills Working Independently and On a Team
Empathy Effective Listening
Conflict Resolution Persuasion
Negotiation Public speaking
Critical Thinking Supervisory
Adaptability Stress Management
Motivation/Initiative Reading Comprehension
Analyze and Interpret Data Develop 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

Actuary Demographer Institutional Research Director
Auditor Economist Insurance Salesperson
Bank Officer Efficiency Expert Intelligence Agent
Bond Trader Entrepreneur International Trade Specialist
Business Forecaster Estate Planner Journalist
Business Manager Financial Economist Labor Economist
Chamber of Commerce Analyst Financial Officer Labor Relations Specialist
Commodities Trader Financial Planner/Analyst Lawyer
Commodity-Industry Analyst Financial Reporter Litigation Analyst
Compensation/Benefits Admin. Government Administrator Management Consultant/Analyst
Consultant Healthcare Administrator Market Research Analyst
Consumer Affairs Director Hospitality Manager Politician
Consumer Goods Rep Industrial Economist Populations Studies Analyst
Cost Analyst Industrial Transportation Property Manager
Credit Analyst/Loan Officer Industrial/Institutional Buyer Public Administrator/Manager
Purser Securities Trader Underwriter
Real Estate Agent/Broker Statistician Urban/Regional Planner
Retail Sales Manager Teacher Wage and Salary Administrator
Securities Salesperson/Broker Technical Writer Treasury Management Specialist
Public Utilities Manager Transportation Specialist Information 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 comprehension Active listening
Mathematics & science Critical thinking
Different learning strategies Ability to give advice on business
Research skills Investigative skills
Oral and written communication Computer literacy
Active learning Ability 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

Actuary Commodities Trader Financial Planner
Appraiser Consumer Credit/Loan Officer Foreign Exchange Trader
Audit Manager Controller Government Official
Bank Manager Cost Manager Industrial/Institutional Buyer
Bank Representative CPA Insurance Agent/Broker
Bookkeeper Credit Counselor International Trade Specialist
Branch Manager Credit Manager Investment Banker
Budget Analyst Economist Investment Researcher
Business Analyst Estimator Investor Relations
Loan Administrator External Auditor Loan Officer
Business Manager Finance Writer Loan Processor
Chief Executive Officer Financial Analyst Management Accountant
Chief Financial Officer Financial Consultant Market Research Analyst
Claim Adjuster/Examiner Financial Economist Mergers/Acquisitions Mgr.
Mutual Fund Manager Property Manager Securities Analyst
Mutual Fund Trader Rate Analyst Securities Broker
Payroll Administrator Real Estate Developer Stockbroker
Portfolio Analyst Sales Analyst Systems Analyst
Treasury Management Specialist Trust 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 comprehension Active listening Writing & speaking skills
Mathematics Critical thinking Active learning
Monitoring Give advice On finances Plan & administer budgets
Examine financial records Prepare financial reports Prepare/organize records
Process data-computers Computer 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 Executive International Media Planner International Restaurant Manager
International Bank Manager International Stock Broker International Job Analyst
International Consultant International Purchasing Agent International Travel Agent
International Real Estate Agent/Broker International Financial Analyst International Quality Control Auditor
International Commodities Trader International Bookkeeper International Economist
International Finance Writer International CEO International Appraiser
International Loan Officer International Sales Analyst Foreign Exchange Trader
International Account Representative International Advertising Executive International Marketing Specialist
International Financial Planner International Buyer International 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 communication Organizational numerical analysis
Interpretation problem-solving teamwork Marketing
Computer literacy Creative thinking
Critical thinking Planning and budgeting
Decision making Analytical skills
Time management Management (people and activities)
Reading/writing another language Communicating 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 Executive Government Services Admin. Media Planner
Bank Manager Health Services/Hospital Admin. Mortgage Loan Officer
Benefits Manager Hotel Manager Occupational Analyst
Branch Manager – any industry Human Resource Manager Operations Manager
Budget Officer Industrial Relations Director Outside Property Agent
Commodity – Industry Analyst Information Systems Manager Payroll Officer
Communications Officer Insurance Agent Personnel Manager
Compensation Manager International Business Manager Personnel Recruiter
Construction Supervisor Job Analyst Promotions Manager
Consultant Labor Relations Manager Provisioning Manager
Credit Analyst Loan Officer Public Utilities Manager
Credit and Collections Mgr. Management Analyst Purchasing Agent
Employment Counselor Management Trainee Purser
Entertainment Agent Manufacturing Supervisor Quality Control Auditor
Financial Analyst Market Information Specialist Real Estate Agent/Broker
Foreign-Exchange Trader Market Research Analyst Recreation Manager
Restaurant/Food Service Mgr. Media Planner Reports Analyst
Retail Sales Manager Stock Broker Training Manager
Sales Manager Supervisor Transportation Director
Securities Trader Telecommunication Marketer Travel Agent
Service Organization Manager Telecommunications Coordinator Trust Administrator
Wholesale Sales Rep. Traffic Manager Voice/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

Leadership Critical thinking
Problem solving Numerical computation
Sound decision-making Oral & written communication
Organizing activities Computer literacy
Planning activities Flexibility
Team player Coordinating activities
Directing activities and staff Cross-cultural skills
Interpersonal skills Analyze 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 Representative Credit/Loan Administrator International Marketer
Advertising Executive Customer Service Manager Internet Marketing Specialist
Art Director Development Officer Inventory Control Specialist
Bank Officer Direct Mail Specialist Lobbyist
Brand Manager Distribution Manager Management Trainee
Buyer District Sales Manager Market Representative
Circulation Manager Employment Agency Counselor Market Research Interviewer
Claims Adjuster/Examiner Financial Planner Marketing Field Coordinator
Commercial Artist Franchise Specialist Marketing Planner
Comparison Shopper Fund-raiser Marketing Researcher
Consultant Government Administrator Media Buyer/Analyst
Consumer Affairs Specialist Grant Writer Merchandising Manager
Consumer Loan Officer Import/Export Manager Non-Profit Organization Manager
Copywriter Inside Salesperson Packaging Specialist
Credit Manager Insurance Agent Product Analyst
Product Manager Sales Agent Traffic Coordinator
Promotions Director Sales Manager Urban/Regional Planner
Property Manager Specialty Advertising Distributor Wholesale Salesperson
Public Relations Manager Telecommunications Director TV Shopping Channel Coordin.
Research Analyst Telemarketing Representative Retail 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 comprehension Active listening Excellent writing skills
Critical thinking Active learning Monitoring skills
Analyze and interpret data Manage & direct people/programs Formulate program policies
Hire and supervise staff Sell products or services Research business problems
Plan work tasks Plan & administer budgets Prepare status reports
Good communication skills Learning strategies Negotiate 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