Business Studies

Business Studies

Many an undergraduate student has completed their studies only to realize that they have acquired a non-marketable degree. For example, stories of graduate students, who have been studying for nearly a decade with nothing much else to show for it than student debts and loans are surprisingly common. Furthermore, some PhDs even run into the problem of being overqualified!

However, not all fields are equally unlikely to land a good job straight out of college. For instance, all other things being equal, a professional degree (such as one in law or medicine) is much more likely to be a lucrative return on investment than one in arts history. Although whether liberal arts degree holders and those majoring in the social sciences have a harder time landing a better job than their less educated counterparts remains highly debated.

Conversely, students majoring in commerce, or business students, are usually looked at as those who gain most of the skills employers look for today. Indeed, with the ubiquitous sales and consumption phenomenon, it is only logical that most job postings on online job boards such as Monster or Workopolis refer to some element of academic background in business, or the equivalent. Obviously, experience is now more often than not a prerequisite in even the most entry-level jobs or unpaid internships.

But what majors can the potential bachelor of commerce (BComm) or bachelor of business administration (BBA) study? Finance, economics, accounting, marketing, international business and organizational behavior (similar in scope to industrial psychology) are popular choices. Certainly, one's mathematical abilities seem likely to determine whether one chooses to major in financial econometrics or business communication and international marketing…

Some elements are impossible, or extremely tedious to count, such as stars in the Universe. In such instances, estimates (approximations) are used. Image: Copyright © Megan Jorgensen (Elena)

Economics

Another exciting major available to commerce and business students is economics. However, care must be taken in choosing this particular program, since economists may encounter less job openings upon graduation than, for instance, accountants or marketers. Still, economists may pursue careers in academia, or perhaps in international organizations such as the IMF (International Monetary Fund).

Thus, economics is a social science dealing with the problematic allocation of limited resources given unlimited human wants. Further, economics branches out into microeconomics and macroeconomics. Related fields include finance and econometrics.

Microeconomics focuses on individual economic behavior and that of the firm, while macroeconomics looks at larger scale economic events, such as countries' economies, or very large corporations. A recent, and fairly unpopular among scholars, new development has been mesoeconomics, a term used to describe concepts which fail to fall under either the microeconomics or macroeconomics umbrellas.

Further, normative economics prescribes what should be done, and may stem from personal opinions or political convictions, whereas factual economics focuses on what actually is. Economics rests on assumptions such as ceteris paribus - Latin for "other things being equal".

One of the better known foundational concepts of this theoretical body of knowledge describes economic equilibrium. Simply put, economic equilibrium is reached by the market when producers (suppliers) and consumers (buyers) "agree" on a price and quantity. Adam Smith continues to be considered the founding father of economics, with several economic theoretical constructs outlined in his book The Wealth of Nations, while Keynesian economics represent an alternative school of thought pioneered by John Maynard Keynes.

Marketing

A future accountant must take several courses in order to complete all the requirements for a bachelor of commerce (BComm) or bachelor of business administration (BBA) program. Introductory courses cover related subjects, such as finance, accounting, statistics and marketing, to name a few.

Introduction to Marketing covers fundamental concepts such as the marketing mix (price, product, place and promotion) and advertising basics. However, marketing is not only about sales and advertisement, and includes many other areas.

Thus, to remain competitive, a firm must offer customers a product they value. Still, pricing a product depends on the nature of the offering. For instance, a luxury item, such as a Prada bag or a pair of Christian Louboutins, may be priced well above available quality bags and shoes, but the designer premium is reflected in the prestige, status or fashion statement conveyed by the brand. Also, professional marketers emphasize that it is impossible to generate consumer needs, only to shape wants.

After all, an individual may simply prefer less flashy (and much less expensive!) items, regardless of fashion trends.

Product lifecycle is also covered among the basics of Marketing 101. To illustrate, a product at maturity must add value in order to remain competitive, although what is perceived as valuable to the customer may differ from what the marketer sees as desirable features. Therefore, at least from a marketer's perspective, beauty truly is in the eye of the beholder…

Accounting

From a mathematical ability point of view, accounting is somewhat easier than finance. For example, financiers must learn more complicated mathematical formulas than accountants, in general. However, becoming a professional accountant remains far from being a piece of cake… and takes a lot of time in our humble opinion.

In Quebec, Canada, there used to be three designations in the accounting profession: CA, CMA and CGA. Nonetheless, the professional orders are working on simplifying the equation (no pun intended!) to converge on a single certification: CPA.

So you want to be an accountant? What does it take? At least in Quebec, the mostly French speaking part of Canada, becoming an accountant usually requires a combination of completed undergraduate studies and professional experience. A bachelor of business administration (BBA) with an accounting major, plus work experience at a recognized CA firm should fulfill the requirements of the professional order, but one is advised to find out for oneself on the respective regulating bodies' Websites.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure. (Colin Powell) Image : Megan Jorgensen (Elena)