A variety of degree programs put an emphasis on both the big picture and the details of the industry, mirroring how business is a multidimensional discipline in practice. Some students may find that enrolling in a general business administration program is the best course of action to reach their objectives, while others would prefer to receive education that is more specifically tailored to their desired career paths. Learn how a business program, like those provided by the University of Alabama at Birmingham, can help students develop their skills and decide whether you’d like to take a more all-encompassing approach or enroll in a specialized program, like finance.
Finance vs Business Administration Major
What is a business administration degree?
A degree in business administration focuses on the fundamentals of business management, such as the involved people and processes. This degree covers a range of business topics, including marketing, advertising, and accounting. It gives you the abilities you need to fill a variety of managerial and administrative positions. You can prepare for a variety of jobs with a business administration degree by taking courses in a variety of business-related fields. Given that business administrators are required in all kinds of businesses, your career options will be somewhat flexible.
Your decision to pursue a degree in business administration will equip you with the fundamental knowledge required to function in the business world. Some of the crucial lessons you’ll learn during your first years of school include comprehensive management skills, interpersonal skills, and knowledge of business-oriented technology. By continuing your education, you’ll increase your knowledge of crucial business functions like project management, human resources, and global business opportunities. You will gain both practical and theoretical knowledge that will assist you in managing a business if you decide to pursue an MBA. This includes skills such as relationship management and strong leadership.
What is a finance degree?
How financial institutions and investments function is the main focus of a finance degree. With this degree, you’ll be prepared to advise clients on financial matters and investment strategies. You’ll have the chance to specialize in fields like corporate finance, behavioral finance, and financial evaluation with this degree.
Your ability to assist a company in streamlining its operations through investments, financial planning, international finance, budgeting, and financial problem-solving techniques is made possible by a degree in finance. Foundational math, strategic cost analysis, management, and accounting are among the topics covered in the coursework. These financial components make sure that you graduate able to rationally make financial decisions for any business.
This degree is appropriate for those with an interest in finance, banking, and business. After earning a degree in finance, you’ll be able to analyze markets and economies, opening the door to a career in financial planning. Gaining a degree in finance gives you access to a wide range of career opportunities and teaches you a number of soft skills. These include interpersonal, analytical, and money management skills, all of which are essential for employment in the financial sector.
Job opportunities for finance majors
You can enter a range of finance-related fields by earning a degree in finance. With this type of degree, you may be able to find employment as a financial analyst, financial manager, management analyst, or personal financial adviser, among other positions. Take a look at these job opportunities for finance majors:
Financial analyst
Financial analysts offer in-depth knowledge on how individuals or businesses can make better financial decisions. They assess the performance of stocks, markets and bonds. Excellent analytical abilities, communication skills, mathematical knowledge, and leadership qualities are required for this position. These professionals work for banks, insurance companies and corporations.
Financial planner
A financial planner is a consultant who assists both individuals and businesses in managing their finances and achieving their financial objectives. They can focus on estate planning, retirement accounts, investments, or taxes. Financial planners should have impressive research, analytical and negotiation skills. These professionals work in investment banks or firms.
Financial advisor
Financial advisors provide personalized financial management services to their clients. They assist with managing estates, making estate plans, managing investments, and buying stocks. Financial consultants can work as bankers, stockbrokers, money managers, or insurance agents. They must have exceptional interpersonal, sales, analytical and mathematic skills.
Financial controller
A financial controller is a senior employee in an accounting department. This expert assists with the creation of budgets, cash flow reports, balance sheets, and financial statements. They supervise all accounting activities and guarantee that organizations follow all applicable laws and accounting standards.
Investor relations associate
Associates in investor relations assist in gathering and presenting financial data about a particular company to investors or analysts. This role requires impressive communication, writing, analytical and organizational skills. These experts make certain that investors base their decisions logically on the information they provide.
Credit analyst
Credit analysts evaluate and make decisions about the creditworthiness of their clients in quick-paced environments. These professionals need to be exceptionally skilled in research, analysis, communication, and technology. They work in places like banks, medical facilities, government offices, credit institutions, and the retail sector, among others.
Determining which degree is right for you
It can be challenging to decide between a degree in business administration or finance given how closely these two fields are related to one another. Although they prepare you for different professions, these two degrees give you the abilities to work in the business world.
A business administration degree gives you the freedom to choose a career in a variety of fields, whereas a finance degree will teach you about the financial side of business, increasing your likelihood of landing a job in the accounting department. Work in a company’s human resources department, for instance, where you’ll recruit and train new hires, or become a business manager, in charge of a large team and reporting to the CEO. You gain valuable skills in a range of business-related subjects from both degrees.
Where to work with a finance degree
You can work in the financial sector of business if you have a degree in finance. This degree prepares you for employment in a variety of business settings, including corporations, banks, insurance companies, and the public sector. You can pick from among the following professions:
Investment banks
Trading corporate securities and giving businesses and individuals sage financial advice are the main duties of investment banking positions. A finance degree equips you with the skills necessary to structure the financial aspects of a variety of business operations. They ensure that businesses and individuals make calculated decisions. A person working in this environment needs to be very good at networking.
Corporate finance
Because they must be able to make the best use of a corporation’s funds, professionals in this field must be budgeting experts. A finance degree will equip a graduate to manage, invest, and save money confidently on behalf of a company or an individual. They must strategically cut costs associated with business operations while maximizing profits as part of their job.
Portfolio management
An excellent example of combining financial science and business is portfolio management. In this profession, decision-makers must allocate resources based on individual needs and formulate sound investment policies within an organization. A finance degree enables one to advise clients on the state of their investments, either thoroughly or cursorily.
Risk management
The majority of businesses want to increase their investments in a way that increases returns while lowering risks. A finance degree equips a person with the financial problem-solving abilities necessary to manage and monitor market risks that could have an impact on the employer company they work for. The ability to develop specialized solutions for particular industries is made possible by the mathematical reasoning acquired through coursework for finance degrees.
Commercial banks
Providing a range of financial services as part of a career in commercial banking includes everything from managing corporate accounts and investing company profits to facilitating loans. A finance degree equips one with the knowledge necessary to assess the risks associated with particular account holders, enabling them to make rational decisions regarding their financing and investment options.
Job opportunities for business administration majors
When choosing a job, a business administration degree gives you flexibility. It allows you to work in any business-related sector. Some of the most popular career options you can pursue with a business administration degree are listed below:
Market research analyst
A market research analyst gathers information, analyzes it, and helps spot trends in the market. They make sure that their employer focuses on the right clients and goods to maximize profits. They can be either quantitative or qualitative researchers.
Training and development specialist
For organizations, training and development professionals design, manage, and deliver essential training programs. They determine the requirements and tailor the training course to the needs of the particular business. Due to the fact that this career path enables one to work in almost any industry, the outlook for job growth is favorable.
Sales manager
Sales managers provide their sales team with guidance, mentoring, training, and sales goals. These experts create sales plans, conduct data analysis, and allocate sales territories to particular sales team members. Strong leadership, strategic planning, analytical, and communication skills are essential for a successful sales manager. They can work in various industries.
Management consultant
By generating value, maximizing growth, and resolving issues with employees and policies, management consultants assist organizations in improving their performance. Their unbiased knowledge and suggestions guarantee effective management within the company.
Tax manager
Tax managers are vital to any organization. They supervise the accounting division, ensure regulatory compliance, and file tax returns with the IRS. Someone with strong accounting abilities and expertise in taxes is needed for this position.
Business development manager
By building strong connections with clients and partners, a business development manager contributes to the improvement of business growth. The abilities required for taking on this position include finding sales leads, making product pitches, managing the creation of marketing collateral, and writing reports.
on this role.
Business process analyst
A business’s internal business processes are designed, streamlined, and engineered by a business process analyst. The objective of this position is to determine how business processes can be streamlined or automated.
Where to work with a business administration degree
You can pursue a variety of opportunities with a degree in business administration. There is a job in the business world for you whether you prefer the function and policymaking side of the business or the people side. Some of the environments you may enjoy working in include:
Marketing
An individual with a business administration degree is prepared to supervise marketing campaigns and manage marketing teams. In this environment, it’s necessary to have someone who can predict product demand and returns.
Database administration
Managing digital data and researching consumer behavior are two tasks involved in database administration. Having a business administration degree gives you the technical know-how to keep your data organized and secure.
Management
Anyone who wants to manage business operations should pursue a degree in business administration. This job or environment calls for the employee to uphold efficiency standards and enforce quality standards. The management of business operations frequently entails employment in the manufacturing industry or the corporate world.
Healthcare
Due to the complexity of the healthcare industry, executives who can deliver high-quality medical care at reasonable costs are needed. An individual with a business administration degree has the abilities to successfully manage limited resources in the healthcare sector.
Choosing a career in business administration or finance
A degree in business administration or finance has a number of advantages. Some of these advantages are as follows:
FAQ
Which one is better finance or business administration?
Key Takeaways. In order to prepare students for a career requiring financial analysis, a finance degree places more of an emphasis on math. A business administration degree will prioritize managerial and human resource competencies, including communication and customer service skills.
Is finance part of business administration?
All facets of business, including general business administration, accounting, finance, project management, human resources, marketing, and organizational behavior are covered in a business administration degree.
Is business and finance the same thing?
The study of finance examines how people and organizations make, save, and spend money over a specific time period. Business is concerned with legalities. The primary goal of business is to establish an entity with legal backing that engages in the sale of goods and/or services.
Is a business administration degree worth it?
Because it tops the list of most in-demand majors, business administration is a good choice. A business administration major could also help you get ready for a variety of well-paying jobs with above-average growth potential (U S. Bureau of Labor Statistics).
