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Business Administration Concentrations:
Economics
Focusing primarily on how products, services and other resources are distributed and consumed within a particular market, economics has a variety of applications in nearly any industry. A concentration in economics under the Business Administration major addresses fundamental business principles and theories, as well as providing mathematical and research related knowledge specific to the field.
Graduates of this field who do not choose to continue their education sometimes conduct research, collect data, utilize mathematical models and forecast or monitor economic trends in a variety of related careers. In order to prepare students for these activities coursework may include macro and microeconomics, accounting, statistics, research sampling, model theory and various career specific courses, such as environmental or medical economics for example.
Because of the analytical nature of economics, one working in this field must demonstrate accuracy, the ability to work independently, orderly work habits, motivation, objectivity and the ability to analyze and interpret data. Exceedingly important in this field is one's ability to approach problems and situations from a variety of perspectives so as not to be locked into one economic interpretation or projection. Other characteristics valuable in this concentration are attention to detail, persistence and strong communication skills.
OCCUPATIONAL OPPORTUNITIES
Actuary
Commodities/stock broker
Credit analyst
Economic forecaster
Financial analyst
Insurance underwriter
Loan officer
Marketing/sales
Management executives
Production/inventory control analyst
Statistical planning officer
Urban planner
*Positions may require additional education and/or training
EMPLOYMENT OUTLOOK
Employment of economists is expected to grow about 7% from 2006 to 2016. Rising demand for economic analysts, as a result of our changing global economy, is expected in every industry. (http://www.bls.gov/oco/ocos055.htm)
POTENTIAL EMPLOYERS
Advertising agencies
Automotive industry
Banks
Business services
Construction firms
Consultants
Educational services and institutions
Food industries
Government (local, state, and federal)
Health services
Hospitality industry
Insurance companies
International firms
Manufacturing
Public relations
Publishing
Real estate
Retail trade
Travel and transportation industry
Wholesale trade
SOURCES FOR ADDITIONAL INFORMATION
Books (* denotes books available in the Career Center Library)
- *Camenson, Blythe. Great Jobs for Economics Majors, Lincolnwood, IL: VGM Career Horizons, 2000.
- *Encyclopedia of Careers and Vocational Guidance, Vol. 2, Chicago, IL: Ferguson Publishing Co., 2000.
- Paradis, Adrian A. Careers for Caring People and Other Sensitive Types, Lincolnwood, IL: VGM Career Books,
2003.
- Paradis, Adrian A. Opportunities in Banking Careers, Lincolnwood, IL: VGM Career Series, 2001.
- Place, Irene. Opportunities in Business and Management Careers, Lincolnwood, IL: VGM Career Horizons, 1998.
Professional Associations
- American Economic Association, 2014 Broadway, Suite 305, Nashville, TN 37203 http://www.aeaweb.org.
- National Associations of Business Economics, 1233 20th Street NW #505, Washington DC 20036, http://www.nabe.com.
- The American Bankers Association, 1120 Connecticut Avenue NW, Washington DC 20036 http://www.aba.com.
Web sites
Finance
The finance concentration under the Business Administration major provides background in practical applications of fundamental financial principles, while developing a breadth of knowledge in all business theories and principles. Coursework in this field may include accounting, statistics, essential business courses, and economic research. More specific coursework in the areas of corporate, personal and international finance or financial law may also be recommended.
Being able to think analytically and analyze collected data is necessary in this field. Other valuable attributes include flexibility in working alone or in group settings, an attention to detail, firm computer software and computational skills and the ability to communicate effectively in oral and written form.
All of these aptitudes are beneficial in the various tasks that are associated with the financial field such as overseeing investments, assessing risk factors in financial transactions, drafting financial reports and documents for tax and regulatory purposes and monitoring credit. Because all industries must manage and maintain their finances, possibilities for employment are vast and diverse.
OCCUPATIONAL OPPORTUNITIES
Commodities/stock broker
Credit analyst
Financial planner
Economic forecaster
Insurance underwriter
Loan officer
Production/inventory control analyst
Regional planner
Statistical planning officer
Urban planner
*Positions may require additional education and/or training
EMPLOYMENT OUTLOOK
As the level of investment increases, overall employment of financial analysts and personal financial advisors is expected to increase by 37 percent during the 2006-16 decade. (http://www.bls.gov/oco/ocos259.htm)
POTENTIAL EMPLOYERS
Advertising agencies
Automotive industry
Banks
Business services
Construction firms
Consultants
Educational services and institutions
Food industries
Government (local, state, and federal)
Health services
Hospitality industry
Insurance companies
International firms
Manufacturing
Public relations
Publishing
Real estate
Retail trade
Travel and transportation industry
Wholesale trade
SOURCES FOR ADDITIONAL INFORMATION
Books (* denotes books available in the Career Center Library)
- *Encyclopedia of Careers and Vocational Guidance, Vol. 2, 3, Chicago, IL: Ferguson Publishing Co., 2000.
Place, Irene. Opportunities in Business and Management Careers, Lincolnwood, IL: VGM Career Horizons, 1998.
Stair, Lila B. & Stair, Leslie. Careers in Marketing. Lincolnwood, IL: VGM Career Books, 2002.
The Harvard Business School Guide to Careers in Finance, Boston, MA: The School: dist. by Harvard Business
School, 2001.
Professional Associations
- American Bankers Association, 1120 Connecticut Avenue NW, Washington, DC, 20036, http://www.aba.com.
Association for Financial Professionals, 407 East West Highway, Suite 750, Bethesda, MD 20814, http://www.afponline.org.
Web sites
International Business
Due to expanding markets and the emergence of a global economy, a concentration in international business under the Business Administration major may provide an alternative to the domestic business setting. Characteristics that are valuable in this field incorporate motivation, excellent communication abilities, tact, strong interpersonal skills, organization, and the ability to analyze and interpret data. These skills are helpful when weaving together the sometimes widely different business practices of a variety of nations.
The international business concentration focuses on the application of fundamental business principles and theories to international settings. Coursework in this concentration includes fundamental business courses, but may also include foreign language, foreign law, and courses in cultural diversity and customs.
OCCUPATIONAL OPPORTUNITIES
Customer service manager
Data analyst
Department supervisor
Expediter
Management information assistant
Management trainee specialist
Import/export specialist
Transportation/logistics
*Positions may require additional education and/or training
POTENTIAL EMPLOYERS
Advertising agencies
Automotive industry
Banks
Business services
Construction firms
Consultants
Educational services and institutions
Food industries
Government (local, state, and federal)
Health services
Hospitality industry
Insurance companies
International firms
Manufacturing
Public relations
Publishing
Real estate
Retail trade
Travel and transportation industry
Wholesale trade
SOURCES FOR ADDITIONAL INFORMATION
Books (* denotes books available in the Career Center Library)
- Arpan, Jeffrey. Opportunities in International Business Careers, Lincolnwood, IL: VGM Career Horizons, 1995.
- *Halloran, Edward. Careers in International Business, Lincolnwood, IL: VGM Professional Careers Series, 2003.
- Kocher, Eric & Segal, Nina. International Jobs: Where They Are and How to Get Them. New York, NY: Basic
Books, 2003.
- Paradis, Adrian A. Opportunities in Banking Careers, Lincolnwood, IL: VGM Career Series, 2001.
- Pitz, Mary E. Careers in Government, Lincolnwood, IL: VGM Professional Careers Series, 1999.
- Place, Irene. Opportunities in Business and Management Careers, Lincolnwood, IL: VGM Career Horizons, 1998.
Web sites
Careers in Business, http://careers-in-business.com.
Management
Management responsibilities are rather varied and can extend from supervising people to overseeing specific aspects of a business. In order to handle these responsibilities those in the management field must be able to think analytically while remaining personable and lead with self-confidence while staying flexible. Because these positions are generally stressful, it is valuable that one knows how to manage time and their stress levels. The capability to make ethical decisions is also vital to one in this field.
In preparation for a career in this field, the management concentration provides knowledge on basic business principles and theories, as well as stressing interpersonal communications and relationships. Other than traditional business courses, such as accounting, statistics, and sales, the management concentration under the Business Administration major also includes recommended coursework in organizational behavior, business communications, and psychology.
OCCUPATIONAL OPPORTUNITIES
Customer service manager
Data analyst
Department supervisor
Expediter
Management analyst
Management consultant
Management information assistant
Management trainee
Production manager (industry)
Purchaser/procurement specialist
*Positions may require additional education and/or training
EMPLOYMENT OUTLOOK
Employment of management analysts is expected to grow 22 percent over the 2006-2016 decade as industry and government increasingly rely on outside expertise to improve the performance of their organizations. (http://www.bls.gov/oco/ocos019.htm)
POTENTIAL EMPLOYERS
Advertising agencies
Automotive industry
Banks
Business services
Construction firms
Consultants
Educational services and institutions
Food industries
Government (local, state, and federal)
Health services
Hospitality industry
Insurance companies
International firms
Manufacturing
Public relations
Publishing
Real estate
Retail trade
Travel and transportation industry
Wholesale trade
SOURCES FOR ADDITIONAL INFORMATION
Books (* denotes books available in the Career Center Library)
- *Encyclopedia of Careers and Vocational Guidance, Vol. 2,3, Chicago, IL: Ferguson Publishing Co., 2000.
- Paradis, Adrian A. Opportunities in Banking Careers, Lincolnwood, IL: VGM Career Series, 2001.
- Paradis, Adrian A. Careers for Caring People and Other Sensitive Types, Lincolnwood, IL: VGM Career Books,
2003.
- Pattis, S. William. Careers in Advertising, Lincolnwood, IL: VGM Career Series, 2004.
- Place, Irene. Opportunities in Business and Management Careers, Lincolnwood, IL: VGM Career Horizons, 1998.
- Stair, Lila & Domkowski, Dorothy. Careers in Business, Lincolnwood, IL: VGM Professional Careers Series, 2006.
Professional Associations
American Management Association, 1601 Broadway, New York, NY 10019-7420, http://www.amanet.org.
Web sites
Marketing
Marketing focuses on specific products or services and seeks to determine their potential demand and target demographic within a given market. Under the Business Administration major, a concentration in marketing addresses basic theories and principles relating to the field, while providing a background in mathematics and research as well. Coursework is varied but generally includes accounting, statistics, finance, sales, advertising, management, retailing and marketing.
Useful skills and traits within the marketing field include the ability to work well in groups, an energetic and enthusiastic personality, organization and planning capabilities, and an attention to details. Perhaps the most important aptitudes in this concentration are creativity and communication skills. It is imperative that those in the marketing field be able to present information in a new and exciting manner, yet also in a format that is understandable and persuasive.
Graduates in this concentration may choose to continue their education or gain employment in a variety of areas. Because nearly every industry utilizes marketing in some manner, career opportunities are wide-ranging, however they could involve advertising, public relations, market research, product management, sales, retailing and/or merchandising, nonprofit or eventual executive positions.
OCCUPATIONAL OPPORTUNITIES
Account executive
Industrial marketing specialist
Merchandiser
Product/brand manager
Public relations manager
Researcher
Retailer
Purchaser/procurement
Salesperson (retail, industrial, consumer)
Sales management
*Positions may require additional education and/or training
EMPLOYMENT OUTLOOK
This area of business has a projected growth rate of 12% between 2006 and 2016; however, projected growth varies by industry – faster in the scientific, professional, and related services areas. (http://www.bls.gov/oco/ocos020.htm)
POTENTIAL EMPLOYERS
Advertising agencies
Automotive industry
Banks
Business services
Construction firms
Consultants
Educational services and institutions
Food industries
Government (local, state, and federal)
Health services
Hospitality industry
Insurance companies
International firms
Manufacturing
Public relations
Publishing
Real estate
Retail trade
Travel and transportation industry
Wholesale trade
SOURCES FOR ADDITIONAL INFORMATION
Books (* denotes books available in the Career Center Library)
- *Encyclopedia of Careers and Vocational Guidance, Vol. 2, 3, Chicago, IL: Ferguson Publishing Co., 2000.
- Paradis, Adrian A. Careers for Caring People and Other Sensitive Types, Lincolnwood, IL: VGM Career Books,
2003.
- Pattis, S. William. Careers in Advertising, Lincolnwood, IL: VGM Career Series, 2004.
- Place, Irene. Opportunities in Business and Management Careers, Lincolnwood, IL: VGM Career Horizons, 1998.
- Steinberg, Margery. Opportunities in Marketing Careers, Lincolnwood, IL: VGM Career Horizons, 2006.
Professional Associations
Web sites
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