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What is Business Studies?

This article is sponsored by Murdoch University

Business is a broad field of study that can lead to many different career pathways. By enrolling in a Business or Commerce degree at a tertiary institution, you’ll open yourself up to diverse subject areas. From commerce and marketing to technology and entrepreneurship, there are many fascinating subjects to explore.

So, what is business studies? How can you get involved in the industry? What careers are available? You have the questions and we have the answers. Read on to uncover them for yourself!

What is business studies?

So, what is business studies, exactly? A Business or Commerce degree or similar qualification helps you learn how and why organisations work. In your course, you’ll gain knowledge about the different areas of running a business. 

Examples of these areas include: 

  • Strategy and planning
  • Financial literacy 
  • Sales and operations 
  • Risk analysis
  • Human resources management (HRM)

Why study a business degree?

The skills you learn from a business qualification include communication, strategy, creativity and emotional intelligence. These are transferable skills you can put to use in whatever field of business you pursue and in daily life. With these skills, you will become adaptable in professional situations and succeed in the workplace.

As part of a business degree, you might have the chance to undertake an industry placement or work experience opportunity. These placements allow you to apply skills and techniques learnt in the classroom in a practical, real-life scenario. You’ll also build connections with mentors, industry contacts and other business enthusiasts.

What are the different careers in business?

Accountant

Accountants are essential in helping a business thrive. They assess profit margins, taxation requirements and investment goals. A business will be successful for as long as its finances are stable. For that to happen, you need accountants who understand the numbers – and that’s where a business degree specialising in accounting comes in.

Economist

Like accountants, economists are always in demand, which means they benefit from increased job security. Economics involves analysing trends in areas like human labour, housing and the consumption of goods and services. As an economist, you will have several responsibilities. Some of these could include gathering statistics, making projections and sharing your findings.

Finance Specialist

A business qualification specialising in finance can set you up for a career in multiple fields. You could work in banking, the stock market – basically anything to do with money. For example, you may work as a financial analyst, which means you would analyse data to help businesses make smarter decisions. On the other hand, you could act as a financial consultant for banks, educational institutions or individuals. Finance careers are super diverse, which is part of the appeal. Plus, there is a lot of room for growth and prosperity. As you advance, you could potentially secure a high-paying role, such as chief financial officer (CFO). An excellent step in reaching that goal is securing a finance degree.

Marketing Officer

Anyone with a passion for popular brands might enjoy a career in commerce and marketing. This is all about driving sales and informing the public about new and exciting products or services. You could work in brand design, helping companies create effective marketing campaigns. Alternatively, you could work in social media management, connecting brands with consumers.

Technology Officer

A business studies degree could even be a path towards working at a big tech company or at a local start-up. Such companies are at the forefront of business innovation. Do you enjoy playing with cutting-edge gadgets? Do you have a lot of big ideas about changing the world? Put your innovation and creative skills to good use with business studies.

Human Resources Manager

If you’re fascinated by other people, combine that passion with business studies by working in human resources management (HRM). HRM specialists manage an organisation’s employees and workplace culture. This is essential to effectively running a business. Why? Because if employees are happy, they are more energised and motivated. As a result, they work more efficiently, and the business becomes more successful. By working in HRM, you’ll play an important role in creating a positive environment for all workers. What could be better than that? 

International Business Specialist

Now, you might be wondering: why study international business? In our global society, knowing the mechanics of international business practices is invaluable. Business knowledge is applicable wherever you are in the world. This means that a degree in business sets you up for a global career that could take you anywhere. Maybe you’ll head to a global economics hub like Singapore or Hong Kong. Maybe you’ll work as a foreign affairs analyst for the government or a non-profit organisation. The possibilities are endless – and where you take them is up to you!

Entrepreneur

Have you ever thought about starting your own business? Well, business studies is the place to start! Perhaps you’ve always dreamt of running a restaurant or owning a small retail shop. Maybe there’s a social cause you’re passionate about and want to address with a social enterprise. Whatever your goal, a business qualification can help make your dreams a reality.

Are you ready to start your business career on the right foot? Explore the Murdoch University Bachelor of Business and Bachelor of Commerce course pages to learn more or to apply.