As we follow trends in university degree attainment, we’re seeing a growing demand and specialization within the business degree offerings. The typical business and management degree still has its utility, but concentrations, double majors, and special programs can set students apart as they look for internships and future job opportunities. Plus, many of the following niche programs can provide students with a starting salary that ranges from $80K to $120K plus.
The key to picking one of these majors or concentrations is two-fold: 1. Students need to be attracted to the description of the courses upon entry into the program. 2. Entering into a general business degree is great, but when studying within year 1 and 2, be on the lookout for niche subject matter that is attractive. The benefit of adding particular course work or specific minor to a resume can be a massive advantage for graduates as they enter the job market. These niche programs are not limited to the following 5, but this list includes programs that strengthen a student’s professional portfolio for their postsecondary future.
Risk Management and Insurance
This isn’t about selling insurance or even working in the insurance business, although that can be a viable option. It’s about identifying, evaluating, and mitigating financial risk. Ensuring corporate compliance with rules and regulations saves companies money that would otherwise go to the bottomline. Students can expect to learn concepts such as how large organizations assess and manage financial and legal risk, holistic risk strategies, and even catastrophe modeling. Jobs are available in both the government and public sector with plenty of upward mobility into management and leadership positions.
Actuarial Science
Similar to risk management, Actuarial Science programs blend mathematics, statistics, finance and economics to support business development by analyzing uncertainty. This might not be the most attractive sounding specialization at first glance, but students study concepts like probability theory and the time-value of money, which are super valuable in the job market. These programs are helpful for anyone who wants to be an entrepreneur to those who desire to have the technical and applied skills to be a data analyst. One of the strongest programs for Actuarial Science is the Center for Actuarial Excellence at the University of Wisconsin-Madison. Students will need to pass one or both of the following exams: Society of Actuaries (SOA) or Casualty Actuarial Society (CAS).
Data Management and Analytics
Every industry from technology to healthcare is hiring data analytics professionals. Look for programs at Indiana University (Kelley) or University of Texas at Austin (McCombs) that focus heavily on tech integration and advanced machine learning. Students who would typically study marketing are gravitating toward data management because the future of marketing is the ability to identify and target the appropriate audience. Being able to manage a database, predict future trends, and provide analysis and visualization to communicate business opportunities are what make these students attractive to large and small companies around the world.
Global Supply Chain Management
This major teaches students how to design, operate, and optimize complex systems for sourcing, production, and delivery of products and services. Students study the cultural, economic, and geopolitical factors that influence supply chains around the world. Concepts like just-in-time inventory management and greener logistics provide students with a foundation to work in sophisticated fields like operations management and global sourcing. Top universities such as Michigan State (Broad College) and Arizona State (W.P. Carey) are known for their strong corporate partnerships for work-based learning opportunities prior to graduation.
International Political Economy and Business
International Political Economy and Business (IPEB) degrees educate students about how political institutions, global economic systems, and business strategies intersect. Because businesses are often multinational operations students learn the strategies associated with foreign exchange and global markets. Understanding how different nations govern business is a key tactic for industries that are competing worldwide. IPEB students can expect courses in finance as well as law to support diplomacy and economic development at the same time. IPEB-style programs can be found in France at Sciences Po; in Switzerland at University of St. Gallen; and at Fordham University in the US, called IPEBA, where the school combines liberal arts with a global business education.
Conclusion
Note some of the themes and trends among these increasing popular majors and concentrations. There’s a strong focus on global logistics. As international politics with business and trade increase so does the demand for workers who understand these dynamics. The ability to analyze, interpret and communicate data becomes critical to any concentration, from marketing to business development. The world depends on people who can translate the present to predict the future.
K-12 schools can support students on their journey into these kinds of majors and careers by providing lessons and tools for career exploration and planning as well as university searching to match their interests with a postsecondary plan and major at a university that supports their passion for business management and leadership. Because these concentrations are somewhat obscure, it also means that they’re not so well-known. Students need support with career planning and university considerations so that they can make the best choice for their goals and success in life after high school graduation.
If you’re interested in discussing postsecondary planning, career exploration, or the best universities for a particular career, schedule a time to meet. Or, you can request a demo of MaiaLearning as a comprehensive solution for college and career planning.
