You’ve probably heard of business management, but do you know what it entails? Believe it or not, the knowledge and affinity in this area is the foundation and core of an organisation regardless of industry.
So, whether you’re an aspiring entrepreneur or a business leader, a degree in business management will be of great use.
Business management entails an organisation’s processes, management, and operations. It is a broad area of study as there’s a need to understand all aspects of a business before being qualified to run or manage one.
In short, business management is the backbone that holds together the various departments of a corporation in perfect coordination.
International business management refers to the strategizing and globalisation of business operations on a larger scale, serving a market size of more than one country.
As a course, international business management students are trained to fill roles in dynamic and global environments. They can adapt to a workplace of any nature without the difficulty of overcoming international barriers in terms of law, economic climates, or social aspects.
Business management is an area of expertise that requires strong leadership abilities, creativity, systematic thinking, and a constant thirst for innovation. Various branches of business management serve different purposes as outlined below.
Financial management is the lifeline of a business. Meticulous planning and proper distribution of funds drive a company’s profit and sustainable growth.
Such a field requires a high-level ability to plan ahead and provide data supporting long and short-term financial goals.
Sales and marketing people are the ones who whip up marketing strategies to promote a brand or product. They also manage sales territories and accounts.
This sector requires creative thinking and systematic strategizing to capture the attention of target audiences.
Human resource is the heart of a business. This department is responsible for the recruitment and social integration of newbies, resource planning, and team training in addition to evaluating and rewarding outstanding employee performance.
Aside from taking care of organisational development and employee-related matters, HR departments have a large impact on work environment and company culture.
Wherever there is change, there is a need for strategizing. In any case, change is inevitable, especially in the business setting. The quality of a strategy formation that is ever-ready for change heavily influences the well-being of a business.
Strategic management drives a company’s success by constantly questioning, monitoring, and assessing the necessary parameters. This field requires a keen analytical eye for marketing trends, economic policies, and political currents.
Project management is the process of planning, documentation, tracking, and execution of a task within a specified timeframe to fulfill a list of set objectives.
The “management” in project management refers to the presence of fixed duration to complete a deliverable, unlike other managerial positions where goals are mostly on a long-term basis.
Operations management handles the production of services and goods, from manufacturing to quality assurance to retail. Efficiency is the keyword here—this field emphasizes productivity to maximise business profits.
The core components of a business management course provide a comprehensive understanding of how businesses work. Your three-year journey will cover the different branches of management discussed above. Subject-specific courses that aim to hone your soft skills while building emotional intelligence will ensure that you graduated with all that you need to succeed.
Here are some skills you will gain through a business management course:
Here are some great reasons you should study business management.
Networking starts as early as in your student days. As a business management student, you’ll have plenty of opportunities to build relationships with your peers. You will also connect with industry experts via conferences, internships, and networking events.
A business management degree will get you the hands-on exposure you’ll need to find a career you’re passionate about after graduation.
As a business management graduate, you will find yourself highly sought-after in almost any industry. Industries like investment banking, trading, consultation, and financial services are always in need of employees with in-depth business knowledge and ample practical training.
According to the Job Market Insights First Quarter 2022, 4 out of 5 of the hottest jobs are in the business sector, with advertising and marketing taking the top spot with 12,647 job openings.
This point is especially true for international business management students where the program centres around international marketing and strategizing. For example, business management students at UOW Malaysia KDU who pursue the Dual Awards Pathway will experience a more diverse learning environment and thus, gain a valuable understanding of other cultural backgrounds during their overseas semesters.
Business management degrees accredited by internationally-recognized professional bodies like CIMA will open career doors for graduates and lend them a hand in securing global employment.
Critical thinking, problem-solving, and precise decision-making—these skills garnered through insight and experience throughout your course will help you become a better leader and lead you further in life.
Moreover, business management teaches you essential life skills you’ve probably never been exposed to in school. For instance, having a basic understanding of financial concepts should be a given among youths, but as of 2020, more than 64% of Malaysian millennials are financially illiterate.
As an area of study, a business management degree is as versatile as one can get. Wherever your passion lies, there is a business side to that industry.
We’ve listed a few of the many business management sectors you can get into based on your interest.
Since the COVID-19 pandemic, traditional marketing began to coincide with technology in more and more ways. Accompanying the public’s growing reliance on digital content, companies started to focus on digital marketing and social media advertising.
However, the digital side of things is not the easiest to maneuver, especially when the world is still in the middle of a vast change. This is why marketing and digital business is a field with high demand today.
If digital marketing is your interest, consider becoming a marketing research analyst, marketing specialist, or social media specialist.
If you’re perceptive toward industry trends and have a knack for analysing information, you will love business development, which focuses on improvement. Brand management and a deep understanding of consumer behaviour are also crucial to help organisations build brand recognition and increase revenue growth.
Interesting positions within this sector include product manager, sales executive, and business development strategist.
With a strong foundation of financial analysis, statistics, economics, cash flow, and business law under your belt, it’s no problem for you to delve into the finance sector with a business management degree.
Potential job titles for people interested in finance are financial analyst, actuary, quantitative analyst, and investment banker.
If you love numbers, accounting may be the path for you. After completing a business management degree, you’ll be equipped with knowledge of general accounting principles, tax laws, and financial statement management. An eye for detail is also a plus in this field.
This specialisation allows you to become a payroll manager, accountant, or auditor.
Not all business-related jobs are high-paying, but most remunerative entry-level jobs are in the business field. According to SalaryExpert, business management pays an average of RM133,499 per annum, with an average bonus of RM10,693. There is also an estimated 21% salary growth in the next five years, bringing the average salary of business managers up to RM160,867 by 2027.
An entry-level business management graduate with one to three years of experience earns an average salary of RM93,923 per annum.
A degree in business management gives you a wide array of choices in the working world.
A survey by JobStreet reported that as of 2021, business fields like finance, digital marketing, and project management are in the top 8 high-demand careers in Malaysia.
If you’re not sure which course will secure you a good career prospect in the country, business management is the way to go.
At UOW Malaysia KDU, our Bachelor of Arts (Hons) Business Management and Bachelor of Arts (Hons) International Business Management prioritise both knowledge-based learning and practical soft skills to prepare students with all the qualities one needs to be responsible, intelligent world-class leaders.
Our international business management degree focuses on international business concepts like foreign languages and cultural affairs to adapt our students to compete in a global setting.
If you’re looking to further your studies to enhance your portfolio, enrolling in a Master’s of Business Administration (MBA) is a great choice.
UOW Malaysia KDU’s MBA course is a postgraduate program that provides support from experienced faculty members who come from industrial and academic backgrounds. Graduates earn a professional qualification in either Enterprise Risk Management (ERM) or Financial Planning (FP) based on their chosen specialisation track.
A business management degree truly is a key to a million doors. As the world rapidly progresses into a new era thanks to the changes brought by the pandemic, business management-related fields will play a much more prominent role in many industries.
So, if you’re thinking of taking up a business management program and want to know more, feel free to drop your queries anytime. We will get in touch with you soon enough!
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