Choosing a Major in the Harrison College of Business

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1 Choosing a Major in the Harrison College of Business Considerable information for this document was provided by the Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Edition. Majors offered in the BSBA Degree Program: The Bachelor of Science in Business Administration (BSBA) degree provides you with a solid foundation to be a Manager in any type of organization. The degree provides grounding in all of the disciplines of business: management, marketing, economics, finance, accounting, and international business. Southeast is one of only a few business schools in the world that are both AACSB-accredited and NIBS-accredited (Network of International Business Schools). Accounting Major Accounting is the art of and practice of measuring, interpreting, and communicating information about financial activity. The accounting major guides students to jobs such as Accountants and Auditors, Tax Examiners and Collectors as well as Revenue Agents. Within this major the students experience significant preparation to sit for the Certified Public Accountant (CPA) exam as the curriculum teaches auditing and financial, cost, tax and governmental accounting in addition to technology skills. Employment of accountants and auditors is projected to grow 11 percent from 2014 to 2024 (faster than average). Typical skills required of an Accountant include: Analytical skills. Accountants and auditors must be able to identify issues in documentation and suggest solutions. For example, public accountants use analytical skills in their work to minimize tax liability, and internal auditors do so when identifying fraudulent use of funds. Communication skills. Accountants and auditors must be able to listen carefully to facts and concerns from clients, managers, and others. They must also be able to discuss the results of their work in both meetings and written reports. Detail oriented. Accountants and auditors must pay attention to detail when compiling and examining documentation. Math skills. Accountants and auditors must be able to analyze, compare, and interpret facts and figures, although complex math skills are not necessary. Organizational skills. Strong organizational skills are important for accountants and auditors who often work with a range of financial documents for a variety of clients. Business Administration Major (General Business Major) Note: This major should not be selected if you want a career in a specialized area of business, for example, if you want a job in marketing then select a marketing major; if you want a job in finance, select a finance major; if you want a job in accounting, select an accounting major; etc. Online Only students interested in a business degree should select this major since it offers the opportunity to complete the degree online. Course selection can be customized to some degree in this major but must cover a variety of business areas. The major in Business Administration prepares students for a variety of professional opportunities in management and administration. This major is designed with part-time students in mind since it provides a flexible delivery method (online courses) for students unable to attend classes on campus. The coursework covers multiple business disciplines. Opportunities vary greatly by the employer, the specialty and geographic area. One career track would be an administrative services manager. According to the Dept. of Labor s Occupational Outlook Handbook, 1

2 employment of administrative services managers will grow about as fast as average at 8 percent between 2014 and These managers are primarily in the education services industry, the healthcare industry, state and local government, and finance and insurance sectors. An administrative services manager could be characterized with the following skills: Analytical skills. Administrative services managers must be able to review an organization s procedures and find ways to improve efficiency. Communication skills. Much of an administrative services manager s time is spent working with other people. Therefore, communication is a key quality. Detail oriented. Administrative services managers must pay attention to details. This quality is necessary across a range of tasks, from ensuring that the organization complies with building codes to managing the process of buying equipment. Leadership skills. In managing workers and coordinating administrative duties, administrative services managers must be able to motivate employees and deal with issues that may arise. Economics Major Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Still, others analyze the effect of taxes, inflation, or interest rates. Some economists work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and United Nations. Generally, employment of economists is projected to grow 6 percent from 2014 to 2024 and in a related field, financial analysts are projected to have a growth rate of 12% during Nearly half of all economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations. Many economists work for corporations and help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits. Macroeconomists examine the economy as a whole. They may research trends related to unemployment, inflation, and economic growth. They also study fiscal and monetary policies, which examine the effects of money supply and interest rates on the economy. Microeconomists study supply and demand decisions of individuals and firms. For example, they may determine the quantity of products consumers will demand at a particular price. If you select this major then you will choose between an option in Business Economics and Financial Economics. Financial economists analyze savings, investments, and risk. They also study financial markets and financial institutions. Public finance economists study the role of government in the economy. Specifically, they may analyze the effects of tax cuts, budget deficits, and welfare policies. Important skills of Economists are Analytical skills. Economists must be able to review data, observe patterns, and draw logical conclusions. For example, some economists analyze historical employment trends to make future projections on jobs. Communication skills. Economists must be able to explain their work to others. They may give presentations, explain reports, or advise clients on economic issues. They may collaborate with colleagues and sometimes must explain economic concepts to those without a background in economics. Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization. Detail oriented. Economists must pay attention to details. Precise data analysis is necessary to ensure accuracy in their findings. 2

3 Math skills. Economists use the principles of statistics, calculus, and other advanced topics in mathematics in their economic analyses. Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media. Finance Major The finance major is designed to prepare students for the increasingly important area of financial management in all types of businesses, firms, and financial institutions. The financial officer has responsibility for activities such as raising and allocating funds, cost analysis, forecasting and budgeting, investment management, and formulating financial and credit operating policies. A financial officer is responsible for activities such as raising and allocating funds, cost analysis, forecasting and budgeting, investment management, and formulating financial and credit operating policies. Another possible job position is the financial analyst who provides guidance to businesses and individuals making investment decisions. She/he assesses the performance of stocks, bonds, and other types of investments. Employment of financial analysts is projected to grow 12 percent from 2014 to 2024, faster than the average for all occupations. Skills for financial analysts can be described as follows: Analytical skills. Financial analysts must process a range of information in finding profitable investments. Communication skills. Financial analysts must explain their recommendations to clients in clear language that clients can easily understand. Computer skills. Financial analysts must be adept at using software packages to analyze financial data, see trends, create portfolios, and make forecasts. Decision making skills. Financial analysts must provide a recommendation to buy, hold, or sell a security. Fund managers must make split-second trading decisions. Detail oriented. Financial analysts must pay attention to details when reviewing possible investments, as small issues may have large implications for the health of an investment. Math skills. Financial analysts use mathematical skills when estimating the value of financial securities. Healthcare Administration Major The BSBA with a major in Healthcare Administration focuses on the business arena of healthcare. Focus is placed on how the functional areas of business operate within the complex healthcare environment. The U.S. Bureau of Labor Statistics reported employment in the medical and health services management category is projected to grow 17 percent between 2014 and 2024 (much faster than average). As the large baby-boom population ages and people remain active later in life, the healthcare industry as a whole will see an increase in the demand for medical services. Many of these jobs do not include hands-on patient care: for example, marketing, human resources, finance and other administrative positions. Medical and health services managers work in healthcare facilities, including hospitals, nursing homes and group medical practices. Important qualities for that major can be characterized as follows Analytical skills. Medical and health services managers must be able to understand and follow current regulations and be able to adapt to new laws. Communication skills. These managers must be able to communicate effectively with other health professionals. Detail oriented. Medical and health services managers must pay attention to detail. They might be required to organize and maintain scheduling and billing information for very large facilities, such as hospitals. 3

4 Interpersonal skills. Medical and health services managers need to be able to discuss staffing problems and patient information with other professionals, such as physicians and health insurance representatives. They must be able to motivate and lead staff. Problem-solving skills. These managers are often responsible for finding creative solutions to staffing or other administrative problems. Technical skills. Medical and health services managers must be able to follow advances in healthcare technology. For example, they may need to use coding and classification software and electronic health record (EHR) systems as their facility adopts these technologies. International Business Major You will be prepared for employment with companies participating in global commerce from locally owned entrepreneurial enterprises to multinational corporations. Trends in employment favor those who have developed competencies in intercultural communication and international business strategies. International study opportunities include over 20 overseas locations while paying the standard tuition and fees at Southeast. The program is interdisciplinary and integrative in nature. Just a few career opportunities: International Product Manager, Plant Manager in foreign country, Foreign Exchange Trader, International Buyer, Investment Analyst, International Sales Analyst, etc. International managers are often pegged for top executive positions in multinational corporations. Important skills for that major can be described as follows Communication skills. These managers must be able to communicate effectively within foreign cultural standards and possibly foreign languages. Interpersonal skills. International Business Managers must be willing to adjust themselves to foreign cultures. They must be able to motivate and lead staff. A typical Manager can be described as eager to learn and curious about the world. Leadership skills. These managers are often responsible for finding solutions to staffing or other administrative problems resulting from a possible culture clash in the international work environment. Therefore managers must be able to evaluate how their sales staff performs and must develop strategies for meeting the company s goals. Language skills. Within an international work environment speaking a second language is advantageous but not mandatory as English is the first global language. Management Major Management involves coordinating the resources of an organization in a systematic way to achieve common goals. You will be well prepared for a wide range of careers in business, education, government and not-for-profit organizations. You can seek management positions in banks, hotels, hospitals or service organizations or you can become an entrepreneur and start your own business. Management Majors choose among three options: Entrepreneurship: Have a great business idea that you d like to develop from start to finish or do you want to be a significant innovative force within an organization? If so, then you may want to select the Entrepreneurship Option. In the new global economy where growth and competitive advantage increasingly come from innovation, it has become recognized that entrepreneurship has become more central to the success of regional economies. A variety of experiential learning opportunities will immerse you in the vision, research and planning aspects of an entrepreneurial organization. Human Resource Management: If you see yourself involved in acquiring, maintaining and developing a firm s human resources, then this option is for you. Positions would include Human Resource Manager, Benefits Manager, Labor Relations Manager, Personnel Manager, Training and Development 4

5 Manager. Employment of human resources managers is projected to grow 9 percent from 2014 to 2024 (faster than average). Important Qualities for this Major can be characterized as follows Decision-making skills. Human resources managers must be able to balance the strengths and weaknesses of different options and decide the best course of action. Many of their decisions have a significant impact on workers or operations, such as deciding whether to fire an employee. Interpersonal skills. Human resources managers need strong interpersonal skills because they regularly interact with people. They often collaborate on teams and must develop positive working relationships with their colleagues. Leadership skills. Human resources managers must be able to direct a staff and oversee the operations of their department. They must coordinate work activities and ensure that workers in the department complete their duties and fulfill their responsibilities. Organizational skills. Organizational skills are essential for human resources managers. They must be able to manage several projects at once and prioritize tasks. Speaking skills. Human resources managers rely on speaking skills to give presentations and direct their staff. They must clearly communicate information and instructions to their staff and other employees. Management: This is a general management option and is the best choice if you want broad coverage of management topics in your background. Managers are expected to be analytical, detail-oriented, flexible, decisive, and have strong leadership and communication skills and your management curriculum helps develop these skills. Opportunities vary greatly by the employer, the specialty and geographic area. Graduates with this option would be suited for operations management positions, often overlapping with CEO duties. Marketing Major Marketing consists of processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (American Marketing Association, 2007). The marketing major encompasses many high-paying and challenging managerial positions, often with high visibility, thus providing prime candidates for advancement to the highest ranks (U.S. Dept. of Labor Occupational Outlook Handbook, 2010). Choose among three options: Integrated Marketing Communications: Provides background in the communication side of marketing such as advertising, public relations, internet marketing, sales promotion, direct marketing, event marketing, professional selling, fund raising, etc. The focus is on developing the ability to create a unique message and integrate it across a diverse set of media options. According to the Dept. of Labor s Occupational Outlook Handbook (2010), a sharp increase in the amount of advertising in digital media, such as the Internet and wireless devices will generate a need for advertising managers to oversee new and innovative advertising programs. Based on that prediction, employment is projected to grow 9 percent from 2014 to Marketing Management: This emphasizes the breadth and diversity of marketing management strategies. This option prepares students for careers as a brand manager, marketing consultant, distribution manager, product analyst, marketing research analyst, retail manager, purchasing manager, etc. According to the Dept. of Labor s Occupational Outlook Handbook, employment of marketing managers will grow about as fast as average at 9 percent between 2014 and

6 Both, graduates of the Integrated Marketing Communications major and Marketing Management major benefit from the following skills: Analytical skills. Because the advertising industry changes with the rise of digital media, advertising, promotions, and marketing managers must be able to analyze industry trends to determine the most promising strategies for their organization. Communication skills. Managers must be able to communicate effectively with a broad-based team made up of other managers or staff members during the advertising, promotions, and marketing process. They must also be able to communicate persuasively to the public. Creativity. Advertising, promotions, and marketing managers must be able to generate new and imaginative ideas. Decision-making skills. Managers often must choose between competing advertising and marketing strategies put forward by staff. Interpersonal skills. These managers must deal with a range of people in different roles, both inside and outside the organization. Organizational skills. Advertising, promotions, and marketing managers must manage their time and budget efficiently while directing and motivating staff members. Sales Management: Sales managers and their departments constitute some of the most important personnel in an organization and are less subject to downsizing or outsourcing. Employment of sales managers will grow as fast as average at 5 percent between 2014 and Analytical skills. Sales managers must collect and interpret complex data to target the most promising geographic areas and/or demographic groups, and determine the most effective sales strategies. Communication skills. Sales managers need to work with people in other departments and with customers, so they must be able to communicate clearly. Customer-service skills. When helping to make a sale, sales managers must listen and respond to the customer s needs. Leadership skills. Sales managers must be able to evaluate how their sales staff performs and must develop strategies for meeting sales goals. Majors with BS degrees (outside the BSBA degree program): Bachelor of Science in Economics Economics is the study of how to critically evaluate problems and make well-reasoned decisions. The economics program at Southeast is particularly well suited to prepare you for the career challenges you will face in the fastchanging, competitive and increasingly global business environment. Economics students learn to locate and use important data resources such as those found at the Bureau of Economic Analysis, Bureau of the Census and Bureau of Labor Statistics. Students learn to use this information to develop a framework to analyze and solve real-world problems, conduct mathematical and statistical analysis, and effectively communicate. Economics majors are successful in a wide variety of careers. Although various roles in businesses are most common, economics majors are successful in law, medicine, government, non-profits, and international relations, as well as in academic roles. Many people with an economics background become postsecondary teachers. A master s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. Employment of economists is projected to grow 6 percent from 2014 to

7 Bachelor of Science in Healthcare Management Healthcare Services Managers plan, direct and coordinate medical and health services. They could manage an entire facility, specialize in managing a department or manage a medical practice for a group of physicians. This degree offers a focus area (option) in either Quality and Patient Safety or Informatics. Managers working in the quality and patient safety area work closely with physicians, nurses, laboratory technicians and other healthcare employees to ensure high quality care standards are being delivered to patients. Health information managers are responsible for the maintenance and security of all patient records. They must stay current with changes in information technology and regulations related to health information systems. The job outlook for healthcare managers is much faster than average at a rate of 17 percent between Bachelor of Science in Hospitality Management Career options are diverse and plentiful in the hospitality industry with positions in lodging and hotel management, food service, catering, beverage management, casino management, amusement and entertainment management and event/meeting planning. For large companies, careers could be selected in sales, HR or general management. Most large, full-service hotels require applicants to have a bachelor s degree. The job outlook is expected to grow by 8% over the period due to the building of more limited service versus full-service hotel properties. Food service managers work in restaurants, hotels, school cafeterias and other institutions and have a job outlook over the period of 5% per year. Meeting, convention and event planners coordinate all aspects of professional meetings with a 10% projected job outlook growth rate (faster than average). Chefs and head cooks oversee the daily food preparation at restaurants and institutions, directing the kitchen staff (job outlook growth rate of 9% during ). The skills of a lodging manager provide one example for the hospitality industry: Business skills. Lodging managers address budget matters and coordinate and supervise workers. Operating a profitable hotel is important as is the need to motivate and direct the work of employees. Customer-service skills. Lodging managers must have good customer-service skills when dealing with guests. Satisfying guests needs is critical to a hotel s success and helps to ensure customer loyalty. Interpersonal skills. Lodging managers need strong interpersonal skills because they interact regularly with many different people. They must be effective communicators and must have positive interactions with guests and hotel staff, even in stressful situations. Leadership skills. Lodging managers must establish good working relationships to ensure a productive work environment. This objective may involve motivating personnel, resolving conflicts, and listening to complaints or criticism from guests. Listening skills. Lodging managers should have excellent listening skills. Listening to the needs of guests allows managers to take the appropriate course of action, ensuring guests satisfaction. Listening to the needs of workers helps managers keep good working relationships with the staff. Organizational skills. Lodging managers keep track of many different schedules, budgets, and people at once. This task becomes more complex as the size of the hotel increases. Problem-solving skills. The ability to resolve personnel issues and guest-related dissatisfaction is critical to the work of lodging managers. As a result, they should be creative and practical when confronted with problems. Job outlook and skills required were provided by the Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Edition. For updated information and more detail on specific occupations, go to 7

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