Business Studies is a broad subject in the Social Sciences, that involves the in-depth study of a range of specialities such as accountancy, finance, organisation, human resources management and marketing.. Its study combines elements of accountancy, finance, marketing, organizational studies and economics.
Business Studies can be defined as the study of how businesses work, especially the financial and the management aspects of business.
Scope of Business Studies
Business is a process of exchanging goods and services between the buyers and sellers. Business is an economic system in which goods and services are exchanged for money from one party to another. Business is an economic activity that deals the production and distribution of goods and services with the aim of earning profit.
At undergraduate level, students can study business studies through a BSc or even a BA degree (which includes relevant courses). Nomenclature apart, all programmes focus on some core areas including accounting, finance, marketing, business law and human resource management.
Those wishing to purse a Master’s generally choose between an MBA and an MSc, though each degree has a different focus. While the MBA concentrates specifically on the management aspects of a business, the MSc gives advanced knowledge of business fundamentals and covers aspects other than management, such as understanding the regulatory framework as well. Generally, students who wish to make a career in teaching at different levels, prefer pursuing the MSc over the MBA.
Skills and Competencies that You Need to Succeed in Business Studies
Ability to think out of the box, implement ideas and take action.
Being able to communicate well in writing and in person will help you to get a job, work as a team with your colleagues, interact with clients and, with time, advance professionally. You may also require good listening skills, the ability to negotiate or to be persuasive.
This involves of using generic or ad hoc methods, in an orderly manner, for finding solutions to problems.
Ability to visualize, articulate, conceptualize or solve both complex and uncomplicated problems by making decisions that are sensible given the available information.
Numeracy / Understanding figures
Mathematically sound and ability to read and inteprete numbers. You’ll need to have a good standard of arithmetic. This could mean dealing with statistics, budgets, or doing complicated sums.
Ability to think logically
A presentation is a means of communication which can be adapted to various speaking situations, such as talking to a group, addressing a meeting or briefing a team.
Report writing skills.
Report writing is an essential skill for any business studies student. A report aims to inform and sometimes to persuade. They should be written as clearly and succinctly as possible, with evidence about a topic, problem or situation.
Working with others
As a business studies graduate, you should be able to work with people effectively whether as a team or as a leader.
Some jobs particularly require problem solving skills and creative thinking to recognise problems and their causes, to identify a range of possible solutions and then assess and decide the best way forward.
You’ll need to be able to plan and schedule work. This could include being able to prioritise what needs to be done and by when.
A good understanding of how businesses work and the management skills to help the business run smoothly and succeed.
You may need to keep detailed records, follow business processes or make and manage appointments.
Ability to collect and examine information in detail to arrive at a solution, to answer a key question or make an informed decision.
Any job which involves contact with customers and the public requires good customer service skills. Whether it’s on the phone or face-to-face it’s important to be able to make customers feel welcome, to be polite and listen.
You’ll need to be able to motivate, enthuse and build respect. Leadership often means having a vision of where you want the team or business to be. Good leaders understand the way others feel and behave, they have charisma which makes people want to follow them, as well as a balance of assertiveness and empathy.
You’ll need to be able to send and receive emails and use the internet effectively in most jobs. There are also a growing number of job roles which require more advanced technical and specialist software skills.
You’ll need to have a good understanding of business and finance, combined with accuracy and attention to detail. You may also need to be able to produce financial reports and plans.
Career Opportunities for Business Studies Graduates
As a business studies graduate you could pursue opportunities with SMEs (small and medium sized enterprises) or big corporations. If you’re particularly entrepreneurial you might even consider starting up your own business.
Business studies graduates go on to work in myriad different sectors, and not all of them are those you would typically associate with business in general. More obvious careers with a business studies degree include roles in accounting and finance departments, which take in large numbers of business degree graduates. Other sectors with high demand for business studies graduates include marketing and advertising, as well as retail, sales, human resources and business consultancy.
As Business Studies Graduate You can work as or in the following areas:
- chartered accountancy
- investment banking
- bank management
- retail buying
- distribution and logistics management
- insurance underwriting
- consumer products
- market research
- personnel officer
- public relations officer
- retail management
Admission Requirements for Studying Business Studies in Nigeria
For most high institutions in Nigeria, to study Business Studies as a course, you need to meet specific academic requirements. Candidates seeking admission through the Jamb are required to have five credit level passes in the Senior Secondary Certificate Examination (S.S.C.E.) or its equivalent. These should include English Language, Mathematics, Economics and two other subjects in the Social Science or Arts.
For Jamb UTME, Mathematics, Economics plus one of Literature in English, History, Government, Geography, Chemistry and Physics are required. Please check Jamb brochure for requirements for each school.