Are you stuck between choosing whether a business administration or finance degree fits your intended career path?
While both these programs provide excellent career opportunities, the courseware, and skills obtained with these courses are vastly different. They also include working in various work environments and organisations.
This article will examine business administration and finance degrees, their main differences, and which one you should choose based on your ambitions and goals.
What is a business administration degree?
A bachelor of business administration program focuses on teaching students business management skills, knowledge, and principles. This includes the management of both the processes and people in all aspects of the business.
In addition to focusing on business skills and management, a business administration degree also focuses more on building soft skills. This includes skills such as communication, problem-solving, listening, teamwork, empathy, etc.
It covers a variety of subjects in various business sectors, including, but not limited to, marketing, finance, and human resources — equipping students with all the abilities necessary for managerial and administrative roles.
Since business administrators are needed in virtually all businesses, this provides graduates with many possibilities for local and international work.
Some of the most vital skills you’ll learn during your first years of this program includes:
- Business technology
- Accounting
- Leadership
Teamwork is common in Bachelor of business administration courses, meaning students will learn to work well with others.
What is a finance degree?
Finance degrees teach students the skills to manage finances within businesses or institutions. After graduating, students can advise clients about financial issues and investments.
This degree gives you the option to specialise in different financial areas, such as:
- Corporate finance (which is one of the most in-demand jobs in South Africa)
- Financial evaluation
- Behavioural finance
- Global finance
When specialising in corporate finances, students can streamline business operations and increase profitability by suggesting investment opportunities, creating financial reports, and more.
Thus, unlike a bachelor of business administration, a finance degree focuses more on equipping students with hard skills, such as:
- Accounting
- Financial analysis
- The use of financial software
- Foundational math
This degree suits individuals interested in finances, banking, business, and investments.
Advantages of studying a finance or business administration degree
There are many benefits to studying a finance or business administration degree. These include, but are not limited to:
- Both financial and business administration careers offer high-income potential.
- The finance and business industries offer career advancement opportunities, allowing students to grow into senior-level positions.
- A bachelor of business administration allows you to work in almost any business industry.
- A finance degree gives you the opportunity to work in various financial fields.
- Both degrees equip you with transferable skills that you can use in future career endeavours, including communication, teamwork, etc.
How to determine which degree is right for you
When deciding whether a business administration or finance degree is best for you, you must consider the career opportunities and work environments both offer.
Job opportunities for a finance major
Earning a finance degree allows you to venture into several finance-related careers. Here are some of these careers.
- Accountant: Accountants typically work at organisations of different sizes. They are responsible for ensuring financial statements are accurate and comply with laws, maintaining financial records, and preparing tax returns.
- Financial analyst: Financial analysts are responsible for various tasks, including gathering data, analysing it, and making forecasts and projections. Based on their analysis, managers and business leaders can make better decisions to move the business forward.
Interested in a career as an analyst? Discover what business intelligence careers are and how to be successful in this industry.
- Investment advisor: Investment advisors work with individuals or businesses — giving them advice about investing in stocks, mutual funds, bonds, and more. Some investment advisors are also responsible for managing the securities and portfolios of organisations.
- Loan officer: Loan officers work at commercial banks, credit unions, and mortgage companies. They are responsible for evaluating and authorising business, credit, and real estate loan approval by looking at applicants’ financial status.
Job opportunities for a business administration major
Earning a business administration degree allows students to work in any business-related sector. This means they have a lot of flexibility when choosing a career. Some popular jobs with a business administration degree include the following.
- Market research analyst: Market research analysts gather, analyse, and summarise data on customers and competitors. They study customer preferences to identify which products or services customers want and what price they are willing to pay. They also look at what competitors are doing and determine ways their business can stand out in the market.
- Business process analyst: Analysts study and find ways to improve business processes. This can be through automation or better organisation. As a result, businesses achieve higher levels of efficiency and productivity to get more work done and increase their profits.
- Sales manager: Sales managers lead a team of sales professionals to help businesses grow their revenue. They must continuously motivate their teams, build client relationships, set sales targets, and more.
- Office administrator: Office administrators oversee the operations of the company’s office. They must greet and welcome visitors, set up and manage meetings, direct administrative projects, and more.
Study a business administration or finance program with REGENT
Business administration and finances are both excellent industries to get into. With various career options and work environments, you will have versatility when choosing your perfect job.
If you are interested in business administration, read more about our Bachelor of Business Administration, a distance learning degree that can help you thrive in several business sectors.
Or, are you leaning more toward a finance degree? Look at our Diploma in Financial Management and discover why a career in finance is an excellent choice when it comes to meeting the finance industry’s needs today.