Business and management

• Accounting

• Economics

• Law

You might also look at sport and leisure studies if your interests are in the sport management side of the discipline, communications for areas such as public relations, environmental studies or agriculture and paralegal studies.

• Actuarial studies

• Banking

• Business administration

• Business information systems

• Business logistics

• E-business

• Finance

• Human resource management

• International business

• Marketing

Most people who consider studying business think they will end up working in a corporate office, especially those who opt for the Bachelor of Commerce or the Bachelor of Business — the field’s two flagship qualifications. But not every course in this field will lead you to the corporate world. What’s more, this is not what all businesses are like.

Business specialisations cover everything from business administration and project management to entrepreneurship and international trade. Some focus on the main business functions that are central to organisations in and out of the corporate sector. Others offer professional preparation in related sectors, such as finance. Another growing group of specialisations focuses on specific industries — maritime management, for instance.

So, where do you start? As usual, you start by working out what really appeals to you and in what area you excel. To get you thinking, we’ll describe the four classic types of business student.

The first group, and perhaps the largest, has already been mentioned. These are the students who want to work in corporate business and maybe eventually run or start one. When people in this group say they want to study business, they really do mean ‘business’ — pardon the pun! They generally wish to learn core corporate business functions such as business administration, management, marketing, business strategy and human resources management. They will gravitate towards specialisations that correspond with these functions or that focus on emerging areas such as entrepreneurship or e-business.

A second, smaller group of students opt to specialise in one area (usually management) within (or combined with) a non-business degree to add to the skill base they are developing in another field — for example, a health sciences student who wants to work in health services management or a creative arts student wanting to improve their career prospects in arts management. It’s worth noting that undergraduate ‘management’ courses cover — and are sometimes specifically designed for — a range of different industries and sectors, as opposed to the corporate focus and comprehensive course content of their postgraduate equivalents, such as the Master of Business Administration (MBA).

The third and fourth types of students more closely resemble the first in size, yet differ in that they are not strictly focused on corporate business and its standard functions. Group three is made up of students working towards related professional roles, such as stockbroking, financial planning or asset management. Banking and finance specialisations are the most popular for this group, but there are also courses catering specifically for other niche occupations, such as actuarial studies (for risk assessment) and taxation. Group four consists of students whose main focus is on specific industries or sectors, including real estate, property, logistics, retail and trade. There are many specialisations and an increasing number of full-degree courses designed for these students.

If you can identify with one or more of these student types this should give you an idea of the specialisations that would be suitable for you. Then it’s just a matter of looking for the right degree. Business specialisations are available in all kinds of degrees, including arts, social science and science, although you would only choose one of these if your primary interests ranged well outside the field. Assuming that they don’t, you’ll still have plenty of options to choose from. There are both general and specialised business degrees. At the general end, very broadly, there are two types: the Bachelor of Commerce and the Bachelor of Business. Courses in business administration, business management and business studies are usually equivalent. So, what’s the difference? Some say that the newer business studies courses are more ‘applied’ and focus more on how business actually operates than the older commerce degrees, but this is a huge generalisation. The beauty of these general degrees is that you can choose your specialisation and subjects yourself. Since both degree types will generally cover a range of different specialisations, you can usually make your studies as practical or as theoretical as you like through a choice of specialisations and electives.

There are also many specialist business degrees on offer, which may be called any of the specialisations discussed previously. In addition, there are general business degrees with a ‘tag’ in brackets indicating the major area of study, whether it’s marketing, management or finance. In some cases, you’ll get much the same whether you do the specialisation within a general degree or in one with a specific title. With others though, the course content in the latter might be more detailed in areas of particular interest and will prepare you better for the career you want.

Of course, that’s if you know what you want. If you haven't yet decided on a specialisation, there’s no need to worry. Many general business degrees will give you some room to test out a few areas before deciding on your specialisation. Courses with specific titles and tags, on the other hand, will usually make you specialise from the start and leave less room for elective subjects. Think about whether or not you want to narrow your focus straight away or give yourself some more time to figure out your direction. And for those of you who want to stay general in your focus, remember that you can always pick up specialised knowledge later through a postgraduate course (see the Postgraduate section). There are also many double degrees (business combined with law or engineering, for example) that you can consider. You might find that adding another professional degree and staying with a general business degree is the way to go.

Providers of business education are continuously expanding courses and providing increased opportunities for students to develop skills in their field of specialisation. This may include work placements, international language and study tours, and final-year capstone units that bring together the skills and knowledge gained during the program.

Where to study business and management

Business and management can be studied at most universities, as well as at many private education providers and TAFE institutes that operate a higher education division.

We recommend that you think hard about what kind of education you want as well as where your career is going when choosing a business course. As for what one faculty or institution might do better than another, there are so many variables that it’s difficult to provide good advice. Some will take a very academic approach, while others will have more working professionals as lecturers. Some will offer work experience and have close relationships with industry, while others will have strong honours and research programs. Again, it all depends on your needs and career aspirations. Have a good look at graduate ratings and detailed course brochures to ensure that the course is what you expect.

Business and management is one of the most user-friendly fields of study. Part-time and distance education courses are widely available. There is a large number of mature age students, some having entered through special admissions schemes for adults. Getting in can be very tough, very easy or in between, depending on the institution and the specialisation you choose. This is also a field where it is possible to progress up the qualifications ladder, starting out with a VET qualification before entering a degree.

See Degree costs and loans for more information about paying for your degree.

To find out how each institution performs in your field of study, see our Ratings section.

Career opportunities in business and management field

Starting salaries were below average in 2014, at $50,426, according to the national Course Experience Questionnaire survey. Perhaps more important is the proportion of graduates who were unable to find full-time work. While graduates once boasted strong employment rates of around 90 per cent, the 35 per cent unemployment rate in 2014 tells a different story. Again, there are likely to be big variations according to the course, institution and specialisation, so shop with care. The skills and experience you gain through internships and co-curricular activities are other important determinants — and they’re often upto you. Around 23 per cent of graduates pursue further study, which can also improve job prospects.

See the Career Search for more information about your career options.