In order to succeed in business, you need innovation and creativity. If you’ve decided to work in the corporate world, that means that you are invested in securing success-both your own success, and that of the organization you work for. But there are nearly as many areas of business as there are businesses. In order to bring your own personal creativity and vision to a company, you need to love what you do. So what field of business best suits your skills and personality?
Here are some of the careers and study paths available in the world of business.
Accounting is the measurement of financial information primarily used by managers, investors, tax authorities and other decision makers to make financial decisions within companies, organizations, and public agencies. Accounting is also widely referred to as the “language of business”. Careers available in the field of accounting include:
o Financial reporting
o Financial management
o Asset Allocation
o Information management and taxation
This growing field examines ethical rules and principles within a commercial context, the various moral or ethical problems that can arise in a business setting, and any special duties or obligations that apply to persons who are engaged in commerce. The business world is in an era of corporate social responsibility, making those that study business ethics in high demand.
A financial analyst works with financial analysis. Financial analysts-also called securities analysts and investment analysts-work for banks, insurance companies, mutual and pension funds, securities firms, and other businesses, helping these companies or their clients make investment decisions. Financial analysts employed in commercial lending perform “balance sheet analysis,” examining the audited financial statements and corollary data in order to assess lending risks.
Human Resources refers to the individuals within the firm, and to the portion of the firm’s organization that deals with people. Human resource management serves these key functions: Hiring (recruitment); Compensation; Evaluation and Management (of Performance); Promotions; Managing Relations; and Planning. It is the responsibility of human resource managers to conduct these activities in an effective, legal, fair, and consistent manner.
Industrial and Organizational Dynamics
Whenever people interact in organizations, many factors come into play. Organizational studies attempt to understand and model these factors. Like all social sciences, organizational management seeks to control, predict, and explain. The study of organizational dynamics is becoming more important in the global economy as people with diverse backgrounds and cultural values have to work together effectively and efficiently. There are subfields in the area of Organizational Dynamics:
o Organization Design
o Organization Development
o Organizational Engineering
Originally a part of the computer science field, Information Systems Management has become a critical part of every business. Many companies have created a position of Chief Information Officer (CIO) that is part of the executive board. Because the focus of business has become more knowledge oriented than product oriented, the biggest asset of companies is information, and a company must have a strong information technology infrastructure. Careers available in Information Systems are:
o Information Systems Strategy
o Information Systems Management
o Information Systems Development
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives. The American Marketing Association further defines marketing as “an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” Careers in marketing include:
o Advertising & Public Relations
o Market Research
o Product Management