To Degree or Not Degree: Is a Formal Business Education Worth It?

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Many careers require a college degree — doctors, lawyers and astronauts need college degrees to do what they do, and for good reason, but does every professional really need formal schooling in order to perform his job well? With the cost of education continuing to increase, and since so many individuals out there already have a business degree, many people are voicing these questions more frequently than ever before. So what exactly are the pros and cons of getting a business education and are there other paths that can lead to business success?

Formal Education

The Business Degree: Students of business can study it as a four-to-five-year bachelor’s degree or in pursuit of a two-to-three year master’s degree after completing any bachelor’s degree. Subjects found in both curricula include:

–Accounting
–Business government
–Business strategy & entrepreneurship
–Economics
–Finance
–Management & organizational business structure
–Manufacturing
–Marketing
–Leadership
–Statistics
–Trade and investments

Most college programs focus on teaching theory and the business concepts encountered within a business environment, and they rely heavily on case studies to demonstrate these concepts. Those who think college is unnecessary believe that this form of hypothetical and theoretical education has no real world application. Proponents of education believe that this format teaches the student how to think analytically and with a business mindset. For those completely unfamiliar with business concepts or who struggle with analytical thought would stand to gain quite a bit from a college program, but those already immersed in the culture or those who find the business mindset to come naturally to them might find the program stagnant, unchallenging or non-specific.

A Related Degree: Another option for those interested in a career in business is to continue higher education but to major in another subject. This choice is popular among those who see the value of a college degree but want to stand out from what seem to be hordes of business degrees in the job market. A degree in a related field sometimes serves as a distinguishing factor and allows that graduate to bring a unique set of skills and knowledge to the table. An alternate degree or a double major with one of the following subjects could make applicants twice as appealing:

–Communications
–Broadcasting
–Journalism
–Philosophy
–Psychology
–Information technology
–Hospitality
–Statistics

One who combines degrees like this will obtain information and perspective that other business majors will not have and would open parallel business doors that the graduate might not have first thought of, like in the fields of advertising or finance.

Alternative Education

The Entrepreneur and Intrapreneur: One’s choice doesn’t have to be all-or-nothing. For the guy who wants some education without the rigid structure and soul-crushing price of a college program, the practical educational opportunities companies like Amway afford can be great business experiences.

The Amway Education program, for example, is built on the expertise and experience of entrepreneurs, and the curriculum was carefully designed to put the Amway’s Independent Business Owners (IBO) on the path to success. Derived from the Amway mantra “you’re in business for yourself but not by yourself,” Amway Education instills within its students the traits that it takes to be successful in the company and enlightens its IBOs in areas of general business growth, such as reading body language, communicating across cultures, listening actively and more. An intrapreneurial approach like this can yield success and doesn’t require the individual to put all his proverbial eggs into one business degree basket.

So, is a business degree really worth it? The answer is that it depends on the individual and their goals, but what is certain is that there is more than one way to get into business.