Business is part of our daily lives.
The field of business is vast, and provides multiple avenues for you to succeed.
Want to be an entrepreneur?
Or maybe the next Bill Gates?
Then you’ll need to have the tools that can help you launch and grow your business.
This article is ideal for you if you are interested in learning about the different business studies fields, and the education pathway that can lead you to a successful business career.
What is Business Studies?
Business is an exchange of goods and services with something of value, such as money currency or other goods and services.
The study of business covers various fields, such as finance, marketing, and entrepreneurship.
You will learn the components that make up a business, and upon graduation you will be able to know how to operate, fund, and plan a business.
Why Should You Study Business Studies?
Discover your inner entrepreneur
In Business Studies, you’ll take modules that can help hone your entrepreneurial skills.
Many universities have special programmes that give students the opportunity to create a business plan and pitch it to peers, faculty members, and industry leaders.
These incubator programmes sometimes offer funding to the best business proposals created by students.
Learn to manage money
One thing that you do not learn in school is how to manage your money, unless you take accounting or finance subjects.
A business degree can provide you with a solid knowledge of fundamental finance concepts and theories, and teach you how to evaluate a company’s financial position.
In addition to that, modules such as investments, credit management, derivatives, and financial markets give you a better understanding of the business world.
Enhance your communication skills
In business it is all about selling, and your ability to convince others to buy into your ideas is crucial.
Throughout your business course you will learn and practise how to communicate with potential customers, investors, and employees.
Modules such as business communication and public speaking will help you improve on how you communicate your message to others.
Moreover, you will have plenty of opportunities to practise your communication skills through group projects, individual presentations, and networking events.
What Are the Business Studies Fields?
Management
Refers to the role of planning, organising, leading, and managing individuals to achieve organisational goals by making the most use of existing resources.
It involves overseeing and guiding organisations to meet their objectives via the efficient use of different financial, human, and technology resources.
Marketing
Marketing focuses on the branding and promoting the goods and services to the consumers by targeting specific demographic groups.
Marketing identifies a customer demand and develops products or services to meet that demand, all while promoting the brand’s or organisation’s goal.
Finance
Finance refers to the administration of financial resources, which involves activities such as budgeting, borrowing, lending, and investing.
You get expertise in finance about managing wealth, money, and all of the instruments.
Along with investing, corporate finance, and banking, you will learn about financial management, portfolio management, planning, and risk analysis.
Economics
Economics is the study of how individuals make decisions when resources are scarce.
The study of economics focuses on the elements and operations of a specific market or economy, which include supply and demand, as well as the effects of the idea of scarcity.
Accounting
Accounting involves the process of documenting a business’s financial transactions.
It is a crucial role for decision making, cost planning, and measuring economic success in every size firm.
Strategic planning, external compliance, fundraising, and operations management all rely heavily on accounting.
What Are the Popular Business Studies Pathways?
After earning your SPM or O-Level qualification, you have the option of enrolling in a Foundation in Arts or Business programme for 1 year or a Pre-University (A-Level, SACE, STPM, etc.) course for up to 2 years.
After completion of your pre-university course you can then pursue a Bachelor’s Degree in Business Studies programme.
Alternatively, you could also pursue a Diploma in Business Studies, which will take up to 2.5 years.
After completing your Diploma in Business Studies, you have the option of going into the workforce or continuing on to a Bachelor’s Degree in Business Studies (often enrolling from Year 2 onwards).
So what does your pathway look like?
Diploma in Business Studies
To qualify for a diploma course, you only need to have:
SPM / O-Level: min. of 3 credits, including a pass in Bahasa Melayu and History.
Diploma courses usually take between 2 to 2.5 years to complete and cost from RM 25,000.
You can enter the workforce immediately after graduation.
Bachelor’s Degree in Business Studies
For degree courses, you will need to have SPM/O-Level qualification and the following pre-university course:
- STPM: min. of 2Cs
- A-Level: min. of 2Es
- Relevant Foundation: min. CGPA of 2.00
- AUSMAT/SACEi: ATAR of 55
- Diploma: min CGPA 2.0
A pre-university course can take up to 2 years to complete and cost from RM 20,000.
Once you’ve completed your pre-university course, you can then move on to the degree course.
Degree courses take 3 years to complete and cost from RM 56,000.
Diploma students who want to continue their studies can do so with a degree course and they begin in Year 2.
Different universities may have varying entry requirements.
Feel free to contact us for more information!
What Are the Skills Required in Business Studies?
Ability to Adapt to Change
The business climate is not the same as it was even 5 years ago.
Therefore, to venture into the business field you will need to have the ability to adapt to change.
It could be learning to adapt to a new work environment (work from home/office), or it could be readjusting the workflow to accommodate the shortage of manpower.
Being flexible when faced with a problem allows you to consider all possible solutions and make timely decisions.
Problem Solving
Do you like solving puzzles?
The global economy is going through a volatile period and problems are constantly popping up.
Your ability to solve problems will come in handy for companies, especially when companies are trying to navigate around this volatility.
When it comes to solving problems, thinking outside the box could become a necessity.
This could make the difference between a minor issue versus a recurring problem.
Time Management
Strong time management skills are essential for your studies and work.
While studying, you will need to juggle between classes, assignments, family commitments, friends, and other activities.
At work, you will face a multitude of tasks assigned to you by your supervisor.
Knowing which task must be completed first will greatly help in your time management.
Top Business Studies Universities in Malaysia
University of Nottingham Malaysia
The University of Nottingham Malaysia became the first British university to establish a campus outside of the UK and in Malaysia when it initially opened its doors in September 2000.
Nottingham Malaysia achieved a 5-star grade for the excellence of its research and innovation in 2020, placing it among Malaysia’s best ranked foreign institutions in The Malaysia Research Assessment (MyRA).
Nottingham University Business School (NUBS) was ranked among the top 6 business schools in the UK for research power in the UK Research Excellence Framework.
Courses offered:
- Foundation in Business and Management
- Management BSc (Hons)
- International Business Management BSc (Hons)
- Economics and International Economics BSc (Hons)
- Economics BSc (Hons)
- Business Economics and Management BSc (Hons)
- Applied Psychology and Management BSc (Hons)
- BSc (Hons) Marketing and Management
Taylor’s University
Ranked among the top universities in the world, Taylor’s is the best private institution in Malaysia and Southeast Asia.
Its Bizpod provides opportunities and platforms, led by a team of experienced lecturers and entrepreneurs, to support student accomplish their entrepreneurship vision during studies with real business start-up
Courses offered:
- Foundation In Business
- Foundation in Business (Accounting)
- Foundation in Arts
- Diploma In Business
- Bachelor Of Business (Hons)
- Bachelor Of Business (Hons) International Business & Marketing (2+1) with Queensland University of Technology (QUT), AU
- Bachelor Of Business (Hons) International Business & Marketing (3+0) with University of the West of England, UK
- Bachelor of Entrepreneurship (Honours) in Team Entrepreneurship (3+0) with University of West England, UK
Multimedia University (MMU)
Multimedia University is dedicated to providing high-quality education in digital technology courses to meet the rising demand for highly skilled graduates required by the digital economy.
Students can take up a Foundation level course at MMU and use PTPTN to cover the cost.
MMU is one of the few universities allowed to accept PTPTN loans to cover the Foundation courses.
Courses offered:
- Foundation in Business at MMU
- Foundation in Management at MMU
- Diploma in Business Administration
- Diploma in Digital Business at MMU
- Diploma in Management
- Bachelor of Business Management (Hons.)
- Bachelor of Digital Enterprise Management (Hons.)
- Bachelor of Business Administration (Hons.) (Banking and Finance)
- Bachelor of Business Administration (Hons.) (Human Resource Management)
- Bachelor of Business Administration (Hons.) (International Business
- Bachelor of Business Administration (Hons.) (Marketing Management)
Things You Need to Know About Business Studies Career
Several job opportunities available
According to the Bureau of Labor Statistics (BLS), it is projected that employment in business and financial operations will increase by 7% from 2021 to 2031.
It is anticipated that there will continue to be a high demand for accountants and auditors as a result of globalisation, an expanding economy, and a complex tax and regulatory environment.
In addition, there will be an increase in demand for market research analysts as data and market research are used more frequently to understand consumer demand, evaluate product demand, and analyse marketing strategies.
You can pursue a career in accounting or finance
Accountancy and finance topics are commonly covered in general business studies degrees, but if you want to work in these fields, you will most often need to earn professional qualifications such as ACCA or CFA designation.
Applying for a graduate position and finishing a specialised qualification while you work is a good option for business graduates, as the costs of the course will normally be covered by the employer in larger corporations.
High flexibility
Do not underestimate the opportunities that a business degree can offer.
A business degree provides flexibility for those who have or wish to develop specialised skills in a specific career field.
With a business degree, you can work in a variety of industries, be in management positions, and even start your own company.
Consider earning good money, growing professionally, and having a stable career in the finance and insurance industries.
There are numerous possibilities, and you may choose your path accordingly.
Popular Business Studies related Jobs
Business Development Executive
A business development executive is in charge of fostering expansion inside the organisation through increasing sales and clientele.
Average Base Salary for a business development executive is RM 39,248.
Procurement Specialist
Procurement specialists specialise in sourcing goods and services for businesses at the best possible price to ensure the continuous operation of the firm.
Procurement specialists can earn an average base salary of RM 61,706 in Malaysia.
Sales Executive
A sales executive is responsible for assisting in the growth of a company by locating new business prospects and selling items to them.
They can earn an average base salary of RM 36,866.
Merchandiser
Merchandisers are in charge of managing advertisements and related arrangements for certain goods in stores, as well as travelling to other locations to manage the stocks.
Merchandisers can expect an average base salary of RM 36,523.
Customer Service Representative
Customer service personnel deal with complaints, process orders, and answer queries from customers.
Average base salary of RM 33,209 can be expected for this position.