Business is no longer an optimal major

From a young age, many of our parents fleetingly mention the trifecta of “ideal” career paths: business, medicine or law. Oftentimes, the discussion heavily focuses on the idea that those are the only careers that will provide you with a financially stable and fulfilling future, and there are simply “no other options.” However, that sentiment, particularly with business might no longer hold any weight. 

There is no doubt that a business degree can provide numerous organizational, leadership and critical thinking skills. There is immense value in understanding the broader economy, the corporate world and crucial mathematical skills. Moreover, at a place like USC, there are tremendous networking opportunities. The opportunities and skills seem endless, but let’s outline what happens after graduation. 

Many people believe that a business major will provide a multitude of job opportunities postgraduation, but this is not always the case. General business majors experience a lack of differentiation amongst their competitors, thus experiencing high levels of unemployment. There is a clear divide amongst the unemployment of general business majors and business majors with a math focus, such as finance and accounting. 

Bankrate recently conducted a study highlighting the most valuable college majors in 2021 based on average income and unemployment rate; a general business major ranked at #58, while various engineering and STEM majors ranked at the top of the list. 

According to The Washington Post writer Jeffrey J. Selingo, this is believed to be partially due to the lack of critical writing emphasis in the business undergraduate curriculum. Selingo states, “The results of national standardized tests, such as the Collegiate Learning Assessment Plus … found that students who major in business made significantly fewer gains in college in critical thinking, writing and communication, and analytical reasoning than [other majors].”

Many of these issues are derived from the fact that a business administration major is incredibly general. There is no way to cover all of its components in-depth, and fundamental learning objectives can easily get lost. It seems that many colleges keep business studies very broad and leave much of the outside investigation to the student, which is not always a good thing. 

The influx of business majors is a product of what happens when you expect an 18-year-old to decide what they want to do for the rest of their lives. Many teenagers do not have a burning passion when they first enter college, and there is not much time to navigate their passion without spending more time and money. Students expect a return on their educational investment, financially or skill-wise, which is in part why we see such a large number of business majors as it presents itself as being able to open many doors.

Every college student questions whether or not they picked the best major, which is why it is so important to remain cognizant of the constantly changing job market, benefits and disadvantages of each college major. It is also crucial to recognize that the value of studying a specific major depends on the person and college. 

The fluctuating supply and demand of business majors within the job market is rather serious and something that all current undergraduate general business majors must consider.