Last Updated on January 15, 2023
Literally, a business is an institution that is involved in commercial, industrial, or professional activities. Also, a business can be for-profit or non-profit organizations that function to achieve a charitable mission or promote a social cause.
On the other hand, a business can be defined as the organized efforts and activities of individuals to produce and sell goods and services for profit. Basically, a business structure can be sole proprietorships, partnerships, corporations, and limited liability companies. However, a sole proprietorship is the most common.
Right here on infolearners, you are privy to a litany of relevant information on best undergraduate business schools in australia, types of business majors, types of business degree, best bachelor of business degree, uwa business school, australian institute of business, best undergraduate business schools in the world, and so much more. Take out time to visit our catalog for more information on similar topics.
What does a Business Manager do?
A business manager is someone that is responsible for overseeing and supervising a company’s activity and employees. Actually, the activities include hiring, training, and evaluation of new employees. Also, the business manager makes sure that a company or department is on track to meet its financial goals.
Similarly, business managers might also create and carry out budgets, prepare reports for senior management and ensure that departments observe the company’s policy. They also make sure that workers have the resources to complete their work.
On the other hand, some managers carry out human resource activities, like performance evaluations, hiring, and discipline for employees in their department. Also, business managers motivate workers through incentives and positive feedback.
How much does a business manager make?
Well, the salary of a business manager depends on the size of the company, the geographic location of the firm, and the area of the business the manager supervises.
Actually, the yearly average salary for a sales manager was $117,960 in May 2016 according to the Bureau of Labor Statistics. Besides, production managers earned an average salary of $97,140 during the same period.
Requirements to become a business manager
Firstly, most employers need at least a bachelor’s degree in business management to qualify for a position as a business manager.
Secondly, business managers must have excellent written and verbal communication skills to lead employees and manage the department.
Thirdly, managers must be problem solvers that can create work to overcome the challenges that may prevent a department or company from achieving its goals.
Finally, some companies might promote employees with great experience from within a department to lead the group.
How much will it cost me to get a degree in any of the best undergraduate business schools?
Actually, bachelor’s degree programs differ based on the school you study at. According to the recent College Board’s Trends in College Pricing, the average annual cost for a four-year, public institution is approximately $9,970 (in-state tuition) and $25,620 (out-of-state-tuition).
Similarly, the annual average cost for a four-year private philanthropic school is $34,740 and a private for-profit school is $16,000.
Furthermore, the tuition fee for a master’s degree program at an in-state public institution costs an average of $8,670 yearly. Also, the tuition for a doctorate program costs $10,830 yearly at an in-state public institution.
Types of Business degrees
An associate degree trains a student on the fundamentals of business management. However, it advances to providing you a wider professional knowledge which is near what you would get attending a four-year bachelor’s program.
However, it can also be an important step towards a bachelor’s degree programs. In fact, courses here focus majorly on accounting, management and software applications. Anyways, you will most likely apply the techniques you’ve acquired in a capstone course with real-world relevance. Usually, it takes two years to complete.
This type of degree is suitable for you if you wish to take a career in business management. You’ll get full knowledge taking courses that will set you on the right track on how to manage a business very well.
Thus, the course work for a bachelor’s degree program embraces management principles and practices such as:
- Business-oriented computer applications
- Business ethics
- Financial management
- Organizational leadership
- Resource management: people, money, time
- Strategic planning
The Bachelor’s program takes four (4) years to complete, after which you get a Bachelor of Business Administration (BBA) or Bachelor of Science in Business Administration (BSBA).
With an MBA degree, graduates pass for an extensive list of management functions. From corporate controllers to executive directors in charitable agencies through independent consultants to business owners, graduates of MBA degree programs place themselves for diverse professional opportunities throughout their careers.
MBA students can choose a full-time MBA or part-time MBA program. Full-time MBA programs basically take two years to finish. Also, undergraduate students can enter into a BA/MBA program where they get their bachelor’s degree and MBA in a total of five years.
Doctor of Business Administration (DBA)
A Doctor of Business Administration (DBA) prepares graduates to head, consult and teach in corporate and academic fields. However, it is designed for graduates with management experience. DBA degree programs build on skills gained through masters-level studies. Like a P.h.D, a DBA equips professionals with expertise in control and management principles and a higher level of competence in conducting research.
Similarly, students can obtain their DBA within three to six years. But it depends on whether they enroll in a full-time or part-time program.
DBA studies usually require classes in research and analytical methods; core management subjects such as strategic planning, managing change, and solutions-oriented leadership; and the student’s choice of specialization.
Types of business majors
A business degree may be focused in many different areas, and the best business schools will offer several different specialized majors under the “business” umbrella. We’ll describe a few of the most popular business majors for you.
- Accounting: An accountant does more than bookkeep or crunch numbers. Accountants are responsible for analyzing business finances and creating reports for business partners—so strong communication skills are key. In an accounting major, students learn accounting information systems, study tax law, and evaluate risk or profitability in real business case studies.
- Finance: Students who major in finance will choose a further specialty area like real estate, investment analysis, or corporate finance. They’ll learn to make wise long-term financial plans, understand and predict the economy, create a responsible budget, and work with complex computer systems.
- Business administration or management: Business owners, managers, or administrators must have strong communication and leadership skills. Students focusing on this area of business will learn how to run an organization—including planning, organizing, and directing its long-term and day-to-day functions.
- Marketing: Popularized by shows like Mad Men, marketing careers are fast-paced and ever-evolving. Marketing majors study consumer trends and psychology, branding, various mediums—think radio vs. Facebook ads—and how to build successful advertising campaigns.
- Management information systems: This career is ideal for students wanting to apply their technical skills in a growing business field. MIS majors will study the use of information systems, build databases, develop computer programs, and learn how to explain complex technology to non-techie people.
- International business: In an increasingly global world and economy, internationally-minded business people are in constant need. They might help a local business expand operations to other countries or manage multinational businesses. International business majors will study global economies, explore other cultures, and learn how to sell products around the world.
Best Undergraduate Business Schools In Australia
1. Melbourne Business School, The University of Melbourne
Melbourne Business School retains its place as the number one destination for an MBA in Australia in the eyes of international recruiters and business academics. However, it has lost ground in the regional MBA rankings for Asia-Pacific in falling from third to seventh place overall.
The first institution to award an MBA in Australia in 1965, Melbourne Business School achieves the highest score in the new academic segment of this year’s MBA rankings in this top 10. The school offers its view on the country’s current financial aid landscape in this recent article.
2. AGSM MBA, University of New South Wales
There’s no change in second place either as the Australian Graduate School of Management (AGSM)at the University of New South Wales maintains its position behind Melbourne Business School.
Despite dropping one place to ninth, the school remains Australia’s second and final member of Asia-Pacific’s top 10 in this year’s regional MBA rankings.
3. College of Business and Economics, Australian National University ANU
Up one place and into third among this year’s top business schools in Australia is the Australian National University’s (ANU) College of Business and Economics, located in the country’s capital city of Canberra. The school has a strong tilt towards research, with four research schools offering insights into six distinct fields of specialization, from actuarial studies to statistics.
The new addition of an academic segment to this year’s regional MBA rankings is likely to have allowed ANU’s College of Business and Economics to rise from 14th to 11th and the cusp of Asia-Pacific’s top 10.
4. La Trobe Business School, La Trobe University
La Trobe Business School jumps from seventh to the fourth position in 2014/15’s Australia standings.
A new-look MBA program was launched by La Trobe Business School as recently as 2012 and has fared well in its reputation since then, climbing nine places in successive years among Asia-Pacific’s top business schools, from 32nd to 23rd in 2013, and now entering the region’s top 15 in 14th. La Trobe achieved the top 10’s highest score in the employer segment of this year’s MBA rankings.
Offered primarily in Melbourne, La Trobe Business School is now rolling out its MBA to the university’s regional campuses located elsewhere in the state of Victoria (in Mildura, Albury-Wodonga, Shepparton and Bendigo) on a flexible delivery basis.
5. Monash Business School, Monash University
Melbourne’s Monash Business School at Monash University makes this year’s top five institutions at which to study an MBA in Australia, rising from the sixth position last time round.
The Monash MBA is offered by the only institution on this list to hold the much-coveted ‘triple crown’ in accreditation, by dint of the fact that only two business schools in Australia currently hold AMBA accreditation – where criteria for a school’s MBA students to hold at least three years of prior work experience even rules out many of the big hitters in the US.
The Monash MBA program is most often completed over two years – a structure that has been designed to allow students the option to combine working with studying.
Monash reported the top 10’s highest proportion of international students in its MBA class this year, as well as the highest proportion of female students.
6. UQ Business School, University of Queensland
The first new entry to the 10 top business schools in Australia this year, the University of Queensland’s UQ Business School enters the table in sixth. UQ has also shot up in the Asia-Pacific regional MBA rankings – moving into this year’s top 20 from 35th position in 2012, and not featuring at all this time last year.
The first MBA students enrolled at the Brisbane-based institution in 1972 when the university first began offering management education from a new department of just three staff.
UQ Business School, as it is known today, came into being when the university’s commerce and management schools converged in 2002, with the addition of UQ’s technology and innovation centre in 2004.
It’s now one of nine partner schools at which MBA students can pair up with those of The Wharton School to collaborate on a consultancy project as part of Wharton’s Global Consulting Practicum (GCP).
7. Sydney Business School, University of Wollongong
Sydney Business School (SBS) is down two places to seventh in Australia this time round. It also now falls just outside the top 20 for Asia-Pacific as a whole, having been rated 15th last year, before the change in QS’s MBA rankings methodology.
SBS is the graduate school of the Faculty of Business at the University of Wollongong (UOW) and offers its MBA as well as several specialized master’s degrees from locations in central Sydney and Wollongong, home to UOW’s main campus.
The school is one of six members of this top 10 to be a signatory to the Principles for Responsible Management Education (PRME) – an initiative of the UN Global Compact that lays out six guiding principles for responsible management education.
8. Macquarie Graduate School of Management, Macquarie University
Macquarie Graduate School of Management (MGSM) is another of our top study destinations for the MBA in Australia to suffer a slide this year – falling from 3rd to 8th this year in Australia, as well as losing its spot in Asia-Pacific’s top 20.
However, MGSM is well-established in Australia and beyond, reporting the top 10’s highest average GMAT score (680) this year. The school was founded in 1969 and has also offered its MBA from a campus in Hong Kong since 1994. More recently, the school launched a scholarship fund worth almost US$7 million, aimed at encouraging female enrollment and reducing Australia’s gender imbalance at the MBA level.
9. Graduate School of Business and Law, RMIT University
Ninth this year is RMIT University’s Graduate School of Business and Law. Although this is a drop of one place in Australia on last year, RMIT (that’s ‘Royal Melbourne Institute of Technology’, in case you were wondering) has risen nine places to 25th in the MBA rankings for the Asia-Pacific region.
The university began life as a Working Men’s College at the end of the 19th century, before officially changing its name in 1960 to reflect the royal patronage bestowed upon it by Elizabeth II of England, to which it added university status in 1992.
The MBA program is offered by the Graduate School of Business and Law – one of six schools that fall under the umbrella of RMIT’s College of Business, and one that enjoyed renovations totalling around US$18 million back in 2010.
Its full-time MBA is usually completed in one and a half to two years, although there is a possibility to progress more quickly should you wish to be granted ‘advanced standing’.
There’s also an option to study in Ho Chi Minh City at RMIT Vietnam, set up around the turn of the century, where a one-year MBA aimed more at recent graduates and pre-experience students is available.
10. UWA Business School, University of Western Australia
Rounding off this year’s 10 top business schools in Australia is the University of Western Australia’s UWA Business School – the second new entry in our list.
Situated in Western Australia’s capital city of Perth, UWA Business School emerged from the splicing of the university’s School of Economics and Commerce and its Graduate School of Management in 2007.
An MBA from UWA has been on offer since 1973, although 2015 sees the start of a new cohort based full-time MBA program to supplement a flexible MBA option that has been offered on either a part-time or full-time basis.
Best undergraduate business schools in the world
#1. Massachusetts Institute of Technology (MIT)
Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts. Actually, it is a small university with an enrollment of 4,510 undergraduate students. The alumni of MIT go on to earn a starting salary of $82,300.
Besides, the Sloan School of Management which is known as MIT Sloan offers business programs at MIT. In fact, business courses at this best undergraduate business school cover a lot of topics such as operations research, consulting, entrepreneurship, finance, information technology, product development, and marketing.
Also, this best undergraduate business schools in the world have an acceptance rate of 8% and a graduation rate of 94%. Though the student-faculty ratio is 3:1, its tuition fee is $48,452.
Accreditation: New England Commission of Higher Education (NECHE)
Address: 77 Massachusetts Avenue Cambridge, MA 02139
#2. Stanford University
Stanford University is a private research university in Stanford, California. This institution has one of the largest university campuses in the US.
Actually, this institution being one of the best schools for undergraduate business in the world has an acceptance rate of 4%. Also, the graduation rate is 95%.
With a student-faculty ratio of 12:1, this universities tuition fee is $51,354.
Accreditation: Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges (WASC)
Address: 50 Serra Mall, Stanford, CA 94305, United States.
#3. University of Oxford
In fact, Oxford University is a collegiate research university in England and the oldest university in the English-speaking world.
Also, the school of business at Oxford deals with business, management, and finance. Similarly, it offers an MBA program, an executive MBA program, a Ph.D. in management studies and master’s degrees in financial economics, law and finance, and strategic management.
Furthermore, it has an acceptance rate of 17.5%. The student-faculty ratio is 17:1 while the tuition fee is $9,250.
Accreditation: Privy Council
Address: Oxford OX1 2JD, United Kingdom
#4. University of Cambridge
The University of Cambridge is the second-oldest university in England and it was founded in 1209.
Actually, the Cambridge Judge Business School offers courses that cover MBA, master of finance, master of accounting and a number of MPhil programs.
Also, Cambridge University has an acceptance rate of 21% and a graduation rate of 83%. On the other hand, the student-faculty ratio is 4:9. Also, this institution has a tuition fee of 9,250 GBP (in-state) and 21,732 GBP (out-of-state).
Accreditation: New England Commission of Higher Education (NECHE)
Address: Old Schools, Trinity Ln, Cambridge CB2 1TN, United Kingdom.
#5. The University of California, Berkeley
Well, the University of California, Berkeley is a public research university in Berkeley, California founded in 1868. Well, it is a large school with an enrollment of 29,351 undergraduate students.
Actually, the business school at UC Berkeley is known as the Haas School of Business. This school of business is the second-oldest business school in the United States and it was founded in 1898.
Also, admission to this best undergraduate business school is highly competitive. The Haas School of Business gives courses across the academic spectrum. Actually, these courses cover full-time MBA, evening and weekend MBA, MBA for executives, master of financial education and undergraduate degrees.
Above all, the alumni of UC Berkeley go on to make a starting salary of $48,700.
However, UC Berkeley has an acceptance rate of 17% and a graduation rate of 91%. Similarly, the student-faculty ratio is 18:1. Actually, this best undergraduate international business school has a tuition fee of $14,184 (California residents) and $43,176 (out-of-state students)
Accreditation: Western Association of Schools and Colleges (WASC).
Address: 200 California Hall, Berkeley, CA 94720, United States.
#6. London School of Economics & Political Science
Actually, this institution is known as an international center of academic excellence and innovation. However, LSE which is one of the best schools for undergraduate business in the world is known for studying real-world issues, from economics, politics, law, sociology, anthropology, accounting, and finance.
Furthermore, it has an acceptance rate of 9% and a graduation rate of 91%. Also, the student-faculty ratio is 6 while the tuition fee is 9,250 GBP(local) and 18,408 GBP (International tuition).
Accreditation: Privy Council
Address: Houghton St, Holborn, London WC2A 2AE, United Kingdom
#7. Duke University
This is a private research university in Durham, North Carolina founded in 1838 by Methodists and Quakers in the present-day town of Trinity. Actually, the institution moved to Durham in 1892.
However, popular majors are public policy, economics, biology, biomedical engineering, and psychology. Also, Duke University requires undergraduates to live on campus for the first three years of their study. Similarly, about 95 percent of the students graduate within four years of enrolling.
Above all, Duke University which is one of the best undergraduate international business schools in the world has an acceptance rate of 11% and a graduation rate of 95% of students. Actually, the student-faculty ratio is 6:1 while the tuition fee is $57,980.
Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
Address: Durham, NC 27708, United States
#8. University of Chicago
Well, the University of Chicago is a private research university founded in 1890. However, this school has been shaping the intellectual lives of undergraduates for several years now.
Also, this university has produced 91 Nobel laureates, the largest number affiliated with any American university. Besides, students of the University of Chicago were the first to split the atom, measure the speed of light, and create the field of sociology.
Moreover, UChicago has an acceptance rate of 8% and a graduation rate of 93%. Similarly, the student-faculty ratio is 5:1. This best undergraduate business school in the world has a tuition fee is $58,230.
Accreditation: Higher Learning Commission
Address: 5801 S Ellis Ave, Chicago, IL 60637, United States
#9. University of Pennsylvania
The University of Pennsylvania is a private Ivy League research university in Philadelphia, Pennsylvania. Also, Penn is a large university with an enrollment of 10,496 undergraduate students.
Thus, Penn which is amongst the best undergraduate business schools in the world has produced 25 Nobel Laureates including physicist Raymond Davis Jr and economist Lawrence Klein. It has also produced several heads of state.
Furthermore, the acceptance rate in this undergraduate business school in the world is 9% while the graduation rate is 96%. The student-faculty ratio is 6:1. Also, the tuition fee is $55,584.
Accreditation: Middle States Commission on Higher Education
Address: Philadelphia, PA 19104, United States
#10. Havard University
Havard University is a large private Ivy League research university in Cambridge, Massachusetts. Nonetheless, it has an enrollment of 7,147 undergraduate students.
On the other hand, Havard University has produced eight US presidents, several foreign heads of state, 62 living billionaires, 359 Rhodes Scholars, and 242 Marshall Scholars. In fact, some of the alumni of this institution are winners of Pulitzer Prizes, Nobel Prizes, and Academy Awards.
Actually, the acceptance rate of Havard University is 5% and the graduation rate is 96%. Similarly, the student-faculty ratio is 7:1. with a tuition fee of $47,074.
Accreditation: New England Commission of Higher Education (NECHE)
Address: Massachusetts Hall Cambridge, MA 02138