Four Pillars of Business Administration

The history of the relationship between business and academia is interesting. Once upon a time, one either studied or worked. Universities and institutes of higher learning focused on the arts and humanities, and if one were interested in working and making money, one simply got a job and learned the ropes, maybe as an apprentice, or merely working one's way up the latter. An education in business meant experience, and most pioneers were self-taught.

Today, many schools have programs that range from pure economic theory to practical business administration. Economics still maintains the old-world goal of the pursuit of knowledge, analyzing the phenomenon that society is produced of individuals with unlimited needs and wants, but only limited resources to fulfill these. Business administration, on the other hand, equips students with both the theoretical and practical background to work in any number of industries in many different roles. Economic theory certainly offers the business administration student an edge. But what also helps guarantee a successful career in business is choosing and specializing in one of the key roles in the world of business while doing a business administration program. Here are four of these key roles:

Finance

Studying and working in the finance department means being part of the business administration team in the capacity of making things happen. This means, organizing and planning the means to conduct business, manufacture goods, provide services, or even make investments and take loans. Because of their influence on the whole of business, there is a focus on social responsibility and business ethics in finance.

Accounting

A great way to sum up the role of the accountant is to say that they are specialists in understanding the meaning and significance of pure data. Within a business administration program, these courses will focus on reading financial data, records, budget figures and inventories, and being able to calculate and translate that information for management or potentially, shareholders, or even government inspection agencies.

Marketing

The marketing department fits into business administration in less of a direct business capacity. This means they are focused on analyzing current business performances and climates and making projections and speculations based on their work. They are strategists above all else. They focus on greater market considerations, look at past performance patterns, and keep an eye on competitors.

Management

Management is an integral part of business administration because it must learn to work with all of the above departments and make decisions based on a synthesis of all of their individual work. Whereas marketing makes projections, finance makes plans, and accounting analyzes results, managers must make concrete decisions whether or not the above departments have reached a consensus. Managers are also responsible for managing employees, motivating them, training them, and occasionally making decisions to hire, fire, promote or demote people.