A business degree from an accredited university or college typically takes four years of attendance. Schools may set a time limit for completion of the degree at up to eight years.
The cost of a business degree depends on the type of school and the amount of coursework required. Private schools typically charge more than public institutions. Online education reduces the costs of living on campus or in an expensive location. For-profit schools may charge less than the other types. Many public institutions have a two-tiered system of fees with lower fees for in-state students and higher fees for out-of-state students. National averages shed some light on costs and help students understand the costs charged by institutions they might select.
According to the US Department of Education, the average, annual out-of-state cost for a bachelor program in Business Administration, Management, and Operations is $33,045 with an estimated average, total cost for a four-year degree of $132,180
Below are The National Center for Education Statistics reports for average annual undergraduate cost estimates, in current dollars, for the 2019–20 academic year. The NCES surveyed the average annual costs for undergraduate tuition, fees, room, and board for public and private institutions.
The business curriculum builds a base of knowledge in business functions and organizational processes. Course subjects will include Organizations and Organizational Leadership, Strategic Planning, Human Resources, Diversity and Inclusion, and Business Ethics. Students can specialize in business subject areas including accounting, finance, marketing, international business, information technology, healthcare management, and entrepreneurship.
It is important to align your career goals with the school and program that you select. If you wish to enter a field like finance or banking, then you should select a school that offers coursework in finance, international finance, and securities. Further, you can look for schools that provide hands-on experiences like internships and projects with real-world businesses.
About 41% of college students complete their four-year degree on time. The National Student Clearinghouse Research Center study if the question suggests that money is a large factor in the rate of non-achievement. In-state public college tuition rates have traditionally been the lower range for leading schools. Today, the annual in-state tuition average is over $9,000 per year. Private schools average more than $30,000 per year. Many students run out of money and take reduced course loads to accommodate increased work and other money-making activities. Low per-semester credit-hour rates means more time required to complete the degree. Reducing the per semester course load from 15 to 12 credit hours can add a year to the time needed to complete a degree.
Among the reasons cited for the low rate of four-year completion were student decisions in course selection. Many students choose interesting subjects and neglect to grab key courses when available. The failure to take a required course when offered can add a semester to the completion of a major or concentration.
The student experience is a vital piece of information. The graduation rate is often a predictor of the student experience. Factors that can influence late graduation include the availability of required coursework and dropouts for financial reasons. School surveys often have information similar to customer satisfaction information on other businesses. It may be useful to see responses from recent graduates about their experiences. The student survey observations will not predict your experience, but they can lead to productive questions about the school and the business degree program.
Accreditation is an important part of selecting a school for business education. Much depends on accreditation and the type of accreditation. There are two main types of accreditation; regional and national. Regional accreditation agencies work with research-based schools, private schools, public schools, and some for-profit schools. National accreditation works primarily with for-profit and career-related education.
Regional Accreditation
There are two types of regional accreditation; they are program accreditation and institutional accreditation. Institutional accreditation uses a group of states as the base to compare the school with other colleges and universities; the group of states comprises the region assigned by the Department of Education.
Programmatic Accreditation looks at specific programs or parts of a college or university. This type of accreditation has the same type of respect and acceptance as regional accreditation for institutions. Regional employers and other educational institutions regard regional accreditation as proof of high-quality education.
National Accreditation
National accreditation has a Faith-based branch and a career- related education branch. Faith-based institutions have a different set of standards that recognize the role of faith in instruction. The for-profit branch of national accreditation covers the special purpose and non-traditional schools such as vocational schools. The career-related education requires standards that place appropriate weight on general knowledge and education. Some regionally accredited schools do not accept credits from career-related schools.
Schools can provide valuable assistance for graduates that seek employment after graduation. The programs can be formal, such as job banks and employment centers that present graduating students and graduate credentials to prospective employers and host interviews.
Depending on the school, they may have resources that can enhance employment and career opportunities for their graduates. Most schools have an extended community of alumni, donors, and corporate and business support. Alumni groups offer opportunities for networking as well as for sharing information and experiences. The corporate and business community support may include opportunities for internships or other hands-on learning experiences.
The school’s accreditation status and academic rating information can affect the value of your degree. employers and the educational institutions must evaluate educational attainment when considering applicants for employment or further education. Nearly every use of the degree will call on the reputation of the institution for educational excellence. Students should look beyond the school publications and search for recent news and public information. It is a good practice to learn as much as possible about the past and current situation at the institution.
Selecting an accredited program to pursue a business degree is an important decision. The entire institution may have accreditation from the regional accreditation agency for the state. The US Department of Education and the Council on Higher Education oversee a national system for accreditation. These organizations authorize qualified agencies to conduct accreditation.
The national systems consist of regions of states and the US Territories. The regions are New England, the Middle States, the Northcentral, the Northwest, the South, and the Western region. These regional agencies perform institutional accreditations which assess the entire school, college, or university.
The leading agencies for program accreditation of business schools are the AACSB, the ACBSP, and the IACBE.
