[⑤ Business] KD Career Research Project 2023

0
380

By: Juno Hwang (11, Downtown Business Magnet HS), Sarah Choi (12, South HS), Junny Jung (12, Grover Cleveland Charter HS), Jasmin Kwon (12, Portola HS), Hannah Kim (12, Sunset HS), Eddy Ju (11, LACES HS), Nayoung Kim (12, Beverly Hills HS), Alex Byun (11, Servite HS)

▶Team Leader : Serene Hwang (University of Pennsylvania Wharton)

Produced by Korea Daily (중앙일보) and the JoongAng Student Reporter (JSR) program, the Career Research Project is a summer project designed to provide students with the experience of collaboration across independent arrangements and interested parties with condensed information in an accessible format. In addition, participants can discover unexplored paths to viable careers in an organized fashion and under the guidance of a leader studying or working in their chosen field of study. Each article details the culmination of the students’ investigation about an overarching field of study, illuminating details about their major, highly appraised colleges for their field of study, future and alternative paths towards potential careers, and other interesting facts from their researching journey. [Editor Evelyn Chough]


.

[Inside Wharton’s Huntsman building]

Introduction

Our high school business group researched and put together a general rankings list for business schools in America, along with majors and various careers in this field. It is important to note that the rankings for schools are subjective and merely a reflection of what we compiled from various sites. At the end, there is also a personal reflection from one of the students and a glossary for basic business terminology. We hope that this will be useful information for anyone interested in pursuing an education or a career in business.

Colleges

General Ranking for Undergraduate

  1. Wharton School of Business – University of Pennsylvania
    a. Accounting, business analytics, e-commerce, economics, entrepreneurship, ethics,
    finance, general management, health care administration, human resources management,
    insurance, international business, marketing, production/operations management, public
    policy, real estate, etc
    b. 87% of graduates are employed
    c. US’s first business school
    d. Largest alumni network in the country
    e. Nearly 25 research centers
    f. Campuses in Philadelphia and San Francisco
    g. 90,000 alumni worldwide
  2. Sloan School of Management – MIT
    a. Management information systems, production/operations management, organizational behavior, supply chain management/logistics, quantitative analysis/statistics and operations research, tax, etc
    b. 83% of graduates are employed
    c. Has foreign connections to companies in China and India
    d. Opportunities for students to travel abroad
    e. Global focus
    f. Has business clubs in nations around the world
  3. Marshall School of Business – USC
    a. Business Administration, accounting
  4. Ross School of Business – University of Michigan
    a. Business Administration, organizational Behavior Studies
  5. Haas School of Business – UC Berkeley
    a. Business Administration
    b. Management, Entrepreneurship, & Technology Program, Global Management Program, Robinson Life Sciences, Business, and Entrepreneurship Program
  6. Tepper School of Business – Carnegie Mellon University
    a. Business Administration
  7. Stern School of Business – NYU
    a. Business, business and political, economy, business, technology and entrepreneurship
  8. McCombs School of Business – University of Texas at Austin
    a. Business Administration
  9. SC Johnson College of Business – Cornell University
    a. Applied economics and management, hotel administration
    .

General Ranking for Graduate

  1. Booth – University of Chicago
    ● Accounting, business analytics, consulting, e-commerce, economics, entrepreneurship, ethics, finance, general management, human resources management, industrial management, international business, leadership, manufacturing and technology management, etc.
    ● 90% of graduates are employed
  2. Kellogg – Northwestern
    ● Accounting, economics, entrepreneurship, finance, general management, health care administration, leadership, marketing, not-for-profit management, production/operations management, organizational behavior, portfolio management, etc
    ● 87% of graduates are employed
    ● Over 12 research centers available for students
    ● Regular guest speakers
  3. Harvard Business School – Harvard
    ● Not-for-profit management, production/operations management, organizational behavior, portfolio management, public administration, Public policy, real estate, sports business, etc
    ● 79% of graduates are employed
    ● Uses “Case” method (challenges students to think in the role of the case protagonist when analyzing and discussing real-life business cases)
    ● Can enroll in joint degree programs in Law, Medicine, or Government
  4. Tuck – Dartmouth College
    ● Accounting, consulting, e-commerce, economics, entrepreneurship, ethics, finance, general management, health care administration, human resources management, industrial management, international business, leadership, manufacturing and technology management, marketing, not-for-profit management, production/operations management, project management, organizational behavior, portfolio management, public policy, real estate, supply chain management/logistics, quantitative analysis/statistics and operations research, tax, and technology.
    ● 91.4 percent of graduates of the full-time program are employed
    ● Students can earn a concurrent degree at Dartmouth, adding a medical degree through Dartmouth’s Medical School or a master’s of public health at the school’s Institute for Health Policy and Clinical Practice. Students can also complete a dual degree at another institution.

Majors/concentrations

  1. Finance
    a. asset management, investments, and the way businesses interact with and operate within financial markets
  2. Accounting
    a. learn how to guide a business’s financial decisions
    b. anticipate coursework that involves preparing financial documents, assessing cash flow, and strategizing spending plans
  3. Business Administration and Management
    a. examine businesses from the perspective of a general manager
    b. fundamentals of business, how businesses operate, how to analyze a business’s strengths and weaknesses, how to create organizational strategies and how companies plan and implement industry changes
  4. Logistics and Supply Chain Management
    a. the operations behind moving goods from one place to another
    b. emphasize the role of data analytics and modeling for decision-making
  5. Management Information Systems
    a. data mechanisms that business leaders use for decision-making
    b. use information technologies such as data science and business analytics to guide and enhance strategy
  6. Marketing
    a. marries business goals with consumer needs
    b. analyze and interpret consumer behavior and leverage communication skills in order to maximize profits
  7. International Business
    a. learn about emerging financial markets, global banking, cultural behaviors, international business management and international monetary policy

Careers

Accounting

  • Involves the recording and management of financial records
    • Associate’s degree
      ○ Bookkeeper
      ■ Helps organizations manage accounts and record financial transactions
      ○ Bill and Account Collector
      ■ Recover payments on overdue bills
      ○ Financial Clerk
      ■ Perform administrative tasks
    • Bachelor’s degree
      ○ Accountant
      ■ Prepare financial records, ensuring accuracy and compliance with the U.S. tax laws
      ○ Budget Analyst
      ■ Advise organizations on their finances
      ○ Cost Estimator
      ■ Collect and analyze data to produce an estimate of the time, money, and materials required to complete a project
      ○ Tax Examiner
      ■ Review tax returns, identify taxes owed, and conduct audits
      ○ Auditor
      ■ Examine tax records to ensure compliance and regulations with laws
    • Master’s degree
      ○ Certified Public Accountant
      ■ Manage accounting, tax reporting and auditing for individual clients, corporations, and government agencies
      ○ Financial Manager
      ■ Oversee the financial health of an organization
      ○ Personal Financial Advisor
      ■ Help individual clients make decisions related to investments, insurance, and tax laws
      ○ Accounting Manager
      ■ Create and implement systems for collecting, verifying, and reporting an organization’s financial information
      ○ Finance Director
      ■ Oversee finance teams
    • Doctorate degree
      ○ Accounting Professor
      ■ Work at colleges and universities, teaching accountant courses in their specialty
      ○ Chief Financial Officer
      ■ Oversee the financial operations of a business
      ○ Chief Executive Officer
      ■ Highest manager of a organization

Business Administration

  • Relates to the management of all business operations, including resources and people
    • Bachelor’s degree
      ○ Accountant and Auditor
      ■ Prepare and examine financial documents, document financial transactions, recommend financial actions after analyzing accounting options, review organizations’ financial records to ensure validity and accuracy
      ○ Budget Analyst
      ■ Help public and private institutions develop budgets after assessing a project or program’s needs, costs, and risks
      ○ Cost Estimator
      ■ Analyze data to determine the overall cost of a project, accounting for materials’ labor and time
      ○ Human Resource Specialist
      ■ Develop policy and direct/coordinate organizations’ administrative functions and HR activities
      ○ Logistician
      ■ Oversee the activities of the supply chain, including purchasing, transportation, inventory, and warehousing
    • Master’s degree
      ○ Information Technology Manager
      ■ Oversee the computer-related activities of an organization, including the planning, coordination, and direction of IT goals and systems
      ○ Financial Manager
      ■ Monitor the financial health of an organization
      ○ Industrial Production Manager
      ■ Oversee the daily production of goods at manufacturing plants and related sites
      ○ Management Analyst
      ■ Helps companies find ways to improve their efficiency of operations to drive down costs and increase revenues
      ○ Top Executive
      ■ Make company-wide decisions
    • Doctorate Degree
      ○ Postsecondary Teacher
      ■ Prepare course materials and teach at universities and colleges
      ○ Economist
      ■ Study how societies distribute resources

Business Intelligence

  • Uses data to generate actionable information for executives and decision makers
    • Bachelor’s degree
      ○ Management Analyst
      ■ Works with managers and look for ways to improve efficiency and effectiveness through leadership
      ○ Budget Analyst
      ■ Help organizations improve their financial situations
      ○ Financial Analyst
      ■ Work with public and private businesses and individuals to help them make sound financial investments
      ○ Market Research Analyst
      ■ Help companies understand current and future market trends and how these might affect the sale of a product or service
      ○ Operations Research Analyst
      ■ Work in industries such as business, healthcare, and logistics to help organizations create more streamlined operations and procedures.
    • Master’s degree
      ○ Economist
      ■ Examine how goods, resources, and services are produced, distributed, and consumed among specific audiences
      ○ Statistician
      ■ Use knowledge of data analysis and statistical modeling to understand and solve problems in business, healthcare, and other industries
      ○ Survey Researcher
      ■ Design surveys to collect information about particular topics
      ○ Financial Manager
      ■ Ensure a company’s overall financial health
      ○ Political Scientist
      ■ Use their business intelligence skills to better understand how political systems interact with free economies
    • Doctorate degree
      ○ Business Professor
      ■ Work within colleges and universities to educate the next generation of business intelligence leaders
      ○ Researcher
      ■ Study historic and current data
      ○ Top Executive
      ■ AKA C-level employees, they lead organizations Business Intelligence

Business Management

  • Requires planning, organization, and the direction of business operations and employees
    • Associate degree
      ○ Administrative Assistant
      ■ Perform administrative and clerical tasks
      ○ Office Manager
      ■ Maintain records, manage office facilities, and coordinate operations between departments
      ○ Food Service Manager
      ■ Supervise employees, manage budgets, order supplies and ingredients, and ensure that the establishment complies with regulations
    • Bachelor’s degree
      ○ Advertising, Promotions, and Marketing Manager
      ■ Work in advertising agencies, public relations firms, and corporate marketing departments
      ○ Management Consultant
      ■ Advise organizations on ways to increase efficiency, productivity, and profitability
      ○ Financial Analyst
      ■ Help individuals and organizations decide how to invest assets
      ○ Sales Manager
      ■ Supervise sales teams, train new salespeople, and determine sales goals
      ○ Accountant
      ■ Prepare and analyze financial documents for individuals, government agencies, and corporations
    • Master’s degree
      ○ Training and Development Manager
      ■ Design, plan, and oversee programs that help employees develop professional skills
      ○ Top Executive
      ■ Daily duties include meeting with important clients, analyzing financial statements, and consulting with other senior managers
      ○ Public Relations and Fundraising Manager
      ■ Work for PR firms and departments, where they maintain and improve an organization’s reputation and image
      ○ Human Resources Manager
      ■ Oversee HR departments that recruit, interview, hire, and train new employees
    • Doctorate degree
      ○ Postsecondary Business Teacher
      ■ Often teach business administration or management classes, design lessons plans, deliver lectures, and attend conferences
      ○ Economist
      ■ Research economic problems, gather data, and analyze information
      ○ Postsecondary Education Administrator
      ■ Academic deans, provosts, and department chairs coordinate faculty research, manage budgets, and participate in hiring decisions

Economists

  • Leverages theory and quantitative methods to analyze and guide decision-making
    • Associate degree
      ○ Bookkeeper
      ■ Track financial transactions for an organization, ensuring paper documentation of income and expenses
      ○ Accounting Clerk
      ■ Track financial statements for a business or organization, including payable and accounts receivable ledgers
      ○ Administrative Assistant
      ■ Tasks vary by assignments, but may include customer correspondence, calendar management, and monthly expenditure tracking
      ○ Brokerage Clerk
      ■ Write orders for stock purchases and sales and confirm that those transactions take place
      ○ Insurance Sales Agent
      ■ Communicate with clients about insurance products, helping them make complex coverage decisions
    • Bachelor’s degree
      ○ Accountant
      ■ Process financial data for individual clients and companies
      ○ Actuary
      ■ Help insurance companies evaluate risk
      ○ Financial analyst
      ■ Help companies understand their resources and make decisions about future investments
      ○ Compensations and Benefits Manager
      ■ Make sure that companies remain competitive in the labor market by offering pay and employee benefits that meet or exceed industry expectations
      ○ Market Research Analyst
      ■ Help companies design marketing messages that resonate with their target market
    • Master’s degree
      ○ Policy Analyst
      ■ Evaluate how policies and regulations impact a region or nation
      ○ Statistician
      ■ Seek out the most reliable data to produce actionable advice for their employers
      ○ Data analyst
      ■ Evaluate large data sets to answer specific questions
      ○ Economist
      ■ Work in a variety of industries, including business and government
    • Doctoral degree
      ○ Postsecondary Professor
      ■ Often teach business administration or management classes, design lessons plans, deliver lectures, and attend conferences
      ○ Senior Economist
      ■ Make policy recommendations or develop plans of action for future risk scenarios
      ○ Postsecondary Education Administrator
      ■ Academic deans, provosts, and department chairs coordinate faculty research, manage budgets, and participate in hiring decisions

Student Reflection

Business is a multifaceted field that involves the creation, management, and exchange of goods and services to satisfy the needs and wants of consumers. It revolves around the concept of generating profits by efficiently utilizing resources, understanding market dynamics, and providing value to customers. The primary goal of any business is to generate revenue and, ultimately, make a profit, which aligns well with my interests in money and understanding how it is circulated.

As someone who is particularly interested in business, I have been drawn to the economic aspect of it – the art of making money and learning about the mechanisms that drive economic activity. It’s not just about acquiring wealth, but also understanding how businesses and economies function, the impact of various factors on financial decisions, and how businesses navigate the complexities of the market to stay competitive.

My curiosity extends to various aspects of the business world, such as marketing, which plays a crucial role in attracting customers and promoting products or services. Understanding marketing strategies and consumer behavior allows businesses to effectively reach their target audience and achieve their revenue goals.

Additionally, I am interested in stocks, which are financial instruments representing ownership in companies. The stock market provides a platform for individuals and businesses to invest in and trade shares of publicly traded companies, presenting opportunities for financial growth and wealth creation.

As part of my business group, my peers and I have engaged in various activities to broaden our  knowledge and expertise. These activities have included listening to presentations about diverse topics relevant to the business world, such as economics, marketing, stocks, and game theory, which provide the foundation for understanding the overall functioning of markets, industries, and economies. From these presentations, I have been able to delve deeper into the world of business and have been able to realize that business is more than just about money.

Overall, my interest in business is fueled by my fascination with economics, the mechanics of making revenue, and the intricate ways currency flows within the economy. By exploring various aspects of business, from economics to stocks and game theory, I was able to gain a holistic understanding of the dynamic world of commerce, which can pave the way for exciting opportunities and achievements in my future endeavors.

Eddy Ju

Business Terminology

B2B“Business 2 Business”- Businesses that sell goods/services to other business (eg. wholesale, car parts manufacturing)
B2C“Business 2 Consumer”- Businesses that sell goods/services directly to the consumer (eg. clothing stores, restaurants)
FinanceThe management and creation of money and assets
AccountingThe keeping track of all financial transactions within a business or corporation
MarketingThe promotion of a good/service (ranges from active advertising to pricing decisions)
StockThe fractional ownership of equity in a company or organization
“Buy side”The purchasing side of investments (eg. private equity, venture capital)
“Sell side”The creation and promotion of stocks, bonds, and other financial instruments (eg. investment banking)
IPO“Initial Public Offering’- When a company goes public and their stock is available to be purchased
M&A“Mergers and Acquisitions”- When a larger company takes ownership of a smaller one (eg. Naver buying Poshmark)
R&D“Research and Development”- Product/service development within a company
CapitalMoney, machinery, buildings, intellectual property, etc. that create value for a company
EquityAssets minus liabilities (eg. if you own a $200,000 house but have $50,000 in mortgage, your equity is $150,000)
EntrepreneurshipThe creation of new businesses/startups