Business degrees are one of the most popular degrees for both bachelor’s and master’s degree programs despite the fact that they require several types of math courses. Students may wonder why they need to take so many math classes to work in the field of business. Regardless of what type of business an individual may choose, the need for good skills is going to be present because numbers are an important part of any business. Here are a few types of math that are covered in a business degree.
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If teachers had a nickel for every time a student said they’d never use algebra in their life, these teachers could probably retire at a very young age! While it may not seem like algebra is used in our daily lives, it’s actually present in ways we don’t even realize. Algebra is a big part of a business management degree. The student may be required to have completed a high school algebra class and then have to complete a college algebra class as well. For college students, algebra is often taken during the freshmen year of the business degree. Depending on the student’s entrance exams, he or she may also have to complete an intermediate algebra class.
Calculus is an important class in a business management degree program. In a business or organization, calculus is the math that’s used to calculate the products used for the best production rate and also to help weed out business activities that are decreasing profits. Typically, business students are required to take a calculus introductory class. Students who can prove proficiency in basic calculus may be allowed to take an advanced calculus class. Some schools have a calculus specifically designed for business.
Economics is also an important part of a business degree curriculum. In addition to the regular math classes, economics is required because its main focus is number crunching, which is important for the success of a business. Depending on the business program, the student may be required to complete two economics classes: macroeconomics and microeconomics. The economics course involves a detailed statistical analysis of the company and the employees. Economics is also used to help businesses determine things like the effect the economy has on employment wages and rates.
Although many students believe that accounting courses are only required for an accounting degree, they’re also vital to a business degree. Business students are not required to take all of the various types of accounting courses, but they are typically required to complete managerial accounting and financial accounting. These two accounting classes focus on collecting and analyzing ledgers and accounting information used to help make business decisions. They’re also used to help calculate employee wages, schedules, and inventories.
Statistics are used in almost every area of our lives whether we realize it or not. In order to fully understand how a business works and how to analyze certain data and research, those involved must have a solid understanding of calculus. Businesses often do research to gather important information about products, customers, and employees and then turn this information into important statistics that will help them make business decisions.
Careers in business are very versatile. Whether an individual works in healthcare, human resources, education or some other business-related occupation, there’s going to be a need for math according to the U.S. Bureau of Labor Statistics (BLS). Data is involved in every business, and math and data go hand in the business work, which makes it necessary in a business degree.