Accounting

I saved accounting for last because it's the most suited to my experience and it is the most stable business degree in these uncertain times. In high school I was part of the International Business Academy, which required students to take a sampling of introductory business classes. I really enjoyed accounting and even competed on the UIL accounting team. After reading about how McCombs has the #1 accounting program in the country, I began to seriously consider majoring in accounting.

Something McCombs students must realize is that you can either major in accounting (4 years) or complete the MPA program (5 years). Accounting majors (4 years) are sought after as much as any other major at McCombs according to reserach on the on campus recruiting webiste. However, if you are a contender in the MPA program, you are a high priority for recruiters. The MPA program allows students to graduate in 5 years with a masters in accounting and enough hours to sit for the CPA (certified public accountant) exam. Students apply for the program after their second year. The program then lasts for three years and includes an internship (which usually leaders to a job offer). The demand for MPA students was obvious when I scrolled through the 135 position offerings on the OCR website, which is about three times as many offers as other majors receive. Many of my upperclassmen friends in the MPA program are wined and dined on a weekly basis by employers looking to offer them a job.

I got really hyped up about the points in favor of accounting, but then I had to ask myself this question: why is there such a high demand for accountants? I think the answer is sad but true. Accounting is not "sexy". I remember playing the game "Old Maid" where there were pictures of different professions on each card. The second worst profession next to the old maid was the accountant with his little calculator and glasses. Like I said, not "sexy". Accountants are stereotyped as lonely people who sit in the corner and look at financial documents. This put a damper on my "hoorah for accounting" parade.

Since accounting has so many practical benefits, I'm trying to convince myself that accounting could be "sexy." I'm thinking I'll get my MPA, work for one of the big 4 accounting firms as a tax accountant, and then fight white collar crime in the FBI or CIA. I will spend the rest of my life traveling the globe and catching crooks with my intense McCombs accounting skills. That could be "sexy" right? It sounds like a plan to me.

Management Information Systems

As freshman at McCombs, MIS is the first concentration we've been familiarized with in a classroom setting. For many BHP students, MIS is now in the forefront of our minds when thinking of future careers because of Professor Konana's interesting classroom discussions. I was lucky enough to interview Andrew Houshian, a McCombs MIS graduate about his major. Here's what he had to say.

Why did you choose MIS?
I choose to major in MIS for a few reasons. First off, when I was a freshman, I had a friend who was a senior that majored in MIS. After he sparked my interest in the major, I did some research on it and found it had some great benefits. For instance, when looking for a job, each student with an MIS degree normally has 3-4 offers to decide from. In addition, you can work in several different fields ranging from consulting to computer programming. I always had an interest in technology and with an MIS major, I got to learn a variety of emerging technologies.

How difficult is it to secure an internship and/or job with an MIS degree and why?
As I mentioned in my previous answer, a degree in MIS allows you work in a variety of fields which makes finding a job a little easier. In addition, when I recruited for a job, I was able to select from four offers which gave me flexibility. Because MIS majors are a hybrid between businessmen and computer programmers, it provides an option in the type of work they do.

Are there certain traits that are essential for people pursuing a career in MIS?
There are definitely a few traits that help. I think one of the most important is to have a passion for technology. Throughout my career as an MIS major, one consistent I've found is the learning and exposure received in a variety of technologies. In college, I learned about Visual Basic, SQL, RFIDs, etc. Now with my job, I'm learning SAP, CAATs, and and Active Directory, so I'd definitely say the person must like learning new things constantly. Another key trait includes paying attention to details because with technology, the smallest detail can make an impact on its process.

Does your job get redundant or is it changing all the time (is it challenging to keep up with)?
The current work I do involves IT auditing, so at times the work can be a little redundant. However, there is constant exposure to different IT systems and processes, so it's never quite the same. I have had the opportunity to work with several big companies including ConocoPhillips and American Airlines which has allowed me to see the processes/skill sets behind successful companies. Even better is I get the opportunity to interact with key executives within these companies, so I get great exposure.

Andrew also wanted to add that that MIS isn't just for computer programmers with no social life, which is a common misconception. It is definitely a mix between technology and business, so there is a lot of interaction.

I also had the chance to ask Professor Konana a few questions about MIS.

How stable is the job market?
IT budgets are often tied to the economy. During boom time firms spend more on new applications, and cut-down capital expenditures when economy takes a downturn. This contradicts basic premise that firms should look for productivity enhancing investments during downturn. But, the reality is when economy is bad firms they try to cut down new expenditures to preserve cash.

What is the stress/income ratio?
Depends on the role within a firm! If you are a business analyst for a consulting firm, you are fine. But, you may be traveling most of the week days. It is also high-paying. Most MIS grads starting salary are in high 50s and early 60s. If you are in support-type of work it is 24-hour work to deal with emergencies (assume if your system is down and your firms is a global firm. Or, you work for financial services firms and your system is down - heads will roll). So, it depends on the type of work.

Are there opportunities for collaboration or is it mostly independent work?
This is mostly collaborative work. You need to interface with various business functions and IT folks. There is nothing independent. If you are in a global company often it is collaboration with different countries/cultures.

I hope Andrew Houshian and Professor Konana's responses to my questions are helpful in creating a better idea of MIS. Personally, MIS is one of my top considerations as a major because MIS students are in high demand and the work is interesting. Please feel free to comment.

Management

Management is a major that I've always only had a vague idea about. It seemed to me that if you had a job somewhere, you could move up in ranking until you've proven yourself worthy to be a manager. You shouldn't be hired as a manager within a company until you have taken the proper steps to deserve that position, right? Well after doing some research my suspicions were confirmed. When interviewing for internships at Buckle and Target I found out that through their programs they hire interns who are later hired as assistant managers and through experience are promoted to manager and then regional manager and so forth. As Professor Dunn mentioned, it often takes years of rotations to earn an upper management position.

I personally wouldn't want to take that route if I majored in management. I feel that any excellent minimum wage employee at these stores would have the same opportunity for upperward mobility as a McCombs graduate with a management degree. For this reason, I recommend going the consulting route with this degree. I think it would be much more interesting to go to a company and observe their organization to make suggestions for improvement.

How do you know if you are the right person for a management degree? If you are analytical, persuasive and attentive, you would probably be good at it! However, I feel that if you had any other major with these innate skills, you are likely to become a natural leader and be promoted to a management position in whatever job you have.

International Business

Personally, I know International Business is not the major for me. I don't plan on living abroad for extended periods of time and I'm not one who is quick to pick up on foreign languages. My experience with foreign languages stopped with Spanish III sophomore year of high school and I haven't looked back. However, for those who are interested in experiencing different cultures or perhaps have a tie to a certain culture, it would be advantageous to utilize your knowledge of foreign languages or cultural understanding to benefit a company expanding globally, which seems to be the trend.

According to the McCombs advising website, International Business requires you to select one foreign region to study in depth. Through the program you will learn the international dimensions of businesses, learn the language of the region, and study abroad in that region. Many students who are pursuing graduate studies in law, public policy, or international relations select International Business as their major at McCombs. If you would rather get started working right away, you will probably initially work for a company domestically. After a few years of experience you'll be able to work abroad.

Here are a few tips to keep you ahead of the game. If you know what region you want to work in, try to pick up as many regional languages as you can. For example, if you want to work in Latin America try to learn Spanish as well as some Portuguese to differentiate yourself. Also look into finding an international internship through AIESEC (http://aiesecaustin.org/). With experience studying and working abroad you will have an advatage over other IB graduates.

If you know more about International Business at McCombs, leave a comment!

Finance

It’s ironic. A few years ago when I was still in high school my grandparents told me about how people who work on Wall Street receive huge bonuses every year. They suggested I go into finance even though it might be kinda shady. It sounded like a great idea to me. Rock wall street, bank big time, investing on Wall Street is the way to go. After the financial crisis hit, I was instantly relieved that I didn't enter college 4 years ago now looking for a job as a wealth investor. I feel horrible for the students who worked hard for 4 years, put time and effort into internships, and had secured a job only to find out their job offer has been rescinded by a failing company.

Despite the negative shadow that has been cast over finance, there is still hope for finance majors. There are the same amount of companies and positions available on the McCombs OCR database as there is for most other majors. Non-banking and investing companies still need inside people to manage their finances. However, keep in mind that unemployed people with excellent finance backrounds will most likely flood whatever job markets remain in the finance world.

For young McCombs students, I would sugget not soley majoring in finance. If you have a passion for investments and wealth managment, by all means, major in finance. However, it would be advantageous to double major to differentiate your skills sets. Perhaps when you graduate in 2012 your options will be limited in the world of finance but you will still be able to secure a job by utilizing skills learned within another major. Later on in your career you can go back on your finance knowledge and pursue what you really love.

As a side note:
Due to the recent outrage of the public, future financial leaders will be held to a much higher level of accountablility to prevent future crises. If you're a McCombs student wanting to go into finance, you must be a leader in this industry's transformation.

Business Honors

I know many of you who are keeping up with my blog are already in the Business Honors Program and plan on declaring business honors as one of your majors. However, not everyone knows about business honors. If you are a McCombs students who is interested in tranfering into BHP as a sophomore, this entry is to provide you with a little more information. To be admitted into BHP, you must meet several demanding academic requirements and you must be able to demonstrate leadership abilities among other things. Please see http://www.mccombs.utexas.edu/programs/bhp/admissions/sophadmissions.asp for more specific details.

Business Honors is a major that many employers are unfamiliar with because not all business programs offer something like it. However, employers that recruit at McCombs are well aware that Business Honors students are high level thinkers who show great leadership potential. That being said, there is no specific career route a Business Honors student takes after he/she graduates. Since BHP covers a broad range of business subjects, many students choose to double major in something else more specific in business or outside the business school (ex. Plan II). No matter what BHP students plan to double major in, they tend to end up with starting salaries about $5,000 higher than the average (McCombs Career Center 2006-07). Some examples of BHP future careers given by the MCC include consulting and analysis jobs that spread over several industries.

My advice: if you're not in BHP already, apply. If you're already in BHP, keep your GPA up so you can stay in the program and hopefully get a higher starting pay when you graduate. Also, double major in something else to differentiate yourself. Since many of you BHP students came to McCombs with college credit under your belt, you definitely have room to expand your academic horizons! The possibilities are endless for those in BHP, especially when you network with alumni.

Marketing

I'm really excited about discussing marketing as a major because I have great feedback from Casi Adams, a 4th year McCombs student who is graduating with a marketing degree this year. I asked her a few questions I had about marketing and here's what she had to say:

Why did you choose to major in marketing?

I choose to major in marketing for several reasons. First, marketing is a very flexible major because there are many options for career paths in all different industries. Second, marketing encompasses all aspects of business. In order to market to consumers you must understand the the business inside and out - from the product specifications to the financial implications. Finally, I feel that marketing is the major that allows for the most creativity. I am not an extremely artistic person, but I do enjoy using my creative skills AND my analytical skills simultaneously.

As a student with a marketing major, how difficult is it to find an internship/ job for when you graduate (is it competitive, how manyopportunities are there, etc.)?

In the past, there have been many opportunities available for marketing including consulting, marketing, global marketing, and sales. The internships/jobs are all just as competitive as those for other majors. Larger companies that take a few interns each summer (General Mills, for example) have extremely competitive internships. However, due to the current economic downturn, I have seen a dramatic decrease in the number of opportunities available. Many companies are experiencing 0% turnover because employees are staying in their current positions, giving less room for new hires - especially in the marketing department. Hopefully, this situation will improve and more opportunities will become available.

Is there much room for creativity?

Yes! In several marketing classes at UT, you are required to develop an entire marketing plan including advertisements, presentations, and written proposals. While this task may be daunting, it is your chance to use your creativity before entering the real world. In my internship experience, I was able to use my creativity to create presentations used to sell new General Mills products.

Would you say there's more team work or individual work with marketing?

I would say that it is ALL about team work. A job in marketing will require you to work on a team composed of others in the marketing department or on a cross-functional team. It is beneficial to take advantage of team work while at McCombs to learn more about working with others.

Does the industry seem to be changing rapidly or is it pretty consistent?

Marketing is an industry that is consistently changing with consumer trends, technology, and the economy. At times this change may be more rapid than others - but it is never standing still.

I hope Casi's student perspective has given you all a better sense of what marketing is all about. If you're curious as to the average salary for marketing graduates, it's approximately $41,000 a year according to the McCombs Career Center. To me it seems like marketing is a little difficult to get into. However, if you are creative and have stellar communication skills, there's definitely a place for you in the marketing world! (you just might have to fight for it)

Engineering Route to Business

The Engineering Route to Business is a special track that combines science/math with business in a unique way. When I heard about this major I initially shot it down. First of all, it has the word "engineering" in it. Seeing as I've barely scraped by in every science class I've ever taken, I knew it wasn't for me. Secondly, I hadn't heard of it before and wasn't sure what it entiled. Lastly, I wondered if it wouldn't be more advantageous to double major in engineering and business. However, after researching ERB further I've realized that there are real benefits that come with this degree, especially if you actually know what you're doing in the science/math world.

As mentioned before, in order for you to enjoy the ERB, it's essential that you feel comfortable with learning technical material. You must be computer literate and able to solve problems. Combining these skills with business knowledge would make you a valuable asset especially in technology, engineering, and science fields. In order to make smart decisions as a business executive in these fields, you have to know the technical side of what the company does from the ground up. As an intern with an engineering company last summer, I realized that there is much disparity in communication between the engineers and the business units. By hiring someone with an ERB degree, that gap can be bridged.

That being said, there is a large job market for those with ERB degrees. According to the McCombs Career Center, only 28 out of 4380 McCombs students majored in ERB in 2008. Currently in the OCR there are 43 positions from 35 different companies who are looking specifically for ERB students. In this slow economy, it's amazing to have a degree where more jobs are available than there are people to fill them. According to the McCombs Career Center graduates with this major made approximately $50,000 as a starting salary (2006-07). I thought companies would be more interested in someone who actually had an engineering degree AND a business degree, but the statistics show that they are definitely interested in ERB students!

I hope this sheds a little more light on ERB. If some of you all plan on pursuing ERB tell me what you think. I still don't know everything about it and I'd like to know more.

Supply Chain Management

It's taken me a while to figure out which McCombs major I wanted to begin with. After reading "Deep Change" in the Harvard Business Review for Professor Konana's MIS class, I was inspired to address supply chain management. The article talks about how supply chain management is an aspect of business that is largely put on the back burner because it's simply not as "sexy" as mergers and marketing, etc. However, it is highly advantageous for executives to pay special attention to supply chain management in order to eliminate inefficiencies and increase profits.

The lack of attention to SCM is further highlighted by the amount of people at McCombs who are majoring in it. According to the McCombs website, only 54 out of 4380 students majored in SCM in 2008, which is 1.2% of all students. Since students with a degree in SCM are highly sought after by employers, as seen on the on campus recruiting site, there are many career opportunities per SCM major. Since SCM is a relatively new major, the McCombs Career Center has no statistics on starting salaries. However, I'm sure they would be around $50,000 as compared with other majors.

In order to be successful with supply chain managment, it's important to have communication, leadership, and analytical skills. Since productive SCM often requires completely innovating and transforming a company's way of operating, it is essential to be able to convince others that your new ideas will work. You will also have to explain how supply chain changes coorelate to increased profitability since executives tend to be sticklers when it comes to change, according to the "Deep Change" article. If you think SCM is the major for you, be prepared to learn new things everyday and move quickly to keep ahead of the game. It's untreaded territory but I think if you give it a shot, you'll reap the rewards.

Major Problem? Picking a major.

As a first year business student, I'm struggling with choosing a major. Many of my peers know what they want to do after college, but I have no idea. For those of you who are also questioning your direction, this blog is for you!

The purpose of this blog is to discuss the pros and cons of each business major at the McCombs School of Business. I plan to interview professors, students, and professionals as well as read articles to gain better insight. Like many of you, I want to know the implications of each major.

Here are some questions I want answered about careers for each major:

How much is the salary?

Will it be boring?

How stable is the job market?

Is there any room for creativity?

Are there opportunities for travel?

How much stress is involved?

Please note that this blog isn't going to be like the BA 101 review of business majors (for those McCombs students). I want real answers to real questions from real people. Please feel free to post questions you want answered about these majors. Also, if you have any opinions about certain majors, post them. Hopefully through this forum we can help each other decide what major (and following career) is best!

-Amanda Snyder