outlook for business careers is bright, The

Black Collegian, Oct 1994 by Ruben, Lucy J

The business of America is business," it is frequently said. Certainly, the various stock indices--aka "the Stock Report"--may be the most widely and regularly quoted statistics across the globe.

For college students taking stock of career opportunities in business, the news is good: Many observers expect the outlook for careers in business to be brighter and brighter for 1993-94 graduates as steadily higher economic growth continues for the foreseeable future.

Increased factory orders and retail sales, as well as an all time high in the economy-wide index of leading indicators, point to more serious recruiting than many campuses have seen in several years. Indeed, the latest report from the U.S. Department of Labor cited 257,000 new jobs created across the country last month.

"Things are looking up!" according to Dr. John E. Fluker. As dean of the School of Business and Management, Fluker is seeing an improvement in the placement rate of the University of Arkansas at Pine Bluff. "The economy is better and more students are finding jobs comparable to their training," he says.

SALARIES ARE TRENDING UPWARD

Dr. Thomas J. Haynes, Jr., director of Florida A&M University's (FAMU) Career Center, points to the nation-wide College Placement Council Survey showing salaries up over 2.9 percent in a single quarter. This jump implies a year-to-year increase of over 11.7 percent for college graduates entering business careers. According to Delores Dean, associate director of the Career Center, "In the business field, both undergraduates and graduates are being offered from $24,000 up to $55,000."

Over 55 percent of all job offers to recent college graduates are targeted to business administration majors. Corporations are particularly interested in students with strong backgrounds in computers and mathematics. Careers in business that combine these two fields are paying the highest salaries. For example, management information systems majors get job offers that generally range from $29,700 to $33,400. At current rates of increase, this range could possibly jump to $31,957 to $35,740 by the end of this recruitment season. Master's-level graduates who start careers in business with highly technical backgrounds can expect to earn over $60,500 per year.

At places like Merck, one of the world's largest pharmaceutical companies, a new hire with an undergraduate degree can enter as a programmer technician and receive as many as four promotions in four years to rise to senior systems analyst. Computer professionals at Merck develop sophisticated systems for chemical synthesis, automated processing, quality control inspections, and materials handling. Merck and other corporations employ computer engineers, systems analysts, and computer programmers. Many companies also hire mathematicians, statisticians, and other technical specialists. Graduates in these categories can pursue careers in business and automation systems development, telecommunications, and systems management. In addition, companies need people for office technology and advanced technology development.

The second highest salary offers are for graduates who have majored in accounting. This major is almost always one of the top hiring areas. The bottom line from mastering those debits and credits is likely to be a starting job offer over $30,000 per year. Top undergraduates frequently start at $32,500 or more.

While those who earn the Master of Business Administration (MBA) degree in accounting can start much higher, fewer firms are willing to pay that premium for a master's in accounting, according to a survey conducted by Northwestern University's Placement Center. The MBA graduate should already have a Certificate of Public Accounting (CPA) and several years of significant work experience to realize that big salary jump.

Most accounting students know that the large public accounting firms regularly hire new graduates for their audit, tax, and management services. However, accounting students should prepare for changes in the market such as the increase in the proportion of hiring by smaller, regionally based accounting firms. These firms typically hire just a few graduates at a time and seldom send recruiters to campus. To get into this market, accounting students need to aggressively search out these firms. A related new pattern in accounting is the emergence of niche markets such as accounting for estate planning. To stay abreast of developments in hiring trends in accounting, students should take advantage of free publications such as New Accountant and the annual Robert Half/Accountemps Salary Guide.

The lesser-known field of distribution management edged out finance for the number-three spot in high-paying business jobs during the most recent hiring season. Distribution management majors are trained in global logistics and other disciplines that focus upon getting goods and services efficiently and effectively from producers to consumers around the world. These job seekers are often handsomely rewarded. For those with a college degree, distribution management jobs offer average starting salaries of approximately $27,460.