Business Law Majors: Career Options and Requirements
Business law majors can find employment in industries heavily regulated by the government, such as banking, not-for-profits, insurance, real estate and auditing. Other possible areas include health care, marketing, human resources and additional law-related industries. Business law majors are also well prepared for positions in risk management and corporate compliance. Their training in analysis and critical thinking advantageously positions business law majors for jobs requiring financial analysis. Some positions, such as Certified Public Accountants, require licensing.
Financial analysts provide perspectives on investment and financial concerns to businesses and individuals. Due to the expansion of financial markets in recent years and the expected continued growth in these markets in the near future, financial analysts who can effectively guide the financial future of individuals and businesses are in demand. Business law majors who focus on the business and accounting aspect of the degree program can thrive as financial analysts.
Financial analysts may see a 16% rise in employment opportunities over the 2012-2022 decade, according to the U.S. Bureau of Labor Statistics (BLS). The BLS reports the average salary in this field was $92,250 in May of 2014.
A career related to financial analysis, like risk analysis, can be a good fit for business law majors. Risk analysts, otherwise known as actuaries, quantify, interpret, and weigh the risks an entity takes in comparison to the potential financial gain that entity stands to experience by taking some action.
According to the BLS, actuaries enjoy an average salary of $110,090 as of May 2014. This occupation is projected to experience faster-than-average 26% growth between 2012 and 2022.
Also in the financial field, business law majors could succeed as Loan Officers. In a way, Loan Officers combine certain skills from financial and risk analysis in order to evaluate loan applications. A Loan Officer has to consider many factors pertaining to the risk that a lending company takes by granting a loan as well as evaluating whether or not the loan is a good risk for the company in the first place. Business law majors can succeed in this career path.
As of May 2014, loan officers received an average salary of $73,670, according to the BLS. While expected to be slower than the other two careers discussed in this article, at 8% between 2012 and 2022, loan officers can expect about average job growth.
Requirements for Business Law Majors
Students majoring in business law acquire a basic understanding of the legal system and how it impacts the successful operation of a business. They also learn ways to analytically approach business problems. Ultimately, business law majors develop the ability to make viable business decisions informed by their knowledge of the law. Some issues that such majors examine include governmental relationships and basic business structures. The curriculum incorporates other topics, such as international business, securities law and environmental law.
Certain bachelor’s degree programs focus on different aspects of business law. Some business law programs, such as a Bachelor’s of Business Administration in Legal Studies, are designed as a pre-law course of study, specializing exclusively in law. Courses offered in these programs could include marketing law, intellectual property law and commercial transactions. Graduates may work in consulting, public administration, risk management, business or law, among other industries.
Since the Uniform Certified Public Accountant (CPA) Examination covers issues in business law, some states require applicants to have taken a minimum number of business courses. Many colleges and universities offer bachelor’s degree programs that combine accounting and business law. The curriculums may incorporate business law into accounting classes or require students to take separate business law classes to fulfill degree requirements. A Bachelor of Science in Accounting with a minor in business law qualifies graduates to not only work in public accounting, but real estate, insurance and government organizations.