Today, I'm going to talk about management studies, a major that is quite popular among students, but one that we advise caution about pursuing. Why?
Management studies, like accounting and finance, fall under the field of business studies. Many students believe that accounting and finance involve nothing but number-crunching all day. On the other hand, management studies sounds more prestigious, as it involves learning how to manage a team.
Yet, these perceptions are in fact misconceptions. In my opinion, undergraduates should think carefully before applying for this major. Let me explain why.
What is Management Studies?
Before the 19th century, no one had the concept of "management studies." Only governments, militaries, and churches needed to manage large groups of people.
It wasn't until the Industrial Revolution, with the emergence of large factories, that the concept of management was born. Factory owners hired a large number of workers and needed to establish various rules to regulate them in order to maximize the surplus value of labor. By the early 20th century, thanks to breakthroughs in the fields of psychology, sociology, and economics, management studies began to explore more humane management models based on the theories from these three disciplines. For example, instead of relying on punishments to discipline workers, the focus shifted to the efficiency and quality of product output. Moreover, instead of hiring larger numbers of employees, employers focussed on cultivating the professional competence of each worker.
Today, management studies encompass a broad range of content. Firstly, it covers foundational knowledge in several academic disciplines, such as economics, statistics, accounting, finance, and marketing, though not in great depth. Secondly, the scope of management has expanded. In addition to employee training and development, it now includes maintaining relationships with clients, partners, and suppliers, as well as devising strategies. Furthermore, communication efficiency has improved due to technology, leading to flatter, less hierarchical management structures.
So, management studies has become a highly interdisciplinary subject, incorporating theoretical foundations such as sociology, economics, and psychology, as well as applied skills in statistics, marketing, and accounting.
Why do we often tell students to avoid Management as a major?
The reason is simple—management studies is too broad. For an undergraduate, having to delve into so many different areas of knowledge means only scratching the surface of each.
Below, I will address two main misconceptions separately, which should make this reasoning clearer.
Misconception 1: It’s easy to find a job with a degree in management
Since all companies need management talent, why wouldn’t there be ample job opportunities for graduates in management?
Firstly, after completing an undergraduate degree in management, graduates cannot immediately step into managerial roles at a company. Just think about it—how could a recent graduate, without any work experience, suddenly manage a group of people with many more years of experience?
If that is the case, what can graduates of this major actually do? The Wharton School of Business at the University of Pennsylvania provided the answer. As one of the top business schools globally, and one of the very few that offers undergraduate programs, Wharton explicitly states on its website:
Only two types of students are suitable for this major. The first type aims for a career in human resource management, that is, HR; the second type hopes to specialize in corporate management consulting or strategic consulting, that is, to work in companies like McKinsey or Bain.
So, it’s clear: studying management does not automatically qualify students to become managers at a company.
Misconception 2: Management Studies is an Easy Major
Contrary to popular belief, management studies are not inherently easier than finance or accounting. Taking the undergraduate program at the London School of Economics and Political Science (LSE) as an example, the curriculum is rigorous.
The undergraduate program is a 3-year course. In the first year, the courses mainly focus on compulsory economics and basic mathematics – including accounting and finance,
macroeconomics, microeconomics, and statistics. The second year also consists entirely of compulsory courses, including economic theory and management, advanced statistics, and some specialized courses such as human resource management, information systems, and marketing, among others. By the third year, apart from one compulsory course in strategic management, all other courses are electives.
However, this course in strategic management actually leans heavily towards mathematics and statistics, teaching students how to use data analysis and modelling to assess the viability of a certain strategy – for instance, estimating whether the costs involved in acquiring a rival company outweigh the potential future benefits.
Additionally, the LSE website states that, for the strategic management course, they prefer students with a well-rounded intellectual development. When choosing high school courses, it is best to be "non-traditional." They give two examples based on A-levels courses, such as history + mathematics + chemistry, or geography + biology + physics. So, in the eyes of the LSE, management studies is an interdisciplinary major. They hope to find students who can excel in both humanities and sciences.
It is only with a varied combination of skills – be it reading long papers on psychology, conducting economics research, or analyzing a problem through data modelling – that students will have sufficient ability to cope. So, it's not true that studying management is easier than finance and accounting, unlike what many think.
Consider your skills and aptitude
Some students choose this major simply because they are not academically inclined. Objectively speaking, they’re not good at solving problem sets, taking exams, or doing research. Therefore, instead of pursuing an academic path, they prefer to acquire practical skills that will be useful for future employment. It’s good that they recognize their strengths and weaknesses; however, a general management major would not be suitable for them, given the academic pressure that they will face and their future employment opportunities.
Personally, we suggest that these students combine their interests, personality traits, and the future prospects of their industry to choose a specialized management major in a single field.
For example, they may choose to study entertainment management, hotel management, or sports management. Compared to the broad field of management studies, these specialized majors allow students to focus on learning various practical applications within a narrower area of focus during their undergraduate years. They won’t delve into statistics or data analysis; instead, they learn skills that are directly applicable for the workplace. Moreover, it will be easier for them to find a job in a relevant field after graduation.
This strategy may limit students to a specific field at an early stage, so they should be genuinely interested in the area, their personality traits should align with the corresponding requirements, and the future prospects in the industry must be promising. If so, it is worthwhile to start working towards that direction early on. Of course, not every university offers such specialized majors – students should consult their school's college counselors or external planning counselors to find out if there are related well-known programs, or do their own reaseach if they so choose.
To sum up, many students think that management studies is an easy and practical major. In reality, the field’s content is far too broad, and it's not easy for graduates to find a job. We personally don’t recommend undergraduates to pursue this major. If after graduation, they are guaranteed to join the family business, then they can should study majors such as marketing or accounting as an undergraduate, master a specific skill, accumulate some work experience after returning, and then pursue an MBA.
As for students who aren’t academically inclined, management is also not a good choice. Instead, based on their strengths, interests, and the prospects of the industry, they should choose a specialized management major in a single field and start working towards their career early!
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