Do You Need an Undergrad Business Degree?

BusinessWeek.com's online panel tackles the question of whether they're worth the time and effort and answers other reader questions

Milton Cofield

Jacqueline Morris

Scott Menzer

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What are the benefits of an undergrad business degree? Do you need one to go into the business world? BusinessWeek.com took readers right to the source in a recent chat event. Guests Milton Cofield (MiltonCMU), the executive director of undergraduate business at Carnegie Mellon's Tepper School of Business, Scott Menzer (ScottLehigh), a student at Lehigh College of Business & Economics, and Jacqueline Morris (JacquelineBU), an associate with the Carlyle Group and graduate of Boston University's undergraduate business program all fielded questions from an online audience and BusinessWeek.com reporter Francesca Di Meglio (FrancescaBW). Here's an edited transcript of their conversation:

FrancescaBW: Jacqueline, please start off by telling us why you opted for the undergraduate business degree at Boston University (BU)?

JacquelineBU: I chose to attend the undergraduate business program at BU because of an early interest in business and the desire to pursue a career in finance after college. I decided on BU after applying to quite a few programs—both liberal arts and business—and deciding that the team-oriented approach to learning and the case-study based curriculum would be particularly useful in my future career.

FrancescaBW: This next question comes from a parent who couldn't join us today. He asked, "Scott, are there any good summer internship programs available for undergraduate business students? If so, are there any specific Web sites that you would recommend? My son is currently a freshman at Lehigh, and I would guess that the summer internship opportunities for rising sophomores would be rather limited."

ScottLehigh: Absolutely. It depends on your interests and major, but there are plenty to choose from. For example, accounting majors can go to any of the Big Four accounting firms, which all recruit heavily at Lehigh. For a rising sophomore, the options are much more limited, but PricewaterhouseCoopers and Ernst & Young, and I believe KPMG, have leadership events for sophomores.

JacquelineBU: I can attempt to address that as well, although not specifically for Lehigh. Like you mentioned, I did find opportunities for rising sophomores to be more difficult to come by than for rising juniors and seniors. However, they're definitely out there for the students who take the initiative to do some legwork on their own. I found that professors tend to have quite a few contacts throughout the business world, and are often willing to assist promising students with their search.

While I knew I was interested in finance, as a rising sophomore, I didn't have the necessary skills to pursue a finance internship. Instead, I was able to secure a position with a startup firm working with the head of marketing. I strongly believe any business-related internship, even outside of your preferred field, will help lead to the next one.

FrancescaBW: Scott, can you please tell us why you chose an undergraduate business degree?

ScottLehigh: I knew I wanted to work with technology, so a computer-science degree from the engineering school seemed like an option. However, having only a technical background limits you a lot more than having a background that teaches you about business. I could learn some technical aspects at my job but understanding how a business runs is something that's much more valuable early in your career.

jorgetrueba: What's the right major to land an investment banking job?

JacquelineBU: My major was in business administration with a concentration in finance. However, I don't believe there is a "right" major. There are successful bankers from all backgrounds. Your focus should be on doing the best that you can in whichever track you choose.