Is a Psychology Degree Good For Business?

The world of business is a dynamic, fast-paced arena where professionals must find a balance between sales and company values. For leaders in successful business organizations, understanding their customers and their employees is key.

For this reason, earning a psych degree can be a good fit for those seeking jobs in the business sector. Keep reading to learn how a psychology degree can help in the business world.

What Are the Benefits of a Psychology Degree for Business?

Because psychology is the study of the human mind, business professionals can benefit from this coursework. A psychology degree will give professionals an understanding of their clients as well as employees.

Psychology degree coursework can help you in the business profession. Here are some further details as to why.

Developing Analytical Skills

The crux of psychology is to analyze data and conduct research into psychological functions. Psychology students usually develop effective research methods through their time at school; therefore, problem-solving is also an important part of psychology.

Students often delve deep into the human psyche and uncover the reason behind certain emotions and thoughts. A deep understanding of this can help a business professional further understand what makes their customers tech, leading to effective marketing and sales strategies.

These analytical skills will help professionals understand consumer behavior and uncover findings in market research.

Gaining an Understanding of Human Behavior

Psychology majors focus on human behavior. They learn the ''why'' behind certain actions and the way people perceive the world around them.

Many marketing strategies incorporate essential principles of human behavior. This improves strategies for pricing, copywriting, and developing a sense of urgency for the buyer.

Improving Leadership Skills

Business professionals can help build their leadership skills by applying psychological principles to their daily work. Displaying effective leadership may help professionals become eligible for advanced career opportunities in business management. They may also choose to work in change management, which is the facilitation of changes at the workplace.

Acquiring Better Communication Skills

Communication is an essential skill in any business environment. Coworkers need excellent communication with each other; managers must be able to share constructive feedback with their team in a way that is understandable and respectful.

By being an active listener and communicating effectively, business professionals can apply psychological factors in the workplace.

Becoming an Active Listener

To understand someone, you must first listen to them. Developing listening skills early on is an essential part of psychology.

Being an active listener means you listen with the intention of understanding. This can lead to improved relationships and communication. Effective listening skills can help improve office relationships between employees and ultimately improve the overall work environment culture.

Best Psychology Degree Specializations for a Career in Business

When choosing the type of psychology degree to pair with business, it's important to pick the right one for your career goals. There are a number of different focus areas within psychology. Some complement business better than others.

Here are the common psychology types that can pair well with business.

Business Psychology

Business psychology is the study of utilizing psychological principles in business. This is a form of social psychology that relates to how people interact with one another.

Business psychology is often used for understanding collective opinions and analyzing why consumers purchase certain products. It can also be impactful in the development of effective marketing campaigns.

Industrial and Organizational Psychology

A graduate of industrial psychology, or industrial-organizational psychology, is usually prepared to direct businesses through organizational changes and work to improve employee well-being. These professionals may work full-time or freelance to assist with office healthcare initiatives.

Health Psychology

A health psychologist studies the well-being of people and their overall optimal performance based on mental health. While health psychology emphasizes individual personal health, this knowledge can benefit professionals managing an office.

Human resource managers may employ health psychology practices within the office to ensure employees prioritize their mental health.

Clinical Psychology

Clinical psychology is the study of treatment for psychological disorders. This usually suits psych majors who want to become counselors or therapists.

Clinical psychology can help business professionals understand and identify certain mental disorders, giving them the ability to empathize and work with a variety of different people.

Forensic Psychology

Forensic psychology is the study of psychology in criminal behavior. While this may not seem relative to business, this discipline can teach essential skills in the psych world.

Professionals working in law, accounting, or finance can utilize forensic psychology to understand why some industry workers become criminals. It may help to identify certain professional crimes, such as money laundering or embezzlement.

Good Business Career Paths for Psychology Majors

Psychology majors have a unique set of skills that can be highly valuable in the business world. Here are some good business career paths for psychology majors to consider.

Business Psychologist

A business psychologist, also known as an industrial-organizational (I-O) psychologist, applies psychological principles and research methods in the workplace in to solve problems and improve work-life quality.

They focus on employees' behavior in a business environment and aim to enhance productivity, improve employee well-being, and promote effectiveness in the office.

Entrepreneur

An entrepreneur is an individual who operates a business and takes on financial risks as they attempt to make a profit. Entrepreneurs are often seen as innovators. They're responsible for introducing new products, services, and processes to the market.

Human Resources Manager

A human resources (HR) manager oversees various functions within an organization's HR department. They manage programs and practices to ensure they align with the company's goals and comply with laws and regulations.

They are often liaisons between management and employees. These professionals often hold a Bachelor of Science in business administration with liberal arts electives.

Marketing Manager

A marketing manager is responsible for planning, developing, and executing marketing strategies to promote a company's products or services. They play a critical role in understanding target audiences and current trends; they then create marketing campaigns with these key elements in mind.

FAQs About Business Careers for Psychology Majors

Before starting as a business administration student with a background in psychology, you may have some questions about these two areas of study and how they can be combined in a professional career.

Continue reading for some frequently asked questions and their answers.

Where Can I Work With a Business Psychology Degree?

You can work in any professional environment where your chosen degree programs will be applicable. For example, jobs in business administration or human resources may benefit from the skills gained from your bachelor's degree. Most employers will allow you to apply skills from various types of psychology backgrounds.

Can I Start a Business With a Psychology Degree?

Yes, there are no standard prerequisites for starting your own business. You can choose to create your own business without a degree.

Most professionals who start their own business have some fundamental understanding of entrepreneurship, which you can easily obtain through various courses and online programs.

What Is the Job Market for Graduates of a Business Psychology Program?

The job market remains strong for graduates of business psychology, as there is a heightened emphasis on knowledgeable managers with an understanding of neuropsychology. For further information about job prospects, you may wish to check out the U.S. Bureau of Labor and Statistics (BLS) website.

Are Online Psychology Degrees Respected?

Yes, you can find numerous legit online psychology degrees from reputable universities. When choosing a university, search for accredited options with electives that you find interesting. You can also search online for university rankings based on various factors.