Indiana has a diverse economy, home to major employers in industries ranging from pharmaceuticals to manufacturing, energy to health care. In 2014, seven local companies made the Fortune 500 list, including WellPoint (Health benefits), Eli Lilly & Company (pharmaceuticals), Cummins Inc. (engine manufacturing), Steel Dynamics (steel manufacturing), NiSource (utilities), Calumet Specialty Products Partners (energy) and Simon Property Group (retail management and development).
Many employers in the state are focused in health care and higher education, including the following:
- Indiana University Medical Center (Bloomington): 30,000
- Usx Corp Labor Relations (Gary): 25,000
- Purdue University (West Lafayette): 15,304
- St. Vincent Hospital (Indianapolis): 10,000
- Parkview Regional Medical Center (Fort Wayne): 8,800
The state's attractive business climate, as well as its work in attracting new business development, is evidenced by the number of private businesses that made Inc.'s 2014 list of the 5,000 fastest growing private companies in the country. Seven Indiana businesses were ranked in the top 500, including:
- HighPoint Global (#30)
- Meister Cook (#87)
- Project Management Academy (#136)
- Advocate Merchant Solutions (#151)
- Main Street (#347)
- Construct Solutions (#410)
- Rook Security (#500)
As the national and local economy grows and continues to diversify, prospective students of Indiana business schools can pursue multiple educational and career paths in areas ranging from marketing to accounting, human resources to small business management.
Online Business Degree Programs in Indiana
Students considering attending an in-state business program should match their professional goals to the degree options in the field. Because the spectrum of professions is so wide ranging in business, undergraduates and graduates alike can focus their studies in an area that matches their future career needs.
There are three major degree tracks in business: associate, bachelor's and master's.
Associate's Degree. Typically designed to be completed in as little two years of study, associate degree programs in business provide students with foundational instruction in the various principles and organizational functions of business, such as economics, marketing, organizational management and more.
Bachelor's Degree. The bachelor's degree in business is the typical educational minimum requirement for a host of careers, from accounting to financial management. Depending on the institution, students may select from different types of degree programs, such as Bachelor of Science in Business or the Bachelor of Business Administration (B.B.A.). These programs of study introduce students to the theoretical underpinnings of business management and strategy, with a curriculum that blends both conceptual study with real-world, practical instruction in areas such as critical thinking and problem solving.
As noted above, students may customize their degree tracks, choosing to further concentrate their studies in areas of career specialization, such as human resources, marketing, project management, accounting, or business administration.
Master of Business Administration (MBA). For the working professional seeking to develop their business skills or acumen or desiring career advancement, the MBA is typically the first step. A graduate degree, the Master of Business Administration is a comprehensive, intense option designed to be completed in as little as two years of full-time study. However, some institutions may offer accelerated, one-year or Executive MBA programs that can be finished in a shorter time period.
Business curriculua varies bys school, but generally focuses on the advanced study of business fundamentals like marketing, organizational management, strategy, decision making, leadership and more.
In 2013, according to the National Center for Education Statistics (NCES), 65 technical institutes, community colleges, and four-year universities conferred more than 20,000 business degrees and certificates to graduates in Indiana. The most common degrees included bachelor's (9,716 degrees), master's (4,086) and associate (3,373).
The five most popular business degree concentrations included the following:
- Business administration and management: 7,990
- Business (general): 5,596
- Accounting (3,206)
- Hospitality administration and management: 825
- Financial management services: 588
Below is a list of the business schools in Indiana that awarded the most degrees in 2013:
|Rank||Institution||Degrees Conferred 2013|
|1||Ivy Tech Community College||4,102|
|2||Indiana Wesleyan University||2,897|
|4||Purdue University-Main Campus||1,907|
|5||University of Notre Dame||1,049|
|6||Indiana University-Purdue University-Indianapolis||934|
|7||Indiana Institute of Technology||686|
|8||Ball State University||511|
|9||Indiana University-Purdue University-Fort Wayne||442|
|10||Purdue University-Calumet Campus||418|
Source: National Center for Education Statistics, 2013
Career Opportunities for Business Graduates in Indiana
As noted above, graduates of business programs in Indiana can select from a spectrum of professional opportunities in areas such as accounting, human resources and marketing. Below is a glimpse of business-related careers in the state, including the total number of employees in that occupation and the 2013 average salary for the career in Indiana:
|Occupation||Total Employed||2013 Average Salary|
|Business and Financial Operations Occupations||103,500||$62,110|
|Bookkeeping, Accounting, and Auditing Clerks||35,230||$34,250|
|Accountants and Auditors||19,670||$64,880|
|Human Resources Managers||1,810||$97,500|
According to the Indiana Department of Labor, employment growth for business-related occupations is projected to remain strong between 2012 and 2022. For example, below is a list of business careers expected to see at least 10 percent job growth in Indiana between 2012 and 2022:
|Occupation||Job Growth 2012-2022|
|Accountants and Auditors||12.0%|
|Bookkeeping, Accounting, and Auditing Clerks||11.7%|
|Human Resources Managers||10.6%|
Source: Indiana Department of Labor
"May 2013 State Occupational Employment and Wage Estimates, Indiana," U.S. Bureau of Labor Statistics, May 2013, http://www.bls.gov/oes/current/oes_in.htm
"Projections Central, Indiana," Projections Central State Occupational Projections, January 2015, Projectionscentral.com
National Center for Education Statistics, January 2015, http://nces.ed.gov/
"The 2014 Inc. 5000," Inc., 2014, http://www.inc.com/inc5000/list/2014/state/in/
Indiana Department of Labor, January 2015, http://www.in.gov/dol/