Career opportunities in business - with a degree from ELTE
The aim of every company is to achieve economic results through its business activity, i.e. to make a profit. To do this, they manufacture products or provide services efficiently and sell them according to market expectations. Work organisation is key to this: it ensures that all departments and related business processes work in harmony. The role of management, the leadership of the company, is to direct, coordinate and optimise the company's various resources, including financial, human, physical, infrastructure and information resources, in order to achieve the objectives and results set.
In the international business world and in large corporations, the management structure of companies is generally divided into three levels: senior management, middle management and lower management. These levels are hierarchical, but each has its own specific role and responsibilities.
Let's first look at top management, where the most important decisions are made, and then move down to the lower levels of management to get an overview of how the company works. Each job is described by both its English and Hungarian name. In the case of small and medium-sized enterprises, the management structure is simpler, but the tasks and responsibilities that are important for management are also well separated.
Senior managers, level 'C' - what role do you see yourself in?
The most important strategic decisions for the company are made by the top management. This is the group of managers who determine where the company should go, what direction it should take and how it should achieve its goals. One of the most important positions is the Chief Executive Officer (CEO), who is the most senior manager in the company. The CEO is responsible for managing the overall operations of the company, setting long-term strategic goals, and ensuring that they are achieved. He or she makes key decisions and coordinates the work of the management team to ensure that all parts of the business work together. Ultimately, the CEO is responsible for the company's financial results, reputation and market position, and therefore for its success or failure.
The Chief Operating Officer (COO) is one of the most important senior management positions in the company and plays a key role in ensuring that the day-to-day operations of the company run smoothly and efficiently. The COO is the leader who is directly responsible for ensuring that the company's strategy is put into practice, i.e. that everyday operational activities are aligned with the company's long-term goals. The COO is responsible for the operation of the company's various departments, including optimising production (manufacturing), quality assurance, efficient use of resources, customer service, purchasing, warehousing and sales.
Another key player is the Chief Financial Officer (CFO), who is responsible for the company's financial strategy, budget and implementation of financial plans. He or she ensures that the company's finances are in order and that revenues and expenses are in line with financial targets. The CFO's work is essential to keeping the company financially stable and profitable.
In marketing, the professional leader is the Chief Marketing Officer (CMO). The CMO is responsible for developing the company's marketing strategy, including product and service launches, branding and marketing campaigns. The CMO is responsible for ensuring that the company's products reach the right audience and that the brand’s market presence continues to strengthen.
The most senior Human Resources (HR) position is the Chief Human Resources Officer (CHRO). The CHRO is responsible for managing the company's people, recruitment processes, training and employee satisfaction. The CHRO's role is to ensure that the company has a well-trained and motivated workforce that contributes to the company's success. His or her work is essential in ensuring that the company is a desirable place to work, where people want to work, and where employee performance is appropriately rewarded.
The Chief Compliance Officer (CCO) is responsible for ensuring that the company complies with legal, regulatory and ethical requirements. He or she ensures that all company activities comply with relevant laws, industry standards and internal policies. The CCO is responsible for developing risk management strategies, leading internal audits and developing and implementing compliance programmes. Compliance managers, legal counsel and internal auditors support the CCO at lower management levels.
It is important to mention the Chief Legal Officer (CLO). The CLO is responsible for the company's legal affairs, ensuring that all the company's activities comply with legal requirements. He or she leads the company's legal team and advises management on legal matters, helping the company to minimise legal risk.
If you're more interested in the world of technology, the position of Chief Technology Officer (CTO) may appeal to you. The CTO oversees the company's technology development, IT systems and innovation. He or she is the person who ensures that the company's technological background is up to date and that the latest technologies contribute to the company's success. The Chief Transformation Officer (CTO) is responsible for leading the company's transformation processes, including digital transformation, the adoption of new technologies and business model changes to keep the company competitive. The Chief Artificial Intelligence Officer (CAIO) is responsible for the AI strategy, overseeing AI-based developments and applications to increase the company's efficiency and innovation.
The Chief Information Officer (CIO) also plays a key role in managing the business. The CIO is responsible for IT systems operations, digital transformation and IT security. He or she ensures that the company's IT infrastructure is reliable and efficient, and that the latest technological developments contribute to the company's competitiveness.
The term general management refers to those management positions within a company that have broad responsibility for the operation of the company as a whole or its larger units. These positions are not limited to a single area of expertise but require a broad overview and control of several business functions. General management needs to understand the operations of the various disciplines and be able to make strategic decisions that affect the whole organisation. Here we find managers who are responsible for coordinating the various operational areas of the company, such as purchasing, supply chain, production or customer service, and for managing the different departments of the company.
Getting into senior management requires a strong professional background and thorough preparation. Most of these positions require a university degree in economics, business or law, as well as decades of professional experience in the industry. To become a senior manager in the near future, continuing education, such as an MBA, is essential to develop a broad range of business knowledge and leadership skills. In addition, knowledge of AI technologies is key, as the transition to AI will be a strategic advantage. By 2030, one of the most important roles for senior managers will be to integrate AI applications into business operations - and their selection will be based on their readiness.
Middle management - closer to day-to-day operations
Middle management is the link between top management and lower management, where the strategies set by top management are put into practice. Middle managers run individual business units or departments and ensure that the company's objectives are met. For example, a finance manager is responsible for the company's financial processes, including accounting, financial planning and budget management. He or she ensures that the company's financial information is accurate and up-to-date and that financial targets are met. In marketing, middle managers such as marketing managers are responsible for planning and implementing marketing campaigns. They manage the marketing team and ensure that the company's products or services reach the right audience. Operational managers are responsible for managing the day-to-day operations of the company, making sure that all departments operate efficiently and that production and service processes run smoothly.
At the lower management level are the managers who directly supervise employees and ensure that daily tasks are carried out smoothly. For example, an accounts team leader is responsible for ensuring that accounting processes are accurate and completed on time, while a sales team leader manages sales staff and ensures that sales targets are met on time and within budget. The work of lower-level managers is crucial as they ensure the day-to-day operations and have direct contact with employees, giving them first-hand knowledge of the company's daily challenges and successes.
Career planning: start with ELTE!
But how do you get to these positions? First of all, it's important to choose a university where you can get the best business education. ELTE's Faculty of Economy provides you an excellent opportunity to build a strong theoretical and practical knowledge base to start your professional career. Here you can not only learn the basics of economics, but also specialise in different areas such as finance, management, marketing or even HR. During your studies, you will have the opportunity to learn English as a business language at a high level and take part in various internships that will help you apply your theoretical knowledge in real-life situations. Erasmus+ also gives you the opportunity to spend a semester abroad and learn the language of the chosen country beforehand. We'll help you plan your career, prepare you for your first job and, with the help of our professional partners, help you find your first job.
There are many career opportunities for you once you have completed your business studies. A degree in Economics and Management is a secure stepping stone to any management role, with predictable career progression. For example, if you are interested in finance, you could begin your career as a financial analyst, then move on to become a financial manager or even a finance director. If you're more interested in marketing, you could start as a marketing assistant, progress to marketing manager and, if you persevere, become a marketing director. In sales, you could follow a similar career path, starting as a sales assistant, then a sales manager and finally a sales director. If you see your future in international business, depending on your experience and skills, you could eventually become a Regional Manager, Project Manager, Business Development Manager, Marketing Director, CFO, Logistics Manager, Global HR Manager - positions that offer strategic decision-making opportunities and global responsibility.
Of course, it's not only the positions that matter, but also the income you can earn. Salaries vary widely across the business, but in general you can earn well at middle management level, and top management positions can pay top salaries. For example, a marketing manager in Hungary can earn between HUF 8-15 million a year, while a marketing director can earn between HUF 30-80 million. Financial directors are paid in a similar range, but you can expect even higher salaries abroad.
It's also important that you don't only focus on money when building your career, but also on finding a work-life balance. A business career also offers the opportunity to find a job that allows you to spend time with your family, friends and hobbies. At ELTE GTK you will be taught by lecturers who are experienced professionals themselves and who will help you to balance not only your professional skills but other areas of your life as well.