by Doug Schmitt
BusinessSchools.com Staff Writer
September 27, 2006
Located on the Detroit River, Detroit is a key port city with large industrial areas located in a region called the “American Rust Belt”. In they city's early days, it was known for fur trade. Today, it is known as a hub for the automotive industry, gaining the nickname the Motor City along the way. Having a population of 900,000, Detroit is undergoing a transformation that involves improved public safety, accelerated business and economic development, and strengthened financial health. In addition to all of this, residents can take pleasure in the many recreational activities that Detroit has to offer including professional sports teams, more than 30 museums & galleries, and community festivals.
Employment and Internships
Detroit is an important hub for global trade, having strongholds in manufacturing, automotive, and business industries. The major “big three” automotive companies -- General Motors, Ford Motor Co., and Daimler Chrysler -- have their corporate headquarters in the Motor City. Fortune 500 companies Comerica and DTE Energy call the city home as well as companies including Electronic Data Systems, Ernst & Young, and Visteon.
The occupational outlook for business and financial occupations in Detroit appears outstanding through 2012 according to the Michigan Department of Labor and Economic Growth. Business operations specialists will experience 17.9% job growth; general operations managers will see 11.4% more jobs; human resources managers' will experience 12.1% new job opportunities; and financial management opportunities will grow by 13.0%. Overall business related occupations will experience 16.1% new job opportunities.
Education
A great deal of educational options present themselves to business students in Detroit. One option is the University of Michigan Ross School of Business. It offers BA, BMA, and PhD's to students in a variety of specialties including, Accounting, Business Law, Economics, International Business, Marketing, and several others.
Other options include The University of Detroit Mercy College of Business Administration, which also offers a Graduate program in specialties such as General Business Management and Management Science. Additionally, the University of Phoenix – Metro Detroit Campus offers bachelors and masters degrees. Some areas of study are business administration, E-commerce, health care administration, and international business.
Financial Aid
Detroit business students have several options when it comes to receiving financial aid. Financial aid comes in the form of federal work study, grants, and loans, many of which can be applied for by filling out the Free Application for Federal Student Aid (FAFSA). These can be obtained via the school financial aid office or by visiting the FAFSA website.
Scholarships, a more traditional form of financial aid, are also available to students. These often come from corporations and organizations but many schools now have “in-house” scholarships to assist students with financial needs. A good example is the University of Detroit Mercy Student Scholarship. In this case, students only need apply for admission to be considered but must also have a good academic history and high SAT scores. Recipients may receive from $16,000 to $72,000, renewable over a 4-year term.
Summary
Detroit has a strong, diverse economy with an expanding business sector. Additionally, the wealth of excellent educational opportunities combined with the recreational activities that the city has to offer makes Detroit a fine place to study business.
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