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Business student usually refers to a person who obtained a university degree in Business Administration. Graduates obtaining degree in Business Administration usually with a major in general management, finance, accounting, marketing or strategy. Students graduating with such a degree usually start their careers in the business world.
The US education systems awards bachelor degrees after four years of university which can be followed by the post graduate Master of Business Administration degree. The European system, after the Bologna process, recognizes the 3 years Bachelor degrees, which can be followed by the Master of Science/Arts degrees, after which one can obtain a post graduate Master of Business Administration degree.