Business Management has a reputation of being an easy course that doesn’t require much work. However, just like with other IB subjects, you need to put in a lot of effort to reach a high final grade. But how best do you study for your Business Management IB to have the best chance of a 7?
In this article, we have published top tips from our team of experienced IB Business Management teachers and examiners, to help you get a close as possible to the top grade.
If after reading our article you decide you need help to understand with yourIB Business Management course, our tutors are just one click away.
What is the IB Business Management Course?
The IB Business Management is one of the most popular IB Diploma subject choices. It is easy to see why– it gives students a broad understanding of business processes and how they impact market participants such as large corporations, small businesses, or social enterprises.
Those who choose to study this subject, have a chance to develop strong critical thinking and analytical skills as well as an understanding of business ethics.
Most importantly, they get to learn about the fundamentals of business. The syllabus covers such areas as Human Resources, Finance, Accounting, Operations, and Marketing. All of this aims to help prepare students for the global workplace.
IB Business Management Assessment: Everything You Need to Know
IB Management exam consists of two components: External and Internal assessment. Their exact format and contribution to the overall score are different for SL and HL. While the External examination consists of two papers and weighs up to 70% at the Standard Level, Higher Level students write three papers. Combined, they contribute 80% to the final grade.
Before we continue, make sure to take a look at the SL and HL Business Management subject guides to get more information on the subject and its assessment model.
Paper 1
Paper 1 is based on an unseen case study. It tests the knowledge of the business topics the students have learned during the course.
Sometimes, however, the case study topic is outside the scope of the syllabus. Therefore, every year the IBO releases the context and background for the case study. Normally, you should get to know these details 3 months ahead of the exam date. Although the topic might be new, it will build on the material covered in the course.
Be that as it may, the case study comes with a number of questions, which may include:
- Short answer questions (Define the term ‘Economies of scale’). They usually bring 2 points;
- Application of theories (Analyse whether penetration pricing was appropriate for XZY when they launched their product) – up to 6 points;
- Evaluative questions (Based on the provided figures, calculate the forecasted net profit from the first year of operation) – 2-4 points;
- Data interpretation (Discuss whether the launch of the new product was successful based on financial data for XYZ) – 2-4 points;
- Strategic recommendations (Recommend whether XYZ should invest in sustainable manufacturing) – up to 10 points.
Overall, you can get 30 points if you answer all the questions correctly.
Regardless of the level, students have 1.5 hours to complete Paper 1. This part of the assessment contributes 35% at SL and 25% at HL to your final grade.
Paper 2
Paper 2 provides a previously unseen stimulus to assess students’ analytical skills and quantitative decision-making. While being similar in structure and content for both levels, it requires a greater depth of analysis at HL.
- case study-based questions (They usually concern the terms you encounter in the text);
- strategic analysis (Analyse the consequences of clashes in leadership styles when Company A and Company B merge);
- evaluation and critique (What are the advantages and disadvantages of primary market research for XYZ?);
- theoretical application (Use Herzberg’s motivation theory to analyse employee motivation at XYZ);
- data analysis (How the decision to reduce the price by …% affected the target profit);
- comparative analysis (Discuss the options XYZ hast to earn profits in a highly competitive market);
- problem solving (Construct a decision tree for various options of physical expansion).
Paper 2 weighs 35% at both SL and HL. That being said, because HL students must write a more thorough analysis, they have slightly more time to do so (1 hour 45 minutes vs. 1 hour 30 minutes at SL). The number of marks rewarded also varies – 40 at SL and 50 at HL.
Paper 3
Paper 3 is exclusively for HL students. 1 hour and 15 minutes long, it involves an unseen stimulus about a social enterprise. This paper awards 25 marks, which equates to 25% of the final score.
The stimulus will include an introduction to a social organisation, a visual representation of this organisation or its products, and excerpts from five to six documents.
The questions will require you to identify and explain a human need the given social enterprise wishes to meet. Then, you must discuss the challenges the company may face. The final task is to come up with recommendations for the company to ensure sustainability and profitability within a defined period.
Internal Assessment
Internal Assessment is an independent research project that is supposed to connect the concepts learned in the Business Management course and real-world situations. Basically, it is your chance to showcase how well you know the theory, can apply Business Management tools, analyse data, and draw meaningful conclusions. The result of these endeavours is a report of up to 1800 words.
SL and HL students have the same requirements for the Internal Assessment. However, it has a different weight in the overall score – 30% at SL and 20% at HL.
Learn IB Business Management Exam Techniques to Get a 7
Needless to say, you need to know the structure and demands of each paper. Without this information, you will not know how to study for the Business Management IB assessment. However, if you are well prepared, nothing is going to throw you off guard.
But knowing the types of questions isn’t exactly the same as knowing what to expect. Fortunately, the IBO makes available past papers, i.e. the actual examination papers from previous academic years. Clearly, you won’t get the same questions in your final exam, but they will be similar. That’s why getting your hands on past papers and practising answering them is excellent preparation for the IB Business Management assessment.
Make sure you practice with past papers as much time as possible. This way, you will cover every type of question and get comfortable with answering them.
“Ideally, you should work with a friend to mark each other’s answers according to the mark scheme. This will help you understand what it takes to get the top marks in each part of the IB Business Management exam.”
Know IB Business Management Command Terms to Maximise Marks
Command terms tell you exactly what your exam question wants you to do. If you don’t understand or can’t apply a command term effectively, you won’t be able to receive a high score.
Many command terms might seem similar, such as describe and outline. However, they pinpoint the depth and scope of your responses. So, ‘outline’ requires just a brief summary and ‘describe’ – a more extensive one. But if you provide a short summary to the ‘describe’ question, you will not get all possible marks. On the other hand, if you give a long answer where a question asks you to ‘outline’, you won’t get extra points. You will only lose your valuable time. Our IB Business Management teachers also suggest looking at the number of marks allocated to each question. As this will also help you see how comprehensive an answer needs to be given.
That’s why it is important to know what examiners want to see in your answers. Here are some of the most common command terms in IB Business Management:
- Determine – find the only correct answer or solution.
- “Determine the optimal pricing strategy for a new product launch.”
- Identify – recognise and name specific elements or factors.
- “Identify the key stakeholders in a business decision.”
- To What Extent – consider the benefits and drawbacks of an argument or concept. Provide a well-supported opinion with evidence and reasoning.
- “To what extent does globalisation benefit developing economies?”
- Annotate – add brief notes or explanations to a diagram or graph.
- “Annotate the diagram to illustrate the concept of supply and demand.”
- Recommend – suggest a course of action with appropriate evidence and reasoning.
- “Recommend a suitable marketing strategy for a new product.”
- Comment – provide a judgment or opinion based on a given statement or calculation.
- “Comment on the impact of a tariff on domestic consumers.”
- Examine – analyse an argument or concept in detail, uncovering underlying assumptions and interrelationships.
- “Examine the factors influencing a company’s decision to outsource its production.”
Focus on an Industry of Your Interest
Do you want to deepen your understanding of the key concepts in Business Management? Then there is nothing better than to see how they work in real life. You should try to draw comparisons between theory and practice and to do so, you can rely on industry news.
But don’t dive headlong into them – you won’t have time to read everything. Instead, we recommend choosing a clear focus – a single industry – and getting to know more about its challenges, opportunities, trends, etc. This will give you much-needed materials for your Business Management exams.
Choose a sector you are genuinely interested in and read up-to-date news about it. On top of that, you can watch TV programmes like Dragon’s Den or Shark Tank as an entertaining way to find out how new businesses develop.
If you are a petrolhead, you might want to focus on the car manufacturing industry. Beauty product addicts may wish to follow Estée Lauder, L’Oreal, Coty, and smaller beauty companies.
Ultimately, it is up to you which industry to follow. The most important thing is that you are passionate about this sector and perhaps consider it for your future career.
“One more benefit of staying up-to-date on one particular sector is the links you can make to the 4 interdisciplinary concepts (creativity, ethics, sustainability, and change). After all, Business is never an isolated thing. It is intricately connected with other facets of our lives. With real-life examples, you will be able to clearly see how.”
Know Your Formula Booklet to Save Time in the Exam
You will have to do some calculations during your exam. The good news is that Business Management is not Maths and you won’t have to learn a long list of formulae. Moreover, the IBO kindly provides a formula booklet, which collects all the formulae you may need in your Business Management assessment in one place.
Your task is to ensure you know this booklet inside out. Why? Because you will save yourself time if you know where (which page, which part of this page, etc.) to find appropriate formulas. And most importantly, you won’t need to worry about learning formulas by heart. This means you can focus your revision on something that is more important for your Business Management exam.
Do a Great Internal Assessment
Since IA contributes from 20% to 30% to your final grade, it is essential to get as many marks as possible to increase your chance of a 7 in the subject.
We have a whole post on how you can get top marks in your Business Management IA here.
TutorsPlus provides expert IA tutors to help international students prepare, catch up, and even get ahead. We can explain how to study for Business Management IB to remove the stress out of the equation and get the desired grade.
If you’d like to benefit from tutoring with one of our experienced IB IA teachers or Examiners, we are just a click away.
Use the IB Business Management Toolkit Smartly
These are a set of tools used in business. You will be introduced to some of them during your course. They are the same for SL and HL, plus there will be some additional tools exclusively for HL.
The most prominent example of such tools is SWOT analysis. It finds application when it is necessary to analyse the marketing mix of a particular business.
“To get a top grade, you need to understand these tools conceptually as well as use them in practice. Specifically, the Business Management Toolkit will come in handy when you write your Internal Assessment and Extended Essay if you have chosen to do it in this subject.”
This all makes mastering Business Management tools extremely important. If you find yourself struggling to understand what’s what, don’t hesitate to seek help from your teacher or a knowledgeable tutor.
Is IB Business Management a Good Choice for CP Students?
IB Business Management can be an excellent option for Career-related Programme (CP) students, especially those interested in economics or business-related fields. Thanks to the opportunity to combine Business Management and other subjects from the same group, CP students can gain an in-depth view of the business world.
“It is especially useful for those wanting to pursue vocational study. Through case studies and real-world examples, students can apply their knowledge to practical business scenarios. But even with other career choices, an overall understanding of business is always an advantage.”
CP students can also study Business Management at SL and HL. In addition, some schools may offer mixed classes with both DP and CP students to enable opportunities for collaboration and diverse perspectives.
Should I Do My Extended Essay in IB Business Management?
The short answer is yes, absolutely, this is something to consider!
Doing an IB Business Management Extended Essay offers excellent opportunities for in-depth research in various business areas. You can explore any topic within the course syllabus, from Marketing and Human Resources to Finance and Operations Management. Because EE is independent research, you can be as creative in your methodology and overall approach as possible.
One major advantage of a Business Management EE is its flexibility with sources. While you can incorporate primary research like interviews with business owners or customer surveys, it’s not at all necessary. You are able to create an excellent EE using only secondary sources such as academic journals, business reports, and industry analyses. You won’t be marked down if you don’t have access to primary business data.
However, you should remember that EE isn’t the same as IA. While the IA focuses on a specific business issue within an organisation, your EE should explore a broader business management concept or theory. For example, you might want to discuss the impact of social media marketing on consumer behaviour or sustainability practices in multinational corporations.
Having said that, Business Management EE isn’t a walk in the park. It requires you to showcase your research and critical analysis skills, as well as real-world application of business concepts.
“Don’t choose Business Management EE because you think it is going to be easy. Choose it because you are interested in this multi-faceted discipline and wish to gain valuable academic experience.”
Study for Business Management IB with TutorsPlus
Is IB Management hard? It can be if you struggle to understand its concepts and feel lost when it comes to applying its toolkit. But for the most part, the course is fascinating as it allows you to understand how businesses operate, why they succeed or fail, and how decisions are made at the highest level.
Want to try and get a 7 in IB Business Management? Then go ahead and follow the study strategies outlined in this guide – from practicing with past papers to mastering analytic tools. Remember, success comes from consistent effort, engagement with the material, and regular practice. All of this will help you build the confidence needed for both your internal assessment and final exams.
If you’re looking for additional guidance on how to study for Business Management IB effectively, don’t hesitate to reach out to TutorsPlus. Our experienced IB tutors understand the program thoroughly and pride themselves on helping students develop strong learning skills. No matter which learning style or needs you have, we will find a solution.
Ready to take your IB Business Management studies to the next level? Contact TutorsPlus at 022 731 8148 or info@tutorsplus.com to learn more about how we can support your academic journey.
By Sara Lloyd
Sara has been an education consultant for TutorsPlus for 15 years, and is an expert on international IB education. She is also a parent of two lively children.
