WAEC Business Management Syllabus 2025

The WAEC Business Management Syllabus has been released by the West African Examination Council and the purpose for the release is to help you know the topic you are meant to cover as every question you will see in your exam will come from those topics.

In this post, you will get to see the full or detailed WAEC Business management Syllabus and some other frequently asked questions.

WAEC Business Management Syllabus

Below is the detailed business management syllabus for WAEC;

Preamble

The course in Business Management at the senior school level encompasses principles and activities across core functional areas of business management. It also delves into the legal environment of business, information technology, globalization, economic integration, and entrepreneurship.

Aims

The examination is designed to assess candidates’ ability to:

1. Understand and appreciate the basic concepts, principles, and practices of business management.
2. Comprehend the role of business management in an economy.
3. Relate the concepts and principles of business management to practical business situations.
4. Pursue further studies in business management.

Scheme of Examination

The examination comprises two papers, Paper 1 and Paper 2, which together form a composite paper taken in a single sitting.

Paper 1: This will consist of fifty compulsory multiple-choice objective questions covering the entire syllabus, carrying 30 marks, and lasting 1 hour.

Paper 2: This will consist of a compulsory case study question and seven essay questions, out of which candidates are expected to answer any three. The case study will range between 200 and 250 words and will carry 25 marks, while the other questions will carry 15 marks each, making a total of 70 marks for the paper.

Detailed Syllabus

Topics and Notes

1. Nature of Management
   • Meaning and Process of Management
     • Meaning of Management and administration
     • Basic Functions of Management
     • Levels of Management
     • Types and Roles of Managers
     • Difference between Administration and Management
   • Forms of Business Organization
     • Meaning of Business Organization
     • Identification of Major Forms: Sole Proprietorship, Partnership, Limited Liability Company, Corporations, Cooperative Society
     • Procedures for formation, Characteristics, Advantages, and Disadvantages of each form
     • Causes of business failure
   • Business and Society
     • Meaning of Business Environment
     • Forces in the Business Environment
     • Ethical, legal, and social responsibilities of businesses
     • Primary and Secondary stakeholders – meaning and differences
     • Responsibilities of businesses towards stakeholders
2. Functions of Management
   • Planning and Decision Making
     • Meaning and importance of planning
     • Steps in planning, Types of planning, Limitations of planning
     • Meaning and importance of decision making
     • Steps in the decision-making process
     • Types of decisions (Programmed and Non-programmed)
     • Levels of management decisions
   • Organizing
     • Meaning, importance, and activities of organizing
     • Principles of organizing, Organizational structure, and Organizational chart
     • Centralization and decentralization – meaning, differences, advantages, and disadvantages
     • Meaning and benefits of delegation
     • Reasons why managers do not delegate
     • Reasons why subordinates do not accept delegation
     • Guidelines for delegation
   • Directing
     • Meaning and elements of directing
     • Motivation – meaning, intrinsic and extrinsic factors
     • Maslow’s Hierarchy of Needs
     • Importance of good leadership
     • Leadership styles and Sources of power available to leaders
     • Communication – meaning, importance, channels (formal and informal)
     • The communication process
     • Barriers to communication
     • Guidelines to effective communication
   • Controlling
     • Meaning and reasons for controlling
     • Steps in controlling
     • Tools for controlling
3. Management Information Technology
   • Concept of ICT
   • Data and information – meaning, differences, and sources of business information
   • Functions of the computer
   • Applications of computers in Business
   • Advantages and challenges of using computers in business
4. Legal Environment of Business
   • Law of Contract
     • Meaning and elements of a contract
     • Classification of contracts
     • Vitiating factors (Void and Voidable contracts)
     • Ways of discharging a contract
   • Principles of Agency
     • Creation of agency
     • Rights and duties of a principal
     • Rights and duties of an agent
     • Termination of agency
   • Negotiable Instruments
     • Meaning and characteristics of negotiable instruments
     • Types of negotiable instruments (Cheques, Bills of exchange, Promissory notes)
     • Cheques: Class, types, advantages, disadvantages, and ways of avoiding cheque frauds
5. Finance and Financial Institutions
   • Money
     • Meaning and characteristics of money
     • Functions of money
     • Meaning and causes of inflation
   • Banking
     • Types of banks
     • Functions of the Central bank
     • Functions of commercial and other types of banks
     • Types of bank accounts
     • Tools of monetary control
   • Risk Management and Insurance
     • Meaning of risk and risk management
     • Types of business risks
     • Meaning and importance of insurance
     • Principles of insurance
     • Types of insurance and insurance policies
   • Stock Exchange
     • Meaning and functions of the stock exchange
     • Types of securities
6. Role of Government in the Economy
   • Role of government in an economy
   • Sources and types of government revenue
   • Purpose of taxation
   • Types of taxes and challenges of tax collection
   • Types and items of government expenditure
7. International Trade and Problems of Developing Economies
   • International Trade
     • Meaning of trade
     • Difference between domestic and international trade
     • Documents used in domestic and international trade
     • Reasons for international trade
     • Theories of absolute cost and comparative cost advantage
     • Restrictions in International trade
     • Balance of Payments (BOP) and measures for correcting BOP deficit
   • Developing Economies
     • Challenges of developing economies in relation to International trade
     • Ways of improving Developing Economies by Government
     • Role of institutions like International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), and United Nations Conference on Trade and Development (UNCTAD) in international trade
8. Globalization and Economic Integration
   • Globalization
     • Meaning and causes of globalization
     • Advantages and disadvantages of globalization
   • Economic Integration
     • Meaning of economic integration
     • Roles of Economic Community of West African States (ECOWAS), African Union (AU), European Union (EU), and Association of Southeast Asian Nations (ASEAN) in economic integration
9. Functional Management
   • Human Resource Management
     • Meaning of human resource management
     • Functions of human resource management
     • Steps in the recruitment and selection process
     • Sources of recruitment
     • Types of training
     • Job Analysis (job description and job specification)
     • Performance appraisal – meaning and importance
   • Labour Relations
     • Meaning of labour relations, Trade Unions, and industrial relations
     • Functions of Trade Unions
     • Employers’ Association: Meaning and functions
     • Collective bargaining – process, importance, and rights of parties involved
   • Production Management
     • Meaning of production and production management
     • Forms of Production: extractive, manufacturing, construction, commercial, and personal services
     • Factors of production
     • Meaning of specialization and exchange
     • Advantages and disadvantages of specialization
     • Types of production processes: job, batch, flow
     • Steps in production planning and control
   • Marketing Principles
     • Meaning of Marketing: activities involved
     • Market segmentation: Meaning and bases
     • Elements of the marketing mix (product, price, promotion, place)
     • Steps in new product development
     • Stages of product life cycle (introduction, growth, maturity, decline)
     • Functions of packaging and uses of branding
     • Factors affecting pricing and pricing objectives
     • Promotion: meaning, importance, types
     • Channels of distribution
     • Functions of wholesalers and retailers
   • Electronic Commerce (e-Commerce)
     • Meaning and importance of e-commerce
   • Business Finance
     • Meaning of Business Finance
     • Short-term and long-term sources of finance
     • Government lending programs; Venture capital fund
10. Entrepreneurship and Small Business
    • Entrepreneurship
      • Meaning of entrepreneurship
      • Role of entrepreneurs
      • Characteristics of an entrepreneur
      • Content of a business plan
      • Reasons for business successes and failures
      • Record Keeping: meaning, importance, types
      • Time Management: meaning, importance, techniques
    • Small Business
      • Meaning and categories of small businesses
      • Procedures in the formation of small businesses
      • Importance of small businesses in the economy
      • Challenges of small businesses
      • Role of government in promoting small businesses
      • Ways of sustaining an established business

Suggested Reading List

Name	Publisher	Title
Ansah, J.K.	Wilas Press Ltd	Introduction to Business Management
Attieku, B, Marfo-Yiadom, E	Smartline Limited	Business Management
Dorkey, T and Tekyi, K.
Boachie-Mensah, F.O	Woeli Publishing Services	Essentials of Management
Browne, D., Barass, M., W.,	Heinemann Education Publishers	Business Studies for AS Level
Dransfield, R and Needham D.
Buckley, M. Brindley, B and	Longman Group	Business Studies
Greenwood, M.S,
Callaghan, P (ed).	Sunderhid Tyre and Wear	Business Advanced Level
Carysforth, C and Neild, M	Heinemann Education Publishers	Intermediate Business
Danks, S.	DP Publication	Advanced Business Studies
Du Toit, G S, Erasmus, B G,	Oxford University Press South Africa	Introduction to Business Management
and Strydom, J W,
Fardon, M. (ed)	Osborne Books Limited	Business Studies,
Needle, D	International Thomson Business Press	Business in Context
Nickels, W.G McHugh, J.M And	Irwin McGraw-Hill	Understanding Business
McHugh, S.M.
Marfo-Yiadom, E	Excellent Printing & Publishing	Introduction to Business
Redmond, PWD	Pitman Publishing Ltd	Mercantile Law

Frequently Asked Questions

What is the purpose of the Business Management course?

The course aims to teach students the basic concepts, principles, and practices of business management, preparing them for practical business situations and further studies.

How is the examination structured?

The exam has two papers. Paper 1 includes 50 multiple-choice questions, and Paper 2 includes a case study and three out of seven essay questions.

What topics are covered in the syllabus?

Topics include management principles, legal aspects, finance, international trade, globalization, and entrepreneurship.

Conclusion

The Business Management course provides a solid foundation in various business aspects, ensuring students are well-prepared for future studies and real-world applications.