Original post by arrowheadFirst of all, even if you want to study Business at University, taking B&M at HL is discouraged by most reputed Universities. I would not advise you to pursue it for two reasons: The University perspective and the practical benefit perspective (or opportunity cost if you will).
University perspective:
I checked out the prospectuses for all the top Unis in the UK before sending in my applications. Whether it was Oxford, Cambridge, LSE, or Imperial, Business Studies was always included in the 'non-preferred subjects' category. Universities clearly said that an A-Level in this course would not be considered when reviewing your application nor making you an offer. If you took more than one 'non-preferred subject' you were setting yourself up for instant disapproval from the tutors or relevant departments and there was a strong chance they wouldn't look twice at your application. For example, for some Universities: Business, Law, Computer Studies, Design and Technology, Accounting, Theatre etc. are non-preferred subjects. Taking one of these at HL, you could get away with it, maybe not at a top Uni, but you could. Taking two, you're done. Taking 2 non-preferred subjects at SL, you could get away with it, taking 1 at SL, nobody would look twice.
This is because as far as the UK is concerned, your HL subject choices matter the most, whatever you do for your SLs is ancillary and they just exist to boost your overall score. So if you take Business and Management at SL and the preferred subjects at HL, all would be well, but taking B&M at HL is instantly disqualifying what would be considered a possible A-Level subject grade.
Moving to the US, when I spoke to a representative from UPenn, she clearly told me that they would understand if a student took a Business class if he/she was interested and that was the only course offered in that subject area. But if an Economics course was also offered and they chose B&M instead, they would definitely question the student for their subject decisions because High School Business classes don't give you any foundation or perspective, high school classes at the end of the day, are merely introductory to the real stuff you will be pursuing at University. Most classes like History, Economics, Psychology (strictly referring to Social Sciences here) are giving you the bare minimum of information and testing that in your exams, it's about building a foundation which is to be made stronger and taller at University.
B&M gives you no suitable foundation, which brings me to my transition to Reason Number Two.
The practical benefit perspective:
Economics gives you a basic idea of how the markets of the world function, from microeconomics to macroeconomics, to international and developmental, you cover everything in the most basic of forms. Business is a course that teaches you marketing, consumer tastes, and all that jazz about how to run a business. The thing is though that you cannot study hardcore theories and ideas and work and do all those things you will inevitably do at University when you're in High School, so your High School classes are designed to fit that stage of your life. The B&M course is all basic ideas and common sense since you can't get into the real nitty-gritty of it like you would at Business school in future. The class turns into a complete waste.
Most of my friends who took B&M HL and applied abroad faced an endless amount of grief because of it. It was universally frowned upon. They took it anticipating an easy grade, which it was (the average for B&M at my old school was a 6.~something). One of them went so far as to say that someone with half a brain could scrape a 5 in B&M HL. The only Unis that didn't seem to look twice at it were the really shoddy, money-minded ones like Kingston and Richmond and Middlesex.
So that's my reasoning, I've heard many sides of this argument and this is what I propose: do not take B&M at HL. If you disagree with me, that's cool, that's your opinion and you're free to have it.
Now, to get off my soapbox and revert back to your queries: not having Chemistry HL for a Medicine application will hurt you at University. I don't know where your teacher gets her information, but as far as the UK is concerned, your HL subject choices (your SLs could be utter rubbish for all that the Unis care) do matter, quite a bit, for certain courses like Medicine, Economics, etc. Also, switching Chemistry HL for Maths HL in the hopes that it will reduce your workload is laughable. Unless you're some kind of Maths enthusiast/genius, Maths HL is not an easy substitution for Chemistry HL, in fact it is arguably more challenging. So really think on that and try to find more perspectives on those two HLs before making a final decision.
Also Art will not help you, neither for Business nor Medicine. Taking Art is just such a random choice. Two of my friends took Visual Arts at HL and for both of them it was a decision they came to after deep contemplation. One knew she wanted to go and study Art at University and the other is doing Fashion Management at the London School of Fashion. Art, in their cases, was beneficial for what they wished to pursue. It is not so for you, so really think twice about that one. Also Visual Arts is one of the most time consuming subjects in the IB (if you want a high grade in it of course).
Cheers,
Arrowhead.