Business is a popular degree choice, and for good reason. With high salaries, high job growth, and open options into many industries, business is an excellent choice for a career. However, not all business degrees and business majors are created equal. Some have different requirements, paths of study and can lead to very different jobs! Find out here what are the best business degrees, and which ones offer the highest salaries.
MBA vs Bachelor’s vs Associate’s
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The three most common levels of business degrees are: associate’s degree in business, bachelor’s degree in business, and master’s degree in business administration. All three degrees build upon each other or can be earned independently.
A common path of choice is to obtain a bachelor’s degree in business, followed by entering the workforce for several years and finally earning an MBA (master’s in business administration). In fact, most MBA programs require several years of work experience before applying to the program. This shows a well-rounded applicant who has proven their potential to succeed in the world of business. The MBA degree helps business professionals to move to the next level.
If you are looking for a degree in business administration, but you aren’t sure you have the flexibility or money for such a commitment, think again — with University of the People you can earn a tuition-free,US accredited, fully flexible, and 100% online degree at your own pace. Read on for more great reasons to study business administration with UoPeople.
Most entry-level jobs in business will either require an associate’s degree and previous, relevant work experience, or a bachelor’s degree. A senior-level, management or executive-level job may require higher education, such as an MBA.
For a full look at everything you need to know as a business major, including career options and salaries, check out our full guide for business majors.
Top Paying Business Degree Jobs
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Jobs for business majors are expected to grow 10% over the next 10 years in all areas, so this is an excellent field to get into right now. Different jobs will be available to you depending on the degree you choose. Here is a list of some of the highest paying jobs for business graduates, their average annual salary, and which specialization you need for each one.
- VP Sales and Marketing ($176,000): MBA in Sales, Marketing
- Chief Executive Officer ($131,000): MBA in Management, Operations, Entrepreneurship, Sales
- Finance Manager ($118,000): MBA in Management, Operations, Entrepreneurship
- Director of Marketing ($115,000): BA/MBA in Marketing, International Business, Sales
- Budget Director ($113,000): BA/MBA in Finance, Entrepreneurship, Accounting, Operations, Economics
- Actuary ($97,000): BA/MBA in Finance, Economics, Accounting
- Business Operations Manager ($97,000): MBA in Management, Operations, Entrepreneurship
- Medical and Health Services Manager ($94,000): BA/MBA in Health Administration, Management, Operations, Entrepreneurship
- Financial Analyst ($80,000): BA/MBA in Finance, Economics, Accounting
- Operations Research Analyst ($78,000): BA/MBA in Operations, Management, Business Analysis
Business Majors Salary
Graduates of business enjoy a huge range of salaries. From hundreds of thousands of dollars for high-level executives in lucrative companies, to $50,000 for some low level managers in certain industries such as food service, salaries vary tremendously.
A salary in the world of business depends on degree level, prior experience, industry, and job location. However, one thing that can guarantee you a higher salary, and that you have direct control over, is degree type and specialization. As long as you choose the right degree specialization, you will be sure to make more money than your peers.
Other ways to ensure a high salary is to do well in school, get extra school or work experience, and try for higher-paying industries. Salaries and company reviews can be checked on sites such as Glassdoor.
Best Business Majors for the Future
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The fastest growing fields in business are Marketing, Finance, Consulting, Healthcare Management, and Environmental Management.
Environmental Management: The world is becoming more environmentally friendly, and as customers will start to expect more social responsibility from their purchases, companies will need to adapt. Careers in environmental management include: Corporate Social Responsibility Manager, Environmental Protection Specialist, and Environmental Manager.
Healthcare Management: The healthcare business is changing. More insurance coverage for more citizens means more healthcare facilities. In addition, as the baby boomer generation ages, there will be a higher need for management for new facilities and programs. Jobs in healthcare administration include: Hospital Director/CEO, Clinic Administrator, Health Insurance Specialist, and Social and Community Support Manager.
Marketing: The field of marketing is always growing and with new innovations and technologies coming out at faster rates, there is an increased need for intelligent and creative marketers and marketing managers. There are so many jobs in marketing, but some of the most common are: Digital Marketer, Communications Specialist, VP of Marketing, Director of Marketing, and Marketing Manager.
Finance: Excellent minds in finance are always needed in the business world, and taking into consideration that the highest paid careers in business are usually in the finance realm, this could be the route to go, especially if you have a knack for numbers. Careers in finance include: Finance Manager, CFO Chief Financial Officer, Budget Director, and Financial Analyst.
Consulting: Companies are looking to become more agile, and the way to do so is to hire consultants. Business consulting can be done in any industry, and in many areas. Common consulting jobs include: Business Consultant and Business Analyst.
Best Business Degrees
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Your degree will go further if you combine the right degree level with the right specialization. The top 5 highest paying business degrees are:
This might go without saying, but a master’s degree in business administration is without a doubt the top paying degree, all around. An MBA can earn you a career at the management, director, and executive level, earning you a starting salary of $124,000.
2. Bachelor’s in Information Systems Management:
With a bachelor’s in information systems, you are set up with a well-paying job after only four years of school. This degree can lead to positions such as IT Manager, Systems Manager, and Systems Architect. Salaries for graduates in information systems management earn on average $83,000.
3. Master’s in Finance:
A master’s in finance is how you will get those highest paying jobs we mentioned before. Finance Managers make a median salary of $120,000-$140,000.
4. Bachelor’s in Marketing:
If you are good at what you do, an undergraduate degree in marketing can get you far. Some marketing director and manager positions only require a bachelor’s degree, allowing your education dollars to stretch further. Marketing positions can earn you up to $91,000.
5. Bachelor’s in Supply Chain Management:
Supply chain management is one of the top paying career paths for business with that can be obtained with a bachelor’s degree. Average salary for supply chain managers is $110,000, and some make up to $127,000. Not bad for a 4-year degree!
If you are looking for a career that will make you money, business is it. But remember, there are other very important factors to consider when you are choosing a field to enter. If you’re already convinced that business is the right choice for you, might as well make sure your future salary will fit the bill of your education to get there.