While salary is affected by various factors, such as location and experience, research shows that the average starting salary of a business major is $55,000 per year—that’s the third highest starting salary for all college degrees, behind only engineering and computer science.
Business Degree Tier List (Business Majors Ranked)
Is Business Administration a Good Major?
Yes, business administration is a good major because it dominates the list of most in-demand majors. Majoring in business administration may also prepare you for a wide-range of high-paying careers with above average growth prospects (U.S. Bureau of Labor Statistics).
Before you decide to pursue a major such as business administration, it is essential to understand the career implications this major may provide.
Some of the questions you might have in this discussion are:
Having solid answers to these concerns can help you feel confident in deciding if a business administration major is a good fit for you.
Business Administration Career Prospects and Growth
Entering a business administration major into a job search engine may not pull up many job listings.
But that isn’t because there isn’t a demand for employees with this major. It’s the exact opposite!
In fact, a business administration major can help equip you with the skill set for a variety of careers across multiple fields.
According to the Bureau of Labor Statistics, the average growth is at 8% for the business and financial operations industry.
A business administration major can help prepare you for a career in a variety of fields with above-average growth. Business administration majors may be found in health care management, business management, finance, accounting, and marketing.
With a business administration major, you may work in a variety of positions with above average growth as seen in these careers.
With growth projections like these, you can rest assured that careers in the business industry are projected to grow, making a business administration major a wise choice.
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A key component in deciding if a business administration major is a wise investment is the projected salaries.
On average, a business professional with a bachelor’s in business administration can expect a salary well beyond the national average.
According to the Bureau of Labor Statistics, some careers in the business administration field include:
| Career | Annual Median Salary |
| Personal Financial Advisor | $89,330 |
| Management Analyst | $87,660 |
| Financial Analyst | $83,660 |
| Budget Analyst | $78,970 |
| Logisticians | $76,270 |
| Accountant or Auditor | $73,560 |
| Insurance Underwriter | $71,790 |
| Market Research Analyst | $65,810 |
| Fundraiser | $59,610 |
| Appraisers and Assessors of Real Estate | $58,650 |
Regardless of the field that you choose to work in, from health care management to real estate, with potential salaries at nearly double the national average, a business administration major may be an astute financial decision.
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Careers with a business degree
The combination of academic challenge and practical focus makes the prospect of studying a business degree highly appealing for those attracted to the competitive, yet collaborative learning environment offered by many business schools and departments. But, for most people, the answer to the question “why study business?” is best answered by reference to possible careers with a business degree.
Business graduates go on to work in myriad different sectors, and not all of them are those you would typically associate with business in general. More obvious careers with a business degree include roles in accounting and finance departments, which take in large numbers of business degree graduates. Other sectors with high demand for business graduates include marketing and advertising, as well as retail, sales, human resources and business consultancy. The diversity and plenitude of careers with a business degree underlies the subject’s appeal for many students.
If you’re unsure of how to start developing your career after graduation, you may consider joining one of the many graduate training schemes which many large and international companies run. These often allow graduates to spend time completing traineeships in different parts of the business, and often different regions of the world, before opting for a particular career track to pursue.
You could also use your business degree to pursue roles within SMEs (small- to medium-sized enterprises), innovative new start-ups, charities, non-profit organizations and NGOs. If you have a bright idea and the knowledge to back it up, you may even consider launching your own business.
Depending on your area of interest and the specialization of your business degree, possible careers with a business degree include:
|
Management consultancy |
Teaching/training |
Marketing |
|
Trading |
Chartered accountancy |
Market research |
|
Advertising |
Retail buying |
Personnel officer |
|
Investment banking |
Retail management |
Public relations officer |
|
Bank management |
Sales |
Distribution and logistics management |
|
Insurance underwriting |
Consumer products |
As already mentioned, earnings potential is at the heart of what motivates many business students. While you shouldn’t expect a huge business degree salary as soon as you graduate, the skills and knowledge gained from a business degree should facilitate your career progression, making it easier to climb into management-level positions with higher salaries.
However, a business degree itself does not automatically mean a high salary – though graduating from a highly reputed business school with strong grades is certainly likely to open up some interesting opportunities and perhaps a large business degree salary. You’ll still need to prove yourself, and be ready to work hard, if you want to reach your career and salary goals – and be prepared for plenty of competition.
According to NACE’s Fall 2018 Salary Survey the average starting business degree salary was reported to vary depending on the specialization:
|
Field of work |
Average starting salary |
|
International business |
$59,490 |
|
Finance |
$55,811 |
|
Business & economics |
$53,033 |
|
Accounting & finance |
$52,810 |
|
Human resources management |
$42,904 |
|
Management information systems |
$58,628 |
|
Marketing |
$46,160 |
|
Business management |
$51,208 |
For those studying at master’s level, business degree salary expectations are likely to be higher. According to the latest TopMBA.com Jobs & Salary Trends Report, salaries for MBA graduates average US$116,300 in the US and Canada. In Western Europe, the average earnings for those with an MBA are a little lower, while the expected salary in the Asia-Pacific region is around US$85,900.
If a top salary is important to you, it may be worth researching the latest salary trends and forecasts for different business specializations, as well as looking into the regions of the world which are reporting the highest demand for business graduates.
FAQ
Why is business major a good major?
Is business a good major in college?
What are the benefits of studying for business in college?
- Develop Key Administration and Leadership Skills. Studying a program in business administration can equip you with a wide range of skills. …
- Wide Range of in-Demand Careers. …
- An Introduction to the Business World. …
- Natural Progression to Further Study. …
- Learn about Multiple Disciplines.