In the right role, business can be a money-making career field. Many business careers have six-figure or near-six-figure salaries. Dozens of business and related jobs earn more than double the median annual salaries for all occupations. Show
High-paying business careers are out there. To get them, you will need a solid education and an in-demand degree. Some occupations call for an undergraduate degree. Others need more advanced study. Depending on what you want to do, you may need a broad or specialized education. You may major in a field closely related to business or a subject that seems less directly involved with the business world. Here are 15 degrees that lead to a high-paying business career. 1. Master of Business Administration
The Master of Business Administration (MBA) degree is the traditional pathway for business professionals who want to advance into high-level (and high-paying) roles. The MBA is a graduate degree that includes core courses in a broad range of business subjects, according to U.S. News & World Report, such as:
The traditional MBA program takes two years of full-time graduate study to complete. Many schools now offer both part-time and accelerated study options in their online and on-campus programs. The MBA program gives you a flexible degree. It will appeal to a range of employers in the world of business and finance. Students may choose a specialization or concentration in a subject of interest. Among the most popular MBA specializations are:
There are plenty of roles you can hold with your MBA. It helps to choose a well-respected school and a sought-after specialization. Chief executives like CEOs typically need an MBA. Many of the more lucrative business career paths are open to students who earn an MBA with a relevant concentration. Chief executives have the highest-earning role in the business world. The median salary is almost five times the median wage for all occupations, the Bureau of Labor and Statistics (BLS) reported. These top managers hold titles such as president, executive director and managing director. They oversee the big-picture direction of the company or organization, according to the BLS. Management analyst is another possible job for an MBA graduate. While not nearly as lucrative as chief executive, management analyst still ranks high on the list of the top-paying business careers. Management analysts act as consultants. They provide valuable advice that helps companies improve productivity, efficiency and profitability. An MBA is an important credential for those who want to be chief executives, management analysts and other high-level business professionals. The degree alone won’t help you get to these senior positions. You will also need a great deal of experience and the leadership abilities to inspire confidence in companies and employees. Job Titles: Chief Executive, Management Analyst Median Salaries: $189,600, $83,610 Occupation Group: Management 2. Bachelor’s in Management Information Systems
Some of the highest-paying jobs in the business world revolve around technology. A degree in computer science or information science can help prepare students for technological roles. These play an important part in the success of modern businesses. If you want one of the most profitable positions in the business world, you will need more than just computer knowledge. You must develop a background in business theory and practices. You can then apply that computer knowledge to help your company achieve its goals. A bachelor’s degree in management information systems (MIS) is a great choice. It combines business classes with the mathematics, software development and computer programming courses of a computer science program. By the time you graduate from an undergraduate MIS degree program, you will understand how computer coding and technology works. You will also learn to use computer technology to solve an organization’s problems. A degree in MIS can help you get a position as a computer and information systems manager. This program is sometimes called information technology (IT). Managers and IT project managers figure out what a company’s technology needs are based on their goals and challenges. They implement systems that meet these needs. Even the lowest paid have a fairly high salary. At the 10th percentile – the 10 percent of workers in a given occupation who earn the least – computer and information systems managers earn a median wage of $80,160 more than any other management role. Earning your MIS degree can also qualify you for a role as a database administrator. Database administrators are responsible for creating, maintaining and keeping secure the electronic databases that have the information a business uses to operate. While not quite as high-paying as a manager role, this technology position has a median salary of $93,750 and a positive job outlook. Job Titles: Computer and Information Systems Manager, Database Administrator Median Salaries: $146, 360, $93,750 Occupation Group: Management 3. Bachelor’s in Marketing
Getting people to buy your product or service is crucial to the success of a business. Whether a company focuses primarily on business to business (B2B), business to consumer (B2C) or business to government (B2G) transactions, you need marketing and sales professionals on your team. In a bachelor’s degree program in marketing, students learn about consumer behavior and how to influence people’s purchasing decisions. They take coursework such as:
Students must understand the data behind marketing campaigns. It is just as important for them to learn to create winning advertisements and marketing strategies. You should expect to take classes in finance, statistics and analytics. Some programs include specialized aspects of marketing like social media marketing, e-commerce and public relations. Marketing majors take business classes such as:
When you earn your marketing degree you can begin a path to the role of marketing and sales manager. The job duties may be different from one employer to the next. It can even be different from one job title to another. Marketing and advertising managers work more behind the scenes. They develop the campaigns and strategies that promote a company and its products or services. Sales managers, on the other hand, focus more on leading teams of sales representatives. They handle tasks like training sales staff, setting sales goals and measuring progress toward those goals. The salary of a marketing and sales manager depends on the size of the employer and scope of the job duties. A marketing manager for a major national or global corporation will earn more than a marketing manager for a small business that makes mostly local transactions. A bachelor’s degree in marketing will prepare you for more entry-level roles like marketing specialist. (Learn more about how much you can make with a degree in digital marketing.) Job Titles: Marketing & Sales Manager, Marketing Specialist Median Salaries: $126,640, $63,790 Occupation Group: Management 4. Master’s in Finance
There are two kinds of graduate degrees in the field of finance. Some students earn an MBA in finance, a master’s degree with an emphasis on business in general that includes some specialized studies in finance. However, there is also a specialized finance degree program. This is for graduate students who are looking to delve deeper into the field of finance rather than dividing their studies between a wide array of business subjects. There are several reasons to consider earning a master’s in finance degree. For one thing, many employers are seeking candidates with a targeted educational background. Also, you can complete a traditional master’s in finance degree program in just one year – half the amount of time it would take to earn an MBA in finance degree. A master’s in finance degree helps students who want to work as financial managers. These management professionals are in charge of the overall financial health of a company or organization. They handle a wide range of responsibilities. They create financial statements and oversee finance workers. They analyze market trends to develop business forecasts. Technically, it is possible to get a finance manager position with just a bachelor’s degree and extensive work experience. However, there will be strong competition for these management roles. Having a master’s degree, and the graduate-level skills in financial analysis and software, can help candidates stand out from the crowd and impress prospective employers. In addition to a master’s degree, aspiring financial managers may also want credentials like the CFA Institute’s Chartered Financial Analyst (CFA) certification or the Association for Financial Professionals’ Certified Treasury Professional credential. Job Titles: Financial Manager Median Salaries: $129,890 Occupation Group: Management 5. Bachelor’s in Supply Management
All kinds of organizations, from retailers to manufacturers, need some form of supplies to keep their operations running. Supply management is the operational process of obtaining goods and materials for a company or organization’s use. This may be for internal use, for manufacturing purposes or retail sales. You might also hear related terms like supply chain management and logistics. Coursework that is common in undergraduate supply chain management degree programs includes:
Often, students also take more general business courses, such as classes in business leadership, business communications and business laws and ethics. Hands-on experiences and internship opportunities are an important part of many supply management degree programs. The experience students gain is valuable in helping them get started in the career field. A bachelor’s degree in supply management can put you on the path to a career as a purchasing manager. This is a position with a six-figure median annual salary. Purchasing managers:
Purchasing manager is a high-level role, one in which even the 10th percentile earns a salary around $71,450. To reach this position, candidates usually need a minimum of five years of experience acting as purchasing agents or buyers. Job Titles: Purchasing Manager, Buyer or Purchasing Agent Median Salaries: $121,110, $69,600 Occupation Group: Management 6. Master’s in Human Resources
Supplies aren’t the only thing businesses need to succeed. To run effectively, companies and organizations also need to have hardworking employees. They need those employees to be trained properly and working as efficiently as possible. Graduate degree programs in human resources teach students how to handle the important administrative duties that relate to staffing and employee relations. In a master’s in human relations degree program, students take core courses such as:
Students often choose to take elective courses that lead to a specialization in subjects such as project management, staffing and recruitment or training and development. Many master’s degree programs in human resources also include some sort of final capstone experience. This may take the form of an internship, thesis or research project. A master’s degree in this field gives you the skills needed to become a human resources manager. While lower-level human resources management roles are available to candidates with just an undergraduate degree, having a master’s degree will improve a candidate’s job prospects in this competitive field. Human resources managers serve an important role. They connect a company’s employees with its management and administration team and handle job duties such as recruiting staff and handling any employee issues that arise. Training and development manager is another role you can go for with a graduate degree in human resources. Unlike the more general role of human resources manager, these professionals focus on training the company’s workforce. Both of these management roles typically require a minimum of five years of related work experience, often in roles such as human resources specialist or training and development specialist. Job Titles: Human Resources Manager, Training and Development Manager Median Salaries: $116,270, $113,350 Occupation Group: Management 7. Master’s in Economics
Economics is the study of how resources are transferred and used. Money, real estate, natural resources, labor and time are studied in a bachelor’s program. In a master’s in economics degree program, students study:
While it’s not necessary to have an undergraduate degree in economics to get started in a graduate program in the subject, it is important to have a solid mathematics foundation. Undergraduate-level coursework in calculus is a prerequisite for most graduate economics programs, according to U.S. News & World Report. Some master’s in economics programs offer students the chance to specialize in a topic like advanced theory or financial economics. A graduate degree in economics can prepare you for a career as an economist, a high-paying business-related role. Economists fit more closely in the category of social scientist than business professional. However, with a six-figure median annual salary and a lucrative $185,020 wage at the 90th percentile, economist is among the highest-paying business careers all the same. In the business world, economists don’t just study the production and distribution of various kinds of resources but also use their findings to develop data-backed business recommendations. More than one-third of economists work for the federal, state or local government. Many others work in management consulting or research and development services. An economics degree can prepare graduates for other roles, too. In fact, most students who graduate from an undergraduate economics degree program don’t go on to become economists. Instead they find business roles such as research assistant, financial analyst and market research analyst, according. Job Titles: Economist Median Salaries: $105,020 Occupation Group: Other Business-Related Occupation 8. Bachelor’s in Engineering
At the undergraduate as well as graduate level, most engineering degree programs focus on a particular discipline of engineering. Each of these disciplines includes studies in core courses such as:
All high-quality engineering programs allow students the opportunity to gain hands-on experience working in laboratory and design studio settings. Most encourage or require some form of an internship opportunity. However, the precise curriculum of an engineering program depends heavily on the specialization the student is pursuing. Among the most popular engineering specializations are:
Students majoring in computer engineering or software engineering may devote much of their studies to computer science or computer programming. (Learn more about which degree is best for a software engineer.) Students in a civil engineering program focus more on engineering mechanics and systems. Becoming an engineer in your chosen discipline is the traditional career path following an engineering degree program. However, some engineering graduates choose a different, and at times more lucrative, career. The $103,900 annual salary sales engineers earn is more than the salaries of:
Sales engineers develop the same level of engineering knowledge in their discipline as students who go on to become professional engineers, but they put that knowledge to work in the business world. A sales engineer is responsible for selling highly technical products and services to clients, typically businesses. Sales engineers are necessary when the product is so technical that it takes a salesperson with a college-level engineering background to understand the science behind the product. They can explain that information to clients in clear, accessible language. Job Titles: Sales Engineer Median Salaries: $103,900 Occupation Group: Sales 9. Bachelor’s in Actuarial Science
Actuarial science is the study of risk. Majors in actuary science degree programs have strong analytical skills. They use numerical data to identify the mathematical likelihood of an outcome occurring. An actuarial science program typically includes coursework in:
In addition to these core courses in math and business, actuarial science majors can benefit from taking classes in computer science and communication. Graduates from an actuarial science program need to have skills in:
College degree programs in actuarial science may also include preparation for the actuarial exams candidates must pass to attain certification. There are around 200 colleges across the globe that offer degree programs in actuarial science. A degree in actuarial science is an excellent start to a career as an actuary. These mathematics professionals earn a lucrative living. Their $108,350 median salary lands them among the best-paid employees in the business world. They also have an exceptionally high 10th percentile wage of $64,860 and 90th percentile wage of $193,600. More than 70 percent of actuaries work for the finance and insurance industry, though some find employment in professional services, management and government entities. Some of the different types of actuaries include:
Their work helps determine the terms and rates of insurance policy contracts as well as companies’ financial strategies. Earning certification is essential for full professional status as an actuary. This requires successful completion of professional actuarial exams. Job Titles: Actuary Median Salaries: $108,350 Occupation Group: Other Business-Related Occupation 10. Bachelor’s in Health Administration or Health Management
Managing the business side of the healthcare industry requires a background in both business studies and the issues facing healthcare providers. An undergraduate degree program in health administration or health management combines these studies in a focused curriculum. It equips graduates with the skills needed to oversee the operations of a hospital or medical practice. Business courses are an important component of a health administration curriculum. Students typically take classes in:
Some health administration programs allow students to pursue a specialization such as health care informatics systems, long-term care management or public administration. Often, students complete an internship or practicum to attain hands-on work experience. With a degree in health administration or health management, you can be on your way to a role as a medical and health services manager. Sometimes called health care executives or health care administrators, these management professionals don’t provide care themselves. They direct and coordinate care to make sure that medical facilities run efficiently and that patients get adequate treatment. With a $100,980 median salary and a $189,000 90th percentile wage, medical and health services manager is among the most lucrative business management positions. This is also a rapidly growing management role. The BLS predicts job opportunities for medical and health services managers to grow by 17 percent, “much faster than average,” over just a decade. More than a third of medical and health services managers oversee the operations of hospitals. Others work in physicians’ offices, nursing homes, home health services and government entities. Job Titles: Medical and Health Services Manager Median Salaries: $100,980 Occupation Group: Management 11. Bachelor’s in Finance
At the bachelor’s level, a finance degree program introduces students to the basics of business, accounting and financial reporting and analysis. Later in the curriculum, students will encounter more in-depth coursework in subjects such as:
By the time students graduate with their bachelor’s in finance degree they should understand:
Some undergraduate finance programs include a specific focus on financial planning, according to the BLS. Among the most lucrative careers you can attain with a bachelor’s degree in finance are personal financial advisor and financial analyst. A personal financial advisor works directly with individuals helping them plan for and achieve their financial goals. These professionals might help clients weigh their options when it comes to making investment decisions, saving for college or retirement, planning their estate, minimizing their tax burden and purchasing insurance or real estate mortgages. Financial analysts, on the other hand, focus more narrowly on analyzing investment opportunities. They may work with individuals, but they also work with companies. Financial analysts find employment in banks, mutual funds, pension funds, insurance companies and securities firms, the BLS reported. Some work on the “buy-side,” where they focus on obtaining investments. Others work on the “sell-side” and seek investors to purchase their stocks and bonds. Personal financial advisors have a higher median salary ($87,850), but financial analysts have the best 10th percentile wage of all financial specialists ($52,540). This shows that even the lowest paid analysts are earning a good income. Job Titles: Personal Financial Advisor, Financial Analyst Median Salaries: $87,850, $85,660 Occupation Group: Financial Specialist 12. Master’s in Statistics
Statistics is the scientific study of analyzing and interpreting numerical data. Students take a blend of math and science courses that include:
Graduates of statistics degree programs need to have a well-rounded background. Students often take courses in engineering, physical science, chemistry, biology and health services, particularly as undergraduates. Statistics students don’t work only with formulas, but also with computer software. In fact, using data analysis software is so integral to the study of statistics that it is also recommended that students take some computer science and computer programming courses. While some entry-level roles in the field of statistics are available with graduates from a bachelor’s degree program, most roles require that candidates hold at least a master’s degree, if not a Ph.D. Statistician is the job title given to math professionals who gather and evaluate data through statistical methods to gain insight into solving problems. A statistician is responsible for everything from figuring out what data can help a company gain valuable insight to devising and implementing ways to attain that data and finally analyzing the information they collect. Statisticians work in several different employment environments, including federal government agencies and college and university settings. In the business world, most statisticians find jobs in:
For statisticians, the career outlook is highly positive. While the expected increase in job opportunities for all occupations is just seven percent over a decade, statisticians are looking at a “much faster than average” growth rate of 34 percent. With a median salary of $92,030 and a 90th percentile wage of $162,060, statistician is one of the top-paying business careers and the third most lucrative math career. Job Titles: Statistician Median Salaries: $92,030 Occupation Group: Other Business-Related Occupation 13. Bachelor’s in Accounting
It’s a common misconception that an accounting degree is all about mathematics, according to U.S. News & World Report. While you do need to have solid math skills to succeed in the degree path and any career that follows, accounting is a business degree program, not a math program. Accounting is the work of preparing financial statements and reports. In a bachelor’s degree program in accounting, students take courses such as:
By the time students graduate from an undergraduate accounting degree program, they will understand the workings of business transactions and how to prepare a wide variety of financial reports. They will not, however, have met the 150 semester hours of college study needed to be eligible for the certified public accountant (CPA) credential. For that reason, many graduates of bachelor’s in accounting degree programs go on to attain a master’s degree in accounting or an MBA. An undergraduate accounting degree can prepare you for a couple of possible positions in the business world. Financial examiner and accountant are the most notable. Accountants and auditors, who earn a median wage of $71,550 annually and follow a fairly direct career path, work with individuals or companies to prepare accurate financial statements and offer advice for making smart financial decisions. Tax returns, balance sheets and income statements are just a few of the types of financial reports accountants are responsible for creating. Financial examiners are the higher paid of the two occupations, earning a median salary of $81,090 per year. These professionals focus more narrowly on the rules and laws companies have to follow with regards to financial practices and reporting. Some financial examiners specialize in “risk scoping,” assessing the financial wealth of institutions such as banks and credit unions. Others are more concerned with “consumer compliance”. They ensure financial institutions abide by the laws designed to protect consumers from predatory lending practices. Nearly one-third of all financial examiners work for the federal or state government. Other financial examiners work in credit inter-mediation, financial investments and management. Job Titles: Financial Examiner, Accountant Median Salaries: $81,090, $71,550 Occupation Group: Financial Specialist 14. Bachelor’s or Master’s in Operations Research
Operations research is a math-heavy degree program, so it’s best students for students with strong analytical and mathematics skills. Core courses such as calculus, statistics and linear algebra are essential to success in the field of operations research. Students should also take enough computer science coursework to thoroughly understand the software used to run statistical analyses and model data. It’s also a good idea for operations research majors to take classes in subjects that need quantitative analysis, such as economics, political science and engineering. Should you go for a bachelor’s degree in operations research, or a master’s degree? That depends on what you want to do with the degree. An undergraduate degree in operations research or a similar program is sufficient to attain some entry-level roles in the field, according to the BLS. However, there are some jobs you won’t be able to get unless you have a master’s degree or a Ph.D. Having an advanced degree can improve your job prospects considerably. With a degree in operations research or a similar educational path, you can pursue a career as an operations research analyst. This math professional applies quantitative, statistical and analytical methods to data to develop the solutions to real problems facing businesses and organization. While their work uses mathematical principles, the challenges operations research analysts face aren’t quite as simple as solving an equation. These professionals don’t just look for any solution, but instead for the best solution. That requires analyzing the pros and cons of a variety of different actions. More than one-quarter of operations research analysts work in the finance and insurance industry. Others find employment in professional and scientific services, manufacturing, management and the federal government. In addition to having a high median salary of $84,810, operations research analysts also enjoy a highly positive job outlook. The BLS predicts that operations research analysts will see a “much faster than average” growth rate of 30 percent over a decade. Job Titles: Operations Research Analyst Median Salaries: $84,810 Occupation Group: Other Business-Related Occupation 15. Master’s in Industrial Organizational PsychologyYou might associate the field of psychology more with counseling or clinical treatment than with business. However, industrial-organizational psychology is a specialized discipline of psychology that focuses on how humans behave in the workplace and other organizations, according to the American Psychological Association. You can pursue a master’s degree in industrial-organizational psychology even if you didn’t major in psychology as an undergraduate student. However, you will need to complete certain prerequisites, such as introductory and experimental psychology coursework. At the graduate level, coursework in industrial-organizational psychology includes:
Some form of field work may also be required. A typical master’s degree program in industrial-organizational psychology can be completed in one a half to three years, The Princeton Review reported. An industrial-organizational psychologist applies his or her knowledge of human behavior to the specific setting of the workplace. These psychology professionals help businesses find ways to improve productivity and workplace culture and resolve management and employee performance problems by implementing psychological principles and practices. Their goals may range from developing fair and constructive company policies to raising employee morale and developing effective working styles. In most specialties of psychology, you need a Ph.D. to become a psychologist. Industrial-organizational psychology is an exception to that rule, allowing candidates with a master’s degree to begin working in the position even without a doctoral degree. With a median salary of $80,370 and a 90th percentile wage of $132,070, industrial-organizational psychologist is among the most lucrative careers without a business degree. Industrial-organizational psychologist is currently a small occupation, but the BLS expects it to see “much faster than average” job growth, with opportunities increasing by 19 percent over a decade. Job Titles: Industrial Organizational Psychologist Median Salaries: $80,370 Occupation Group: Other Business-Related Occupation Editor’s Note: No one educational or career path is right for everyone. If you aspire to rise to a well-paid position in the business world and make the big bucks, you need to weigh your options and consider all of the factors that will affect your professional life. What are your strengths and interests? How will you get the experience you need to advance to your dream career? This list is a guide for you to start off your research into the right degree program and career path for you. For more information about the highest-paying business careers, check out this resource from the United States Bureau of Labor Statistics. DQ Staff Updated April 2020 For Further Reading:
What business degree has the highest salary?15 highest-paying business majors. E-commerce. ... . Industrial production. ... . Entrepreneurship. ... . Construction management. ... . Organizational leadership. ... . Project management. ... . Health care management. ... . Economics.. What business major has the most job opportunities?What Business Majors Are Most in Demand?. Fashion merchandising degree.. Finance degree.. Healthcare administration degree.. Operations management degree.. Sports management degree.. |
What is the highest paying business major
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