Business is a top choice for a college major. Looking around you, you’ll realize that every single item there is an entire industry dedicated to it. It came to be as a product of complex processes that make up the framework a growing business sector. And for those who want to be a part of it, choosing the right Business major matters.
However, business degree holders still experience difficulty standing out from their peers because business graduates generally share the same qualifications. The key is to choose specific fields or concentrations that tackle areas with minimum overlap. A specialized business degree program will give you the competitive edge and make you an indispensable asset in the workplace.
Business-related undergraduate degrees are a great choice. The coursework, which blends business theories with practical applications, draw students who seek to gain skills in leadership and management and an understanding of corporate social responsibility.
Four Elements of a Business Degree
The undergraduate curriculum is always evolving. It adapts to the changing economic and social landscape and accommodates business thinking and methodology advancements. The Business degree curriculum typically focuses on these four elements:
Practical Experience and Application
Practical knowledge and experience are indispensable in modern business. For a business student, experience leads to greater employability. Students are encouraged to grab every chance to gain practical, real-world industry experience to develop their sense of discipline, flexibility, and adaptability and become a valuable asset at work. Internships can make this happen for you.
Fresh graduates experience difficulty adjusting to their jobs, and research shows that most, if not all, lack the critical skills for securing success. Your excellent academic standing does not always translate into outstanding performance in the workplace.
Master Entrepreneurial Approach
This business element is all about investing in “social entrepreneurship,” the new business model that many industries are embracing. Mastering this entrepreneurial approach will mold you into an invaluable player in any industry.
A Job Market for Business Majors
The job market is primed for business majors. In 2017, business degree holders ranked third in the most in-demand college graduates, and this trend is projected to grow in the coming years. The business industry provides today’s graduates a wealth of career opportunities.
Whether you chose to a business major because of passion or pay, you will find what you are looking for in the diverse employment opportunities in the business sector.
Pay Scale for Business Majors
The illustration above shows the percentile of wages for all employees in the business industry. According to the Bureau of Labor Statistics (BLS) workers belonging to the 10th percentile earn $18,870.00, while those in the median percentile earn $36,200.00, and a $90,110.00 salary is given to those in the 90th percentile.
Job Prospects for Business Majors
Your future career does not solely depend on how fat your paycheck is; you should also consider whether or not the job is a good fit for your skills and interests. Here are five specializations that offer are high-paying jobs for Business majors:
- Business Operations personnel are the key people who take charge of running the business on a day-to-day basis. If you belong in this department, you need to coordinate with the various others within the organization—from Purchasing to Human Resources.
- Financial Specialists such as financial analysts are proficient in money decisions. In 2017, the median pay for financial analysts was estimated at $84,300 per year.
- Management personnel takes the lead in making executive-level decisions. Managers become chief executives who earn $104,700 per year.
- Salespeople drive profitability. As proficient communicators, Business majors make confident sales representatives or sales executives.
Business majors have other job prospects ranging from actuaries to economists, but these positions are usually limited.
Business Majors for the Future
While Business graduates enjoy a wealth of employment opportunities, earning a bachelor’s degree with a concentration will give you the edge. According to the National Association of Colleges and Employers business degree with majors in accounting, finance, and business administration remain to be highly in-demand.
The primary job of accountants is to examine and prepare business and financial records. A Bachelor of Science in Accounting prepares students for various entry-level careers in the corporate world. You will develop an understanding of the fundamental accounting concepts and principles including tax lax, legal documents, and business operations.
Accounting graduates become accountants, auditors, or payroll managers. Employment of accountants is projected to increase by 10% in 2026. With a median pay of $69,350.00 per year, a degree in BS Accounting is an excellent choice.
With an Advertising degree, you learn the ins and outs of effective communication. Advertising, they say, takes Marketing a step further. It brings passion and creativity into your professional life.
You increase awareness and elevate consumer perception with a solid background in advertising. People who work in advertising aim to build customer loyalty. Online media is a particularly ripe landscape for advertising majors. You can get a job as an account executive, media planner, or copywriter. Advertising specialists earn a median pay of $106,130 per year.
The University of Pennsylvania offers one the country’s top Advertising majors. UPenn’s course curriculum promotes a comprehensive understanding of advertising concepts and their applications in a business context.
A degree in business management provides you with a solid understanding of all the critical aspects of doing business. You will gain expertise in accounting, sales, business operations, and organizational leadership. You will be better equipped to take the lead and oversee various departments. Business managers work with a team and supervise daily operations.
The University of Michigan-Ann Arbor is a leading institute offering a degree in business management.
Designed to build the real-world leaders of tomorrow, a Communication Management degree molds students into becoming effective leaders. This degree exposes students to, among other things, communication strategies that are essential in business.
An effective leader can communicate effectively and relay knowledge and ideas with confidence. You must encourage enthusiasm, provide motivation, and create a reward system that works. It’s little wonder why Communication Management is an attractive choice for business enthusiasts. Jobs requiring this specialization pay on average $103,674 a year.
Choosing Economics as a college major will prepare you for the rigorous demands of economic discourse. You will gain the required toolkit for critical thinking that is focused on the economy and economic policy. With an eye for economic trends, you can become a budget analyst, contract specialist or an economist.
As an Economist, you will get $102,490 per year on average or a fee of $49.27 per hour. This work is projected to be in high demand. Some of the best schools in the country are currently offering this major and include Harvard University, MIT, Princeton, Sandford, and UC Berkeley.
eCommerce is a rapidly growing, innovative industry that embraces modern business systems. It is a business model that operates in all major market segments – business-to-business, consumer-to-consumer, and consumer-to-business.
Students who specialize in the study of eCommerce are prepared for the complexities of business and management information systems. Graduates with a degree in eCommerce are suited for a career that pays on average $49,109 per year.
Entrepreneurship students gain insights on key decision-making processes in business. This major equips you with the necessary skills to lead your daily business operations. With a background in marketing, finance, public relations, and human resources, you have a unique, competitive advantage over your peers.
Entrepreneurship majors can climb the corporate ladder and become the CEO of their company earning a median average salary of $158,560.00 per year.
Finance majors work in banks, investment firms, and insurance companies. Students learn a broad range of concepts that mold them into becoming skilled financial analysts with a solid background in economics, statistics, and risk management.
Majoring in Finance typically leads you to a financial analyst job that lets you earn up to $84,300.00 annually and enables you to engage in a client-centric work environment and excel in your field. The University of Pennsylvania is a top-rated institution offering this major.
It takes business acumen to run an entire healthcare facility. It can be tricky to strike a balance between providing effective healthcare services and ensuring profitability. Students of Healthcare Management are taught the strategies to meet the demands of the growing healthcare industry. They acquire the skills needed to apply proven management strategies to address issues.
The University of Michigan – Ann Arbor is a top-ranked school offering a Health Care Management degree. Get hired as a health services manager, medical director, or a patient care associate and earn $98,350 per year on average.
Human Resource Managers are vital to any business. The position centers on people, the ones who commit their time and energy to the organization. The HR department takes charge of labor relations, workforce motivation, organizational behavior, and employee selection.
With a degree in Human Resources, you will identify and secure top talents to become part of the company. You put your leadership and interpersonal skills to the test. As a Human Resource Manager, you get, on average, $110,120 in annual pay.
With an emphasis on cross-cultural collaboration, an International Business degree lays out the fundamental concepts for running businesses on a global scale. You are expected to be proficient in business ethics, global commerce, and international markets. You will work as a logistician, a management analyst, or a business development specialist with a median pay of $72,780 annually.
Earn a degree from Berkeley College and expect to have better career opportunities in the field.
Marketing is a well-known industry and an essential ingredient for business success. As a Marketing major, you will learn about attracting and retaining customers by addressing and satisfying their needs (or wants).
A major in Marketing lets you focus on the fundamentals of market research and communication. Plus, you will have an excellent grasp of marketing strategies for increased sales and customer retention. A Marketing Manager earns typically around $145,620 annually.
Organizational Leadership and Management
Organizational Management is a management style that encourages managers to supervise employees in smaller segments or departments. Organizational Leadership with Management as a major emphasizes not only communication skills but also emotional intelligence.
Graduates are hired as Training and Development Managers or Human Resource Managers.
Public Relations (PR) people speak on behalf of their organization. As a PR specialist, you represent your company and help it maintain an impeccable reputation. Majoring in PR lands you the Public Relations Specialist job who is expected to be an expert in strategic communication, event planning, and coordination.
Supply Chain Management
Supply Chain Management (SCM) majors oversee the business’ supply chain processes. A degree in SCM trains graduates in the areas of logistics, product development, sourcing, and production. As a logistician, you are focused on achieving a systematic delivery of products and services.
Managing the entire lifecycle of products until it reaches the customer is a crucial endeavor. Logisticians earn $74,590 annually, and job outlook in the industry is continuously growing. Earn a degree in Supply Chain Management from Michigan State University or from Arizona State University to get a solid background from the top SCM programs available in the US.