Is college worth it? This is a question that is being asked a lot these days. People suspect the burden of student loans that cost what houses used to is too much for young men and women.
The general consensus is that yes, college is worth it. But the question is too broad and ambiguous to be at all useful.
Great College Deals is a website concerned with helping you get the most value out of your college education. We shine the spotlight on colleges that offer great values, and in the case of this article, degrees that are of great value.
By far the degrees with the most consistent high return on investment are STEM and business. STEM stands for Science, Technology, Engineering, and Mathematics. STEM subjects tend to be the most difficult subjects from a technical standpoint.
But saying “business” degrees pay well isn’t exactly useful. Trends show employers are starting to prefer specialists in a complicated business landscape. This article spotlights the 10 highest paying business majors. Five bachelor’s degrees, and five master’s degrees. We explain a bit about the kinds of jobs each degree program can lead to, and what you can expect to earn. These degrees aren’t ranked. That’s because they are all great choices. Even if you’re choosing a degree based on earning potential, choose the one that fits you best.
The FAQ at the end of the article will focus on maximizing your college education and work experience to increase your chances of landing a high-paying business career. The degrees are listed in order of earning potential.
Highest Paying Business Degrees Reviewed
Bachelor’s in Management
The highest paying business degree is a bachelor’s in management. There are a lot of ways to major in business management. A bachelor’s of business administration with a management-focused concentration is one. There are also specific management degrees. You can go with a general business degree, or for something more focused. You could do a supply chain management concentration for instance. Supply chain management is something that has had its problems exposed recently during the pandemic. So chances are there will be new theories to learn about supply chain management. That’s just one example. Another set of problems exposed during the pandemic involved international business. How is international business affected by global crises? The war in Ukraine is another example of global events causing problems for international business. As when one country invades another, unexpected sanctions can throw international business into turmoil. There are many career opportunities for people with strong management skills. For some management occupations, consider a specialization, minor, or double major. Most management positions require both a bachelor’s and 5 years of experience. Following is a list of some of the top paying management jobs. We include their median salary according to BLS, and projected job growth rate.
- Computer/Information Systems Manager: $159,010
- Architectural/Engineering Manager: $152,350
- Financial Manager: $131,710
- Compensation and Benefits Manager: $127,530
- Public Relations and Fundraising Manager: $119,860
If you target specialized positions like engineering manager, you will want to double major. The other option aside form a double major would be to major in engineering. Then earn a master’s in management later. For compensation and benefits managers, you want to focus on human resource management. Every organization mid-size and up needs human resource management. It’s a huge field with lots of opportunities.
For PR/fundraising you want to combine management and communications. For a financial manager position you would want a management degree with a finance minor.
Of course you might consider consulting down the road if you earn an advanced degree or two. A management bachelor’s can be a great start to a career like management analyst. As a management analyst you would take on the role of evaluating the management practices of the corporations you consult with.
Operations manager doesn’t pay quite as well as the degrees above, but it’s still a path to a C-suite position. Operations managers can ascend to the position of chief operations officer. Operations management is also essential to a smoothly running organization.
Bachelor’s in Marketing
The bachelor’s degree in marketing has incredible earning potential. The highest paying jobs with a marketing degree and under five years of experience are sales manager and advertising manager. Job growth for sales managers is about average (5%), a bit faster than average for ad managers (8%).
While these jobs are similar, there are some basic differences. Sales managers manage teams of employees engaged in sales to customers in a much more direct way. Marketing managers are more involved with the development of overall marketing strategy.
The five fields that pay marketing and ad managers the best are listed below.
- Information: $163,360
- Professional/Scientific/Technical Services: $155,470
- Enterprise/Company Management: $155,030
- Finance and insurance: $151,870
- Manufacturing: $136,150
Bachelor’s in Actuarial Science
Actuarial Science is risk analysis. Actuaries apply finance theory, statistics, and mathematics to create risk analysis models. Most actuaries work for insurance companies. They design the methods by which premiums are calculated. While you don’t have to major in actuarial science to become an actuary, it definitely helps. Most actuarial science programs are designed to prepare students for seven difficult exams. Think of these like the infamous Bar Exam in law. Technically, you can take the Bar Exam without a law degree. However a law degree will be essential for most people to have a chance to pass. Passing these seven exams is the only way to become an actuary.
While the degree has narrow applications. Especially compared to the other degrees on this list. There are also benefits to this as well as costs. It’s quite difficult to become an actuary. This limits competition. The Bureau of Labor Statistics is forecasting a 20% job growth in the field between now and 2031. This means finding a job should be quite easy. The median pay for actuaries is $105,900 per year with just a bachelor’s degree and no work experience required. There’s a decent chance that wage will increase if there aren’t enough actuaries to go around.
- Government: $110,590
- Finance and Insurance: $110,000
- Professional/Scientific/Technical Services: $101,600
- Company/Enterprise Management: $101,510
Bachelor’s in Mathematics
Ok, you caught us. This isn’t a degree you’ll find in the business department. However, it is important to note there are jobs for mathematicians in business. It’s just that the pathway from a mathematics degree to those positions isn’t always obvious or clear. Finance firms have a habit of hiring mathematicians, engineers, and computer scientists. Generally they work on the development of complex financial instruments.
Modern economics is heavily based on complex mathematical analysis, statistics, and probability. So a strong math background is essential for anyone who wants to go far in the field of economics. I would suggest majoring in mathematics. Pair this with either a second major in economics, or at least a minor in economics. Becoming an economist will require advanced study. A master’s degree is a minimum entry-level requirement. Most economists earn a doctorate in the field. According to the BLS, economists earn an average annual salary of $105,630 per year. Job growth in the field is projected to be 6% between 2021 and 2031, which is faster than average.
It should also be noted that many finance-related career paths benefit from a strong background in mathematics. So earning a master’s in finance after your math degree is another great option.
Bachelor’s in Project Management
The past decade or so has seen a new management role rise to prominence. The project manager. As the practice of modern business becomes more complex, so too, do projects. In even medium sized companies, projects can involve professionals from multiple departments. Take a website overhaul or redesign. This will include professionals from graphic design, information technology, and marketing. Maybe more. Additionally, each department in a company affected by a website will want a say in the process. A project manager’s job is to make sure all these departments work together. They keep track of timetables, facilitate communication between departments, and manage conflict.
Project managers can be found in just about every medium to large business these days. Their rise in importance has seen the pay increase over the years. They are now among the best-paid non-executive management in most companies. According to the BLS project managers earn a median salary of $94,500 per year. The highest paid 10% of project managers earn around $159,000 per year with a job growth rate of 7%.
We are now seeing degrees in project management specifically. Though currently it is more common for it to be a concentration or minor. Project management can be a uniquely satisfying role within a company. Many oversee a variety of projects, keeping their role within the company new and fresh. This can be a great alternative to day-to-day departmental management. And the pay is competitive with such positions.
Master of Business Administration
The MBA is probably the best known and most popular advanced business degree. This degree is the pathway to upper management and executive positions. If you’re interested in climbing your way into executive positions the MBA can be a great choice. MBA programs tend to cover a broad spectrum of advanced business knowledge. This makes them great for somebody who did their undergraduate degree in a different field.
For instance, say you are an engineer or IT professional. You want to become an engineering manager or information technology manager. You already have all the technical skills you need for that role. You don’t need a master’s in engineering or IT. With an undergrad degree in the field and work experience, the MBA is perfect for transitioning to a management role.
You can work your way into management and executive positions without an advanced degree. However, the MBA expedites the process. Below is the median pay that can be expected for top executives in various professions.
- Professional, Scientific, Technical: $208,000+
- Manufacturing: $208,000+
- Healthcare/Social Assistance $154,650
- Government: $104,730
But not everybody can be a top executive. The number of positions is quite limited. So what are you looking at for pay as a general manager or operations manager in top professions? The numbers are as follows.
- Professional, Scientific, Technical: $127,110
- Manufacturing: $119,000
- Wholesale Trade: $100,000
- Construction: $98,000
- Retail Trade: $66,000
So, as you can see, the return on investment for an MBA is quite high. With online learning, MBAs are easier than ever to earn while keeping your current job.
Master’s in Finance
We chose to spotlight a master’s in finance over a bachelor’s degree in the field. This is because most of the best jobs in finance are unlocked by a master’s degree. Finance professionals work in a variety of contexts. Commercial banking and personal financial advising are most common. These are highly regulated sectors. As such they require managers with high levels of expertise. You will find jobs in these sectors as finance managers, public accountants, and as financial analysts in every sector of business.
Finance is a complex industry and difficult to quantify. So many of the highest paying positions and jobs, like investment banker and fund manager, are also somewhat rare. The BLS doesn’t really have numbers for them specifically.
However, financial manager is one of the best paying jobs in business. The pay does vary across industries. Here are the median salaries of financial managers in five of the largest industries in the United States.
- Professional/Scientific/Technical Services: $158,000
- Company/Enterprise Management: $158,000
- Manufacturing: $131,000
- Finance and Insurance: $131,000
- Government: $123,000
Master’s in Human Resources
A bachelor’s in human resources is a great start to your career in human resources. However, the best positions come through experience and an advanced degree. Human resources is a multifaceted job that includes recruiting, hiring, firing, and mediating. Particularly mediating disputes between employees, and mediating disputes between employees and the company. This sometimes includes negotiating with labor unions, or for labor unions. It depends on where you work. HR also oversees payroll and compensation/benefits.
Every single company has to have an HR department in order to function properly. This makes it a crucial position that requires highly competent people. However, but it’s also quite common. A perfect storm for good earnings. Human resources managers and compensation and benefits managers earn roughly the same in any given industry. However, some industries do pay better than others. Following is an example of the kind of pay you can expect across various industries.
- Professional/Scientific/Technical Services: $134,000
- Company/Enterprise Management: $130,000
- Manufacturing: $125,000
- Government: $103,000
- Healthcare Administration/Social Assistance: $100,000
Master’s in Economics
Economics is a broad field with lots of applications and many different types of jobs. On some level, all economists are researchers. Economists in academia or working in think-tanks often conduct their research to guide economic policy. They advance economic science, and solve various economic problems on a scale that ranges from local to global.
Economists working in various industries still conduct research. They do tend to be more focused on analysis and using economic theory to solve problems. They create financial reports and strategies for their companies. Economists working for the government conduct research and analyze data. They do this in order to develop better economic policies and government services and programs. The five major industries that employ economists, and what economists can expect to make in those industries, are as follows.
- Finance/Insurance: $164,000
- *Federal Government: $126,000
- Management/Scientific/Technical Consulting: $118,000
- Scientific R&D: $102,000
- **State Government: $82,000
*Excluding Postal Service
**Excluding education and hospitals
Master’s in Statistics
Combining a master’s in statistics with any business undergraduate degree puts you in a great position. Every industry needs statisticians. The job outlook for statisticians is unlike almost any other field. There is an expectation of a 31% increase in jobs between now and 2031, according to the BLS. This is for both mathematicians and statisticians. Jobs are most commonly found in the federal government for the public sector. Private sector jobs are found in research and development. The fields vary and include engineering, and physical sciences. The life sciences, insurance, healthcare and social assistance are also common. Of course many work in colleges, universities, and professional schools. The highest 10% of statisticians earn more than $169,000 per year. Median earnings across their most common industries are as follows.
- Science/Engineering/Life Science R&D: $115,000
- Federal Government: $114,000
- Insurance: $84,000
- Healthcare/Social Assistance: $79,000
- Colleges/Universities/Professional Schools: $78,000
FAQs
What is the highest paying business major?
Generally speaking, the highest paying business major is business management. According Payscale, the average starting salary of someone with an undergraduate marketing degree is $73,000 per year. However, the highest paying business degree is a master’s degree in business administration, better known as an MBA. The same website reports that those with an MBA begin their careers with an average salary of $91,000.
What are the most in-demand majors in the business field?
According to Indeed.com, business majors account for four of the current top 12 most in-demand majors. The most in-demand majors in business are business administration, accounting, finance, and marketing.
Is a business major easy?
The difficulty of any major will mainly depend upon the student and the university. In some business programs you can expect your business courses to cover advanced mathematics, and economics. Most include management and organizational theory, and communication, among other things.
How much does a business major make right out of college?
Starting salaries for business majors vary from subject to subject. According to Payscale, the average salary for a new Bachelor of Business Administration grad is $69,000, while a new Bachelor of Science in Business Management can expect to be offered about $73,000 per year to begin.
What are the best universities for a business major?
University of Pennsylvania, Massachusetts Institute of Technology, and University of California — Berkeley top U.S. News & World Report‘s list of the best universities for an undergraduate business degree. The best universities for graduate-level business work include Stanford University, University of Pennsylvania’s The Wharton School of Business, and University of Chicago.
Job Stats: Bureau of Labor Statistics
Related:
10 Highest Paying Organizational Leadership Jobs
GCD Staff
August 2020