Did you know that majoring in Business is one of the five most popular undergraduate degrees? Once we take a look at the best business degrees to get, this fact becomes less surprising. In this article, we will take a look at some of the highest paying majors in business to answer the big question of, “What is the best business degree?”
What is a Business Degree?
There’s not just one answer for what constitutes a business degree. There are many business degree options, depending on your specialized interests, career goals, and the level of education you wish to attain.
When it comes to the best business degrees, students can choose from associate’s, bachelor’s, master’s, and doctoral level degrees. For entry-level positions, an associate’s or bachelor’s degree will typically suffice. However, if you wish to work in high-level and leadership positions, you’ll need to earn a master’s degree, like a master’s in business administration, or a doctoral degree in the field.
Business courses and degree programs vary based on specialization. However, as a rule of thumb, it’s safe to say that any type of business-focused major will prepare graduates with the knowledge and skills they need to work in the field of business. Whether someone wants to work in human resources, accounting, marketing, management, or something else, a business degree is a surefire way to go.
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Best Business Majors/ Specializations
Let’s take a look at some of the business majors that make the most money.
Accounting
A degree in accounting aims to teach students how to create financial reports, follow accounting standards and practices, and even carry out audits. Within undergraduate programs, students can expect to take business courses like tax accounting, forensic accounting, and financial accounting, to name a few. If you wish to work as a certified public accountant (CPA), then you’ll have to continue your formal education to obtain a postgraduate degree, along with becoming certified. The average salary for an accountant in the United States is $73,560 per year.
Management
Business management is focused on supervising and overseeing business practices and operations to achieve efficiency. Management degrees prepare students to work in management positions, from assistant managers to the highest levels of executive management. Within the field of management, students can choose their desired specialty, such as sales management or operations management. Management salaries vary greatly according to the position title, location, and company. However, according to 1Salary, the average salary for a manager in the United States is $150,776.
Human Resources (HR)
Professionals who work in the field of human resources are responsible for taking care of employees and managing compensation and benefits. Students in this degree program will learn about payroll management, training and development, and labor laws, to name a few topics. With this knowledge, HR majors can go on to work as human resources specialists, managers, or directors. Glassdoor reports that the average salary for HR professionals is $65,218.
Economics
Economics studies how resources are allocated and used within businesses and the overall economy. Economics students will take courses like microeconomics, macroeconomics, managerial economics, accounting, mathematics, operations research, and more. While economics is a business degree, it’s considerably more focused on math and theory than practice. Those with economics degrees can enter many different positions in business due to their educational background. Or, they can follow the path to become an economist. On average, economists earn $108,350 per year, which is why it makes this list of the highest paying business degrees.
Entrepreneurship
Are you someone who wants to run their own business someday? If so, majoring in entrepreneurship can help to prepare you for what you’ll need to know. By studying entrepreneurship, you can expect to learn how to make a business plan, how to get funding, how to plan for new business ventures and launch new products. With this degree, you can go on to open your own business or work in a venture capital firm, among other opportunities. CareerExplorer reports that the average salary for an entrepreneur in America is $43,240. However, if you can create a thriving business, the salary potential is technically limitless!
Supply Chain Management
Supply chain management degrees blend together course material from economics, logistics, and finance. These business courses prepare students to know how to manage logistics and overcome challenges with problem-solving abilities. Students learn how to perform data analytics, prepare presentations, and inventory management. The average salary for a supply chain manager iis $116,514 per year.
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Business Administration
Those who major in business administration learn about the ins and outs of how businesses function. The courses span fundamentals like accounting, marketing, and finance. Through these classes, students learn how to solve problems, think critically, and make ethical business decisions. With a degree in business administration, graduates can enter many different career paths, including consulting, human resources management, marketing, public relations, and more. The average base salary for a business administrator is $56,693, but this major equips graduates to work in the higher-paying positions listed throughout this article. And, this is especially true for those who earn a master’s in business administration (MBA). Take a deeper look into what you learn in business school here.
Business Courses Online To Earn Your Degree
For anyone looking to enroll in the best business degrees, there’s the option to earn the degree online. You can search for the program of your choice to find online degree-granting institutions.
For example, the University of the People is one of these! Our accredited and entirely online university makes it possible for students to earn an associate’s, bachelor’s, or master’s degree in business administration. And, if you’re not ready to enroll in an entire degree-granting program, then you can earn a certificate in the field to either brush up on your knowledge or boost your resume with qualifications.
All of the University of the People’s programs are tuition-free, which means you can obtain your higher education without breaking the bank!
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The Bottom Line
Now that you have a list of the best business degrees and highest paying business degrees, you have a choice to make. What about business interests you most? What kind of career in business do you want to have?
Depending on these answers, you can then choose the business major of your choice and start learning!
