The best majors for business involve being knowledgeable in a range of sectors with different ventures. Finance, marketing, and business administration are typically known as the best majors for business, as they encompass any industry.
This article will show you how to choose a major for business that’ll produce a rewarding and worthwhile career. It’ll also provide tips and tricks that’ll help you know what degree for business is right for you.
Why Choose a Career in Business
A career in business is highly in demand with competitive salaries and satisfying professional endeavors. It’s a multifaceted profession that covers a wide range of sectors like food service, retail, technology, real estate, and the field of healthcare management. Because of the breadth and depth of knowledge required in this profession, business degree holders tend to be some of the most high-paying jobs in various fields.
Business Job Outlook
There’s a positive job outlook for business and its related careers. The US Bureau of Labor Statistics estimates an eight percent job growth between 2020 and 2030 in business occupations. Moreover, 750,800 new job openings are expected to be available over the coming years. A career in business also has an average annual salary of $76,570.
Business Job Satisfaction
A couple of business jobs have relatively high job satisfaction rates. According to Glassdoor reviews of jobs with the highest satisfaction rate, a corporate recruiter, a professional that supervises application processes, has a job satisfaction of 4.3 out of 5.
Additionally, a risk manager, the person responsible for assessing opportunities, has a score of 4.2 out of 5. Lastly, a marketing manager, someone that handles campaigns and advertorials, has a rating of 4 out of 5.
Business Salary Potential
| Career | Minimum Level of Education | Average Salary* |
|---|---|---|
| Sales Director | Master’s Degree | $102,130 |
| Management Consultant | Master’s Degree | $90,241 |
| Supply Chain Manager | Bachelor’s Degree | $84,344 |
| Human Resources (HR) Manager | Bachelor’s Degree | $69,585 |
| Financial Analyst | Bachelor’s Degree | $62,774 |
*Data above were taken from PayScale.
How to Choose a Major for Business: Tips for Selecting the Right Business Degree
Tip 1: Do Thorough Research
You should research about universities and colleges that specialize in business majors. That way, you can pinpoint which school is the right choice for you. According to the National Center for Education Statistics (NCES), the average tuition costs of a private nonprofit university is around $36,700 per year. Private, for-profit universities average $19,100 per year, and public colleges cost $9,400 annually, on average.
Tip 2: Pick a Degree
The next step is to pick a degree that matches your career goals and values. Set some SMART goals that will help you choose a career that’s in line with your endeavors and skills. Create a list of your career goals and values that you want to foster in your budding professional life.
Tip 3: Check the Career Progression
Check the progression of your chosen career to see which options are available as you grow in it. This way, you can see the potential advancements in your chosen career. It also allows you to forecast which path or specialization you want to partake in as you move through different stages of your career.
Tip 4: Talk to a Mentor
If you have a mentor, talk to them for an outside perspective and objective opinion about your skills and passions. Seek help from a guidance counselor in your school, if applicable, and talk about some career options that are feasible with your skills and values. Getting help from mentors and counselors can enlighten and provide an outside perspective to aid you in deciding the best decision for a major in college.
Tip 5: Talk to Professionals in the Field
If you know someone in your chosen major that has been a senior professional in the field, connect with them and ask about the daily work that they experience. Find out the details on why they chose the career, what contributed to their career growth, and the expectations you need to have when entering this industry. By getting firsthand information you know what to anticipate.
What Degree for Business: Best Majors for a Business Career
Accounting and Finance
Accounting and financial occupations are some of the top career choices when pursuing an advanced degree in business. Students who enroll in these courses learn wealth management, general business and taxation laws, and analytical skills.
They also learn technical knowledge like statistical analysis, accounting principles, and making sound financial decisions. Jobs that people pursue with this major are financial advisor, auditor, or banker.
Associated Career Paths: Financial analyst, tax accountant, financial service sales agent, financial manager
Levels of Education: Bachelor’s degree, master’s degree
Business Administration
A degree in business administration provides a ton of flexibility to venture into different sectors. This major offers a mix of practical skills and critical thinking skills in management theories like business models to help you sharpen your business acumen. A successful career in business administration provides extensive work experience in different fields.
Associated Career Paths: Human resource manager, business consultant, business operations manager, business analyst
Levels of Education: Bachelor’s degree, master’s degree
Business Law
An undergraduate degree in business law provides a myriad of the best business practices that adhere to rules and regulations. The complexities of business such as tax laws and corporate regulations need to be navigated by a professional.
Moreover, it teaches business ethics, management consulting, and business principles that help guide various organizations and companies. Job positions that you can aim for with this degree include lobbyist, corporate paralegal, and business attorney.
Associated Career Paths: Management consultant, project manager, management analyst, operations research analyst
Levels of Education: Bachelor’s degree, master’s degree
Sales and Marketing
Sales and marketing as a college major teaches a student the different applications of marketing strategies, problem-solving tasks involving business situations, and project management skills. This business field offers a lot of adaptable job careers for aspiring marketers. Job opportunities for this major include social media manager, customer service representative, and SEO specialist.
Associated Career Paths: Sales manager, market research analyst, public relations specialist, marketing manager
Levels of Education: Bachelor’s degree, master’s degree
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Supply Chain Management
A degree in supply chain and logistics management allows students to learn about the different facets and phases of the distribution system. They’re taught business skills in delivering goods in the most efficient manner, inventory management, and proper storage of raw materials. It’s a lucrative career that prioritizes organization and analytical skills.
Associated Career Paths: Logistics management, supply chain manager, business development specialist
Levels of Education: Bachelor’s degree, master’s degree
Other Business Related Majors
Below are other options for the best majors for business that you can pursue. Any of these business-related field majors are worth pursuing not only for business competence but also to gain valuable soft skills like leadership skills, problem-solving skills, and interpersonal skills.
- Entrepreneurial Studies
- Financial Accounting
- Financial Management
- Healthcare Management
- Human Resource Management
- International Business
- Managerial Economics
- Management Information Systems
- Operations Management
- Supply Management
Is a Career in Business Right for Me?
Yes, a career in business is right for you if you have a knack for management and fast-paced environments. There are many career options and business ventures to choose from. The versatility it provides can boost your chances of getting hired in entry-level positions as you start your career. Your career trajectory can even land you leadership roles in the future.
Best Major for Business FAQ
Yes, getting a degree in business is worth it. A business degree program offers versatility in career paths for students. It provides you with the right skills and knowledge to tackle business challenges. A college education in business also allows for a competitive advantage for employable job seekers.
No, learning business is not difficult. The subject is easy to learn, but it will take time and extensive experience to master. However, a business student trying to learn the ins and outs of the field shouldn’t have any trouble learning concepts and theories. There are a lot of secondary resources, online courses, and blogs that’ll help you in your business learning journey apart from university.
Yes, business jobs can be stressful. Business graduates may find themselves in various roadblocks that involve high-stakes business activity, complex analysis, and complicated financial decisions. Keep this in mind as you pursue a degree in business.
Yes, a job in business is worth it. Employment in business fields can be a fruitful and satisfying career. Business professions in the job market are also competitive and provide high compensations for both business knowledge and practical work. Plus, there are multiple career options that you can choose from due to the multifaceted nature of a degree in business.
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