Top 5 Highest Paying Business Jobs That All Business Administration Majors Should Know
Business administration is a set of performance or management activities of business operations and decision-making to direct activities towards businesses’ goals and objectives. Based on the products released to the markets, every business is allocated into different industries. There are different types of business industries, aerospace, telecommunication, agriculture, pharmaceutical, health care, news media, to name a few. And all industries need “administration”. Administration can refer to the bureaucratic or operational performance of routine office tasks, according to CRC Press.
Choosing to be a business administration major is a smart investment for all students who still don’t know what major they should choose. According to the U.S Bureau of Labor Statistics, the median annual salary for business and finance occupations is nearly 70,000 USD, higher than most occupations, to be more precise: it’s almost twice as much.
After reading the Bureau of Labor Statistics Occupational Outlook Handbook, in this article, we will introduce the top 5 highest-paying professions that all business administration majors should know.
Human Resource Management Jobs – Master, MBA, or Bachelor in Human Resources
Corporate employees, known as human capital, are the most critical asset to any organization.
When enrolling in human resource management courses, students will know how to effectively manage HR relationships, set up and manage policies and procedures to contribute to a healthy corporate working environment.
According to the Bureau of Labor Statistics, the median salary for an HR professional is $62,000, much higher than the annual salary of $39,810 for all occupations. In addition to managing relationships within the organization, HR professionals manage other important aspects of the work cycle, from hiring new people to be responsible for employees medical and retirement benefits.
Human resources programs also teach students everything about compensation and benefits, business ethics, business communication, and management principles.
Marketing – Master, Master of Business Administration, or Bachelor of Marketing
Marketing has always been an integral and important aspect of any organization looking to attract potential customers and retain existing customers and stakeholders.
Without effective marketing strategies in this consumer-driven economy, it will be difficult for organizations to survive. Since marketing is an indispensable function for nearly all businesses, the related positions also often pay very well.
The BLS Career Outlook Handbook says the median salary for a market research analyst/marketing specialist is $63,790.
When enrolling in marketing courses, students will learn about different concepts and skills such as market research, branding, market development strategy, diversification strategy, and management, as well as advertising, etc. Other courses may include data analysis, business analysis, business framework, and marketing principles
Logistics – Master, MBA or Bachelor in Logistics, Supply Chain Management
As mentioned in previous articles on the importance of Logistics and Supply Chain Management, it is one of the highly valued industries with an average annual salary of $74,750.
The primary function of logistics professionals is to assess the effectiveness and efficiency of the supply chain within an organization. This particular skill set requires individuals to have a bachelor’s degree in logistics and supply chain management.
Students will take a variety of courses to learn about disciplines, concepts, and skill set like database management, software, and technology management. Students have to get used to software that is widely used in the field like RFID and have a solid base knowledge of terms like reverse logistics.
As the global economy expands further, the demand for logistics professionals will continue to grow.
Economics – Master, MBA, or Bachelor of Economics
Graduates with a degree in economics are among the highest-paid percentiles of all occupations.
When enrolling in economics programs, students study how the production and distribution of resources affect the economy.
Economists work in all sectors such as healthcare, education, news, and media, etc. Moreover, they are also hired to work in all levels of government, from local to federal, to evaluate and interpret the data.
Some of the common career paths for economics students are data analysts, financial consultants, investment analysts, financial risk analysts, etc.
According to the BLS, the annual salary for economists is $105,020, almost four times than median salary for all other occupations.
Economics students also possess strong critical think and analysis skills, so that that can make the accurate economic forecast. Not to mention, students will take written and spoken courses to be able to effectively present their findings.
Finance – Master, MBA, or Bachelor of Finance
Studying economics majoring in finance can be a lucrative investment with a high return on investment. BLS data shows that financial professionals earn an average salary of $87,850, which is so much higher than most jobs. It is easy to understand why finance is a popular choice for so many students.
Students who earn financial degrees, whether it is at the bachelor’s, master’s, or doctoral level, possess strong mathematical and quantitative skills. Typical courses that are taught include finance, accounting, tax regulation, and business law. Certain finance professions also require continuing education and additional licensing due to the changing nature of the financial industry.
Finance students can also study for a master’s degree in risk management to broaden their career opportunities.
Source: The Swiss Institute Of Management And Innovation