If you are considering pursuing a degree in business, one of the most important factors to consider is how much money you can expect to make after you graduate. The field of business is vast and encompasses a wide range of career paths, so it is important to choose a major that aligns with your interests and goals.

FAQ

What are the highest-paying business majors?

The highest-paying business majors include Marketing, Finance, and International Business. According to Payscale’s College Salary Report 2021-2022, mid-career median salaries range from $135,900 for Marketing majors to $139,720 for Finance majors.

What is Marketing?

Marketing is the process of promoting and selling products or services to customers. Marketing majors typically study strategies for identifying customer needs, designing products and services, pricing, advertising, and distribution.

According to the Bureau of Labor Statistics (BLS), employment in marketing occupations is projected to grow 10% from 2020 to 2030, which is faster than the average for all occupations. This growth is driven by the increasing use of digital marketing and data analytics, as well as the rising importance of customer experience.

What is Finance?

Finance is the study of how individuals, businesses, and organizations manage money, investments, and financial assets. Finance majors typically focus on areas such as financial analysis, investment management, risk management, and financial planning.

According to the BLS, employment in business and financial operations occupations is projected to grow 5% from 2020 to 2030, which is about as fast as the average for all occupations. This growth is driven by the increasing complexity of financial regulations and the need for businesses to make informed financial decisions.

What is International Business?

International Business is the study of how businesses operate in a global context. International Business majors typically study global market trends, cross-cultural communication and negotiation, international trade policies, and global supply chain management.

According to the BLS, employment in management occupations, which includes many careers in international business, is projected to grow 5% from 2020 to 2030, which is about as fast as the average for all occupations. This growth is driven by the increasing complexity of the global economy and the need for businesses to navigate diverse cultural and regulatory environments.

What is Management?

Management is the planning, organizing, directing, and controlling of resources (people, finances, materials, and information) to achieve organizational goals. Management majors typically study topics such as leadership, organizational behavior, human resources management, and strategic planning.

According to the BLS, employment in management occupations is projected to grow 5% from 2020 to 2030, which is about as fast as the average for all occupations. This growth is driven by the increasing complexity of the global economy and the need for businesses to navigate diverse cultural and regulatory environments.

What is Human Resources Management?

Human Resources Management is the management of an organization’s workforce, including recruitment and retention, compensation and benefits, training and development, performance management, and legal compliance. Human Resources Management majors typically study organizational behavior, labor relations, employee benefits, and employment law.

According to the BLS, employment in human resources occupations is projected to grow 6% from 2020 to 2030, which is faster than the average for all occupations. This growth is driven by the increasing importance of human resources management in today’s complex business environment.

Conclusion

While there are many factors to consider when choosing a major in the field of business, earning potential is certainly an important one. According to Payscale’s College Salary Report 2021-2022, the highest-paying business majors include Marketing, Finance, and International Business. Management and Human Resources Management also rank in the top five business majors with the highest salary potential.

However, it is important to note that earning potential is not the only consideration when choosing a major. It is important to choose a major that aligns with your interests and goals, and that can provide you with the skills and knowledge you need to succeed in your chosen career.

Sources:

• Payscale’s College Salary Report 2021-2022
• Bureau of Labor Statistics (BLS)
• Investopedia – International Business Definition