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Salaries For Degrees in Business
Graduates in Business can be employed in a variety of jobs. While no one can say with certainty what you personally will do with a degree in Business, our survey panel picked the following jobs as likely options:
- Employment, recruitment, and placement specialists
- Purchasing managers
- Sales managers
- General and operations managers
- Budget analysts
- Commercial and industrial designers
- Cost estimators
- Insurance underwriters
- Marketing managers
- Sales engineers
- Social and community service managers
- Instructional coordinators
- Operations research analysts
- Administrative services managers
- Advertising and promotions managers
- Chief executives (Best salary!)
- Compensation and benefits managers
- Farm and home management advisors
- Management analysts
- Market research analysts
- Public relations specialists
- Meeting and convention planners
- Producers and directors
- Property, real estate, and community association managers
- Public relations managers
- Securities, commodities, and financial services sales agents
- Training and development specialists
- Training and development managers
- Gaming dealers
- Insurance sales agents
- Real estate sales agents
- Travel agents
The median salary for people with a degree in Business is $72,298.48. The lifetime value of this degree is approximately $1,558,307.00. Salaries are highly dependent on individual negotiating skill, years of related experience, policies at your employer, location, and more besides. The estimates we show on these pages are just that: estimates. Your individual experience will likely vary.
A Business Degree is one of the most useful degrees a student can pursue. In addition to having a very wide selection of careers to choose from, a degree in business will teach you about all aspects of the business world. Whether you actually pursue a career in business or ultimately choose another field, having a solid background will benefit you for the rest of your life.
Where does this come from?
The Bureau of Labor Statistics, a unit of the US government, classifies all workers into some 800-odd occupational categories. We paid a army of freelancers to solicit their view on what type of degree a holder of each type of job would likely have majored in. For pairs which had a high degree of consensus, we created a link between the degree and the job.
From this, we calculated the average salary for Business degrees and converted it into a lifetime value. We then compared it against other degrees at the same level of schooling (such as associate's, bachelor's, or master's), so that you can make informed educational and employment decisions.
What Can a Student Expect to Learn Studying Business?
A Bachelor of Science degree requires a student to learn a wide variety of subjects. Students may choose to major in a specific area of interest or just gain broad business education. The following are some of the subjects usually required by business schools.
The cornerstone of any business degree is the study of economics. There are two basic courses - macroeconomics and microeconomics. In macroeconomics, you take a broader view of the economy as a whole. You will study such things as the role of the Federal Reserve in the economy, how Wall Street works and how interest rates can affect an economy. Microeconomics is a more focused study of the economy. You will learn how a business might operate due to economic conditions, the effect of tight credit on home ownership and other specific issues that the economy can affect. You will understand the theory of Supply Side economics as implemented by Ronald Reagan back in the 1980s and learn what "trickle down" means. You'll hear about legendary economists like Galbreth and Keynes and touch on current policy as well as foreign policy as it relates to the economy. In essence, you will learn how an economy functions locally, nationally and worldwide.
Learning how to manage a small company or a big corporation is another area of study in any business education. A study of organizational behavior will show the hierarchy of an organization from the Chief Executive Officer (CEO) through middle management and on down to the hourly worker. You will learn about the different jobs in organizations like sales, finance , personnel and operations. Most management classes will involve some type of case study where a difficult scenario is presented and you (or your team) must figure out what the company's management did wrong and how they could solve their dilemma. Perhaps they were underfinanced, did not advertise enough or were just very inefficient in their production methods. It is an interesting excercise and will teach you what goes on in the real world.
Learning how to read a balance sheet, income statement or a number of other financial documents is taught in accounting. You will learn how to budget and something about the effects of taxes on a business. Bookkeeping methods will be touched upon as well. Many students decide to major in accounting as it is a specialized area that is in high demand in the workforce.
Learning how to sell a product or service is an art unto itself. Without sales, business would come to a standstill. You will learn the different types of marketing such as advertising through different media like television, radio, billboards, product placement and promotional giveaways. You'll find out what the most effective colors are to attract attention and learn that big corporations like Kelloggs and Coca Cola pay handsomely for prime shelf space in the grocery store. Marketing is for people oriented individuals who might also have a creative touch.
Probability and Statistics
This rather mundane and boring subject is taught by most business schools and does have practical applications in the business world. By knowing statistics, you will be able to plan better and hopefully make more intelligent business decisions. If you know the probability of doubling your restaurant business by giving away free tee-shirts to every customer is only 10%, chances are, you won't spend thousands of dollars printing up tee-shirts.
Sometimes an elective and sometimes a required course, a study of the Uniform Commercial Code and the law as it relates to business is part of the business curriculum.
Rounding out a business education are some liberal arts courses. Most are electives, but a few are required. You may take an English course in writing or public speaking or you may elect to study Chinese. Computer courses, sociology , history and more, are offered to help make your education a well rounded one.
Finally, a business school education will teach you qualities like leadership, decision-making, how to work with others, problem solving and conflict resolution. You will get a broad background in subjects that will have practical application in the real world.
Online Schools Offering Accredited Business Degree Programs
There are many schools setup to offer online degrees in business. Sometimes a regular brick and mortar University will have an online degree program in addition to their traditional degree program. Teaching online is done through scheduled live video and audio or through taped lectures that you can watch at your own leisure. For many older students, an online business education fits perfectly with their busy schedules.
Some of the more prominent online schools that offer degrees in different fields of business include, Devry, Keiser University, University of Phoenix, Kaplan University, Everest and Bryant and Stratton College. These schools offer everything from Associate Degrees to Bachelors Degrees and on up to advanced degrees such as a Masters in Business Admministration (MBA) and a PhD. Degrees are offered in fields such as Accounting, Information Systems, International Business , Marketing and Management. Programs are very flexible and can be designed to meet your individual needs. For students in need, financial aid is available.
The Best Campus-based Colleges & Universities Offering Business Degrees
The list of colleges and universities where you can get a degree in business is extensive. There are many excellent schools where your business degree is well respected in the business world. At or near the top of the list of the most prestigious of all business schools are the following
- Harvard School of Business
- Stanford Graduate School of Business
- University of Pennsylvania - Wharton School of Business
- Vanderbilt University - Owen School of Management
- University of Michigan - Ross School of Business
Students graduating from these schools often step right into some very excellent jobs. Businesses heavily recruit students at these institutions. Many leaders of companies and prominent figures on a national level have graduated from these schools. Focus on a strong background in all areas of business as well as encouraging internships and real life business experiences, makes these schools an outstanding choice for those able to qualify for admission to the programs.
Who are Some of the Most Popular, Famous, Well Known People with Business Degrees?
People don't go around announcing that they earned a business degree. It is not particularly interesting to know that your next door neighbor graduated with a C+ average from Ball State. When it comes to celebrities, some people just want to know. The following is a list of celebrities who attended, but may not have graduated, from business schools.
- Ivanka Trump - Wharton School of Business
- P. Diddy - Howard University
- John Elway - Stanford
- Lionel Ritchie - Tuskeegee Institute
- Kevin Costner - Cal State - Fullerton
- Arnold Schwarzenegger - University of Wisconsin