“What will you do with your business degree in 2021?” This will be the question I’ll ask from you end of the article. So let’s begin. A Bachelor in Business Administration or a BBA Degree is a multifaceted business degree. Business majors develop a vast skill base and knowledge that allows them to contribute to the organization they work for. And they have mastered techniques such as data quantification, evaluation of the financial impact of business decisions, etc. They use all of these data to support and aid their proposals.
Some of the students tend to follow a variety of fields during their business degree. Some of them focus and specialize in a single area that they find interesting. So “What can you do with a business degree?”, let’s find out.
What skills does a business degree give you?
Business major, one of the most important and useful degrees a student can obtain. It will provide college students with a broad range of skills, knowledge, and expertise. So this can be one of the best options a student can pursue if they have an aim to become an entrepreneur.
- Understand the operational aspect of a business
- Study various revenue generation methods and reasons for the success and failures of businesses
- Identify business problems and recommend suitable solutions for them
- Develop analytical and critical thinking skills
- Modules like business law allow them to gain exposure to the legal and ethical aspects of a business.
Furthermore, students are also able to develop their soft skills through a business degree. One of the key skills is personal skills. Today it is a much-required skill for all business professionals. Therefore this includes,
- Presentation skills
- Team working
- Analytical skills
- Decision making
- Project management
A business degree will also provide college students with knowledge of various tools and resources. These tools and resources will help them to excel in multiple areas of the market. All of these skills could be easily applied to almost all industries. Top-notch employers across the world also desire these skills. Top Jobs for business majors, which are also the highest paying business jobs, are easily gettable by it.
High-paying jobs with a bachelor’s degree in business
A degree in business administration will open several career opportunities for students. Below are the top 10 jobs a business major can pursue upon completion of a bachelor of business administration degree.
Accountants play a key role in any organization. So this because they support businesses to finance the operations and to gain profit maximization. They utilize the knowledge and skills in finance, and they acquired to make strategic decisions about organizational resources. Also, Accountants analyze and communicate useful business information to other departments and investors. This information helps the organization and investors to derive sound business decisions.
Moreover, Accountants also engage in audits and various other consulting and tax planning functions. Their career progression lies in the top-notch positions in the finance department of the organization.
As mentioned in the Bureau of Labor Statistics (BLS), the median annual income for accounts in 2018 was $ 70,500. It also states that the bottom 10% salary was less than $43,650. The top 10% salary was approximately $ 122,840.
Furthermore, the job outlook for accounts is positive in the future. The future prediction growth prediction for accountants is 10% from 2016 to 2026.
- Management Consultant
Management Consultant engages in carrying out a process for his/her clients. They use their analytical and problem-solving skills to make their projects a success. Also, Management Consultants gather essential information, analyze and interpret it to derive meaningful findings.
Management Consultants are also strong users of new technologies as they analyze and represent data in depth. They utilize spreadsheets, databases, and various other presentation tools learned during their degree.
As mentioned in BLS in 2018, the median annual income of a Management Consultant was $ 83,610. The bottom 10% of employees salary was approximately less than $48,360. 10% of the top-ranked employees earned more than $152,760.
Furthermore, the job outlook for Management Consultants is favorable. The growth prediction of this job market is 14% from 2016 to 2026.
- Financial Analyst
Business majors usually engage in identifying the strengths and weaknesses of the business and analyzing multiple trends in the industries. Financial Analysts utilize those skills and competencies for various purposes.
They engage in the company and industry evaluations and other associated investments for client companies. Besides, the study and interpret financial statements and different financial ratios. Upon studying them, they compile reports with multiple recommendations for potential investments. Financial Analysts use their knowledge of finance, economics, accounting, and mathematics.
The average annual income for a Financial Analyst is $ 85,660. As stated in BLS in 2018, the growth prediction of this market is 11% from 2016 to 2026.
Marketers engage in monitoring market trends and developing suitable marketing strategies for businesses. Moreover, they develop advertising campaigns, decide to price, and positioning strategies for brands. Their job role also includes profit maximization through sound strategic decisions.
A marketer needs to engage in both physical and digital initiatives across multiple platforms. Those who pursue a career in marketing can also work in advertising or other various creative media fields as well.
An actuary is a key role in the insurance industry. Business majors with a sound background on quantitative skills can pursue the role of an actuary. The primary responsibilities of this role are calculating the probability of risky events such as deaths, accidents, etc. An actuary uses their knowledge of accounting, finance, and econ to engage in in-depth analyses related to the job.
An actuary needs to use tools such as spreadsheets, various databases, and software to engage in the work. Moreover, they also need to enhance their presentation, communication skills, and writing skills.
As mentioned in BLS, the annual median income of an actuary was $102,880 in 2018. The employment opportunities in the Insurance field will grow by 22% between 2016 and 2026.
Social Media Manager
The role of a Social Media Manager involves using technology and marketing knowledge together to communicate the brand message. They utilize platforms such as Facebook, Linkedin, Instagram, and Tumblr. Their role supports the organization to develop its current business activities whilst establishing brand identity.
Moreover, Social Media Managers develop various strategic plans and content. They also engage in monitoring the return on investment of the marketing campaigns.
As stated in Pay-Scale, a Social Media Manager can earn an average salary of $ 50815.
- Business Teacher/Lecturer
Business majors can seek various opportunities in the education field, as well. Education high school students on business administration is a useful option for students who complete teacher education requirements. In order to pursue this role, business majors require an in-depth knowledge of marketing, finance, and management. Also, they need proper verbal communication and presentation skills.
Presenting stimulating lessons and planning are essential aspects of a successful business teacher. Business majors learn a large number of instructional approaches throughout their degree program.
As stated in the BLS, the median annual income for a business teacher lies around $ 61,660. The future job outlook of this field is positive. It will grow by 4% between 2018 and 2028, which is comparatively a lower growth compared to other sectors.
- Business Reporter
The role of a Business Reporter involves reporting and coverage of events and developments in the business and financial sectors. Business majors acquire knowledge in analyzing companies and various industries. In addition, they compile reports and summarize their findings. They require strong communication and presentation skills to carry the message of their content to the audience.
As stated in BLS, the median annual income of a Business Reporter is approximately $ 43,490 in 2019. The job outlook is negative for this role. As per the findings, this market will decline by 10% from 2018 to 2028. However, advancement in broadcast and online media platforms will create new opportunities in this field.
- Corporate Attorney
Business majors can also pursue a career as a Corporate Attorney upon completion of their business administration degree—corporate Attorney studies and practices corporate and business law. The knowledge and corporate practices gathered throughout the business degree will help them to excel in this career.
Also, business majors study areas such as corporate law, which includes securities, contracts, mergers, and acquisitions, etc. This role requires a person to possess good research, writing, and presentation skills.
As listed in BLS, the median annual income of a Corporate Attorney was $122,960 in 2019. The bottom 10% of employees in this market obtained a salary of less than $ 59,670. The highest 10% obtained beyond $ 208,000 per month. The future job prospect for this role will grow by 6% from 2018 to 2028.
- Healthcare Administrator
An individual holding the position of a Healthcare Administrator needs to have sound knowledge in multiple fields. Some of them are accounting, budgeting, management, human resource management, business law, etc. Moreover, a Healthcare Administrator needs to develop skills such as communication, presentation, and analytical skills.
One of the most valuable skills in this role is team working skill. Most of the business majors who have the desire will go on to graduate work in the field of healthcare management.
As listed in BLS, the median annual income for a healthcare administrator is around $ 100,980. The lowest 10% of employees obtained $ 58,820. The highest 10% of employees obtained over $ 189,000. As per the predictions, the job outlook for this particular role can grow by 18% from 2018 to 2028.
Degree Ideas for Business Majors
A business major must continue to enhance current knowledge and skill base. Pursuing higher education opportunities is the best possible option. One of the most significant paths is a Masters in Business Administration or an MBA degree. This degree is offered in both in-person and online options by most of the well-known universities. An MBA will help the graduates enhance their expertise, competencies, and knowledge required to pursue their careers successfully.
They can also see opportunities in gaining professional qualifications. This is most suitable for individuals who prefer to pursue studies along with a career. A large number of institutions provide various professional qualifications associated with business studies. Some of them are
- The Association of Chartered Certified Accountants (ACCA)
- Chartered Institute of Management Accountants (CIMA)
- Chartered Institute of Marketing (CIM).
Business majors have the opportunity to understand the key business principles before pursuing their career path. Hence, the strong skill base and in-depth knowledge they gain will prepare them to take on the top business jobs for business majors.