Business careers offer a plethora of opportunities to those seeking a fulfilling professional life. Pursuing a business degree program can unlock numerous roles such as those in finance, marketing, and entrepreneurship. The business landscape continues to expand, with 840,116 degrees awarded in 2020 alone, predominantly bachelor’s degrees, and a workforce of 11.2 million individuals with an average age of 43.8 years (Data USA, 2020).
Students in business degree programs gain a solid foundation in principles such as economics, accounting, finance, and management, with the chance to specialize in areas such as marketing and international business. The core skills acquired include critical thinking, problem-solving, communication, and leadership, which are highly valued by employers.
With the help of our research team in compiling key metrics, we present this article to help you explore various business careers, the degree programs that support them, and the specializations and skills required to build a successful career in this dynamic field.
Remote work and the gig economy are transforming traditional career trajectories, leading to an increased emphasis on digital and soft skills and work-life balance (Thomas, 2021; Dondi et al., 2021). In this context, businesses require collaboration and creativity to solve complex problems in a boundaryless world (Deloitte, 2023).
However, in developing countries, Khan and Ali (2022) found in their study, “Exploring the Gap Between Expected and Actual Return on Investment of Business Graduates from Employability” published in The International Journal of Management Education, that a “Mismatched graduate to-job ratio, raised school fees, and industry-academia gap have caused uncertainty among business graduates.”
To maximize the return on investment of business graduates, universities need to increase industry-academia linkages, redesign the curriculum to be more industry-driven, and introduce pedagogical reforms toward innovative and technological skill development (Khan & Ali, 2022). Mainga et al., (2022) suggest capturing students’ views on employability and developing a combination of traditional teaching and student-centered learning methods to develop future-ready graduates as technological advances continue to reshape the job market.
Despite the gap, there remains a high demand for business graduates, with 86% employed upon graduation in 2022, up from 80% in 2021. The Asia-Pacific and Europe regions saw significant improvements, with 91% and 90% of graduates reporting employment, respectively (Graduate Management Admission Council, 2022).
Is getting a degree in business worth it? Judging by the vast amount of employment opportunities, it definitely is. A career in business is worth pursuing because it brings both personal and professional growth, not to mention the demand for professionals in this field is high and the business career salary is competitive. It is especially worthwhile for those seeking both personal and professional fulfillment. Those pursuing this can expect to have a wide range of roles and responsibilities, including managing finances, developing marketing strategies, analyzing data, and making decisions that impact the success of a company. The flexibility of the business career pathway allows you to pursue your interests while building a successful and fulfilling career in business.
Aside from the tangible benefits of competitive salaries and job security, business-related jobs can also offer personal and social fulfillment. Entrepreneurs, for example, can experience the satisfaction of creating something from scratch and seeing it grow, while those in management positions can lead and inspire their teams to achieve their goals. Additionally, business professionals can have a positive impact on society by creating job opportunities and contributing to economic growth.
In February this year, 311,000 jobs were created in the U.S., much higher than expected. Jobs in business also have a positive outlook, and salaries are just as promising, with a median annual wage of $76,570 in May 2021 (BLS, 2022).
The United States Bureau of Labor Statistics (BLS) predicts a 7% job growth for business-related jobs from 2021 to 2031, which is approximately 715,100 new jobs in the field. This growth is expected to create around 980,200 job openings per year due to both growth and replacement needs (BLS, 2022).
Besides, the median annual wage for these occupations was $76,570 in May 2021, higher than the median wage for all occupations (BLS, 2022). Payscale seconds this, showing that for those with a bachelor’s degree, the business jobs salary could be at least $38,760 depending on their role (Payscale, 2021a) while those with a master’s degree get at least $56,300 also depending on their role (Payscale, 2021b)
| Role | Salary | Demand |
|---|---|---|
| Logisticians | $77,030 | 28% |
| Financial Examiners | $81,410 | 21% |
| Market Research Analysts | $63,920 | 19% |
| Meeting, Convention, and Event Planners | $49,470 | 18% |
| Personal Financial Advisors | $94,170 | 15% |
| Fundraisers | $60,660 | 11% |
| Management Analysts | $93,000 | 11% |
| Financial Analysts | $95,570 | 9% |
| Human Resources Specialists | $62,290 | 8% |
| Training and Development Specialists | $61,570 | 8% |
While technical skills are the specialized competencies required to perform specific job functions, general skills are the qualities and attributes that enable you to work effectively with others and achieve common goals. As businesses emerge from the pandemic, skills related to remote work have also become vital.
Source: Center for the Future of Higher Education and Talent Strategy, 2021
Starting business career paths would require an understanding of the academic requirements and the various career paths available in the industry. While a degree in business is not always necessary to enter the field, pursuing an undergraduate degree can significantly increase your job prospects and earning potential. There’s a lot you can do with a business management degree.
| Marketing Management Path | Financial Analysis Path | Human Resources Path | Operations Management Path |
|
| The creation, implementation, and overseeing of marketing strategies to promote products or services and meet business objectives. | The examination of financial data and trends to evaluate business performance and make informed investment decisions. | The management of an organization's workforce including recruitment, compensation, benefits, and compliance with employment laws. | The overseeing of production and delivery of goods or services, optimizing processes to ensure efficiency and quality. | |
| Entry Level Jobs | Marketing Coordinator ($50,163/year) | Financial Analyst ($72,077/year) | HR Coordinator ($47,287/year) | Operations Associate ($53,637/year) |
| Junior Management Jobs | Marketing Manager ($73,525/year) | Senior Financial Analyst ($91,350/year) | HR Manager ($79,228/year) | Operations Manager ($76,000/year) |
| Middle Management Jobs | Director of Marketing ($95,364/year) | Finance Manager ($103,512/year) | Director of HR ($99,425/year) | Director of Operations ($95,461/year) |
| Senior Management Jobs | Chief Marketing Officer ($162,331/year) | Chief Financial Officer ($148,754/year) | Chief Human Resources Officer ($85,580/year) | Chief Operations Officer ($136,722/year) |
Administrative Assistant
Administrative assistants provide administrative support to business executives, including scheduling appointments, managing correspondence, and performing various clerical tasks. They must be organized and possess excellent communication and interpersonal skills.
Median salary: $48,519/year
Accounting Clerk
Accounting clerks perform various clerical and administrative duties related to bookkeeping, financial reporting, and tax preparation. Their responsibilities include preparing and maintaining financial records, reviewing and reconciling accounts, and processing invoices.
Median salary: $49,946/year
Sales Representative
Sales representatives are responsible for promoting and selling products or services to potential customers. They must develop and maintain relationships with customers, identify sales opportunities, and negotiate and close deals.
Median salary: $68,157/year
Human Resources Specialists
Human resources specialists handle the recruitment, screening, interviewing of job applicants, and the placement of new hires in appropriate positions. They may also handle compensation and benefits, training and development, and employee relations, including conflict resolution.
Median salary: $58,039/year
Financial Analyst
Financial analysts analyze financial data to identify trends, prepare financial reports, and make investment recommendations. They must possess strong analytical and problem-solving skills and be familiar with financial analysis software and tools.
Median salary: $72,077/year
Cost Estimators
Cost estimators analyze data to determine costs for a project, working with various professionals to provide accurate estimates and ensure the project stays within budget. They evaluate bids, negotiate with vendors, and monitor project costs.
Median salary: $76,698/year
Yes. Earning a business certificate can improve your chances of getting hired for certain positions, but not for all types of jobs in business. Entry-level positions often require at least a bachelor’s degree in business administration or other business-related programs like human resource degrees, but it cannot be denied that a certificate helps in your career development plan in business. You gain industry experience, develop specialized skills and knowledge for career advancement, and offer networking opportunities leading to valuable connections or job offers. (Boyles, 2022)
To advance into business career paths that pay well, you need to further your education on top of growing your experience. A master’s degree could help you climb higher in the business career ladder, perhaps landing middle-management positions. If you want to reach the top and get a senior-level position, a Ph.D. would be your best bet.
Human Resources Manager
Human Resources Managers are responsible for recruiting, hiring, and training employees, as well as managing employee benefits and resolving conflicts. They may also work with upper management to develop HR policies and procedures.
Median salary: $136,590/year
Marketing Manager
Marketing Managers develop and oversee marketing campaigns to promote products and services. They work with sales teams, advertising agencies, and market research firms to identify target markets and create messaging that resonates with consumers.
Median salary: $153,440/year
Financial Manager
Financial Managers are responsible for developing and monitoring financial plans and budgets, overseeing investments, and analyzing market trends. They often work for banks, insurance companies, and other financial institutions.
Median salary: $153,460/year
Source: US Bureau of Labor Statistics
Professor of Business
Professors of Business typically work at universities or other higher education institutions, where they teach courses in business and management. They may also conduct research and publish academic papers and may serve as advisors to students and other faculty members.
Median salary: $79,477/year
Management Consultant
Management Consultants work with organizations to improve their efficiency, profitability, and overall performance. They analyze existing operations, identify areas for improvement, and make recommendations for changes. They may also work with senior executives to develop new business strategies and plans.
Median salary: $100,918/year
Chief Executive Officer (CEO)
CEOs are the highest-ranking executives in an organization and are responsible for setting overall strategy, making major corporate decisions, and representing the company to investors and the public. They often work closely with other executives and department heads to ensure the company is meeting its goals.
Median salary: $213,020/year
The best certification for business depends on your career goals in business. No matter the kind of certificate you get, obtaining a certification in business brings countless opportunities to develop specialized skills and knowledge, which can help advance your career.
Some popular certifications in the field include:
Alternatively, you can also consider pursuing generic certifications such as digital marketing or project management certification, which may provide an advantage in the field.
While the traditional career path for someone with a degree in business may lead to roles like marketing, finance, or operations management, there are many other options available that can use your skills and knowledge. In this section, we’ll explore some business career options for business professionals.
Research.com believes that business professionals have a wide range of skills and knowledge that can be applied to various roles within the industry. Whether you aspire to become a business analyst, sales representative, or project manager, our findings show that getting certified equips you with the skills and knowledge needed to succeed in these roles.
Business careers offer diverse opportunities, and pursuing a business degree program can unlock doors to industries such as finance, marketing, and entrepreneurship. A business degree provides a solid foundation in principles such as economics, finance and accounting, and management, with the chance to specialize in marketing and international business. Students develop core skills such as critical thinking, problem-solving, communication, and leadership, which are highly valued by employers.
Despite the mismatch between the graduate-to-job ratio and the industry-academia gap, there is still a high demand for business graduates, with a positive outlook and a higher median annual wage than that for all occupations. As such, pursuing a career in business can be rewarding both financially and personally, making it an attractive career path for many.
References:
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
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