How Much Do Business Majors Make?

How Much Do Business Majors Make?

A degree in business opens countless doors to hundreds of potential careers. It’s possible to become an accountant, work in logistics or supply chain management, seek leadership positions, or work in an executive financial role in a wide range of industries. How much do business majors make? That depends on the degree and career path, but according to the U.S. Bureau of Labor Statistics (BLS), the median annual wage across all business and financial occupations was $76,570 as of May 2021.  

Business degrees can open the door to high-paying careers and give students access to invaluable skills and lifelong benefits. Aspiring business majors can choose from numerous degree options, such as bachelor’s degrees that focus on accounting, management of technology, and logistics and supply chain management.

The Benefits of Earning a Business Degree 

Earning a business degree serves graduates well throughout their lifetime. In today’s competitive job market, a business degree can set applicants apart from the competition and make them better overall candidates for a role. Furthermore, a business-related bachelor’s degree allows graduates to become more effective, increases self-confidence, opens the door to future career advancement, and can offer the opportunity to earn higher salaries.

More Effective Performance

Business majors who are taught by industry-experienced staff in supportive communities learn the skills to thrive in today’s most sought-after roles. Many of the positions held by business majors require making important decisions that could seriously impact a company’s bottom line. Those in management or leadership positions have complex responsibilities across their organizations, as well. With the knowledge and experience gained in a business degree program, jobseekers will be better prepared to perform in these roles, which helps lead to business success. 

Increased Self-Confidence

Successful professionals in leadership or management roles are usually assured in their skills and decision-making capabilities. From pitching ideas to the executive team to discussing financials with stakeholders, a business degree can offer the business sense to feel confident and capable in various situations. 

More Opportunities for Future Career Advancement

While it’s true that most business majors start out in entry-level roles, employers who seek to fill higher-profile and higher-paying roles prefer candidates with a solid mix of education and experience. With time, a business degree and acquired experience can open new doors in various industries and niches, allowing graduates to choose the most fulfilling and rewarding career path for their needs. 

Higher Business Major Salary

Earning a business degree is a fantastic way to improve earning potential and secure higher salaries across a variety of roles. How much do business majors make? According to January 2023 information from the compensation website Payscale, individuals with a Bachelor of Science in Accounting degree earn a median annual salary of approximately $76,000, those with a Bachelor of Science in Business Management earn a median of about $74,000 a year, and those who have Bachelor of Science in Logistics and Supply Chain Management degrees earn a median annual salary of approximately $69,000. Salaries can vary depending on an individual’s overall experience, chosen industry, job location, and type of employer.

Types of Business Degrees

Business degrees can be useful in a wide range of industries. Some of the most popular degree types are bachelor’s degrees focused on accounting, management, logistics and supply chain, acquisition and contract management, and management of technology. 

Bachelor of Science in Accounting

The Bachelor of Science in Accounting degree offers the knowledge and skills to work in multiple career paths. Some popular career choices include federal tax specialist, forensic accountant, and international economics and trade specialist. 

Bachelor of Science in Logistics and Supply Chain Management

Many people find the logistics behind supply and demand fascinating. A Bachelor of Science in Logistics and Supply Chain Management can turn this fascination into a career. It offers the skills and knowledge to make product and material movement more efficient, draft accurate forecasts for product demand, and even mitigate industry-disrupting product shortages. 

Bachelor of Science in Management

The Bachelor of Science in Management degree is designed to help jobseekers thrive in leadership positions. It covers accounting, management, global business, marketing, information systems, and much more. The degree offers a well-rounded education that is ideal for leadership and management roles across a wide range of industries.

Bachelor of Science in Acquisition and Contract Management

There are numerous laws and regulations governing the legality of major contracts or company acquisitions. Terms like “legal red tape” and “legalese” are often used to define these contracts due to their complicated nature. A Bachelor of Science in Acquisition and Contract Management degree allows candidates to specialize in this field, enabling them to help their employers or clients navigate these processes more smoothly. 

Bachelor of Science in Management of Technology

We live in an age of technology, and every business depends on it to succeed. People who understand the ins and outs of business technology are in incredibly high demand, and a Bachelor of Science in Management of Technology degree can prepare graduates for this important role. 

Careers in Business and Management

How much do business majors make in various business and management roles, and which roles are in the highest demand? Fortunately, there are dozens of fulfilling, exciting career opportunities in leadership, technology, accounting, and logistics roles. Below are a few common positions.

Accounting Clerk

A role as an accounting clerk is generally considered entry level, and it involves producing a range of documents and records related to an organization’s finances. Accounting clerks earned a median annual salary of $45,560 as of May 2021, according to the U.S. Bureau of Labor Statistics (BLS). Clerks working in the retail sector earned slightly less at $37,310 a year, but accounting clerks working for financiers or insurance companies earned more at $46,910 a year. 

Auditor

An auditor examines an organization’s financial and tax statements to ensure they are accurate and that they comply with the appropriate laws and regulations. They may also manage accounts directly, which can make filing taxes or computing accounts receivables more efficient. Auditors earned a median annual salary of $77,250 per year as of May 2021, according to the BLS. Auditors working in accounting and tax preparation roles earned a little less at $77,080 per year, while those working for finance and insurance companies earned a median of $79,310 per year. 

Supply Chain Analyst

Supply chain analysts are specific types of logisticians who analyze and manage an organization’s supply chain. Their roles involve collecting and analyzing data that can provide valuable insight into the efficiency of the supply chain, and serving as the organization’s primary point of contact for external purchases. The BLS reports logisticians earned a median annual salary of $77,030 per year in May 2021. Supply chain analysts working for the federal government earned significantly more, with a median annual salary of $88,710. 

Procurement Agent or Procurement Manager

Procurement agents locate and buy a variety of products and services for their organizations. Similarly, procurement managers oversee teams of procurement agents. These individuals work in a wide range of settings, from warehouses and manufacturing facilities to corporate offices. The BLS reports the median annual salary for procurement agents and managers was $75,410 per year in May 2021. Procurement agents in the wholesale trade earned $60,970 per year, while procurement managers in the wholesale trade earned $119,400 per year. 

Finance Director

A finance director, also known as a director of finance or chief financial officer (CFO) in executive settings, oversees an organization’s financial operations. They may train an organization’s accountants, conduct regular assessments and reports, manage a company’s various finance departments, and establish budgets in tandem with other departments. Finance directors earned a median salary of $131,710 per year as of May 2021, according to the BLS. Those who worked in enterprise and executive positions earned a median annual salary of $158,820, making this one of the most lucrative career opportunities available to business majors. 

Become a Business Major at Athens State University

Because they can fill so many important roles in organizations of all sizes and types, business majors have important leadership, financial, and analytical skills that are always in high demand. Become a business major by enrolling in one of Athens State University’s online Business and Technology degree programs. Choices include the Bachelor of Science in Accounting, Bachelor of Science in Logistics and Supply Chain Management, and the Bachelor of Science in Management program. 

These career-oriented programs are led by experienced faculty in a supportive learning environment, and they can open the door to a broad range of high-paying careers. 

Take the next step in your career with Athens State University.

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Sources:

Payscale, Bachelor’s Degree, Business Management Degree

Payscale, Bachelor of Science (BS/BSc), Accounting Degree

Payscale, Bachelor of Science (BS/BSc), Supply Chain Management Degree

U.S. Bureau of Labor Statistics, Accountants and Auditors

U.S. Bureau of Labor Statistics, Bookkeeping, Accounting, and Auditing Clerks

U.S. Bureau of Labor Statistics, Business and Financial Occupations

U.S. Bureau of Labor Statistics, Financial Managers

U.S. Bureau of Labor Statistics, Logisticians

U.S. Bureau of Labor Statistics, Purchasing Managers, Buyers, and Purchasing Agents