Will I get hired by the organization I want to work for? How much money will I make once I’ve finished school? Or, what opportunities do I have for professional advancement with business majors?
An average college student’s thoughts frequently include questions like these and many others. And, of course, it makes sense why it would be.
An individual’s most significant investment is pursuing a degree. After all, students put in a lot of time, money, and hard work to earn their degrees. Are you also in the same boat, wondering whether you’ll be able to land a lucrative career with your business degree?
Unsurprisingly, business majors are in high demand among all the other degrees. No matter the industry or size, all organizations need business concepts to develop and flourish.
Best Paying Business Majors That Make The Most Money
Are you wondering about the highest-paying business majors and career fields? If so, here are the best business majors and career paths that make the most money:
- Human Resource Manager
- Chief Executive Officer
- Chief Financial Officer
- Tax Director
- Sales Manager
1. Human Resource Manager
The role most commonly associated with people is the human resources (HR) manager. As the name implies, you will be in charge of managing a company’s human resources.
The hiring, interviewing, and recruitment of personnel for your organization will fall within your purview. You will also determine pay and benefits, ensure workplace safety, and resolve employee conflict.
Your typical job responsibilities can include the following:
- Make sure the hiring and onboarding processes are seamless
- Create possibilities for employees’ growth and development
- Develop policies and regularly evaluate staff performance
- Track allegations of misbehaviour and settle disputes
A general MBA degree will be advantageous to step your foot in this highly-lucrative career. The degree equips you with in-depth knowledge of core business functions and helps you develop excellent problem-solving, strategic decision-making, and critical-thinking skills.
According to the BLS, a human resource manager makes an average yearly pay of $126,230. Additionally, this profession will experience faster job growth than any other, at 7 per cent.
2. Chief Executive Officer
CEOs are the highest-ranking members of organizations. These senior executives oversee running a company’s daily operations.
Chief executives design business plans and policies and supervise the accomplishment of business goals. Additionally, they establish a positive work relationship with the board of directors, create and model business culture, and inspire the team.
Experience plays a more prominent role in this job position. The potential candidate must bring years of expertise to this job, including some gained at competitor brands.
On a given day, the typical job responsibilities of a CEO can include the following:
- Create effective business strategies and plans, ensuring they are in line with short and long-term goals
- Observe all financial activity of the business, including planning, reporting, and auditing
- Maintain the company’s legality and business ethics by enforcing compliance with internal regulations and legal requirements
- Uphold a thorough understanding of the company’s markets and sector
- Create trusting relationships with essential partners and stakeholders and serve as a point of contact for significant shareholders
According to PayScale, the median salary of a CEO is $156,452 annually. You must possess strong communication, analytical, negotiation, and public speaking skills to excel in this career.
3. Chief Financial Officer
Another senior executive career path you may consider with a business degree is Chief Financial Officer (CFO). A CFO, or Chief Financial Officer, oversees the firm’s finances and financial reporting.
The primary duties of the CFO involve managing and supervising lower-level financial managers. They evaluate financial risks and possibilities. They also aid in creating and maintaining financial objectives, goals, and budgets.
Below are some everyday job duties of a CFO:
- Evaluate the organization’s liabilities and investments to carry out risk management
- Manage the budgeting and financial reporting team
- Examine financial reports to find methods to cut costs
- Research long-term economic trends and predict how they will affect future sales and market share growth
The average salary of a CFO is $141,275 per year, as per PayScale. Furthermore, a career as a CFO requires you to develop exceptional leadership, organizational, communication, and people skills.
4. Tax Director
As the company’s tax director, you will be in charge of all tax-related operations and ensure that all tax-related issues are dealt with appropriately and on time.
As a tax director, you may create new tax strategies and policies for the company, such as creating new tax forms or putting new accounting procedures into place. The work environment is typically a corporate office in the accounting or finance division.
Therefore, you must be capable of meeting deadlines and working well under pressure. Additionally, it would be best if you collaborate effectively with other financial and accounting team members and corporate divisions.
Your day-to-day duties will include the following:
- Examine tax returns and related paperwork to ensure they comply with local, national, and international laws
- Inform upper management of the effects of new tax laws and proposed legislation
- Analyze financial accounts and other documents to find areas where taxes can be reduced
- Examine employee benefit plans to ensure they adhere to tax requirements
PayScale reports the typical annual salary for a tax director is $155,645. The skills of a successful tax director include analytical, attention to detail, organizational, and problem-solving.
5. Sales Manager
One of the most complex organizational tasks is to meet revenue targets and earn profits.
That’s where the role of the sales manager comes into play. Sales managers are experts who manage a team of sales representatives, analyze sales data, come up with strategies for developing sales potential, and create plans for boosting an organization’s sales.
To ensure profit maximization and the development of new products/services, sales managers work closely with dealers and distributors to track sales performance, get insight into sales potential, and nurture an understanding of client preferences.
On any given day, the duties of a sales manager will include the following:
- Set sales goals and targets, evaluate performance, and make necessary adjustments to targets
- Educate and motivate the sales team on products or services
- Work together with the marketing team for lead generation
You can make commissions on each transaction you make, which is one of the reasons sales is such a lucrative profession. If you are good, your income potential is virtually limitless.
According to the BLS, the median wage of a sales manager is $127,490 per year. And the job outlook for this profession would grow by 5 per cent from 2021 to 2031.
Do business majors make a lot of money?
There is no denying that the job market is unstable nowadays. But the likelihood of enjoying employment stability is possible when you possess a business degree.
So, regardless of at which point you are in your career, having a business degree will give you several career advantages.
And even though getting a business degree might seem costly, it will be worthwhile for your time and money. However, a better idea is to do careful research on schools that offer business majors before selecting one and go with the one with the best faculty and reputation.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.