A business degree opens you to a broader world of opportunities. This degree can land you a high-paying job or act as a stepping-stone for entrepreneurship. Thatâs why this degree never loses its relevance amid newer, more sophisticated-sounding programs.
There are meaningful things you can do with your business degree. In this article, we are listing five benefits of having a business degree under your belt.
1. Increase Your Employability
The availability of jobs or having a stable career in a field significantly influences a studentâs decision for a degree. Per the National Center of Education Statistics, 381,000 out of 1,956,000 bachelorâs degrees conferred from 2016 to 2017 were in the fields of business. The same thing happened at the masterâs degree level.
Indeed, business degrees include numerous fields of study to understand how businesses work, earn a profit, and so on.
Accounting, marketing, finance, business administration, management, human resources, information system, operations management, and international business are among the most popular specializations.
Colleges and universities offer different types of business degrees, with some known for producing the top business leaders and executives.
The degree itself is not a guarantee for a job, but the knowledge and skills youâve gained can apply to a wide range of industries. This is your competitive edge as a job candidate.
2. Earn Well
Business and financial occupations pay well or even better than others. It’s no secret that having a business degree with a strong set of business skills can help you land a role with a very prominent payout. Here are just a few occupations you can take on with a business degree.
Personal financial advisors – $87,850
Management analysts – $85,260
Financial analysts – $81,590
Financial examiners – $81,090
Budget analysts – $76,540
Logisticians – $74,750
Accountants and auditors – $71,550
Insurance underwriters – $70,020
Purchasing managers, buyers – $69,600
Labor relations specialists – $69,020
Claims adjusters, appraisers – $66,540
Cost estimators – $65,250
Compensation, benefits, and job analysis specialists – $64,560
Market research analysts – $63,790
Loan officers – $63,270
Human resources specialists – $61,920
Training and development specialists – $61,210
Fundraisers – $57,970
Real estate appraisers and assessors – $57,010
Tax examiners, collectors, and revenue agents – $54,890
Meeting, convention, and event planners – $50,600
3. Climb the Corporate Ladder
Hearing about how much CEOs and other top executives make in a year is one thing; seeing the numbers is another. According to Investopedia, using Bloomberg Pay Index, the highest-paid CEOs in 2019 were as follows.
Elon Musk (Tesla) – $595.2 million
- Tim Cook (Apple) – $133.7 millionÂ
- Tom Rutledge (Charter Communications) – $116.9 million
- Joseph Ianniello (ViacomCBS) – $116.5 million
- Sumit Singh (Chewy) – $108.1 million
- Jonathan Gray (Blackstone Group) – $107.6 million
- Robert Swan (Intel) – $99 million
- Sundar Pichai (Alphabet) – $86.1 millionÂ
- Satya Nadella (Microsoft) – $77.2 million
- Douglas Ingram (Sarepta Therapeutics) – $72.2 million
A CEOâs compensation, raise, or promotion â use this as motivation to work and climb the corporate ladder. One way to do that is to continue your education, complete an MBA or DBA (doctor of business administration). According to a 2019 study on Forbes, more than half of Fortune 100 CEOs held a graduate degree, including MBAs. If you aren’t looking to become a part of the C-suite, simply climbing the corporate ladder can also result in more pay and benefits.
4. Start a Business
Some people have built a successful company with no business degree. Owning a business, however, is rife with harsh realities that specific skills are essential for success. Here are a few things you want to know as a business owner.
Basic accounting for financesÂ
Critical thinking, problem-solving, and analysis
Planning, strategy, and marketing
Communication skills for negotiations, presentations, and pitches
Human resources and leadership for mobilising the workforce
Business degree holders can leverage theories, projects, and interactions at school and apply them to real situations. They can also develop and strengthen business acumen. Best of all, they know people or fellow professionals who can help them out with taxation, compliance, and other technical aspects. However, don’t fret if you want to create a business but don’t hold a degree. It is entirely possible to create your own business without a degree. Look at Mark Zuckerberg or Steve Jobs, for example. However, it will still be great to take some online courses to help you grow your skillset.
5. Gain FlexibilityÂ
With a business degree, you can work in various industries, take on management roles, and be your own company’s chief executive. Think about earning good money, growing as a professional, and enjoying a stable career in finance and insurance industries.
The prospects are many, and you can chart your path accordingly. If everything goes well, hard work and luck included, you will find yourself leading a good life.
So, is a business degree worth it? Yes. Your bachelorâs degree can be the key to unlock opportunities. And as the salary range shows, it is one degree that pays off.
Don’t forget to share this post!
Aubrey
Our career resources don’t just stop with our blogs. Cue our latest resource – our podcast!
Every Wednesday, we talk about the key skills you should master to grow your industry. Check it here!
Imposter Syndrome: 5 Realistic Ways to Overcome It
The struggle resulting from imposter syndrome is real. Working in a new environment or landing oneâs first job seems to trigger it. But whatâs worrying is how this phenomenon can affect oneâs thinking and attitude toward work. While it is not classified as a medical...
4 steps to a successful personal development plan
Congratulations! Youâre out of university! This is a huge milestone in every studentâs life, much like a greeting card that says, âWell done for making it out alive.â Graduation marks the end and beginning of very different, but exciting chapters. On one hand, it...
How to get into a new industry without relevant experience
So, you want to change your career. The problem is that you havenât had any years of working experience in that industry. You donât know if itâs going to pan out or if youâre going to be jobless. Doubts are swimming in your head and you contemplate just staying in...