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. That’s 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 student’s decision for a degree. Per the National Center of Education Statistics, 381,000 out of 1,956,000 bachelor’s degrees conferred from 2016 to 2017 were in the fields of business. The same thing happened at the master’s 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 you’ve 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 million
- 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 million
- Satya Nadella (Microsoft) – $77.2 million
- Douglas Ingram (Sarepta Therapeutics) – $72.2 million
A CEO’s compensation, raise, or promotion ‒ 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 finances
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 Flexibility
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 bachelor’s degree can be the key to unlock opportunities. And as the salary range shows, it is one degree that pays off.
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Aubrey
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