A business administration degree is a versatile and high-paying qualification. It opens doors to career opportunities across all industries. Graduates can expect strong earnings potential, with many roles offering six-figure salaries.
Overview
Working in a business administration field offers solid earnings, which generally grow with experience. On average, bachelor-degree graduates can expect to earn around $101,726 annually as a mid-career salary. Lerna Courses calculated this weighted average pay across business-related occupations.
The degree opens doors to a wide range of careers, from financial management to human resources, each offering job security and growth opportunities. With over 8 million jobs available in business administration roles, the field provides ample employment options.
For those who progress into management positions, the rewards are even greater. The average salary for managers is approximately $147,723 per year across industries.
Get a Business Administration Degree
Your formal education begins with a Bachelor of Business Administration, typically a four-year degree. This program lays the groundwork in key areas like accounting, management, marketing, and sales. Many colleges allow you to customise your degree by specializing in the areas that interest you most.
If you’re aiming for higher positions and salaries, the next step is often a Master of Business Administration (MBA). An MBA builds on your undergraduate knowledge and prepares you for leadership roles. Graduates with an MBA tend to move into management positions more quickly and command higher salaries.
Earnings by Occupation
The earning potential for business administration degree holders varies depending on the occupation. Here’s a breakdown of median salaries and job availability for common roles:
- Accountants and Auditors: $79,880 – 1,538,400 jobs
Accountants and auditors ensure financial accuracy and regulatory compliance. With over 1.5 million jobs, this field offers stability and competitive pay. - Human Resources Specialists: $67,650 – 874,500 jobs
Human resources specialists manage employee relations, benefits, and recruitment. This role provides steady income and ample job opportunities. - Market Research Analysts: $74,680 – 868,600 jobs
Market research analysts help businesses understand market trends and consumer behavior. This growing field combines data analysis with strategy, making it lucrative. - Management Analysts: $99,410 – 987,600 jobs
Management analysts improve organizational efficiency and profitability. With nearly a million jobs, this role offers high earnings and the chance to work in diverse industries. - Financial Analysts: $99,890 – 376,100 jobs
Financial analysts provide investment advice and financial planning. This role offers strong earnings in industries like banking and corporate finance. - Personal Financial Advisors: $99,580 – 327,600 jobs
Personal financial advisors help clients manage their finances, from investments to retirement planning. This role offers flexibility and high earning potential.
Source: BLS, Occupational Employment and Wage Statistics. Extracted: August 9, 2024
Related: Why Study Business? 10 Good Reasons
Pay Increases Over Time
With experience, business administration graduates often move into management positions that offer even higher salaries. Your potential to become a senior manager are enhanced by gaining an MBA. Here are some examples:
- Financial Managers: $156,100 – 792,600 jobs
Financial managers oversee an organization’s financial health, making strategic decisions that impact profitability. This role offers one of the highest salaries in the field. - Sales Managers: $135,160 – 554,700 jobs
Experienced sales managers can earn significant salaries by leading large teams and closing high-value deals. - Human Resources Managers: $136,350 – 191,600 jobs
HR managers handle strategic workforce planning, making them essential in larger organizations. Their expertise is rewarded with high salaries. - Advertising and Marketing Managers: $156,580 – 389,000 jobs
These managers create and implement strategies to promote products and services, driving brand success and earning substantial pay. - Training and Development Managers: $125,040 – 41,300 jobs
Training managers focus on employee growth and organizational learning, with rewarding salaries, especially in companies that invest heavily in development.
Source: BLS, Occupational Employment and Wage Statistics. Extracted: August 9, 2024
Related: Top 10 Business Management Careers
Job Growth and Future Outlook
The job outlook for business administration majors is positive, with steady demand across sectors. Here’s a look at the projected growth rates and job availability for key roles:
- Accountants and Auditors: 4% growth – 1,538,400 jobs
Steady demand for accountants and auditors is expected due to regulatory changes and financial transparency needs. - Human Resources Specialists: 6% growth – 874,500 jobs
The demand for HR specialists is rising as companies focus on talent management. - Market Research Analysts: 13% growth – 868,600 jobs
The increase in big data and digital marketing drives strong growth in market research roles. - Management Analysts: 10% growth – 987,600 jobs
Companies rely on management analysts to improve efficiency, leading to robust job growth. - Financial Analysts: 8% growth – 376,100 jobs
Financial analysts will continue to be in demand as businesses seek expert financial guidance. - Personal Financial Advisors: 13% growth – 327,600 jobs
Growing interest in retirement planning and wealth management will increase demand for financial advisors.
Source: U.S. Burea of Labor Statistics. Extracted: August 9, 2024
Related: High-Employment Jobs With a Business Degree
Why Business Administration is a Good Major
If you’re considering a major that offers flexibility, strong job prospects, and the potential for high earnings, business administration is an excellent choice. The degree provides a broad foundation in key areas such as finance, marketing, management, and human resources.
A business administration major equips you with critical thinking, problem-solving, and communication skills, all of which are highly valued by employers. These abilities make you adaptable and increase your employability in a variety of roles.
Graduates are highly employable, with a large percentage finding full-time work soon after graduation. The practical, real-world skills you gain are applicable in almost any professional setting, making it a smart investment.
Related: Why Is Business a Good Major?
Skills Employers Want from Graduates
Businesses are prioritising key skills that align closely with what business administration degrees develop and signal. Here’s what you need to know:
- Analytics: Data drives decisions. If you can analyse and interpret data, you’re a valuable asset in today’s business world.
- Problem-Solving: Employers want problem-solvers. Your ability to tackle challenges and implement solutions is a key advantage.
- Leadership: Companies need leaders who can inspire teams and drive results. Business graduates with leadership capabilities are in high demand.
- Project Management: Managing projects efficiently is critical. Your ability to plan, execute, and deliver on objectives is highly valued.
- Communication: Essential for clear presentations, negotiations, and team management. Strong communication skills can set you apart in any business setting.
These skills are your ticket to standing out in a competitive job market. Sonya Bessalel has more details on in-demand skills that employers seek.
