Is majoring in business a good idea? Yes, according to Forbes.
In a recent survey of major companies, 86 percent of businesses expressed sincere interest in hiring students who have business administration and management degrees. In addition, the Bureau of Labor Statistics (BLS) predicts steady job growth in business and financial occupations. In fact, the BLS claims that the average annual wage in business and financial occupations is nearly $30,000 higher than the average annual wage in the United States.
The idea of studying business as a way to a steady and lucrative career has caught on. Business continues to be the most popular major at American universities, the National Center for Education Statistics reports, with about one-fifth of students in the United States choosing the major. Additionally, research by The Learning House indicates that business is the most popular major among online college students at both the undergraduate and graduate levels.
Career possibilities for business students are plentiful. Below are just a few careers they can pursue.
Jobs for Business Majors
Trust officers, also known as financial examiners, advise private banks and investment groups on legal compliance issues. They may review paperwork (such as balance sheets), interpret legal documents, evaluate loan risks, monitor funds and review client relationships. They may work individually or in tandem with trust officers from other banks.
Growth rate by 2024: 10% (faster than average)
Average annual salary: $78,010
Payroll & Benefits Coordinator
Also known as compensation and benefits managers, payroll and benefits coordinators work within human resources departments and are responsible for overseeing pay and benefit programs for their organizations. They may plan, coordinate and work on projects such as outlining pay structures, determining competitive wage rates, evaluating benefits policies, managing outside partners (such as benefits vendors), ensuring that pay and benefits comply with federal and state regulations, and coordinating and supervising work activities of support staff.
Growth rate by 2024: 6% (as fast as average)
Average annual salary: $111,430
Auditors are charged with preparing, examining and confirming the accuracy of financial records. They may work in a variety of industries such as accounting, government, insurance and manufacturing. Auditors are responsible for tasks like examining financial statements for accuracy and legal compliance, preparing reports, improving processes to help with fraud elimination, analyzing data for financial efficiency, and informing investors and authorities that financial statements are correctly prepared and reported.
Growth rate by 2024: 11% (faster than average)
Average annual salary: $67,190
Account managers are categorized under the larger occupational umbrella of advertising, promotions and marketing managers, according to the BLS. They are responsible for managing the relationships between companies and their clients. Account managers are charged with tasks such as helping new clients acclimate to the relationship, developing new business opportunities with existing clients, anticipating needs, making targeted sales pitches and generally providing customer service. Account managers are additionally responsible for having a comprehensive understanding of their clients’ products, services and customers as well as staying up-to-date on relevant trends and sales.
Growth rate by 2024: 9% (faster than average)
Average annual salary: $124,850
Marketing specialists work to help advertise products and services to relevant markets. These professionals determine marketing strategies, work with product and brand managers to determine how to best reach target demographics, develop campaign content, research consumer demand information, work with marketing data and collaborate with creative teams in order to execute campaigns. In occupational grouping, they are similar to market research analysts.
Growth rate by 2024: 19% (much faster than average)
Average annual salary: $62,150
Preparing for the Business Marketplace
Those seeking to enter the world of business will find their opportunities promising. The online business administration and management degrees at Husson University can help students define their career interests and prepare them for success after they graduate. The programs allow students to tailor their degree to fit their future goals by offering concentrations in: biotechnology and innovation, healthcare management, management, marketing and organizational management.
*Unless otherwise noted, all information is reported from the Bureau of Labor Statistics.