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By University HQ Staff Writers
Edited by Evelyn Keener
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University Headquarters (HQ) is an industry-leading, independent educational organization that provides independent college rankings using a proprietary formula to create first class, unbiased rankings. The team at University HQ strives to provide accurate and trustworthy rankings that highlight the best programs for business.

Business degrees are popular in the US because they equip graduates with versatile skills for lucrative careers. Programs focus on transferable abilities, offering opportunities for advancement and competitive pay. Most professionals work in business services, finance, marketing, or management.

Earning a business degree is ideal for those unsure of a career path, as it provides versatile skills and marketability. Advanced degrees or extensive experience often lead to excellent job prospects.

Salary potential varies by occupation and location. High-paying states include California, New York, and Massachusetts, while lower wages are common in states like Idaho, Mississippi, and West Virginia.

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How to Prepare for a Business Career

Higher education is typically required for business careers, with professionals earning associate, bachelor’s, master’s, or doctorate degrees. Entry-level roles for those with high school diplomas pay significantly less.

Business associate degrees are offered by community colleges, which often charge lower tuition than four-year institutions. These 60-credit programs take about two years to complete and cover finance, human resources, and customer service, providing a broad introduction and foundation for further study.

BS in business administration programs typically require 120 credit hours over four years, providing in-depth instruction in marketing, finance, business operations, and accounting. These programs help students develop versatile skills applicable to various business roles, such as financial or marketing managers and financial analysts.

While bachelor’s degrees in business can lead to jobs as financial analysts, human resource specialists, and management consultants, it’s common for professionals in the field to continue their education by enrolling in further education.

Master’s degrees in business typically require 30-60 credit hours and take about two years to complete. Students can pursue a master’s in business or an MBA, with MBAs focusing more on planning and execution. Graduates often qualify for management and supervisory roles, such as training manager, top executive, PR manager, HR manager, IT manager, financial manager, production manager, or management analyst.

A PhD or doctorate is the highest degree in business, taking 4-7 years to complete. These programs typically include 90-120 credit hours of coursework, research, and writing, preparing graduates for careers in research or academia.

Is a Degree in This Field Worth It?

While entry-level business jobs may not require a degree, most employers prefer candidates with higher education to gain essential knowledge in areas like finance, HR, supply chain management, marketing, and leadership. Completing a degree program is key for career preparation, with associate or bachelor's degrees leading to entry-level roles and a master’s degree often being the ultimate goal.

Business degrees are ideal for those pursuing careers in management, finance, leadership, or marketing, offering versatility and applicability across industries. Graduates gain valuable skills for various work settings, making these degrees a worthwhile investment.

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Job Outlook in Business

The outlook for business and financial occupations is steady, with employment projected to grow by faster than the average for all occupations between 2023 to 2033, adding about 963,500 open jobs every year. The median annual wage for this field was $75,050 in May 2023, higher than the national median of $48,060.

Projections vary by job, with some professions growing faster than others. For example, labor relations specialists are expected to grow 0%, while management analysts may see an 11% increase. Researching your chosen field can provide a clearer understanding of job outlook.

How to Get a Job in This Field

The first step to a business career is identifying your goals, as there are many job opportunities in the field. Once you determine your preferred profession, research the hiring standards specific to that role. Understanding employer expectations helps you choose the right major, electives, internships, extracurricular activities, and certifications needed to pursue your desired job.

After earning your business administration degree, pursuing relevant certifications or licenses can be beneficial. There is no single best credential for business professionals, so you can focus on those that are most applicable or personally fulfilling.

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Top Paying Business Careers

There are many business careers that offer high salary potential. Pay can vary significantly across the field, however. Some of the best-paying professional opportunities available include the following.

  • Chief Accounting Officer (CAO) - $195,437
    Chief accounting officers (CAOs) are generally responsible for overseeing entire accounting departments. These professionals are in charge of all accounting operations and financial reporting functions. They also supervise all accounting and administrative staff, ensure procedures are followed correctly, and verify activities adhere to various regulatory rules and regulations.
  • Chief Investment Officer (CIO) - $187,874
    Chief investment officers (CIOs) work to raise capital for companies and organizations. These professionals often spend time negotiating investment deals on behalf of their employers. They also manage fund portfolios with the goal of increasing overall profits. Other common responsibilities include researching investment options, providing advice regarding spending actions, sharing important financial knowledge, developing investment objectives, establishing new policies, and reviewing internal investment operations staff and procedures.
  • Accounting Firm Partner - $175,134
    Accounting firm partners are the highest executives at their companies. They direct and determine the final decisions on all projects and activities, as well as establishing various policies and procedures. These professionals also manage accounting staff members, evaluate worker performance, oversee office operations, and ensure profits are made.
  • Emergency Management Director - $161,105
    Emergency management directors are paid to develop and oversee emergency response plans for companies and organizations. These professionals spend most of their time completing tasks associated with hazard assessment, policy development, employee training, facility maintenance, and emergency response leadership. They also take steps to calculate the likelihood of various situations. This often entails studying prevention techniques, creating evacuation maps, demonstrating how to use safety equipment, completing inspections, and distributing informative resources.
  • Chief Executive Officer (CEO) - $159,900
    Chief executive officers are responsible for overseeing entire companies and organizations. In addition to making the vast majority of business-related decisions, these professionals spend time leading, guiding, and managing the job performance of other high-ranking employees. They may also formulate strategic plans, address the direction of the company, and ensure worker activities align with the overall company vision.
  • Tax Director - $155,378
    Tax directors create, plan, and implement cohesive tax strategies for companies and organizations. These professionals spend a lot of time preparing and completing tax reports, which often entails verifying that all tax documents are organized and accurate. They are also responsible for helping to resolve any tax issues that arise.
  • Chief Operating Officer (COO) - $146,420
    Chief operating officers (COOs) are responsible for overseeing the daily operations of the companies and organizations they work for. They are often second in command, setting standards and ensuring processes, training, and output quality properly reflect them. They uphold their employer’s vision, as well as verify departments have sufficient resources to meet established expectations.
  • Chief Financial Officer (CFO) - $145,060
    Chief financial officers (CFOs) are responsible for managing various financial operations for companies and organizations. These professionals often oversee accounting and finance departments, ensuring all activities in these areas are completed accurately and efficiently in compliance with all applicable laws and business standards. They also work to project favorable images of their employers while saving money whenever possible.
  • Chief Credit Officer - $144,186
    Chief credit officers are paid by companies and organization to develop and manage credit strategies. Responsibilities vary, but often include developing credit risk assessments and overseeing loan portfolios with the goal of maintaining high-quality borrowing standards. They may also be expected to implement various risk-management strategies, supervise subordinates, and maintain relationships with key financial entities.
  • Vice President of Finance - $143,458
    Vice presidents of finance are responsible for keeping companies and organizations profitable, as well as ensuring that all activities are in compliance with government regulations. These professionals coordinate budgets, set financial goals, and determine ways to keep spending low. In addition to managing financial reporting, accounting, daily operations, and monthly results, they are also likely to oversee finance department workers.
  • Internal Audit Director - $136,582
    Internal audit directors use internal company resources and employees to evaluate and optimize financial functions. These professionals spend most of their time creating departmental risk reports, conducting internal audits, coordinating interdepartmental strategies, and establishing quality assurance standards. In most cases, they work directly with employees and business management professionals.
  • Director of Accounting and Financial Reporting - $127,095
    Directors of accounting and financial reporting oversee teams of financial professionals responsible for completing various accounting and finance-related tasks. These professionals are generally responsible for ensuring accounts receivable and deposits are correctly reported. They also verify all tax-related requirements are completed on time.
  • Computer and Information Systems Manager - $127,060
    Computer and information systems managers are hired by companies and organizations to plan, coordinate, and direct computer-related activities. These professionals are responsible for developing information technology goals, and then taking the necessary steps to meet them. The may also tasked with analyzing computer needs, recommending possible upgrades, ensuring network security, performing cost and benefits analysis, overseeing the work of other professionals, and negotiating prices with vendors.
  • Investment Banker - $118,769
    Investment bankers coordinate relationships between companies and organizations seeking funding and investors with capital. They are primarily responsible for helping businesses secure the finances needed to grow, but help clients purchase and sell securities as well. They may focus their efforts on corporate finance or industry coverage.
  • Finance Director - $118,385
    Finance directors are responsible for analyzing data, determining risk, and allocating resources for their employers. They spend a lot of time conducting financial reviews, as well as monitoring departmental budgets. These professionals also create and implement accounting and finance policies, provide executives with financial advice, and oversee compliance.
  • Investment Fund Manager - $115,586
    Investment fund managers are paid by companies and organizations to handle various activities related to financial planning, investment, and portfolio management. These professionals are often responsible for buying and selling securities and assets, as well as overseeing transaction settlements and overall performance measurement. As financial representatives for their clients, they also devise growth strategies and provide portfolio updates.
  • Lodging Manager - $114,006
    Lodging managers ensure guests have pleasant experiences while staying at hotels, motels, and other forms of accommodation. These professionals are typically responsible for planning, directing, and/or coordinating various activities, as well as establishing procedures that make facilities more efficient and profitable. They may also spend time inspecting guest rooms, answering questions, hiring staff members, setting budgets, and resolving problems.
  • Accounting Director - $110,635
    Accounting directors oversee the creation and implementation of accounting policies and procedures for companies and organizations. They are often responsible for all associated operations and systems, as well as staff selection, training, and evaluation. These professionals typically report directly to chief financial officers (CFOs), providing updates and addressing broaching concerns.
  • Regulatory Affairs Manager - $108,879
    Regulatory affairs managers review policies associated with manufacturing, testing, and marketing, ensuring they are efficient and safe. These professionals also verify all associated activities comply with regulatory statues at the state, national, and/or international levels. They may also manage audits, agency inspections, and product recalls, as well as communicating with regulatory agencies about product information and/or issues.
  • Corporate Controller - $108,803
    Corporate controllers oversee various accounting and financial functions for companies and organizations. They perform financial planning services, as well as manage financial processes and coordinate budgets. These professionals may also supervise accounting staff members, ensure compliance with financial regulations, and perform risk assessments.

Other Career Options

A background in business can lead to many other career options, as well. Even individuals with limited education and experience may be able to find relevant entry-level employment. While these positions may not offer high salaries, they often function as a great means of gaining additional experience in the field. These occupations can also function as a way to obtain the knowledge and skills necessary to qualify for more advanced employment in the future.

It's also important to note that not all opportunities available are exclusively business-centric. Graduates with business degrees often qualify for many jobs that are only tangentially connected to the profession.

Some less lucrative business professions include:

  • Finance Manager - $89,169
    Finance managers help ensure the financial health of the companies and organizations they work for. They do this by creating financial records, directing investment activities, and developing plans based on long-term financial goals. These professionals may also monitor financial details relevant to legal requirements, supervise employees, and analyze market trends to maximize profits.
  • Natural Science Manager - $93,320
    Natural science managers are generally responsible for supervising the work of scientists such as chemists, physicists, and biologists. These professionals often direct the various activities related to research and development, as well as coordinate testing, quality control, and production. They may also be expected to budget resources for projects, hire staff members, supervise and evaluate scientists, monitor progress, provide technical assistance, and establish administrative procedures.
  • Compensation and Benefits Manager - $90,222
    Compensation and benefits managers are responsible for planning, developing, and overseeing programs that pay workers. They typically set pay and benefits structures, monitor wage rates, and oversee the distribution of pay and benefits. These professionals may also choose and manage which outside partners companies and organizations work with, from benefits vendors to insurance brokers.
  • Training and Development Manager - $80,873
    Training and development managers spend time planning, coordinating, and directing skills and knowledge-enhancement programs. They are typically responsible for assessing employee training needs, evaluating the effectiveness of training programs, and ensuring training aligns well with employer goals. These professionals also create and manage budgets, develop new trainings, review instructional materials, and evaluate program effectiveness.
  • Logistician - $77,030
    Logisticians are employed by companies and organizations to analyze and coordinate supply chains. They generally manage the entire life cycle of products, from acquisition to delivery. These professionals also develop business relationships with suppliers and clients, identify areas of logistical improvement, and propose strategies to minimize cost and time requirements.
  • Industrial Production Manager - $75,847
    Industrial production managers oversee the operations of manufacturing plants. This typically entails coordinating, planning, and directing all activities involved in the creation of certain goods. These professionals often hire, train, and evaluate workers, as well as decide how best to use employees and equipment in order to meet production goals.
  • Project Management Specialist - $74,278
    Project management specialists are responsible for coordinating budgets, schedules, and other project details for their employers. These professionals often lead and guide the work performed by technical staff members, as well as serving as a point of contact for clients. They may also develop project plans, select vendors, monitor project costs, and approve modifications.
  • Medical and Health Services Manager - $72,702
    Medical and health services managers are responsible for planning, directing, and coordinating medical and health services offered by healthcare facilities. They spend a lot of time monitoring budgets, recruiting staff, providing training, creating work schedules, and organizing service records. These professionals also ensure all healthcare laws, regulations, and technology standards are properly met.
  • Purchasing Manager - $72,194
    Purchasing managers work for companies and organizations, buying products and services for use and/or resell. These professionals spend a lot of time evaluating suppliers, negotiating contracts, and reviewing product quality. They may also interview new vendors, attend trade shows, analyze price proposals, monitor contract compliance, and maintain item records.
  • Human Resources (HR) Manager - $71,612
    HR managers plan, coordinate, and direct various administrative functions for companies and organizations. This often entails overseeing recruitment, potential staff interviews, and worker onboarding. These professionals also consult with top executives regarding strategic planning, as well as handle staffing issues as they arise.

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