Business Salaries & Salary Outlook

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There are many ways to a start pulling down a big salary in the business world, but earning a formal business degree is one of the most popular, safest bets. In a business degree program, you can master the essential tools of economics, marketing, and accounting that non-degree holders must learn through more costly trial and error.

Business Salaries

Overall demand for business degree holders could continue to increase in spite of the recent economic downturn because companies have even greater incentive to budget, forecast, and fight for survival. If you possess the skills and training to advise businesses, government agencies, and individuals on how best to spend their resources–easily acquired through a business degree program–you could be in a position to earn a top salary in the business world.

How Much Can You Make with a Business Degree?

Locking down exact figures within the business world can be difficult due to the endless number of variables involved. Business is such an expansive field that touches almost every sector of the job market. You can find business degree holders from hospital administrators to salespeople to Wall Street professionals. The median salary for a financial analyst was $58,010 in 2008, while a retail salesperson made a median annual salary of $20,510 that same year.

Private versus Public Sector Salaries with a Business Degree

Your salary also depends on whether you work in the private sector or public sector. If the former, market forces typically dictate your salary. If the latter, then regulations and legislation might predetermine your salary potential. This explains why accountants and auditors working for private firms made a median salary of $72,270 in 2008, while those working for state and local governments made $52,560 and $56,160 respectively.

Lastly, there are countless business professionals who work for themselves as entrepreneurs. Some become wildly successful, while others operate at a loss. Everything from market stability to consumer whim effects the success of the independent business person. If you choose to brave these sometimes rough seas, a bachelors degree in business helps immensely.

Business Degrees Boost Salary Potential

In almost all cases, a business degree opens more doors that it closes. Employers typically prefer to hire those with formal training, especially during times of economic uncertainty. A business degree provides strong outward signals to potential employers about your credibility as a professional. This isn’t the only benefit of formal education, though. By enrolling in a program, you can master the economics, accounting, marketing, information technology, corporate social responsibility, strategy, and finance theories that non-degree holders must discover through trial and error.

For maximum success, you might consider completing a master’s in business administration (MBA) since this offers more focused and intensive training than its bachelor’s and associates degree counterparts. With an MBA degree, not only do you cover the essential tools of the trade, but you can also develop valuable relationships and networks during your time enrolled. Success in the business world stems from many things, including timing, luck, experience, knowledge, and determination. However, never underestimate the importance of connections. In order to graduate to a position like chief executive–making a median salary of $158,560 a year–be prepared to spend many hours, weeks, and months building your network of business contacts throughout the industry. Business is competitive by its very nature, which means you have to be at your best and on your game–earning a business degree gets you started.

Stanley Rubenti
Stanely Rubenti is a world traveling writer and editor who has lived in Japan, the US, Thailand, and France. He currently resides in Kuala Lumpur, Malaysia where he offers college admissions advice for international students interested in studying abroad.

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