Are you going to college soon and wondering “is a business degree worth it?”
For many students with a high school diploma – this might be the next step in their life. But with such a big (and potentially costly) decisions to make – how do you know if a business degree is worth it?
In this post, I’ll explore if a business degree is worth it, other degrees worth considering, and much more. Let’s dig in.
Types of Business Degrees
Business degrees come in all shapes and sizes. Below are some of the most common business degrees that you can major in. As with any business degree program you’ll be forced to take classes from a variety of these business functions.
Finance
Finance is a common degree in the business world that offers many career paths. Getting your bachelor’s degree in finance will prepare you for many analyst roles, management, and entrepreneurship.
Some of the most common jobs for graduates with a business degree in finance include:
- Financial planner
- Financial analyst
- Investment banker
Economics
Economics is business degree program that mixes politics, money, and trade. With this specialized degree you can work a wide range of jobs including:
- Actuary
- Financial analyst
- Policy analyst
If you’re searching for a business career that involves money and policy – an economics business degree might be a good option.
Business Management or Business Administration
Business management is a more broad business degree that allows you to understand multiple business functions that can be valuable to a variety of companies.
Getting a business administration degree offers a variety of entry level positions for new graduates to take.
In addition, this business degree allows you to start your own business.
Some business graduates go on to start their own business but many people might argue that you can learn the same skills without getting a business degree.
Accounting
Accounting is all about numbers. While there technically isn’t any advanced math involved – you’ll be tasked with balancing numbers and making sure everything lines up.
There are a few main types of account: financial accounting, management accounting, and tax accounting.
With an accounting degree you can work as a tax accountant, corporate controller, CFO, and more. You can choose to become a certified public accountant to open up even more opportunities.
Accountants and financial analysts will always be needed to create financial reports giving it strong projected job growth.
Marketing & Sales
Understanding how a business can grow it’s revenue is a struggle for many business owners.
With this degree you’ll learn how to develop marketing strategies aimed at growing revenues and ultimately profits for a company.
Some schools will combine marketing and sales degrees while others might offer separate specialized degrees.
Creating marketing strategies that are capable of growing your customer base is a great skill to have that can impact the day to day operations of a business.
In sales, your career path takes a more entrepreneurial turn. Most companies will operate on a commission structure meaning the more revenue you generate, the more you will be compensated.
Human Resources
Human Resources is a degree in business that teaches students how to work with employees to improve productivity.
Human resource management offers a variety of career paths including:
- Hiring managers
- Benefits specialists
Working in human resource management requires a strong understanding of labor laws and the ability to work with employees.
If you find working with people difficult, you might want to reconsider your business degree.
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Are Business Degrees Worth It?
Ultimately, getting a business degree is what you make of it.
If you’re the type of person who wants to work in some sort of business function – then having a business degree can be worth the cost.
However, if you’re unsure of what you want to do with your life – it might be wise to consider another option.
Getting a degree in business is a significant investment of time and money. You’ll want to be sure you are 100% dedicated so you don’t lose out on money.
To determine is a business degree is worth it – think about what you want to do with your life. A business degree offers tremendous opportunity if you want to work in the corporate workforce.
Many students pursue business degrees because of the job prospects available.
With a favorable job market and some of the most flexible academic programs a business degree can be a strong option for some college students.
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How Much Money Can You Make with a Business Degree?
One of the major factors that many people will use in determining if they should get a certain degree is how much money you can make in the field.
Below are some of the average salaries for various specialized business degrees.
- Finance: $73,0000
- Economics: $55,250
- Accounting: $79,500
- Marketing: $142,000
- Human Resources: $121,200
Ultimately, the amount of money you can make with your business degree will vary widely based on many factors including your region, your level of seniority, the industry in which your business operates, and more.
It’s very possible to earn over 6 figures within 5-8 years of experience with a business degree.
Many business graduates can work their way up the corporate ladder to become a chief officer or vice president for their business function.
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My Experience with a Business Degree
As a business major myself, I can say with confidence that it has helped me make a great income. As a marketing major there are many paths you can take.
Because I was interested in technology, I decided to learn how to code and make money which lead me to digital marketing.
This experience has been incredible and landed me an over 6 figure job at 27 years old.
While this might not be the case for everyone with a business degree, it can help you build a solid understanding of how businesses operate which can open up many job prospects in related fields.
Other College Degrees Worth Considering
If you’re interested in jobs that pay more, try to pursue careers in these fields. Many of the entry level salaries can be higher than some of the financial occupations listed in this post.
Engineering
Engineering is a great college degree with high salaries if you like working with your hands and solving problems.
If you’re interested in working as an engineer, be sure to pick a major that incorporates math – such as chemical engineering or electrical engineering.
After graduating from college, many engineers can start their career making upwards of $100k per year within just one to five years of experience.
Engineering school is known to be challenging and time consuming. If you’re not passionate about engineering, it might be best to avoid this degree and choose something else in the list below instead.
Mathematics
Mathematics degrees can be used for a wide variety of career paths including business and financial occupations. From actuaries to security analysts to market research, mathematics can help you make a good salary without the soft skills that some jobs require.
Statistics
Statistics is another technical degree that relies on mathematics. With projected job growth increases in the coming years, statistics can be a great option for college students wondering “is a business degree worth it?”
According to the US Bureau of Labor Statistics, the average projected growth rate for those with a statistics degree is 33% over the next ten years.
Computer Science
Computer science is a great high paying college major if you have a knack for computers and technology. With a degree in computer science, you’ll be able to find a job in many different industries.
Computer science is a more specialized degree that provides a median annual wage of $126,839 according to the US Bureau of Labor Statistics.
How Much Does a Bachelor’s Degree in Business Cost?
One of the most important factors for many considering business school is the cost of getting your bachelor’s degree.
There are many factors to consider when evaluating the cost. On average, it will cost around $9,000 annually to attend business school. Most business programs will take 4 years to complete amounting to a total of $36,000 to graduate from your business program.
You could also opt to pursue an online education to cut costs for your business degree. Many times you can find online programs that require a high school diploma to receive your business education.
For an online education, you can expect to save around 50% of a tradition learning experience.
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Is a Graduate Degree in Business Worth It?
Do you already have a business degree and wondering if a graduate degree like an MBA is worth it?
Graduate degrees can be very expensive. For many students, obtaining a graduate degree in business is a good idea for those without a solid foundation in the business world. Because you’ll learn many of the same concepts as those with a bachelor’s degree – it’s not always a good use of time and money.
However, if your current company is offering to pay for your graduate degree – it could be worth it to enhance your career aspirations.
There are many job titles and managerial positions that require a graduate degree to hold. If you’re searching for a more satisfying job with a higher median annual wage – getting an MBA can be worth it.
The median annual wages for those with a graduate degree in the business field was around $137,900 in 2020.
Final Thoughts on Is a Business Degree Worth It
Receiving a college degree of any kind is what you make of it. Getting a bachelor’s degree in business provides strong opportunities for many people.
With a variety of options and specialized degrees for each business function – there’s sure to be a career path that suits your interests with business degrees.
Between a business management degree, human resources management, and marketing –business majors are sure to find a satisfying job that offers a strong lifetime income.
If you’re still wondering “is a business degree worth it?” it might be time to do some internal evaluation to determine what your passions and interests are before committing to a specific field.
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