How Much Can You Make with a Business Administration Degree?
There are many benefits to earning a business degree. It can provide you with valuable, versatile skillsets and increase your marketability for jobs. It can qualify you for leadership titles and help you climb the ladder at an organization. A business degree can also position you for high respect and high salary potential. It’s no wonder, then, why business is such a commonly forged path among college students. According to the National Center for Education Statistics, business tops the chart of the most popular majors today.
If you are considering a business administration degree, you may be wondering whether the investment will be worthwhile: How much can you make with a business administration degree? What is the typical salary of business degree holders, and will it outweigh the costs of college? Whether you plan to start your own business or move up the ranks at a company, rest assured that you can find great reward. A business administration degree will position you for high pay potential, numerous job prospects, and future success in a variety of fields.
The Average Business Degree Salary
According to Data USA, which cites U.S. government data, the average salary for business careers today is $92,907 annually. However, this encompasses all pathways relating to business, such as accounting, finance, business administration, education, sales, and more. It also includes business degrees of all levels, such as associate and master’s degrees. Of all the public data available, Data USA’s report also shows that Connecticut offers the highest paying locations for business professionals today.
The U.S. Bureau of Labor Statistics (BLS) also reports on the average salary of business majors, with specificity to graduates holding a bachelor’s degree. According to this data, those with a bachelor’s degree in a business-related field earn an average of $65,000 annually. A bachelor’s degree is the most common pathway among business school students today.
Of all business degrees offered, the Bureau of Labor Statistics reports that business administration and management is the most popular concentration among bachelor’s degree students. Undoubtedly, this is because a bachelor’s in business administration can prepare students for a variety of careers after graduation. Let’s take a look at some of the possible career paths you can pursue with this level degree, along with the salary for each.
Business Administration Salaries by Career
The following career paths can be achieved with a bachelor’s degree in business administration. Annual salary figures for these occupations are based on averages from the U.S. Bureau of Labor Statistics.
1. Sales Manager | Salary: $132,290 per year
Sales managers are the leaders of a company’s sales team. These professionals set sales goals, analyze selling performance, and develop training programs to onboard and retain sales reps. On average in the United States, sales managers earn $132,290 per year. In Connecticut, sales managers earn over $150,000 annually, on average. Most sales managers have a bachelor’s degree in a related field, such as business administration.
2. Human Resource (HR) Manager | Salary: $121,220 per year
HR managers play an essential role in businesses, as they oversee and direct the recruiting, interviewing, hiring, and onboarding of new employees. Their main role is to serve as a liaison between a business’ top executives and its employees, ensuring all needs and expectations are met from both sides. HR managers also help with strategic planning and directing the administrative functions of a business. For this reason, they can expect great compensation. Human resource managers earn an average salary of $121,220 per year, nationwide. In Connecticut, HR managers earn almost $150,000 annually, on average. As with most management professions, HR managers are expected to have a bachelor’s degree in a related field, such as business.
3. Office or Facilities Manager | Salary: $98,890 per year
Administrative services managers, more commonly referred to as office managers or facilities managers, are responsible for helping a business run smoothly and efficiently. They plan, direct, and coordinate activities to keep operations in line. Job responsibilities can vary by title, but may involve managing administrative staff, handling records, or monitoring facilities. These managers earn an average of $98,890 annually in the United States. In Connecticut, however, business office and facilities managers can expect to earn $115,590 annually. Holding a management title, these professionals typically need a bachelor’s in business administration or a related field.
4. Consultant or Management Analyst | Salary: $87,660 per year
Consultants provide analysis and recommendations to businesses, based on their own expertise. Another title for this role is a management analyst, who also provides recommendations to help businesses run more efficiently. According to the Bureau of Labor Statistics, these professionals typically need a bachelor’s degree in a related field of business. Some employers prefer those with a master’s degree. With the right education in hand, one can expect to earn a salary of $87,660 annually in the United States. However, in Connecticut, management analysts can earn over $108,000 per year.
5. Financial or Budget Analyst | Salary: $78,970 per year
Financial and budget analysts help businesses plan and coordinate their finances. They prepare budget reports, monitor organizational spending, review funding requests, and estimate future financial needs. They are savvy in mathematics and well-versed in all areas of finance, and therefore are expected to have completed coursework in business, accounting, finance, economics, and statistics. They are also expected to have a bachelor’s degree. For this reason, many budget analysts choose to pursue a bachelor’s in business administration. Budget and financial analysts benefit from the investment, as well, with an average salary of $78,970 per year. Those in Connecticut can expect to earn even more, with an average salary of $86,690 annually.
6. Event Coordinator | Salary: $51,560 per year
Event coordinators help to plan all aspects of professional gatherings, such as meetings, conventions, non-profit fundraisers, award ceremonies, and other types of events. They arrange every detail from location to transportation, attendee list to vendor list, caterers to speakers. They are highly attentive to detail and many love what they do, finding it a rewarding and engaging career path. The pay is also competitive, with an average salary of $51,560 annually in the United States. In Connecticut, event planners can expect to earn more than $64,000 per year. To get started in this career field, you are expected to have a bachelor’s degree in business.
7. Business Owner/Entrepreneur | Salary: Varies!
One of the most common reasons that students pursue a bachelor’s degree in business administration, is to turn their own ideas into profitable businesses. If you are an aspiring entrepreneur or dream of running your own business, a bachelor’s degree in business administration can provide you with the skills needed to succeed. You will take business courses in management, budgeting and planning, entrepreneurship, finance, e-business, targeted marketing, and more. These courses will prepare you to hit the ground running even before graduation day. In terms of salary expectations, this will largely depend on the success of your business – which can take time to build. However, once you reach the top, you can expect to reap great reward. According to the Bureau of Labor Statistics, top executives make close to $108,000 per year, on average, across the United States.
Are you ready to launch a career in business, and start thriving in the professional world? If the business administration salary potential is inspiring to you, know that you can get started quickly. Goodwin University offers flexible, accelerated business administration classes to help you into the workforce and to start earning fast. Request information about our business degree programs online, today.