You’re not the first curious one to search, “Do business degrees pay off?” In fact, in this economy, we’ve all been wondering the same question. If you invest thousands of dollars in a degree, will it even be worth it on the other side?

Like most broad-reaching questions, it depends. On what? Well, on a few things.

Below, we’ll unpack recent statistics on the salary potential and true ROI of a business degree. We’ll also explore how to turn a business degree into a worthwhile investment in your future.

What kinds of business degrees are there?

But first, what exactly are we talking about here? Business degrees run the gamut of length and depth. They are some of the most diverse and far-reaching programs available in higher education.

The best type of business degree will depend on what you’re looking for. Whether you want to dip your toe into the basics or dive deep into organizational theory, there’s a business degree that fits your experience level, learning style, budget, and timeline. Options include:

• Associate degree in Business Administration (AS). Get a firm business foundation with a concentration of your choice, depending on your interests.
• Bachelor’s in Business Administration (BS). Learn additional leadership skills and organizational strategies beyond what the associate’s program offers. Plus, larger group projects and focused electives.
• Master’s in Business Administration (MBA). For those diving deep into leadership and organization, a master’s program lets you both focus and cast a wide net.
• Master’s in Organizational Leadership (MSOL). To tap into your full potential, this in-depth cohort program includes research and capstone work that unlock the leader within.

Once you’ve decided where on the business educational matrix is right for you, you’ll unpack its value in the classroom and see how it can translate to your future salary.

What do you learn in a business degree program?

Business needs it all. A sharp mind thinking on several levels at once. From the very basic building blocks of money and management to advanced communication and special topics such as AI ethics. Every business program is unique.

From intro classes like…

• BUS 101 – Introduction to Management
• BUS 110 – Business Law and Ethics
• BUS 135 – Customer Relations in a Multicultural World
• BUS 132 – Budgeting and Planning

…to advanced Organizational Leadership elective options, such as:

• OL 525 – Special Topics in Leadership
• OL 620 – Negotiation and Conflict Response
• OL 680 – Engaging with Senior Executives

Sharpening your skills and filling your toolbox in business can translate into basically any industry you’re interested in. This is another reason why a business degree has such high earning potential and applicability.

After graduation, you can work almost anywhere with a business degree in hand. You can apply your education and experience to something you’re passionate about and that supports yourself and the community.

Study Business Administration at Goodwin

How much do business degrees cost?

Before we talk ROI, let’s talk about the initial investment. And of course, to some extent, this answer depends. Business school tuition can vary based on the degree pursued, program length, credit hours, and broader institutional or geographic factors. This isn’t a cut-and-dry math problem — though we’ll attempt the numbers in a moment. However, it’s worth noting that many employers will help pay for your education, so don’t do the math before you count your funding chickens.

** At Goodwin, we know lots of ways to assist with funding and paying for your education. **

Beyond the intangible benefits of earning a business degree, there are very real numbers that can be added up and accounted for. Let’s attempt to do the math of getting a master’s, as an example:

Let’s assume you’re investing in a master’s level program of 30 credits, which is fairly typical, at the price of $770/credit hour (not including any financial aid or grants). Your program will cost $23,100 outright.

Don’t let that number scare you; it’s not all due up front. (And as nearly 90% of all Goodwin students receive some type of financial aid, it’s probably not even all due at all.)

Assuming it’s knocked down to around $20k over 2-3 years of part-time study, while holding down your regular job, that comes out to around $500/month. Sounding a little more doable now… right?

Business degree ROI: The real earning potential of a business degree

Now, consider the earning potential of a business degree, as recently updated by the US Bureau of Labor Statistics.

The jobs you’ll find in management and business, especially when getting into the financial sector, all pay well to boot. Most business, financial, and management positions, for which your master’s degree makes you now eligible, earn a salary at or around six figures. A couple of examples include investment analysts, with a median annual wage of $99,010 in 2023, and construction managers, who earn a little more at $104,900 annually.

Apply this salary potential, easily six figures, retroactively to the bill you may have left over after graduation… and it disappears in under a year. Maybe a couple of years if you have additional financial obligations or debts under repayment.

While the math may be messy, the numbers are pretty clear. The answer to “Do business degrees pay off?” is becoming a fairly resounding yes, no matter how you ask it.

On top of this, there is security at play. Employment in all business occupations is growing faster than the general 4% growth rate predicted (and showing) from 2023 to 2033. This sector is so vast that some areas, like medical and health service management, are growing at a rate closer to 30%! In other words, finding a job won’t be difficult, meaning you can start earning a paycheck fast.

Business degrees pay off at Goodwin

If you are ready to take on the investment of a business degree, you need a school that offers flexibility and convenience, allowing you to earn your degree while still maintaining a career and other obligations.

At Goodwin, we understand that life is busy. Got a part-time or full-time job, maybe a family to care for? This is why we offer flexible programs that tailor to your individual lifestyle. Classes in the Business Administration program are offered during the day, at night, and on weekends, on campus, online, or in a hybrid format of these two options. Plus, Goodwin offers a variety of financial assistance programs available, and one of the lowest tuition costs among private, non-profit colleges in the state of Connecticut.

So, is a business degree worth it? Absolutely. We think so.

Learn more about the Business programs at Goodwin University to see if this is the right investment in your future.