You didn’t pursue a career in business administration so you could struggle financially. But within the vast array of fields touched by business administration graduates, there are huge discrepancies in pay. There are many factors for this, which include the degree applicants have earned, their connections, work experience and the focus of their education and current career. A 2012 survey by the National Association of Colleges and Employers found that the 25th percentile of business administration majors with a bachelor’s degree earned $40,200, while the 50th percentile made $50,000, and the 75th percentile earned $63,400.
Obviously, earnings can be much higher than that. Earning a dual degree in business administration and lucrative, expanding fields like healthcare or technology can increase your potential earnings. But the search for a degree can be difficult, and the potential investment of time and money can feel daunting. However, if you’re committed to widening your career options and earnings, we’ve assembled resources to help you find an online program which will cost less and allow remote participation. If you choose the right program, you can see results that make your time, effort and investment worth it. For example, a Bachelor’s in business administration can add at least $2,000 to $5,000 to your annual salary, and an MBA can add another $7,000 to $11,000 minimum.
Chief Executives are often the highest compensated positions business administration professionals can reach, especially in banking, finance and multinational corporations. The Bureau of Labor Statistics found that in 2015, the annual wages for Chief Executives was $68,600 for the 10th percentile, $175,110 median, and $187,200 for the 90th percentile. Other comparable positions include Computer and Information Systems Managers, Financial Managers, and Marketing and Sales Managers. The latter two occupations are also expected to see a large increase in jobs between 2014-24.
PayScale dug into some lucrative business administration careers and found that Corporate Controllers ($97,900 median mid-career pay in 2016), Tax Compliance Manager (also $97,900 median mid-career pay in 2016), Payroll Directors ($101,000 median mid-career pay in 2016), Financial Analysis Managers ($102,000 median mid-career pay in 2016), Bank Examiners ($114,000 median mid-career pay in 2016), Treasurers ($117,000), Budget Directors ($118,000), Stock Plan Administration Manager ($120,000), Audit Directors ($135,000), Partner at an accounting firm ($165,000), Chief Investment Officer ($186,000). You could also start your business administration career in stock trading, or found a startup and potentially make millions.
The highest paying business administration career is out there waiting for you to seize or create it. Get to it!