There is a massive world of business administration jobs out there. Of all the job choices, which are some of the potentially highest paying roles in this sector? Here are some of the jobs in business administration that have the potential to be the most lucrative.
A business degree can be very valuable. It can provide a career path in business fields, such as finance, accounting, marketing, management, and many more. A business degree can also provide the tools and skills necessary to launch a successful business or advance in your current career. With a business degree, you could pursue a wide range of career opportunities, from corporate executive to entrepreneur.
1. Chief Executive Officer
Chief executive officers, or CEOs, are quite possibly the most recognized professionals in the world of business administration and management. Chief executives role at many companies as well as the prestige, notoriety, and financial status of the position. Chief Executive Officers are indeed the top shot-callers, aside from shareholders, at many organizations today, and subsequently, they are often the highest-paid member of staff and can make virtually any sum. CEOs in technology, as well as banking, tend to see the highest positional value in today’s markets.
The average salary of a Chief Executive Officer (CEO) can vary greatly depending on the size and type of the organization. According to a recent survey by the Wall Street Journal, the median total compensation for CEOs of public companies in the United States was approximately $12.3 million in 2020. Of that, the median cash salary was roughly $1.5 million. This is one of the highest paying jobs you can have in the business world.
2. Chief Operating Officer
A Chief Operating Officer (COO) is a senior executive responsible for overseeing the day-to-day operations of a company. The COO is typically responsible for ensuring the efficient and effective operation of business processes, as well as for formulating and executing strategic plans. The COO works closely with the Chief Executive Officer (CEO) in managing the business and is usually the second-highest ranking executive in the organization.
The average salary for a Chief Operating Officer (COO) can vary greatly depending on the size of the company, industry, and geographic location. On average, COOs in the United States earn an annual salary of around $200,000 to $400,000, with some of the highest earners making up to $1 million per year. This is one of the highest paying jobs you can get in the business world.
3. Personal Financial Advisor
Personal financial advisors, or PFAs, offer key financial guidance, as their title suggests. These professionals typically work for an outside organization or on their own and are contracted to come in and help a business or individual with their financial decisions and goals. According to the Bureau of Labor Statistics, this position is akin to that of the financial analyst, financial manager, or even the budget analyst. While it’s hard to pin down an average pay range for this role, it’s not uncommon for workers here to earn well over $100,000 per year.
4. Chief Financial Officer
A Chief Financial Officer (CFO) is an executive-level position responsible for managing the financial operations of a company or organization. They are responsible for providing financial advice and developing strategies for long-term financial goals. The CFO is also responsible for overseeing the accounting, budgeting, and auditing operations of the company. They often report directly to the CEO and board of directors.
The average salary for a Chief Financial Officer (CFO) varies significantly based on the size and location of the organization, as well as the CFO’s experience and qualifications. According to Salary.com, the national average salary for a CFO is $384,091 per year, with a range between $303,711 and $477,441.
5. Marketing Manager
Marketing managers are the head managers of organizations’ entire range of marketing efforts. This usually entails a department dedicated to marketing, various public campaigns, top-level planning and strategy, and more. The Bureau of Labor Statistics notes this particular job as one that is growing faster than average and requires just a bachelor’s degree for entry in many cases. Additionally, the bureau cites median pay estimates in this career sector to be about $129,380 per year. This is one of the top paying jobs in business for business professionals.
Far from the limelight seen by those in positions such as CEOs, actuaries get paid quite handsomely while performing another critical business role. This math and statistics-based position involve the analysis of many facts and figures in a business followed by recommendations going forward. For instance, actuaries are integral to insurance companies and their ability to establish fair but profitable rates and policies. Actuaries mathematically assess risk, formulate efficient prices and policies, help with complex budgeting issues, and more. Median pay rates in this career sector are just over $100,000 annually. This is one of the top paying jobs in business for those with a business major.
Finally, entrepreneurs fill yet another potentially very high-paying role in the world of business and its administration. These individuals are the dreamers and investors who create and follow through with new companies, new concepts, services, and more. While this business role carries the most financial risk of those in this list, it can also lead to immeasurable riches and importance in the modern world. Listed as “Top Executives” by the Bureau of Labor Statistics, these professionals have a median sector-wide pay rate thought to be around $104,700 per year. This is one of the top paying jobs in business.
Business administration is all about keeping business moving at the speed of today’s demand. While not all positions here provide the world’s largest paychecks, many still offer a very comfortable income. The above-mentioned business administration jobs are among some of those that are the highest paying in the greater field right now.
8. Human Resource Managers
A Human Resource Manager is responsible for managing an organization’s personnel, providing guidance on all aspects of human resources, including recruitment, hiring, training, performance management, and employee relations. People in human resources work to develop and implement strategies to create an engaged, productive, and supportive workplace.
The average salary for a Human Resource Manager is $68,764 to $106,853 per year, making it one of the highest paying jobs. Salaries in human resources at larger companies tend to be higher than those at smaller companies. For example, the average salary for a Human Resource Manager at a Fortune 500 company is $94,000 per year.
9. Personal Financial Advisors
A Personal Financial Advisor is a professional who provides advice and guidance on financial matters such as budgeting, saving and investing, retirement planning, estate planning, taxes, and insurance. They help individuals and families make decisions that will ensure their financial security and help them reach their financial goals.
The salary of a Personal Financial Advisor depends on several factors, including geographic location, educational background, and experience. According to PayScale, the average salary for a Personal Financial Advisor is $71,541 per year.
10. Supply Chain Managers
A Supply Chain Manager is a professional responsible for planning, implementing, and monitoring the supply chain strategies of an organization. Their duties include managing the supply chain operations, optimizing the flow of products, forecasting demand, and developing strategies to reduce costs and increase efficiency. They also work in coordination with other departments to ensure timely delivery of products, meet customer service goals, and maintain optimal inventory levels.
The average salary for a Supply Chain Manager is $83,047 per year in the United States.
What Skills Do You Gain With A Business Degree?
A business degree can provide you with a wide range of skills that can be applied to a variety of professional settings. These skills can include:
- Financial Management: Learn how to create financial records and financial statements, analyze financial health and use financial data to make informed decisions. Help with financial planning and financial reports. Prepare financial records with personal financial advisors. Work with management analysts to name a few.
- Strategic Thinking: Develop the ability to identify and analyze complex problems, as well as formulate effective plans to address them. develop strategies,
- Communication: Learn to communicate effectively with others, both verbally and in writing.
- Leadership: Develop the skills needed to be a successful leader in business and other settings. Skills such as management analysts to name a few.
- Risk Management: Understand the risks associated with business decisions and how to manage them. work with management analysts, monitor labor statistics, study marketing strategies, work with sales managers.
- Decision Making: Learn how to make decisions effectively and efficiently.
- Technology: Gain an understanding of how technology can be used to improve business operations. market trends
- Entrepreneurship: Learn how to start and grow a successful business. Examples include sales managers, marketing managers, regulatory affairs manager, management analysts, and management consultant.
Bachelor’s Degree In Business Administration
A Bachelor’s degree in Business Administration (BBA) is a four-year degree program designed to provide students with an in-depth understanding of the theories and practices of business. A bachelor’s degree typically covers topics such as accounting, economics, finance, marketing, organizational behavior, supply chain management, law, technology, and operations management. Additionally, students may have the opportunity to specialize in a particular field of business such as project management or international business. A bachelor’s degree can prepare students for a career in many different areas of business and provide the foundation for pursuing a master’s degree in business or a related field.
Master’s Degree In Business Administration
A Master’s degree in business administration (MBA) is a professional degree that provides advanced knowledge and skills for a business career. The program includes courses in accounting, finance, marketing, economics, management, organizational behavior, strategy, and other related areas. An MBA degree can benefit those who want to pursue a career in business and develop their skills in the field. It can also provide a foundation for those pursuing higher education in business-related areas.