For what it’s worth. The value of a business major.
What’s your major? Are business majors worth it?
A nickel is worth five cents. Simple. But what about your major?
How will you decide the value of your degree? Does it simply come down to dollars and cents…the types of business degrees and salaries and the school you choose?
Are business majors worth it? If the answer you’re looking for involves hot job prospects, great salaries, and interesting work, then that answer is a resounding YES.
Do business majors make money?
According to the National Association of Colleges and Employers (NACE), business graduates from the Class of 2024 have an average salary projection that is 3% higher than the previous year, lifting the number to $63,907.1 Great news. Plus, at least 60% of responding employers plan to hire finance, accounting, and computer science majors.
More facts and figures—with dollar signs. Whether you choose the hardest business major or what you may think is the easiest, a job will probably be the next step after graduation, and attached to that job will be a salary. Here are just a few average salaries for business majors according to Indeed.2
- Accounting with an average annual pay for accountants at $53,489.
- Marketing with an average annual wage for positions such as sales and marketing managers of $54,891.
- Finance with an average salary for financial analysts of $74,147.
- Investments and Securities with an average salary for investment consultants of $74,547.
- Project Management with an annual average salary for a project manager of $76,770.
Is a business degree worth it for entrepreneurs?
For a moment, let’s forget about dollar amounts and highest paying business majors. Instead think about the intangibles that a business major provides. If you’re an entrepreneur, you’ll need some or all the following skills on any given day:
- Analytics
- Strategic planning
- Organization
- Problem-solving
- Decision making
- Management
- Networking
- Marketing
Guess where you can access and develop those skills? You’re correct, as a business major. At a school like the Tippie College of Business, you’ll have classes in Business Analytics, Operations Management, Information Systems, Business Communication, Finance, Law, Management, Marketing, and others, regardless of the major you choose.
Does every entrepreneur need to possess a business major? No. But that major can help fill a toolbox with the necessary skills to help make your business dreams come to life.
Is a business degree hard? Define hard.
One person’s easy is another person’s hard. How you define hard is personal.
Instead, think about which business major is going to serve you best in the future. What’s the best business major for you? What are the top business degrees in demand, 2025 and beyond? According to NACE3 the following in-demand majors may serve you best tomorrow and for years to come.
Finance
Gain the skills to make decisions in the face of uncertainty, the fundamentals to solve financial problems, and the ability to clearly communicate your recommendations.
Accounting
Learn to create, maintain, and audit the finances of a business or organization.
Management
A management major is perfect if you’re looking for a future supervisory or leadership role.
Logistics/Supply Chain
Manage the storage and movement of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption.
Information Systems
Use technology and data to solve business problems and communicate what you’ve learned to influence and inform business decisions.
Marketing
Marketers guide pricing, drive effective communication, and identify how to reach an audience in the right place at the right time.
Which is the right major for you? Will that major be hard to achieve? Again, it all depends how you define hard. Regardless, your effort could pay huge future dividends.
What are the cons of a business degree? Um…cons?
Let’s see. You’ll be in demand. You’ll have nearly limitless possibilities for future employment—a wealth of marketable skills. You’ll make a great investment in your future (think about the stat I shared earlier about the Class of 2024 averaging higher salaries than the Class of 2023). You’ll become an expert communicator. You’ll start building a network that will last a lifetime. You may even discover fun careers with a business degree.
Sounds like plenty of value and worth—and fun—for years to come. Cons? Pfft, cons schmons.
Interested in a great value from Iowa’s top-ranked business school?
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Sources
- National Association of Colleges and Employers. “Salary Projections For The Class of 2024 Are Up From Last Year.” February 2024.
- Indeed. “15 highest-paying business majors, Occupational Outlook Handbook.” July 2023.
- National Association of Colleges and Employers. “Salary Projections For The Class of 2024 Are Up From Last Year.” February 2024.