How valuable will that major be one year, 10 years, or 20 years from now? Keep reading to learn more.
What’s the use? Is a business major useful?
You decided to become a business major. Congratulations. Your decision may have been based on salary potential, future employment, or maybe just a passion for business. How useful will that major be one year, 10 years, or 20 years from now? Will your choice today pay off tomorrow? Let’s dig into the usefulness of a business major, business major jobs, and what’s the best business major for you.
Is it smart to be a business major? You’re smart. You know.
It is smart and it takes smarts. Demand for business majors is only increasing. According to a Bloomberg analysis of data from the Bureau of Labor Statistics (BLS), there are 340,000 fewer accountants than five years ago, leaving America with only 1.6 million.1 Also according to the BLS, there were 454,000 finance and insurance job roles open in the U.S. in April.2 Plus, statisticians and actuaries both made the BLS list of fastest-growing occupations, with the statistician growth rate for 2022-2032 at 32% with a median annual salary of $104,110 and actuaries at 23% with a median annual salary of $120,000.3 Those numbers mean that business major jobs are there if you want them. What many see as a labor shortage, you should see as a professional opportunity.
That demand, however, doesn’t come for free. Majoring in business takes drive and intelligence. According to U.S News & World Report,4 the average undergraduate GPA among fall 2020 students at the top 20 MBA programs was 3.53. Whether you go on to get your MBA or enter the working world straightaway, you’ll be competing against some of the best and brightest.
Is a business degree hard? Yes, and you love it.
If by hard you mean challenging and demanding, the answer is yes. If by hard you mean interesting and rewarding, the answer is also yes. Majoring in business comes with the potential reward of a lucrative career, but it also comes with challenges along the way.
What is the hardest business major? The answer is highly subjective. Some students may say it’s whatever major they’re taking. Others may say it’s the business major they’re actively avoiding. According to a vote conducted by StrawPoll, accounting came out on top followed by finance.5
If you don’t see your major, does that mean it will be easy? Hmmm. Maybe finance is your passion, or accounting is in your wheelhouse, or information systems just isn’t your thing. Any business major will present difficult days and challenges. Think less about difficulty and more about the right match for your ambitions.
“Finance has surprised me by the level of demand and opportunities in the field,” says McKenzie Turner, from the University of Iowa’s Tippie College of Business. “I didn't know how many different jobs that having a financial background can help you find. Even if I don't find a career in banking, finance can give me a toolkit for a career anywhere.”
Do business majors make money? Yes, and you love that, too.
Of course, business graduates who find work in their fields make money. But you’re probably wondering if they make bank. To give you an idea of your potential business major salary, Tippie College of Business provided the following information on placement rates and starting salaries for their majors:
| Placement rate | Low salary | Median Salary | High Salary | |
|---|---|---|---|---|
| Accounting | 98.8% | $55,000 | $65,000 | $80,000 |
| Business Analytics | 98.4% | $50,000 | $68,000 | $99,500 |
| Economics | 95.8% | $46,500 | $51,000 | $57,600 |
| Finance | 96.9% | $43,000 | $60,000 | $110,000 |
| Management & Entrepreneurship | 98.9% | $32,240 | $49,250 | $105,000 |
| Marketing | 95.6% | $30,000 | $50,000 | $80,000 |
| All Majors | 97.3% | $30,000 | $60,000 | $110,000 |
Remember, these are averages from one school. Your experience will vary based on a number of factors, including the school of choice, your major, your employer, your region, and the progression of your career.
Is a business degree worth it for entrepreneurs? You’re in charge.
You’ve seen the majors, you’ve reviewed the salaries, but what if you have a dream of running your own business? You’re an aspiring entrepreneur.
Is a business major useful for a business owner? Absolutely. As an entrepreneur, you’ll be wearing many hats. You’ll not only be an owner, you’ll be an accountant, a marketer, an analyst, a manager, a financier. And there’s one place to master it all—business school and a business major.
If your dream is to be a Jack (or Jill) or all trades, a business major is where it all begins. And if you “just” want to be an accountant or an economist or a marketer, there’s also a business major there for you.
Discover how useful a major from Iowa’s top-ranked business school can be.
Related articles
Sources
- Bloomberg. “There are 340,000 Fewer Accountants, and Companies Are Paying the Price” March 2024.
- U.S. Bureau of Labor Statistics. “Job Openings and Labor Turnover Summary” July 2024.
- U.S. Bureau of Labor Statistics. “Fastest Growing Occupations”
- US News & World Report. “You Don’t Need a High College GPA to Get a Top MBA” August 2021.
- StrawPoll. “The Most Difficult Business Major, Ranked” August 2024.