Hi! What’s your major? (Your answer matters.)
What is the best thing to major in in business?
That's like asking, "Who’s the best singer? What’s the best book? Who makes the best pizza?"
If you ask “What’s the best major” ten times, you’ll likely get 20 different answers. Let’s narrow down your answer a bit by instead asking “What’s the best thing to major in in business…for me?” The best business majors for the future are probably very different for you than for the person sitting next to you in class.
What is the highest paying job for business majors? It pays to know.
If we’re simply talking dollars, the highest paying business majors are listed below as compiled by the Federal Reserve Bank of New York.1 Business majors appear high on the list, with finance, economics, and business analytics in the top 15, and marketing, accounting, and general business not far behind.
| Median Wage Early Career | Median Wage Mid-Career | |
|---|---|---|
| Finance | $66,000 | $104,000 |
| Economics | $65,000 | $100,000 |
| Business Analytics | $65,000 | $100,000 |
| Marketing | $50,000 | $85,000 |
| Accounting | $60,000 | $84,000 |
| General Business | $50,000 | $83,000 |
Of course, these are just averages that assume steady career progression as well years of service in the same career. You may find that your early career in accounting leads to a later career in finance or economics or something entirely different. You may even change majors between your first year and senior year.
“In high school, I started my family’s 3D-printing business on Amazon and Etsy,” says Molly Siebenaler, student at the University of Iowa’s Tippie College of Business. “I became fascinated with the different ways to influence a customer's path to purchase: from analyzing key search terms and click-through rates to Amazon's algorithms, and taking photos and creating infographics about the products. I realized that these were all elements of marketing and went into college as a marketing major. As I began my core business classes, I realized how interested I was in the quantitative and analytical piece that drives marketing efforts and decided to add Business Analytics & Information Systems as a double major.”
What is the most useful business degree? The one you earn.
The most useful business degree is the one that’s going to help place you in the career you dreamed of. It’s the major that’s going to equip you with the tools and connections you need for success, whether you’re a business analytics major or finance, international business major or domestic.
According to the National Center for Education Statistics,2 of the 2 million bachelor’s degrees conferred in 2021–2022, 58 percent were concentrated in six fields of study:
- Business (375,400 degrees)
- Health professions and related programs (263,800 degrees)
- Social sciences and history (151,100 degrees)
- Biological and biomedical sciences (131,500 degrees)
- Psychology (129,600 degrees)
- Engineering (123,000 degrees)
Business leads the way! And when searching for in-demand business professions, accounting comes out on top. 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 the U.S. with only 1.6 million.3 Also according to the BLS, there were 454,000 finance and insurance job roles open in the U.S. in April.4 That’s just the beginning. The jobs are there if you want them.
So what business major should I choose? The right one.
We’ve thrown some numbers at you. Highest paying business majors, average salary for business major out of college, in-demand business professions…but are any of those majors your major?
What’s the best business major? That’s up to you to decide. Only you know what major is right for you and your aspirations. When in doubt—to steal a phrase from the auto industry—take your major for a test drive.
“Through the core classes that you have to take for a business degree, I was able to sample all of the majors I was interested in before I declared,” says Michael Moran, student at the Tippie College of Business. “I initially thought I wanted to do accounting and finance, but in the core classes I realized Business Analytics & Information Systems was the best fit for me.”
Classmate Delaney Resnick agrees.
“I haven't declared my major yet, but I plan to be a marketing and finance double major. I think the core classes that are required as a part of the curriculum will be a great way to get a look into each major to see what interests me. The pairing of marketing and finance allows me to have a broad and versatile skill set. It is great that Tippie makes it possible and easy to double major, especially with two business majors that are not that similar.”
Selecting a major is a ‘major’ decision. So give it some thought, weigh the benefits of each, and maybe take a few for a test drive. Then pick the major that’s just right for you.
Interested in a major from Iowa’s top-ranked business school?
Related articles
Sources
- Federal Reserve Bank of New York. “The Labor Market for Recent College Graduates” February 2024.
- National Center for Education Statistics. “Undergraduate Degree Fields” May 2024.
- 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.