What is the most successful business major? Depending on how you define success, it could be any one of them.
The sniff test: What is the most successful business major?
Oh the sweet, sweet smell of success. How do you define it? Is it climbing the corporate ladder to a super-high salary? Is it leaving your mark on the world through a new business venture? Or is it finding a healthy balance between work, life, family, friends and hobbies? Deciding what’s the best business major for you means finding a balance between your priorities, interests, and goals. We’re here to help you get a handle on the best business majors for the future and where they can take you in the world of business.
What is the best thing to major in in business? It’s a multiple-choice question.
The value you place on salary, work-life balance, or doing interesting and meaningful work will influence your choice of a business major. As you make your list of pros and cons, here are a few ways you can prioritize what matters:
Highest paying business careers
Any business major can make it to the top of the heap as the CEO of a large corporation, where average salaries in the U.S. top $136k, according to Indeed.1 Those who focus in finance could land an equally sweet payout as CFO. Here’s a recent list of top-paying roles:
| National average salary | |
|---|---|
| Business intelligence analyst | $87,886 |
| Management consultant | $91,108 |
| Information technology manager | $96,607 |
| Financial controller | $97,717 |
| Regulatory affairs manager | $102,473 |
| Risk manager | $105,930 |
| Actuary | $120,164 |
| Chief operating officer | $136,532 |
| Chief executive officer | $136,754 |
| Chief financial officer | $144,563 |
Best work-life balance
According to U.S. News & World Report,2 Marketing Manager is the #8 best career for work-life balance. Marketing majors also enjoy a wide variety of career options, with marketing manager being one of them.
According to Tom Walsh, Director of Undergraduate Studies in Marketing at the Tippie College of Business, “The range of careers in marketing is amazing. Digital Marketing, Social Media Marketing, Creative Services, Communications, Research and Analysis, Relationship Management, Sales, Product Marketing, and on and on.”
Most future-focused careers
As AI technology, digital analysis, and analytics continue to rise, some of the most exciting and interesting careers will emerge from these burgeoning fields.
Roles like financial analyst, data scientist, ai/machine learning engineer, and marketing automation specialist, and risk analyst have become some of the most in-demand business major jobs. Marketing, finance, business analytics, and risk management and insurance are fast becoming some of the best business majors for the future. Or if you have your heart set on running your own business in the future, consider an entrepreneurship major.
Most interesting majors
Business offers a broad range of opportunities to explore the things you love to do. Looking for a career where creativity meets strategic thinking? Think marketing. Do you love bringing people together, thrive on taking the lead on group projects, and have an ability to motivate others to be their best selves? A management major gives you a chance to work in almost any industry, leading teams to success. Enjoy solving puzzles and finding the solution no one else can see? Business analytics and information systems might be your perfect fit.
“BAIS is an excellent choice for students that enjoy creative problem-solving. Whether it's beating a tricky level in a video game, finishing that 5000-piece jigsaw puzzle, or doing the daily Wordle, if you get a sense of accomplishment from finishing an analytical task and getting a result, then this might be a good major for you.”
It’s a numbers game: What is the number 1 highest paying major?
According to recently reported salary outcomes, the Federal Reserve Bank of New York3 places finance at the top of the list of top-paying majors, with Economics and Business Analytics close 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 |
At the University of Iowa’s Tippie College of Business, here’s how the highest paying business majors stack up:
| Low salary | Median Salary | High Salary | |
|---|---|---|---|
| Accounting | $55,000 | $65,000 | $80,000 |
| Business Analytics | $50,000 | $68,000 | $99,500 |
| Economics | $46,500 | $51,000 | $57,600 |
| Finance | $43,000 | $60,000 | $110,000 |
| Management & Entrepreneurship | $32,240 | $49,250 | $105,000 |
| Marketing | $30,000 | $50,000 | $80,000 |
And finally … what is the hardest business major?
With great effort comes great reward. Finance ranks high on both lists above in terms of salary outcomes, but the coursework is rigorous and requires talents in both math and strategy. For the less quantitative minded among us, it may loom as one of the hardest majors. For the same reason, certain quant-heavy accounting and business analytics courses may keep students up at night.
But no business major is a walk in the park. When you choose to major in business, be prepared to put in the work. There’s no doubt you’ll see a great return on your investment, no matter which one you choose.
Ready to start your journey?
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Sources
- Indeed. “31 Most Lucrative Jobs in Business”. April 2024.
- U.S. News & World Report. “20 Best Jobs for Work-Life Balance.” Feb 22, 2024.
- Federal Reserve Bank of New York. “The Labor Market for Recent College Graduates” February 2024.