Which type of business has the highest salary? The answer may surprise you.

In a 2023 Forbes⁴ article, the top three highest paying business careers are in Finance and Banking, Information Technology, and Healthcare.*

Finance and Banking

Finance majors enjoy an abundance of well-paying career options, from analysts to CFOs. The U.S. Bureau of Labor Statistics³ cites some of the best opportunities in jobs like:

• Financial Analysts –  $99,890
  Help businesses make good decisions about spending, budgeting, and investing
• Personal Financial Advisors –  $99,580
  Grow individual wealth through long-term investment strategies and budgeting advice
• Budget Analysts – $84,940
  Give businesses, non-profits, and other organizations a plan for their budgets
• Accountant or Auditor – $79,880
  Prepare, examine, and file financial records and documents for individuals and companies 

Healthcare

In addition to directly caring for the medical needs of patients, healthcare professionals in the administrative arm must also attend to the business needs of their facility. Generally, professionals in this industry have degrees in both the medical and business fields, which lead to roles like:

• Medical Director – $200,175
  Oversees the management of the business side of healthcare, including process and quality improvement and budgets, as well as clinical care, safety, and risk management
• Healthcare Manager – $73,259
  Manages healthcare departments and facilities, from day-to-day operations to financial planning and business strategy

*_{Additional salary data courtesy of Indeed.com}

This list shows you just a few of the top-paying options in the top industries. It’s worth noting that jobs like this will be competitive. To set yourself apart, an internship between your junior and senior year is a great way to make important connections in your industry. Another thing to prioritize: Networking.

What is the number 1 highest paying major?

A survey of Winter 2024 graduates shows that the average salary for a business major out of college is up from $62,069 to $63,907. For graduates of the Tippie College of Business, majors in Accounting and Business Analytics have the highest starting salary outcomes: $65,642 and $68,848 respectively.

These outcome statistics reflect national trends for some of the highest paying entry-level business jobs, according to Indeed:⁶

Shoot your shot: Can I make $100k a year with a business degree?

Short answer: yes. But it will take a while. The average salary for a CFO comes in at over $140k, but it may have taken 20 years of work experience to get there. Here’s a look at some salary data for C-level executives:

• CEO — $136,754
• COO — $136,532
• CFO — $144,563

As you can see, there’s a pretty big gap between entry-level salaries and those at the upper echelon of business. But if you’re willing to play the long game (on average, 24 years¹⁰) you too could end up in the executive suite with a view of the New York skyline. Dream big!

What’s the highest paid skill in business? Here’s what employers look for.

According to NACE⁹, recruiters prioritize a set of skills when seeking qualified candidates. Demonstrating and possessing these in-demand skills will position you well for a high-paying career in business—from investment banking to data analytics and management. 

The top three most-desirable skills include:

• Communication – 95% of employers cite communication as their top competency requirement. Business communication includes both writing, visualization, and presentation skills. The University of Iowa’s Tippie College of Business is uniquely suited to prepare students to meet this hiring requirement through the Frank Business Communication Center, the Big Ten’s first business-specific communication center. (You can read more about the University of Iowa's emphasis on communication here.)
   
• Critical Thinking – Developing a 360-degree view of the problem at hand can help lead to better decisions—and therefore better outcomes. Critical thinking means evaluating information through a variety of channels: analysis, emotion, bias, and reliability—just to name a few.
  
  Employers seek candidates with a mastery of critical thinking so they can be trusted to effectively evaluate and solve problems.
   
• Teamwork – Teamwork makes the dream work. It might be a cliché, but there’s truth in its core. A proven ability to welcome new perspectives, willingly collaborate, stay open to new ideas, and work within a group will set you apart in any candidate pool.

Career and self development, professionalism, leadership, technology, and equity & inclusion also make the list of skills hiring managers are seeking in new employees.

As a business major, don’t simply focus on gaining super-technical skills through the best business courses in the world, like database management, consumer behavior, or international finance. Be sure you blend in classes that incorporate the soft skills employers seek to become an even more marketable candidate.

Additionally, according to Career Services Director Cindy Meis, “By selecting one or two activities outside of the classroom, students can actively invest in their future career success while gaining practical skills, expanding their network, and demonstrating their commitment to professional growth.”

Which field is best for a future in business? Look to the new and next.

Some of the best business majors for the future are in fields that may not be super familiar, but are rapidly growing.  What will be the top business degrees in demand in 2025? A safe bet is a Risk Management & Insurance (RMI) major.

The job market for RMI professionals continues to expand, with The Iowa Economic Development Authority (IEDA) reporting that professionals in RMI earn roughly $35,000 more than those in non-insurance industries. Not only that, over the next eight years, nearly 20% of the insurance workforce will reach retirement age (U.S. Census Bureau, 2021), making the talent pipeline for new risk management and insurance professionals a top priority for the insurance industry.

Interestingly, the Entrepreneurship major is also becoming one of the best business majors for the future. Entrepreneurship majors enter the job market with the unique ability to influence the direction of business—whether through corporate innovation or by starting an entirely new business. 

And if you’ve got your sights set on the C-suite, your best bet for future success may be with a Management major. Management majors graduate equipped to lead everything from small teams to large corporations. Tippie College of Business Director of Undergraduate Studies and Associate Professor of Instruction Andrew Hosmanek notes that, “While majors like Accounting or Finance may prepare a student for their first job, a Management major prepares them for promotion into roles managing people.” 

How’s that for a positive future’s forecast?

In the end, what’s the best major in business? Final answer: It’s your call.

Defining the “best major in business” is a purely subjective exercise. How do you define “best”? Is it making the most money, but spending more time in the office? Is it finding a good work-life balance? Is it doing interesting, creative, outside-the box thinking, or filling in financial data with precision and focus?

Choosing your ideal undergraduate business major is all about balance. While you want your college years to be fun, you also want to graduate ready to step into a high-paying career. Any business major is proven to provide above-average salary outcomes and great potential for career growth. The right answer may just be that there’s no wrong answer when it comes to choosing your business major.