What Business Majors Earn the Most Money Besides Finance

Choosing a business major can be a daunting task, especially when it comes to earning potential. While many immediately think of finance, it's important to understand that there are other business majors that can offer substantial earning power. In this article, we'll explore different business majors and identify which fields can potentially yield the highest salaries. By the end, you'll have a better idea of what business major to pursue for the best earning potential.

The Case for Accounting

Accounting is traditionally the top choice for students seeking high earning potential. This is not just due to the booming demand for accountants but also because of the stable and high-paying career paths available. The average salary for an accountant can range from $70,000 to $110,000 annually, depending on experience, education, and location. The Bureau of Labor Statistics (BLS) projects a 10% job growth from 2020 to 2030, which is significantly higher than the average for all occupations. This demand primarily stems from the growing need for financial transparency and regulatory compliance in various industries.

Entrepreneurship: A High-Risk, High-Reward Option

While entrepreneurship can lead to some of the highest individual incomes, it is often considered a deep pockets game. While a few individuals have achieved incredible wealth through startups, the majority of entrepreneurs struggle to break even. According to a report by the Small Business Administration, only about 57% of new businesses survive beyond five years. The average entrepreneur, therefore, may not see the same level of income as someone in a more stable career like accounting.

Other High-Paying Business Majors

There are several other business majors that can be lucrative and offer great earning potential. Here are a few notable options:

1. Business Analytics

Business analytics, or business intelligence, involves using data to make business decisions. This field is in high demand, especially in industries like technology, healthcare, and finance. According to a survey by Indeed, the average salary for a business analyst is around $60,000 to $90,000 per year. With the growing importance of data-driven strategies, the demand for analytics professionals is expected to continue rising, ensuring solid earning potential.

2. Marketing

Marketing involves creating and executing marketing strategies to promote products and services. This field is also highly competitive and can offer substantial earnings. According to the BLS, the average salary for marketing managers is around $125,000 annually. With the rise of digital marketing and the increasing global market, there are numerous opportunities for marketing professionals to command high salaries and grow into leadership positions.

3. Human Resource Management

Human resource management deals with the hiring, training, and administration of employees. This field is essential to the success of any organization and can offer good earning potential. According to Payscale, the average salary for a human resources manager is approximately $100,000 per year. HR professionals play a crucial role in employee retention and development, which makes this field particularly rewarding.

Conclusion

While finance remains a top choice for those interested in high salaries, there are several other business majors that can provide substantial earning potential. Accounting, business analytics, marketing, and human resource management all offer great opportunities for those seeking a rewarding career. It's important to consider factors such as job demand, growth potential, and personal interests when making a decision. By choosing a business major that aligns with your skills and passions, you can increase your chances of achieving the highest possible earning potential in your chosen career path.

Frequently Asked Questions

1. Is finance the only business major with high earning potential?
No, there are several other business majors with high earning potential. Accounting, business analytics, marketing, and human resource management are all highly rewarding fields.

2. What is the average salary for an accountant?
The average salary for an accountant can range from $70,000 to $110,000 annually, depending on experience, education, and location.

3. Are entrepreneurs likely to earn the most money in business?
Entrepreneurs can potentially earn the most money, but it's a high-risk, high-reward game. While a few individuals achieve incredible wealth, the average entrepreneur may not see the same level of income as someone in a more stable career.

References

The Bureau of Labor Statistics and Indeed for current salary statistics. Small Business Administration for startup survival rates.