Earning a business management degree can unlock a world of career possibilities and strong earning potential. Curious about how much money you can make with this degree? The answer is quite a lot. This field offers a variety of well-paying opportunities that not only set you up for financial stability but also let you grow and thrive professionally in diverse roles.
What’s the Average Business Salary?
Before diving into specifics, it’s important to understand the general landscape. According to data from sources like PayScale, business management graduates can expect to earn a solid wage, especially when compared to other fields.
The average business salary for graduates with a bachelor’s in business management salary hovers around $66,451 annually. However, this figure can vary widely depending on factors like the school you attend and the region where you work.
This salary range helps set expectations for anyone entering the field, offering a clear picture of what the first few years after graduation might look like.
How Much More Can You Make with a Master’s or PhD?
While a bachelor’s in business management salary is a great start, advancing your education can significantly increase your earning potential. Here’s a breakdown:
Associate Degree in Business
For those who opt for an associate business degree, which typically takes two years to complete, salaries are lower but still competitive. On average, those with an associate business degree can expect a salary of $51,000 per year. Positions such as assistant store managers or accounting assistants are common entry-level roles.
Master’s Degree in Business (MBA)
For those looking to take their careers to the next level, a Master’s in Business Administration (MBA) or another specialized business management degree could significantly increase earnings. The average salary with a Master’s degree in Business rises to $83,500 per year. As an MBA holder, you could take on high-level roles such as project manager, financial manager, or even CEO in the long run.
PhD in Business Management
For those committed to academia or specialized consulting roles, a PhD can further increase salary potential, although these positions are typically rarer and require years of additional study.
Top-Paying Jobs for Business Management Majors
Certain roles in business management offer higher salaries than others. Below are some of the highest-paying positions.
Chief Executive Officer (CEO)
One of the most lucrative career paths for business management graduates is becoming a CEO. CEOs are at the top of the corporate ladder, with an average business management degree salary of around $278,000 per year. In addition to a base salary, top executives often earn bonuses and other perks. While it takes years of experience and success to reach this position, it’s a potential end goal for many business management majors.
Operations Manager
Operations managers play a key role in overseeing the day-to-day operations of a company. With a business management degree, you could land a job as an operations manager earning a median salary of $100,780 per year. High-level operations managers in large companies can make more than $208,000 annually.
Management Analysts
Another high-paying role for business graduates is that of a management analyst. These professionals provide advice to businesses to help them improve efficiency and profitability. The median salary for a management analyst is $85,260 per year, and those in the top 10% can earn more than $154,000.
Marketing Manager
Marketing managers are responsible for developing strategies to promote products and services. With the right business management education, marketing managers earn a median salary of $136,850 per year, with the top earners making significantly more. This is one of the most popular roles for business management majors, as it blends strategy, creativity, and leadership.
Human Resources Manager
Human resources managers oversee recruitment, training, and employee development. This role has become more integral as companies prioritize workplace culture. With a business management degree, you could expect to earn a median salary of $116,720 per year in human resources management, with top earners bringing in upwards of $205,000.
Regional Differences in Salary Expectations
Salaries for business management graduates also vary based on location. For example, New York, Vermont, and Maine are among the states with the highest-paying positions for business managers. The business management salary in these states can exceed $80,000 annually, with New York paying the most at around $86,879 per year.
On the other hand, states like Mississippi and Florida tend to offer lower salaries for business management roles, with annual earnings closer to $58,000 for entry-level jobs.
Understanding these regional variations can be important when considering job offers or deciding where to apply for business management roles.
What You Can Expect in Your First Year
Starting salaries for new graduates can vary, but business salary per year for recent business management degree holders typically begins at around $60,000. This starting salary can increase with experience, industry, and job performance. For example, a business management graduate’s salary in operations or marketing management might start high, while someone entering human resources or retail management could earn a bit less initially.
The Road to Entrepreneurship
While many business management graduates pursue corporate careers, others venture into entrepreneurship. Several famous business leaders, such as Jack Ma (Alibaba) and Tim Cook (Apple), started with a business management degree. As an entrepreneur, income potential can be vast, but it comes with risks. Entrepreneurship isn’t an easy road, but it can be extremely rewarding for those willing to take the risk and pursue their business vision.