Best Business Degrees for 2023 and Beyond
It is no secret that business degrees have become one of the most versatile degrees and can apply to almost any career, especially for corporate and entrepreneurial jobs. Business degrees always have and will always continue to be extremely relevant to modern markets and business innovations.
Given this, it can feel overwhelming trying to choose a beneficial and well-priced degree that is best for you and your career aspirations. Below, we have collected a list of the best business degrees for this year and future years, which you can use as a guide for which program best suits you and your passions. Business degrees are diverse and can open doors to a range of specialized graduate programs spanning a range of industries such as technology, sales, finance, and healthcare.
What is a Business Degree?
A business degree is a type of undergraduate or graduate degree that focuses on the study of companies and their operations, successes, and strategies.
Courses in these degrees may cover topics such as accounting, finance, marketing, human resources, and supply chain management to help you to be an asset to companies you work for or own. A business degree may also include coursework in law or other more specialized areas that are of value to companies. A business degree can provide students with the skills and knowledge they need to start their own business, work in a corporate setting, or pursue a career in accounting, finance, marketing, or other business-related fields.
The business management roles that those with business degrees commonly go into involve planning, organizing, directing, and controlling the operations of an enterprise. It can include everything from developing a business plan to ensuring that an organization meets its financial and social goals. Some common business degrees include Bachelor’s degree in business administration, a Master’s degree in business administration (MBA), and a Doctorate degree in business administration (DBA).
What Are the Best Business Majors for the Future?
Accounting covers various topics in business mathematics, from calculating financial statements to guiding business decisions according to tax law. While students can specialize in one specific area of accounting like auditing, allocation, or taxation, the majority focus on understanding the general concepts for a career in accounting.
Accounting careers typically require a bachelor’s degree, but you will find that having an advanced degree will increase your salary potential in many cases. One advantage to having an accounting degree is that it helps you understand how businesses make decisions and carry out their operations. Professionals with an accounting education can often practice as accountants or auditors after graduating.
2. Business Administration
A bachelor’s degree in business administration is one of the more versatile but less specialized programs in the business sector. BA degrees explore management, planning, and organizing theory and practice. As a result, students can expect to take courses on relevant topics like finance, accounting, and marketing. Business administration combines technical knowledge with practical skills that one can apply in any workplace. Because of the breadth of knowledge covered, you may find that a degree in this area can help you get a job in so many different areas.
Economics degrees are highly sought after by prospective business majors, as the field offers a strong background in microeconomics and macroeconomics. Students who take these courses will learn about the fundamentals of economics, including business cycles, consumer behavior, and supply/demand variances. It is essential to keep in mind that economics degrees focus heavily on theoretical thinking and analysis of market trends. Therefore, most students choose this degree to help them understand how markets work and to help their future employers to be proactive.
Entrepreneurship degrees are for risk takers, and typically serve to forward the goals of students who want to start their own businesses and be their own bosses. Most of these courses focus on developing a business plan, getting help from mentors and study of past business owners, and providing a step-by-step guide for starting one’s own company. There are also a variety of graduate degree options in entrepreneurship, wherein students learn how to start a business from scratch or refine existing businesses. These programs can include internships and other practical training to give you hands-on experience for success in the real world.
The term finance encompasses several different areas of study, including investing, portfolio management, trade brokering, and several other practical applications. Most students pursue finance degrees because they have a passion for trends and want to learn the ins and outs of market patterns and public perception. Furthermore, many business students find that a solid understanding of finance can significantly enhance their overall skill set, especially in the corporate sector.
6. Forensic Accounting
Accounting degrees are all about numbers, but forensic accounting focuses specifically on finding information that’s hard to track down. Students who pursue this type of education will learn about all stages of the financial investigation process, from gathering evidence to performing tests and analyzing data.
Thanks to the number of such cases in business and government, forensic accountants can also expect a high demand for their services and hence better pay than the usual accountant. Forensic Accounting is a profession that typically requires experience in basic accounting work to ensure an understanding of the subject. This kind of degree can be amplified by classes in criminal justice or even legal studies.
7. Healthcare Administration
Healthcare administration is an excellent option for students who have a passion for health and wellness. This type of degree teaches students how healthcare is to be administered, financed, and managed. It may also prepare you for further specialization in specific areas of healthcare. For example, if you want to develop particular expertise in one aspect of the healthcare industry, a master’s degree and even working under a specialist can grant much more specialized skill and understanding of the field broadly.
8. Hospitality Management
Hospitality management is a popular degree for students who want to work in the hospitality industry, including running resorts, hotels, and amusement parks. Students can expect to take courses on organizational management and leadership as well as courses focused on more specific areas like facility maintenance and human resources. As a result, students with this type of degree come away with an in-depth understanding of the hospitality industry and the skills needed to run hotels and restaurants efficiently.
9. Human Resources
Human resource management is a broad field that gives students the chance to learn how to handle the wellbeing of workforces. Students who take this type of degree path will also learn about ensuring proper workplace professionalism, training employees with new skills, or dealing with employee turnover. These are the primary topics addressed in most human resource management programs, but students may also have the opportunity to specialize in areas like recruitment, employee benefits, and employee relations. Because human resources are an essential part of almost any organization, graduates can expect demand for HR positions.
10. International Business
Many business degrees focus on domestic markets, but international business programs allow students to learn about foreign economies and interaction between them. These programs can help you understand cultural and economic differences and how they impact the way businesses function within different areas of the world. In addition to learning general principles of international business, you will also learn about specific countries of importance to the field you wish to enter or regions such as Asia or Africa and what it takes to start a business in those regions. Some programs may even give students the chance to study overseas in these areas.
11. Internet Marketing
Internet marketing is the study of how to use new technologies to promote and market goods and services. Students can expect to take classes on search engine optimization, site security, online advertising, and more. Some programs may also include social media marketing, email marketing, or data parsing courses. If you have a passion for technology and promoting goods and services online, these programs can help you develop the skills and knowledge you need for a successful career in this field.
Management degrees can allow students to learn how to run a business or nonprofit organization, or subsections of these. While it is true that there is no one correct management program for everyone, most management programs will include courses on accounting and finance. These programs allow students to progress past introductory levels of employment and start off in positions over teams of workers.
13. Management Information Systems
Information systems management involves ensuring a smooth flow of data and services to employee teams and to customers, depending on the type of company. Students of this craft can expect to take classes on computer networks and systems, databases, data mining, and basic programming skills. If you choose to go the IT route, you may also consider taking cyber security or coding courses. The field of information technology is constantly changing, so whether you want to focus on computer programming or management, it is a good idea to complete relevant technical certifications as well as degrees.
Marketing degrees can help students learn how to get their products in front of potential customers. It can include everything from using social media to developing a brand image to create targeted advertisements. In addition, many marketing degrees will allow you to practice your skills in the real world by allowing you to work on specific projects and with real clients. Of course, it is good to keep in mind that this is not the only way for students in this field to gain experience-many people who pursue a master’s degree in marketing already have several years’ worth of work experience under their belts.
15. Nonprofit Management
If you want to work in the nonprofit sector, you can expect to take courses on management and fundraising. These courses may also focus on nonprofit organizations and leaders within this sector. By completing your degree in this area, you may be able to land a job as a chief executive officer. You can also use your degree to move into leadership positions at organizations like the American Red Cross, Habitat for Humanity, or a teen mentoring program.
16. Project Management
Those who want to learn how to plan and manage projects will likely find a program that fits their needs. These programs may focus on management or technology, and the courses they offer may include topics like project planning, risk analysis, and cost management. As you might imagine, there is a wide range of careers open to graduates in this field. Some of the more common positions for project management degrees include engineering, architecture, manufacturing, and construction.
17. Retail & Sales Management
Graduates who want to work in retail or sales can expect to take classes in accounting and finance. Of course, these classes will focus on the pricing and inventory procedures used in these fields. In addition to these introductory classes, students who pursue this kind of degree will likely be expected to complete internships and co-op opportunities with retail companies to have real-world experience when they complete their studies. Students may need to pursue this kind of degree part-time to continue working or taking care of family members.
18. Small Business
Graduates who want to work as entrepreneurs may find a program that teaches them how to start a small business. These programs can give you the basics of running a small business-including working with accounting software, knowing your options for financing, and learning more about your customers. While the classes may focus on specific areas of business administration, there are also courses on marketing, legal issues, and even human resources management. If you have dreams of starting your own business someday, it is essential to know that an advanced degree in business will help you develop the skills needed for success.
19. Sports Management
Those who want to become involved in the sports industry can expect to take classes on salaries, fundraising, and marketing. Students will also have the chance to compete in soccer, basketball, baseball, etc. If you are interested in management after earning your business degree, it might be good to consider this option. You may want to pursue a master’s degree or doctorate if you decide that sports management is something you genuinely want to become an expert in.
20. Supply Chain & Logistics
Students who want to learn about the supply chain industry can take logistics and inventory management courses. Some of the courses you can expect to find in these programs include transportation planning, warehouse management, and forecasting. While there is a range of positions available to students who study this subject, some of the more common ones include logistics analysts, international supply chain managers, and purchasing managers. The coursework may also include database management, laws, regulations, purchasing management, and warehousing. The different business majors interested in this area of study will vary. Still, as a general rule, students who major in business administration are likely to be interested in supply chain management.
What Are the Top Business Careers in Demand?
1. Finance. The annual median salary is $120,740.
2. Forensic Accounting. The annual median salary is $118,630.
3. Economics. The annual median salary is $116,760.
4. Marketing Management. The annual median salary is $112,670.
5. Management Information Systems. The annual median salary is $95,730.
6. Internet Marketing. The annual median salary is $83,540
7. Human Resources (HR). The annual median salary is $73,640.
8. Accounting. The annual median salary is $66,020.
9. Project Management. The annual median salary is $65,320.
10. Nonprofit Management. The annual median salary is $58,270.
What are the Best Business Majors by Salary?
1. petroleum engineering – top median salary $200,000+
2. pharmaceutical sciences and administration – top median salary $140,000+
3. computer science – top median salary $130,000+
4. management information systems (MIS) – top median salary $120,000+
5. electrical/computer engineering – top median salary $93,600+
6. finance – top median salary $90,000+
7. accounting – top median salary $66,000+
8. marketing management – top median salary $62,000+
9. human resources (HR) – top median salary $58,000+
10. marketing – top median salary $55,000+
What is the Most In-demand Business Degree?
1. Business Administration
Business Admin is a broad umbrella term for several related fields including business management, accounting, economics, and finance. These fields make available many employment positions, including sales management, marketing, and oversight jobs.
2. Computer Information Systems
A bachelor’s degree in the Information Technology field opens up opportunities for a wide variety of graduate programs with in-demand, high-paying jobs. Still, graduates who want to learn the latest software development techniques or gain more experience may take certification courses in various forms of coding that also enable them to access higher paying jobs.
3. Marketing Management
Bachelors in this field will have the chance to learn about branding and advertising and product development and promotions strategies used by many companies today. The skills learned in this degree can help graduates find a variety of positions promoting goods and services for their employers.
Degrees in finance give graduates the skills necessary to regulate and maintain a business’s finances. These classes focus on helping students understand investment, analysis of financial statements, and maintaining company records and fiscal legality.
5. Supply Chain & Logistics Management
A degree in Supply Chain and Logistics Management will allow you to learn about the logistics strategies used by many businesses today. Some topics you may encounter in while studying logistics management may include transportation planning, warehousing, and international shipping. Such a degree can help you find a position in the field, but it can also open up opportunities for further academic advancement.
6. Nonprofit Management
Nonprofit careers focus on helping others and creating charity-based organizations tyo benefit communities. Students can learn about fundraising, marketing, and organizational management techniques often used by nonprofit organizations through these programs.
Economics programs are focused on educating you on the ways that individual choices, especially monetary ones, affect regional, national, and global money supply and transfer. Classes in economic systems, corporate finance, and investing all contribute to giving you a comprehensive understanding of the subject.
Accounting helps students learn about computerized accounting, financial planning, and modern auditing techniques and practices. The different business majors offered in this field are accounting and auditing, accounting information systems, and forensic accounting. Graduate education in this field can allow entry into accounting as a profession.
9. Retail & Sales Management
Degrees in Retail and Sales Management subjects enable you to skip entry-level positions in the retail industry. Some topics you will cover include customer service, merchandising, and human resources. You may also get an opportunity to work in a retail environment while attending school to build connections in the industry and get hands-on experience.
Business majors have a wide variety of careers available to them. Business majors offer several career paths and options for graduates. Business degree opportunities vary greatly by program and school. The best business majors allow you to specialize in growing industries with healthy pay.