Business Degree Salary: 2024 Guide

Business is the most popular major among US undergraduate students. In the 2019-2020 school year, about 19 percent of the two million bachelor’s degrees conferred were in business [1]. Business majors are also in high demand among employers, with six of the top 10 most in-demand majors being in business [2].

In this guide, we’ll look at the salaries associated with this popular bachelor’s degree and discuss some factors that can elevate that salary further.

Average business degree salary

According to the US Bureau of Labor Statistics (BLS), the median annual wage for people with a business degree is $65,000 [3]. That’s a bit higher than the median wage for bachelor’s degree holders across all fields, $60,000.

However, several factors can influence salary beyond the field of your degree, such as your:

• Major

• Occupation

• Location

• School

Let’s take a closer look at each.

Business degree salary by major

Several majors or concentrations fall under the umbrella category of business degrees. The most common business majors are management and administration, general business, accounting, finance, and marketing or market research. According to the BLS, about 88 percent of business degrees are in these focus areas [3].

According to the National Association of Colleges and Employers (NACE), the business majors associated with the highest average starting salaries—or entry-level salaries—are management information systems and actuarial science [2].

Here are the average business degree starting salaries ranked by major, according to NACE:

Business degree salary by occupation

You may decide to pursue several career paths with a business degree, and each is associated with different salary expectations over time. (Still, most business occupations with a bachelor’s degree as the minimum education requirement are associated with salaries exceeding the national median wage for all occupations, $45,760 [4].)

Most people with a business degree will work in management or business and financial operations occupations, according to the BLS. The median salary for all careers that the BLS classifies as management occupations is $102,450 [5], while the median salary for business and financial operations occupations is $76,570 [6]. (Note that management salaries tend to be higher since they are often higher level positions requiring several years of work experience.)

Here are the median wages and job growth rates for the top-employing roles for people with a business degree, according to the BLS [3]:

Learn more: 10 In-Demand Jobs You Can Get with a Business Degree 

Business degree salary by location

Where you live may influence your compensation. Often, salaries will be adjusted to reflect your local cost of living. Places where the cost of living is high, such as in a major city, tend to reflect higher salaries than places where the cost of living is lower, such as a less expensive suburb. Additionally, employer demand for specific roles may be higher in some areas than others, which can drive up the average salary.

Here are the states with the highest average salary for business majors, according to Zippia [7]:

Additionally, here are the cities with the highest average salary for business majors [7]:

Business degree salary by school

Degrees from certain business schools may be associated with higher starting salaries. There are many reasons this may be true, such as a school’s reputation, the quality of education, or a robust alumni network.

Here are the business schools associated with the highest starting salaries, according to an analysis from Poets & Quants [8]:

Tip: Look for your school’s employment report to see the salary ranges your program’s previous graduates earned once they completed their degree. In the report, you may also see the specific job roles and companies where they accepted job offers.

Business degree salary growth

A bachelor’s degree is the typical entry-level education requirement for several business occupations. However, about 25 percent of business graduates continue their education with an advanced degree [3]. Earning an advanced business degree, such as a business Master of Science (MS) or Master of Business Administration (MBA), can help you qualify for higher level positions and increased salaries as you continue to grow within your field.

Here are the median starting salaries in the US for recent graduates of business master’s degree programs, according to a survey from the Graduate Management Admission Council [9]:

Learn more: MBA vs. MS: Choosing Which Is Better for You

Keep learning

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