12 Best Business Degrees to Get Highest Paying Jobs

When it comes to choosing the right degree to get started in the world of business, one can get quite overwhelmed given the varied range of options one is faced with today. Each one appears just a little more promising than the other. The real challenge can become identifying the one that just correctly aligns with our future goals and aspirations. We can all use a little mentoring or hand-holding at the outset just to separate the wheat from the chaff. We have enlisted here, a list of the top 12 best business degrees one can consider before embarking upon a career in business.

Types of best business degrees

1. Economics Degree

Many individuals who earn an economics degree go on to become successful entrepreneurs. It involves the study of the various macro and microeconomic principles and applying them to everyday situations. Additionally, the transferable analytical and problem-solving skills developed by economics students means that careers in economics are wide-ranging and extremely rewarding. Hence many consider this one of the best business degrees to get.

An economics degree helps provide the students with a holistic understanding of the financial system and how the various cogs function within it. The ability to forecast important macro-economic indicators like inflation, unemployment and the federal rate would lead to better business decisions in the long run.

2. MBA

Many individuals who earn an economics degree go on to become successful entrepreneurs. It involves the study of the various macro and microeconomic principles and applying them to everyday situations. Additionally, the transferable analytical and problem-solving skills developed by economics students means that careers in economics are wide-ranging and extremely rewarding. Hence many consider this the best business degree to get.

An economics degree helps provide the students with a holistic understanding of the financial system and how the various cogs function within it. The ability to forecast important macro-economic indicators like inflation, unemployment and the federal rate would lead to better business decisions in the long run.

3. Accounting or Finance Degree

An accounting or finance degree like CPA or CFA can lead to any number of positions in the accounting and finance fields. A bachelor’s degree is the basic requirement for individuals who want to embark on a business venture and stay on top of the numbers. As a result, this is one of the most popular business majors.

The Big 4 Accounting firms ( Deloitte, PwC, EY, KPMG) also hire accounting graduates in great numbers, and a short stint in any one of these firms could prove to be an excellent window into the world of big business and how corporate finance works on a global scale. Additionally, an accounting or finance degree helps a student appreciate the nuances of the preparation of a financial statement, something that is an indispensable aspect of any business venture. Unlike the MBA, it is not as cost-intensive and the final degree is provided by centralised bodies like the AICPA, which have strict Government oversight and widespread collaboration with similar accounting bodies in other countries.

4. General Business Degree

Among the different types of business degrees, a general business degree is to go-to choice for any student who already knows that they want to work in business, but aren’t yet sure what positions they wish to pursue after graduation. A general business degree could lead to a job in a number of other areas including management, finance, marketing, human resources. The wide range of subjects included in the program reflect the multidisciplinary nature of a business enterprise, and the importance of understanding all the key ingredients needed to make a commercial venture successful.

Notwithstanding, for most business graduates, the traditional routes still hold sway – including careers in the financial sectors, consultancies, human resources or marketing roles at top corporate offices.

If a run-of-the-mill corporate career is not what one is looking for, then a general business program can also provide the skills needed to create one’s own business or to take on business and management roles within more offbeat industries, be it sports, advertising, fashion, or even the social service sector.

5. Project Management Degree

Project management is a field of management that deals with the leadership, organization, planning, obtaining and allocation of resources to achieve specific goals within specific constraints of time and money. It is one of the most complex fields of work. and involves many skills that can easily be transferred into a variety of high paying speciality areas in the corporate arena. Project managers work to get things done effectively and efficiently while ensuring that there no budget overruns.

Like the general business degree, this also deals with multidisciplinary aspects of a business and how to deliver the best results within the given deadline. These qualities are indispensable if one is to run a successful business somewhere down the line.

6. Information Technology Management Degree

Students who want to specialise in the IT aspects of a business environment can go on to earn an information technology management degree. They can subsequently work in the role of a software application developer, information security analyst, computer systems analyst, database administrator, management analyst or computer network architect, depending on their specific area of study.

There is a wide scope for specialization in the domain of IT management, and a great demand for certified professionals given the current global focus on cybersecurity. The rise of unethical hackers and a generally unsafe IT environment has led to many ancillary courses mushrooming in recent years.

7. Marketing Degree

Marketing is a dynamic field where different organizations, companies, and businesses connect with their customers through various media. This has become especially relevant with the rise of social media in the last decade. Once the geographical barriers were removed, the role of marketing professionals gained further prominence.

The ability to effectively push a product or idea to the consumers separate the good companies from the great ones. The different specializations offered in marketing include digital marketing, public relations, marketing research and analytics, marketing management, social media marketing, and integrated marketing communications. There is an immense scope for marketing professionals in the current global market given the advent of social media and various other platforms where businesses can interact with potential customers.

8. International Business Degree

Graduates with an international business degree are an instant fit in an increasingly global business economy. The course consists of the study of international economic trends, global business law, cultural business studies, among other things.

This is a very useful degree especially given the current trend of globalisation and business beyond borders. Popular positions include market researcher, management analyst, business manager, international sales representative, a market research analyst in global conglomerates.

9. Supply Chain Management Degree

An organization’s supply chain is the system that moves a product from supplier to customer. A degree in supply chain management will equip students with the knowledge of transportation, production, processing, laws and government regulations. Consequently, students become excellent time managers, complex problem solvers and effective coordinators.

They may supervise the procurement of the product, production, distribution, allocation, delivery, or all these things at once, thus serving an extremely important function within the organization. Supply chain managers ensure that inventory is moved along at the right pace, and the business objectives met.

10. Statistics

Statistics is the scientific study of analyzing and interpreting numerical data. A blend of mathematics and science, students take a heady mix of courses that include calculus, linear algebra, survey methodology and experimental design as well as core courses like statistical theory and probability. Students often take courses in engineering, physical science, chemistry, particularly as undergraduates to form a well-rounded understanding of the subject matter. Using data analysis software is critical to the study of statistics these days. As a result, it is also recommended that students take some computer science and computer programming courses simultaneously.

These professionals then go on to gather and evaluate data through statistical methods for the purpose of gaining insight into solving problems. A statistician is responsible for figuring out what data can help a company gain valuable insight to devising and implementing ways to obtain that data and finally analyzing the information to figure out trends and create expectations for the future. Statisticians work in several different employment environments, including federal government agencies and college and university settings. One of the fastest-growing professions, statistics is also one of the high paying business careers.

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11. Actuarial Science Degree

Actuaries have an in-depth understanding of economic, financial, insurance risks; and possess expertise in formulating and using statistical models to make the best financial decisions for the end-user. This includes knowledge about pricing, establishing the number of liabilities, and setting capital requirements for uncertain future events. They are one of the highest paying business degrees in the financial domain and given the mathematical and technical know-how required to become one, it is hard to grudge them the inordinately high salaries.

An actuary can be expected to perform functions such as financial modelling, valuations, determination of insurance premium, designing social security schemes in a host of insurance institutions, consultancies and government bodies.

12. Taxation Degree

A taxation degree prepares a student to prepare taxes for individuals and businesses. Areas of specialisation include federal income taxation, business taxation and financial statement analysis. Most degree courses develop an understanding of tax management for both businesses and individuals. However, due to the complexity of tax laws, most students choose to focus only on specific areas.

Students successfully completing a program in tax can start their own business as a tax preparer where one is required to complete required forms for a variety of clients, thus ensuring they are legally meeting their tax obligations on a timely basis.

A few more avenues include working as tax accountants or tax preparers with the government or private employers. Additionally, students are equipped to work in a company’s financial department.