Establishing yourself as a business administration professional is the first step to a financially rewarding career. From your first post graduate job to your last before retiring, a business administration salary can vary, with the average salary being $50,000 according to the U.S. Bureau of Labor Statistics. If you want a career in business administration, here are some guidelines in accordance with each degree level earned.
When striving for better career opportunities, increased pay and the chance to make yourself a valuable resource for any sized company, a degree in business administration is one of the best ways to do it. It will help you beat out your competition and use valuable computer application skills, leadership skills, communication and conflict resolution. Depending on the amount of time you want to devote, an associates level, bachelor, masters or PhD in business administration will send you on your way to a salary that will compensate you for your valuable skills.
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How Much You Can Make
Many people go into the business administration career to make money, while others just simply have a passion for business ethics, a fast paced environment and the ability to budget and manage. Whatever your reason may be, there is a generous salary involved in the majority of business administration careers, whether you choose becoming a human resource director, financial advisor or a professor at the business school of a university. Expect to make an average of $50,000 the first year after graduating with a business degree, and as much as $150,000 for a CEO position.
Graduates with an associate's degree in business administration can expect a starting salary of $25,000-$35,000 per year depending on the field they are in. According to Payscale.com, a retail manager with a bachelor degree makes $35,380-$51,674, while a staff accountant makes $39,095-$54,567. An administrative assistant or an executive administrative assistant makes an average of $30,936-$52,083. Several factors will affect a business administration degree holder's salary including employer, years of experience and city/state the job is located in.
Masters Degree (MBA)
There are many exciting job opportunities for an MBA holder, all of which offer an increased salary from associate's level positions, and increased job security. An MBA degree qualifies people to work as a financial advisor, making $68,902-$100,582. Many other positions that require an MBA, such as marketing director for a large corporation, can expect to make an average salary of $80,000-$140,000 while a human resource manager can make an average annual salary of $52,374-$77,901.
Many people go back to school to earn an advanced degree in business, and considering the uncertainty of the world economy, the advantage of protecting themselves from pay decreases and layoffs are an important factor. A successful way to beat out the competition and qualify for top jobs in the business administrative community is by earning a PhD degree in business administration, or a DBA. Being a business professor at a university will allow you to make an annual salary of $150,000 while being a CEO at a major corporation will earn a beginning salary of $140,000 per year.
Whether you invest in a two year associate's level business administration degree or advance your qualifications by earning a PhD in business administration, there are many career opportunities to look forward to, including the advantage of a lucrative income.