For those seeking to attain a high paying career, here are the top five business school degrees based on the average starting salary for the major:
1. Supply Chain Management - This major is a relatively new field which came into existence around the late 1980s. According to the Association for Operations Management, supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally." Since this is a relatively new trend, with companies only recently starting to focus on their supply chains, employees skilled in the field are in high demand. The average starting salary for supply chain management degree graduates is $49,400 with an $84,500 median mid-career salary.
2. Finance - This is one of the most popular majors within business schools but despite the large number of finance graduates, the demand outpaces the supply. A finance degree, at its most basic level, teaches students how to manage money. The curriculum presents different ways to do so through bonds, stocks, capital budgeting, hedging, and other methods but they are all just steps that can be taken to manage money. The average starting salary for finance degree graduates is $47,500 with a $91,500 median mid-career salary.
3. Accounting - Accounting degrees focus on tracking and analyzing company transactions. The field of accounting is concerned with creating the most efficient and helpful methods for reporting and recording the movement of money. Accounting students are typically calculating and exacting in their studies and lives, as attention to detail is a very important skill in the field. The average starting salary for accounting degree graduates is $44,600 with a $77,500 median mid-career salary.
4. International Business - The international business degree is another relatively new degree that reflects the changing global trends in business. With the advent of the Internet, quicker and cheaper transportation methods, and better communicative abilities, companies are expanding internationally with much more ease and speed. The need to understand how to conduct business in environments outside of the United States is now more pressing than ever. The demand and compensation for international business degree graduates reflects this as their average starting salary is $42,600 and the median mid-career salary is $73,700.
5. Marketing - Marketing degree majors are typically different from other business school students. They are generally more creative and design-oriented than finance or accounting majors. This reflects how marketing varies from other business school majors. According to the Merriam-Webster dictionary, marketing is "the process or technique of promoting, selling, and distributing a product or service." Marketing majors must be creative to think of innovative methods to get the word out regarding their product or service. The average starting salary for marketing degree graduates is $38,600 and the median mid-career salary is $77,300.