Business has long been one of the most declared majors among college students. It's a degree that is general and flexible enough to allow for a variety of career paths. However, certain business specialties are more popular than others due to high demand in the work force and the promise of a lucrative salary. Here are the degree concentrations that incoming business students will be focusing on in the 2013-14 school year:
Business majors who want to get to the top of the corporate ladder or build their own empires will find a degree in entrepreneurship appealing. With coursework that includes capital management, global business and product development, it is no surprise that many entrepreneurship grads go on to become chief executive officers.
Natural leaders, out-of-the-box thinkers, and those who are always looking for better ways to do things are drawn to this degree. Those who hold degrees in entrepreneurship are among the highest paid in the business world with an average median annual salary of $158,560.
Employers look for well-rounded job candidates, and graduates who hold a degree in business administration fit the bill. This business concentration allows students to study everything from business ethics and law to economics, operations management and business strategies.
Business administration graduates generally go on to hold the top positions in companies due to their ability to maximize profits and increase efficiency. Business administration professionals find careers in diverse industries with average salaries ranging from $62,900 to $137,020.
Dollars and cents are the fuel that make every business run, and finance majors are equipped to make sense of the numbers. This in-demand major can lead to careers as financial consultants and advisors, and budget analysts. Students should expect a heavy course load that features classes in both general business topics and personal and corporate money management.
Graduates with a concentration in international finance are even more desirable. A global perspective is invaluable to companies that need help navigating the regulations, laws and tax codes that come with international trade. Job growth for accountants is expected to be up 16% by 2020, according to the U.S. Department of Labor's Bureau of Labor Statistics. Starting salaries average $57,400, and more experienced finance and accounting degree holders make an average of $99,300 annually.
Economic majors go on to be integral members of any business team, as their knowledge of government and international relations proves to be invaluable to employers. Studies in micro and macro economics, and topics like public policy, industrial organization, business regulations and antitrust round out an economic major's academic syllabus.
Economists are trained to predict the economic impacts of a corporation's decisions, which can ultimately save a company from fiscal disaster. They are compensated for their skills with an average salary of $83,590.
Even the best business idea will fall flat without the right promotion; this is where marketing professionals come in. Marketing majors take classes in finance, public relations and statistics in order to get a grasp on how to develop advertising plans, maximize investments and guide a client's brand. They are well paid for their expertise with marketing managers making an average salary of $112,800.
Choosing marketing as a business school major can lead to diverse opportunities for employment as marketers are needed in nearly every type of business. Social media marketing, managing a company or brand's online presence, is a growing field that is ripe for recent and upcoming graduates.
The Bottom Line
Business majors are plentiful on college campuses, but savvy students who specialize in today's most in-demand concentrations will set themselves up for better job offers after graduation.