Seven Lucrative Career Options for Business Students in 2023

Seven Lucrative Career Options for Business Students in 2023

National Center for Education Statistics confirms that in 2019-2020, the US conferred nearly 3 million bachelor’s degrees, of which business was the most common choice amongst students. A business degree is highly diverse, offers many specializations, and expands your business skills. 

The world is progressing and changing, and so is the scope of every field. Hence, it is essential to understand that business degrees today offer much more intensity and depth than they did some years back. A business degree helps develop crucial communication skills, enhances your problem-solving capabilities, teaches you collaboration, and improves leadership skills. Moreover, studying business is beneficial because of high market demand, competitive earning potential, and job versatility. However, most students opt for a business degree primarily because of its high career flexibility. With a business degree, you can take roles in marketing, tax, accounts, and many others and work in several different industries.

Read ahead to uncover a few trending career options for business students in 2023. 

1. Marketing Manager

Marketing is the most trending field currently, with high demand and much scope. Most marketing managers are business experts with high qualifications and degrees. A minimum bachelor’s degree in marketing or general business is necessary to attain a managerial position. However, an accredited MBA degree can significantly increase your chances of promotions/hiring. The average salary for a marketing manager post range from $99,638 to $130,364, depending on the industry and business size. 

A marketing manager’s primary responsibilities include the following:

  • Overlooking all company marketing-related requirements.
  • Undertaking market research.
  • Understanding trends.
  • Analyzing customer preferences.
  • Improving customer experiences.

Further, overseeing marketing content, implementing strategies, promoting business, collaborating with other departments, and ensuring effective communication are crucial parts of a marketing manager’s job.

2. Banker 

Banking is one of the most mainstream career options for business graduates, especially finance experts. However, while preferred, you don’t need to major in finance to join the banking sector. Banking roles range from a bank teller, loan processor, customer handler, investment banker, and credit analyst to other senior positions. A bachelor’s degree in business usually suffices to start your career in banking. However, additional qualifications would help with attaining specific senior positions. The average banking salary for an entry-level position in the US is approximately $44,463 per annum.

Responsibilities in banking differ from position to position. However, an average banker’s job usually includes opening and closing accounts, overseeing transactions, evaluating drafts, authorizing loans, and other trades such as cheques and money orders.

3. Sales Consultant 

Sales is another favorite choice amongst many business graduates. A business degree is highly helpful in establishing a foundation in sales and enhancing your management skills. Furthermore, a business degree gives you a balanced education and helps you focus on the administrative side of sales. All of which makes you much more attractive to recruiters. Most sales consultants are business graduates earning a highly satisfactory monthly salary plus commissions. The mean income of a sales consultant is $50,000 per year. 

The job includes scheduling meetings with clients, keeping track of purchases, overseeing payments, and understanding customer needs. Furthermore, sales consultants develop and implement the company’s sales strategy, set targets for sales teams, and collaborate with different groups to sell company products or services.

4. Human resource manager 

The Human Resources (HR) department is one of the most integral departments of any organization. A good HR manager is essential to ensure the smooth running of business processes and high employee engagement rates. A business degree with a major in HR is the best way to commence your career because it helps you achieve job stability, offers more job opportunities, and provides incredible insight. An HR manager is usually a senior position in most companies with experience and relevant qualifications. The average salary for an HR manager ranges from $73,480 to $126,050 yearly. 

An HR manager is responsible for recruiting, training, cultivating, and retaining employees. Other responsibilities include administering pay, interviewing employees, getting feedback, overseeing problems, boosting company culture, enforcing company policies, approving employee requests, and several others.

5. Accountant

Accountants have been in high demand for a while. Most businesses prefer hiring accountants with relevant qualifications and skills, including a minimum bachelor’s degree. There are several different types of accountants with varying responsibilities, such as financial accountants, managerial accountants, cost accountants, payroll accountants, tax accountants, and auditors. The average salary for accountants in the US is $58,508 per year. 

An accountant’s usual duties include the following:

  • Reviewing company financial records.
  • Ensuring data safety.
  • Confirming data accuracy.
  • Analyzing financial information.
  • Preparing reports.
  • Budgeting.
  • Overseeing company financial performance.

Moreover, accountants reconcile accounts payable and receivable, ensure timely bank payments, compute taxes, manage balance sheets, and prepare tax returns for organizations.

6. Research analyst 

More and more business majors are opting to go into the data and research analysis field post-graduation because of the role’s high employability and in-demand nature. Due to the rapidly changing business spectrum, recent business degrees increasingly focus on teaching more data-related courses in the curriculum. A research analyst earns approximately $61,000 per Anum. 

Research analysts are responsible for preparing reports, reviewing company performance, examining data accuracy, and producing meaningful information. Additionally, research analysts assist in developing pricing models, organizing data, testing processes, and guiding businesses in their decisions.

7. Operations manager 

A minimum bachelor’s degree in business is required to work as an operations manager. According to a recent survey, the average operation manager’s salary exceeded $100,000 annually in 2020. 

Operations managers manage business processes from human resources, marketing, and sales, to investments. Furthermore, they plan, strategize, decide, implement, and supervise the production and distribution of goods and services. There are four types of operation management in businesses: finance, customers, internal, learning and innovation, and processes. 

Final thoughts

A business degree is highly valuable if you want career flexibility and guaranteed professional growth. The best part about business school is the wide range of specialties and majors available. Business degrees are feasible, resourceful, and doable. They are more challenging than other fields but also not any less interesting. 

However, it doesn’t mean business degrees are a piece of cake. Some majors are challenging but rewarding. Therefore, you must study hard, show consistent efforts, learn to keep a balance, and work on improving skills throughout business school.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.