No matter what type of degree you pursue, you will invest time, energy, and money in hopes that the investment will pay off in the form of new skills, a desirable career, personal growth, the development of an invaluable professional network, and greater earning potential.
When it comes to a business degree, this is a worthwhile investment for many. Some benefits of a degree can be difficult to quantify in terms of dollar value — but by comparing the costs with the potential rewards and benefits of studying business, it becomes more evident how a business degree could benefit you.
If you’ve been wondering, “Is business a good major?” or “What can a business degree do for you?” read on for all the details.
What Is a Business Degree?
A business degree is a type of academic qualification at the associate, bachelor’s, or master’s (graduate) level. In the process of earning a business degree, students complete coursework through which they acquire foundational knowledge about business practices and processes in a variety of subjects including:
- Accounting
- Analytics
- Business law
- Economics
- Entrepreneurship
- Finance
- Human resources (HR)
- Marketing
- Organizational management
- Project management
- Sales
- Statistics
Different Types of Business Degrees
Depending on the level of education you have already completed and your professional goals, students select a type or level of business degree to pursue. These degree programs typically include options such as:
- Associate of Science (AS) in Business Administration
- Bachelor of Science (BS) in Business Administration
- Master of Business Administration (MBA)
- Master of Science (MS) in a chosen business field
Each business degree program also typically allows students to select a concentration so they may focus their studies on a particular aspect of business.
How a Business Degree Prepares You for Different Career Paths
What can a business degree do for you? Primarily, earning a business degree creates a field of possibilities for students.
What You Can Do With a Business Degree
Holding a business degree can open up a world of potential career opportunities. Some of the job titles most frequently held by business majors include:
- Accountant
- Auditor or compliance officer
- Budget analyst
- Business consultant
- Chief executive
- Data analyst
- Development director
- Financial manager
- Human resources specialist
- Logistics manager
- Management analyst
- Market research analyst
- Office manager
- Operations director
- Project manager
Business is central to most industries. Therefore, a business degree has wide-reaching relevancy, providing relevant skills and qualifications for business-centric pursuits such as finance, accounting, or marketing services, as well as to less closely related industries like hospitality, healthcare and medicine, green energy, entertainment, and more. A business degree also prepares students to work in both the private and nonprofit sectors.
In Business, Who You Know Matters
The process of earning a business degree provides students with the ability to expand their network of connections through ongoing opportunities for meeting new people and building relationships in the business world. The connections made during college are often as valuable as the degree itself.
Having a wide network can help you get a job after graduation because it could provide you with credible recommendations. In fact, research has shown that an individual’s large network of weaker social ties (not their small network of close connections) yields the most job opportunities and career mobility. Not to mention, these connections can help you access the estimated 70% to 80% of jobs that are never publicly advertised — also known as the hidden job market.
Is Business a Good Major?
If you’re wondering, “Is business a good major?” there are several compelling reasons to consider it. A business degree is known for its versatility, providing students with a broad set of skills that can be applied across many industries. Graduates often benefit from a wide range of professional opportunities and enjoy a level of career stability that makes the degree a worthwhile investment.
Business students also have the option to tailor their education by selecting a concentration that aligns with their interests and career goals. Common concentrations include accounting and finance, analytics, customer experience, economics, entrepreneurship, human resources, management, and marketing. For example, Unity Environmental University offers a unique, sustainability-focused business management bachelor’s program, as well as a master’s level climate-ready business program, giving students the opportunity to combine traditional business principles with a forward-thinking approach to environmental responsibility.
Job Market and Salary Potential
So, is a business degree worth it?
A business degree can help you achieve a successful future through networking, skill development, and career opportunities. Business degrees tend to generate a significant monetary return on investment (ROI) as well. Of course, the specific numbers depend on:
- Where a student chooses to go to school
- How much that institution charges for tuition
- Career goals
- The type of job a student gets after graduation
- Upward mobility
- The job location
- The salary ultimately earned
A study from The Foundation for Research on Equal Opportunity that assessed the ROI of several different types of degrees by looking at tens of thousands of students found that only 2% of business majors generated a negative ROI on their education expenses, while:
- 12% generated an ROI up to $250,000.
- 33% generated an ROI ranging from $250,000 to $500,000.
- 43% (the largest group) generated an ROI ranging from $500,000 to $1 million.
- 10% generated an ROI above $1 million.
While these ROI statistics reveal the potential long-term payoff of a business degree, data from the United States Bureau of Labor Statistics (BLS) provides specific data on wage information. As of May 2023, the median annual salary for business and financial occupations rang in at $79,050. Compared to the median annual wage across occupation categories ($48,060), the earnings with a business degree are substantially higher.
In addition to higher-than-average earnings, business and financial occupations have healthy projections for job growth and opportunities. Between 2023 and 2033, the BLS estimates that this occupation category will grow faster than average, adding just under a million new job openings each year. Most individuals with a business degree are also employed full time. These statistics and trends demonstrate the strong potential for career stability that a business degree offers.
Skills Gained From a Business Degree
If you’re still wondering what a business degree can do for you, it’s important to consider how it will help develop your personal and professional skills. While earning a business degree, students acquire several soft skills related and applicable to business. One of the primary soft skills that serves students anywhere they go in life is leadership.
Students often echo this sentiment: Just halfway through our Sustainable Master of Business Administration program, Unity alumna Angie Ronayne was appointed as the first Chief Sustainability Officer at the environmental consulting firm Merjent — thanks to the leadership skills and business acumen that she developed at Unity.
“My sustainability-focused MBA from Unity gave me the foundation I needed to further my sustainability journey and my company’s sustainability journey,” said Ronayne. “I also found value in considering the type of leader that I wanted to be and developing a leadership plan as part of the program.”
Aside from learning how to be a better leader, a business degree can provide countless opportunities for learning skills are valuable in both personal and professional settings. These include:
- Adaptability in the workforce
- Attention to detail
- Communication
- Critical thinking
- Data analysis
- Decision-making
- Organizational skills
- Problem-solving
- Strategic planning
- Teamwork
- Time management
By developing these skills, students become more well-rounded individuals capable of working in a variety of positions, industries, and settings.
At Unity Environmental University, Your Future in Business Looks Green
Pursuing a business degree offers a multitude of opportunities that can benefit you in almost any industry or pursuit.
At Unity Environmental University, our robust and supportive online learning program enables students who are passionate about sustainability to study and develop their skills no matter where they are currently located or employed. Our unique business degree programs focus on sustainability and the environment in business.
Specifically, our climate-ready business program offers students the chance to lead the future of green business by earning a Bachelor of Science in Sustainable Business Management or continuing their education with a Sustainable Master of Business Administration (SMBA) degree.
Unity students learn to infuse climate consciousness into business strategy and value. Our unique business degree programs empower students to fill a new niche in the business world and green job market while satisfying the growing need for eco-consciousness by learning to align business goals with sustainability and the greater good. With an emphasis on the triple bottom line, Unity business students learn to focus on people, the planet, and business profits. Here, you can pursue both of your passions: working toward a sustainable future and sharpening your business acumen.
