Salary/Employment Prospects for Business Professionals
The economic downturn affected all types of businesses, and some recent graduates of business degree programs have found it difficult to find entry-level jobs. However, the industry is still growing in some sectors, and those who are well-educated and have some experience will ultimately be able to work their way up in to a job that they are interested in. Graduates of Masters of Business Administration (MBA) programs will have particularly good job and salary prospects.
Employment Potential for Graduates of Business Degree Programs
Graduates of business degree programs - especially MBA programs - have some of the highest employment rates immediately after graduation. Business is a practical degree option and graduates will have many skills that are in need at major corporations and small businesses, and everything in between. A person who has a bachelor's degree in business will likely have little trouble finding a job within the first year of graduation, provided he or she performed well at their academic program and took part in skill-building professional organizations or internships.
More than 6,000,000 people in the United States are classified as business and financial professionals, with the largest number working in California, New York, Texas, Florida, and Illinois. This figure encompasses a wide range of individuals, including sports and artistic agents, buyers and purchasing agents for companies, insurance professionals, marketing specialists and market research analysts, accountants, financial and economic advisors, human resource managers, credit counselors, event planners, and business operations specialists, among many others. Although these careers all come with very different sets of responsibilities, they are each related to business in some way. The biggest employer of business and financial professionals is the federal government.
Salary Prospects for Graduates of Business Degree Programs
The data provided by the Bureau of Labor Statistics (BLS) regarding wages and salaries of financial and business professionals is somewhat skewed because it factors in many different types of professions - including even planning and credit counseling - that seem unrelated to the goals of most business majors. The BLS estimates that the median annual wage for graduates of professional business programs is approximately $60,670 per year, while the average hourly wage for graduates is approximately $29.17. The approximate range in salaries is from $34,290 to $107,630, and usually those who are employed in the private sector have more earning potential than a person who is employed by the government, though this is not always the case.