A career in business is one of the pathways that can currently provide you with the most potential for high job satisfaction and large annual salaries. Whether you want to open your own business or climb up the ranks of a pre-established company, here is everything that you need to know about how to start a lucrative and extremely profitable business career.
Should you take a business degree?
Business degrees are extremely profitable, with the pay of a business graduate at Oxford University reaching around £72,000, while those majoring in business at other top universities, such as Bath, can make around £55,000.
If you want to make money in business, the best action that you can take is to apply for a qualification at a business school or university. It has been shown that there is still a significant pay gap between those with a degree and those without, meaning that if you are focused on making money, studying toward a degree is one of the best career pathways for you. Additionally, business majors such as business analysis and applied economics are some of the highest-paying university degrees, ensuring that you will instantly be able to grow your salary when you graduate.
The highest-paying business degrees include:
- Finance and Accounting
- Business Administration and Management
- Computer Science
Not only this, but a business degree can be extremely useful when you are trying to kickstart a career in business, as it will allow you to gain greater knowledge about business operations, develop a lucrative business plan and build your managerial skills. This will enable you to apply for higher-salaried positions and beat the competition in order to gain better job positions, as well as enable you to build a winning business in the future.
You should also consider taking a Master’s degree if you want your career to be successful. This will enable you to focus on business specialisms and the subjects that are you interested in, prepare for specific roles that you want to take on and ensure that you are able to improve your leadership skills. As a result of gaining these skills, you will be well positioned to secure higher-ranking positions and get fast-tracked for promotion or for a managerial role, which often come with higher salaries.
It can be difficult to go to business school, especially as you get older. However, if you are looking at a career change or you have recently decided to follow a career in business, you should consider applying for online business masters programs at Suffolk University. Their specialist courses have been designed specifically for entrepreneurs. What’s more, their online nature allows you to make money alongside your degree, and ensures that you can start out on your business career path regardless of your personal situation.
What are the highest salaried business careers?
It is important to be aware that even when you have obtained your degree, this is not a guarantee that you will be able to secure a high-salaried job, and it is important to consider the business careers that will be able to make you the most money. Some of the best jobs for business majors include:
- Financial advisors, accountants and chief financial officers
- Business, business operations, HR and marketing managers
- Management consultants and analysts
Most of these top positions are leadership and managerial roles that you may have to work up to over time. However, you may be able to achieve these roles more quickly by signing on to a fast-track graduate scheme or leadership program, which are designed to cultivate up-and-coming managers within the company.
However, the career with the highest salary of all is that of an entrepreneur. Although your wage will highly depend on the success of your business, most of the richest people in the world are entrepreneurs in their own right, and rely on their company to generate their income.
Should you start your own business?
As has already been discussed, starting your own business is one of the most profitable ventures that you can consider as a business graduate, and this can allow you to make much more money than if you choose to work for another company. This is because starting your own business will allow you to set your own wage and will ensure that you are collecting all of your profits.
Although you should consider having a secondary income when you first open your business in order to ensure that your finances are stable, running your own business is one of the best career options available as it will allow you to work for yourself, develop and run your own business idea and lead a team of employees to success. There are many outgoings and challenges that you should consider before setting up a business, including the fact that you may not have a consistent income and that you may not be able to pay yourself for a few months after your business opens. Additionally, only 56% of businesses make it to their fifth year, with many businesses failing due to issues with cash flow. However, although you will have to put in longer hours in order to achieve your goals, this is a sure-fire way to make your own wealth and build success within your career.
How can you find a profitable job in the industry?
If you are uncertain about starting your own business, this does not mean that you are unable to have a successful business career. Instead, there are many profitable jobs on the market for those looking for good roles, although these are usually incredibly competitive.
To get a good job in business, you should:
- Get management experience
- Attend networking events
- Search for openings on company websites
- Join professional organisations
- Grow your business skills
- Become an expert and promote your personal brand
- Pick the right employers for you
- Get an internship or apprenticeship
- Work your way up the company
Business careers are some of the most successful career options that are available to both graduates and to those without a degree, and there are many pathways to consider, all of which can be extremely profitable. From opening your own company, to securing a managerial position in a renowned company, there are many ways that you can make money from a successful career in business.