It is not an alien fact that the corporate world since ages has been thriving on business skills. Once you plan to sell your services, whether you are a doctor, a beautician, or even an architect, you need to know the basics of business. Business is the art of selling your skills in the right manner for reaping maximum mutual benefits. Therefore, today, business skills are very much in demand.
Setting up a business involves various factors, which means you will need a set of skills. This is the reason why companies often hire other people to take up these specialized roles. Specialized roles may mean higher pay scales, which sometimes is the attraction behind people opting for business degrees. If you want to pursue a degree in business merely for the reason of earning a good salary, then read ahead. We have created a list of the ten most highly paid business degrees for you to choose from!
1. M.S., B.S., or MBA in Finance:
When you run a business, one of the most critical aspect for you is finance. Now by finance, we do not mean just the initial investment or the money needed to run the business. Handling a business’s financial operations is a whole array of different tasks. It is a separate science and a very vast one, for that matter. Finance professionals are involved in crafting financial strategies, making investment decisions, making cash flow choices, handling loans, etc.
Therefore, finance specialists are essential for a business. You may also want to draw finance vs. accounting degree comparison since they have separate roles even though both are often mixed. We will explain the accounting degree in the read ahead.
2. M.S. or B.S. in Accounting:
Whereas finance involves analytics as well, accounting is more about tackling numbers. Now we all know how critical numbers are when it comes to running a business. If you do not have the correct numbers, you can never make a practical analysis. This is why an accounting professional is also indispensable for a business. A degree in accounting will equip you with the needed techniques and skills to create and manage reports, budgets, financial records, etc.
With the expertise in preparing financial records, you can also make a career in auditing, which is also a highly paid profession. Auditors check already created accounts and numbers for accuracy and verify that they are free of fraud or manipulation.
3. M.S. or B.S. in Human Resource (H.R.) Management:
Increasingly many businesses have started realizing the importance of managing their human resource effectively. Numerous successful entrepreneurs have emphasized how a motivated and happy workforce means a thriving business. With this, many organizations have started delving into the science of H.R. management. As a result, HRM professionals have been in higher demand.
4. MBA in Marketing:
Do you believe that merely creating a winning product guarantees business success for you? If yes, then you are wrong. Exceptions are always there, but most successful businesses go hand-in-hand with the right kind of marketing. If you are unable to sell your idea, your product will not sell. This is why having a kick-ass marketing strategy and some smashing advertising campaigns are vital. It is why businesses today rely heavily on their marketing strategists to lure the right customers. It is also why companies have huge marketing budgets; only because they know what is marketed effectively, will sell.
5. M.S. or B.S. in Supply Management:
Manufacturing businesses have vast supplies and production levels. It is in these businesses where a supply chain management adds massive value. A supply chain involves the procurement of material, the usage of these materials to make finished products, the end sale, etc. An SCM professional will ensure proper execution of this entire chain of supply. Additionally, they will ensure effective order fulfillment from the point of creation to the end of consumption.
6. M.S. in Mathematics or Actuarial Sciences:
If you are wondering, we have added this by mistake, then no. Mathematicians can follow the lead and become great actuaries. You can also take up a degree in actuarial sciences. Actuaries are professionals who use numbers and statistics to assess risk in finance, insurance, etc. They are very highly paid and are much sought.
7. M.S. in International Business:
A degree in International Business will help you acquire skills that will assist you in handling international business operations, tackling inter-cultural communication, looking into imports and exports, etc. Multinational corporations (MNCs) hire such professionals to hand business across borders.
8. M.S. in Economics:
By definition, the subject of economics handles the production, consumption, and transfer of wealth. It involves working with monetary and fiscal policies, achieving economic efficiencies, demand and supply functioning, etc. Economists are well-paid because of their value addition in critical matters such as adding credibility in production processes.
9. M.S. or B.S. in Operations Research:
This field incorporates studying advanced analytical methods to assist in making better business decisions. It aids in strategy making, which is the backbone of any successful business. This is the reason why operations research analysts are high in demand and get better salaries.
10. M.S. or B.S. in E-Commerce:
With the increasing usage of the internet, they have a thorough insight and grip on the online world that has become imperative for businesses. Today, almost all companies have an online presence and can find effective ways to target their audience through the web. The internet provides easy access to businesses to market themselves to their consumers positively. Before the advent of mobile phones, social networking platforms, and the web, it was never this easy to manipulate the minds of potential buyers. Therefore, using this opportunity effectively is very crucial.
An E-Commerce specialist will help you devise an efficient website, which includes liaising with other teams to design a coherent strategy. It may go beyond the necessary buying and selling and may also incorporate having a say in the overall marketing strategy and the presence of the business online.
Conclusion:
Specialization in business skills is high in demand because of the ever-growing industrial world. Few business fields, apart from being interesting, will also aid you in reaping excellent monetary benefits such as those mentioned above. So, if you are planning to get a business degree, select one, and you are good to have a remarkable management career!
