Because business encompasses a number of various professions, specialties, and careers, it is difficult to generalize the industry. As a whole, careers in business are in high demand, and that demand is expected to continue to increase.
Over the next decade between 2018-2028, total employment at business and financial firms is projected to grow by 7 percent, faster than the national average, adding about 591,800 new jobs, according to the Bureau of Labor Statistics.
The fastest growing business occupation is the market research analyst. Corporations are relying more and more on data analysis and market research to develop products, create marketing strategies, identify efficiencies, and to understand their consumers. According to the Bureau of Labor Statistics, jobs in market research analysis are expected to grow by 20% over the next decade, which is much faster than the national average.
Globalization, a growing economy, and changing tax regulations will also lead to a stronger demand for accountants and auditors — it is predicted that accounting jobs will grow by 6% by 2028.
In addition to accountants and auditors, take a look at other business careers and their projected growth through 2028:
Predicted Job Growth, 2018 to 2028
Real Estate Appraisers: 7%
Budget Analysts: 4%
Claims Adjusters and Appraisers: -4%
Cost Estimators: 9%
Event Planners: 7%
Financial Analysts: 6%
Financial Examiners: 7%
Human Resources Specialists: 5%
Insurance Underwriters: -5%
Labor Relations Specialists: -8%
Loan Officers: 8%
Management Analysts: 14%
Market Research Analysts: 20%
Personal Financial Advisors: 7%
Purchasing Managers: -6%
Supply Chain Managers: 5%
Tax Collectors: -2%
Training and Development Specialists: 9%
Salary Forecast for Business Careers
Business and finance careers tend to have high earning potential. According to the Bureau of Labor Statistics, the average annual salary for all business positions is $69,820 in May 2019, which was higher than the median annual wage for all occupations of $39,810.
Each type of business career tends to offer a different salary. The highest earning field is personal finance, which has an average salary of about $87,850. Take a look at the median annual salary for the following business and finance careers in 2019:
Average Yearly Salary
Accountants and Auditors: $71,550
Real Estate Appraisers: $57,010
Budget Analysts: $76,540
Claims Adjusters and Appraisers: $66,540
Cost Estimators: $65,250
Event Planners: $50,600
Financial Analysts: $85,660
Financial Examiners: $81,090
Human Resources Specialists: $61,920
nsurance Underwriters: $70,020
Labor Relations Specialists: $69,020
Loan Officers: $63,270
Management Analysts: $85,260
Market Research Analysts: $63,790
Personal Financial Advisors: $87,850
Purchasing Managers: $69,600
Supply Chain Managers: $74,750
Tax Collectors: $54,890
Training and Development Specialists: $61,210
Education Requirements for Business Professionals
Minimum Educational Requirements
There is no minimum requirement for starting or running a business. In fact, many entrepreneurs have done well for themselves without a college degree, such as Michael Dell, founder of Dell Computers, or Steve Jobs, co-founder of Apple.
However, an education and business degree may increase your chances of success and earning potential in business, whether you work for yourself or a corporation. An associate degree in a business field is a great way to get started in the industry, though going on to earn a bachelor’s degree or even master’s will open up more employment opportunities.
Work Experience and Master’s Programs
Many successful business professionals, executives, and entrepreneurs hold advanced degrees as well. The most common advanced business degree is a Master’s of Business Administration (MBA). Although some students go directly from their undergraduate degree to an MBA program, many schools prefer students to have two or three years of work experience before beginning an advanced degree program for business.
Taking It A Step Further: Business PhD and Doctorate Degrees
Some even choose to take their education a step further by earning a doctorate or PhD in business. A PhD can open up more opportunities for you in the business world, and potentially an even higher salary.
Business Degree Educational Options
When it comes to post-secondary training in the field of business, many choices are available. These options include:
Less than 18 months
2 Years Beyond Bachelors Degree
2-3 Years beyond Masters Degree or 5 Years
Business Career Educational Program Lengths
Each business career path requires a different type of educational training. The list below outlines some of the more common career tracks and the educational degree or training required to become employed in that field.
Degree Available and Recommended
Under 18 Months
Bachelor’s Degree (4 Years)
Bachelor’s Degree (4 Years)
Bachelor’s Degree (4 Years)
Master’s Degree (2 Years Beyond Bachelors)
Should You Get A Business Degree?
Careers in business continue to be high demand. No matter what industry you decide to work in, every business or organization is in need of people with strong entrepreneurial skills, such as critical thinking, research, data analysis and good people skills. These skills, along with many others, will help a business run efficiently, retain staff, and generate revenue. By pursuing a bachelor’s, master’s or doctorate degree, you’ll increase your chances of landing a job you love with a great salary, whether at a particular employer or by opening up your own business one day.