One of the reasons the business and finance field is so popular among students and job seekers is because of the high salaries you can earn in these roles. Business administration is a versatile degree program that can act as a stepping stone to many high-paying career paths. Naturally, business management jobs are some of the most profitable, but roles like personal financial advisor, management analyst and logistician and supply manager also offer excellent earning potential.
Management Roles in Business
Senior-level supervisory roles that require a great deal of experience offer some of the best salaries in the business world. Chief executives, a specific variant of the top executive occupation that involves holding “C-suite” job titles like chief executive officer (CEO), chief operations officer (COO) and chief financial officer (CFO), is the top-paying role. CEOs and other chief executives earn a median annual wage of $183,270, according to the United States Bureau of Labor Statistics (BLS). Chief executives who work in the highest-paying industries can easily make upwards of $200,000 per year, and for CEOs of large and wildly successful companies, eight-figure salaries aren’t out of the question.
Another high-paying management job is that of advertising or marketing manager. These managers, who oversee promotional campaigns and the employees who work on them, earn a median wage of $129,380, according to the BLS. Financial managers, who hold in high-ranking job titles like finance officer and controller, earn a similarly high median wage of $125,080. Sales managers, too, earn median salaries above $120,000 for their work leading teams of sales representatives and overseeing sales campaigns. Other jobs in business management capacities that earn six-figure salaries include compensation and benefit manager, purchasing manager, public relations and fundraising manager, human resources manager, training and development manager and industrial production manager.
High-paying management jobs that require specialized skills and experience include computer and information systems manager, architectural and engineering manager and natural sciences manager. To do these jobs, you need an education and work in the field.
Personal Financial Advisor
Outside of the management sphere, the best-paying job in business is personal financial advisor. This financial planning specialist works with individuals to help them invest money and reach their financial goals. For personal financial advisors, the median annual wage is $90,640, according to the BLS. They also have the potential to earn sizable bonuses, making their work even more lucrative. General personal financial advisors work with clients of various income levels, but some personal financial advisors specialize as wealth managers or private bankers. Private bankers handle the large investments of exceptionally wealthy individuals and families.
While a bachelor’s degree in business can prepare students for work in this occupation, it can also help to earn a Master of Business Administration in finance degree or Master of Finance degree along with the Certified Financial Planner (CFP) professional certification.
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Part of being an effective leader is always striving for improvement. Company management teams often turn to outside experts for recommendations on what changes they can make to increase the company’s profitability and get rid of wasted time and expense. Management analysts or management consultants, who often work as outside contractors, do precisely this work of analyzing company operations and identifying potential areas of improvement. Management analysts earn a median wage of $82,450, according to the BLS. Before you can become a management analyst, you need sufficient work experience in the business world to give credibility to your opinions. Some employers and clients prefer to hire management analysts who have a master’s degree.
Many management analysts work for consulting companies or are self-employed, although some work in-house at the company that is the subject of their analyses and recommendations.
Logistician and Supply Chain Manager
It takes a lot of organizational, critical-thinking and problem-solving skills to handle the challenges of coordinating the logistics of company resources, including procuring, transporting and allocating materials and goods. The salaries for these job roles reflect the value of these skillsets. For non-supervisory roles like logistician, the median salary is $74,590, according to the BLS. Supply chain managers in supervisory positions earn a median wage of $105,610.
Supply chain managers hold many job titles, including Global Supply Chain Vice President, Solution Design and Analysis Manager and Material Requirements Planning Manager.