Types of Business Majors

Business majors are consistently ranked among the most popular areas of study for college students. They provide students the opportunity to learn various valuable and transferable skills that can be applied to multiple industries and career paths.

If you’re considering a business major, whether at the undergraduate or graduate level, it’s important to understand the different types of majors within the business field and the specific aptitudes students need to succeed in those majors. This article provides an overview of several of the most common business majors, along with career outlook information and tips for learning more about business majors from Michelle Pickett, Director of the Academic Advising Center at Northern Illinois University.

What to Consider When Choosing a Business Major

Selecting a college major is an important decision, with several factors that must be considered.

“I encourage students to understand the difference between a major and a career,” Pickett says. A major is an area or subject that you will study deeply. It may also prepare you for work in a particular industry. However, your career encompasses your whole professional life, including employment opportunities and future learning.”

She adds, “When considering a major or area of study, should outline two to three majors they know they want to pursue and then research them. One helpful resource is the Occupational Outlook Handbook, which provides a wealth of career information, including the educational preparation and the career outlook for different occupations.”

The following are some of the key considerations students should think about when determining what area of business best suits them.

Personal and professional interests

One of the first things students should ask themselves when considering business majors is what aspects of business they are drawn to. Pursuing higher education requires a commitment of energy, time, and money, and it’s often easier for students to stay focused and engaged when they are curious and passionate about the subject they’re studying. Reflect on what resonates with you about different business areas, including the work you’d do in that field and the work environment.

Skills and aptitudes

Each business major has specific skills and aptitudes that students must possess to succeed. Before selecting a business major, honestly assess your strengths and weaknesses. For example, marketing may be an ideal career path if you’re a skilled communicator who enjoys analyzing data and using it in decision-making. Meanwhile, those who are detail-oriented and adept with numbers may be well-suited for an accounting major.

Career goals

A business degree offers many career options, including opportunities in various fields, including finance, healthcare, technology, retail, nonprofits, and more. It can also be an ideal major for students who see management and leadership roles in their future, as many managers and executives have a business education. One way to determine which business major is right for you is by researching individuals whose career paths align with your goals and learning more about their educational experiences.

Earning and growth potential

Business can be a high-earning field, although some business majors lead to more lucrative positions than others. Similarly, career outlook can vary depending on the area of business, so it may be helpful to consider this as well when choosing a business major. Says Pickett, “Researching the growth opportunities for a career can help individuals understand the full scope and opportunities for an area they are interested in pursuing. However, the predicted growth should not be the only factor when considering a career path. The job market is fluid, and things can shift over time, or new careers may develop.”

Level of education needed

In most cases, a bachelor’s degree in business, which takes about four years of full-time study, will qualify individuals for entry-level jobs. However, there are some business-related positions, like office administration or hospitality management, in which a two-year associate degree may suffice. Meanwhile, those who aspire to high-level positions, such as chief financial officer or chief technology officer, may need an advanced degree in finance or information technology beyond their bachelor’s to be eligible for these roles.

How to Learn More About Business Majors and Careers

Research is also essential when selecting the business major that best fits your needs. Common methods for researching business majors include:

• Visiting colleges or attending open houses: Getting an up-close look at a business school and its degree programs provides valuable insight into whether a business major is a good fit. These visitation opportunities allow students to talk to faculty and current students, explore classes and internship opportunities, and learn more about student outcomes.

• Network with business professionals: Individuals working in the area or industry you’re considering are great resources for learning more. You can develop your network by speaking to friends, family, teachers, counselors, and others about your interests and connecting with people in your circle with experience. You can also use online platforms like LinkedIn to seek out and build connections with people in the business world.

• Try free courses: Many free or low-cost online business courses can help you get a feel for what a business major might be like without committing the time and money to a full degree program. Completing an online course can also give you a solid foundation in business topics if you choose to pursue a major in that area.

• Speak to current and former business majors: Many colleges offer prospective students the opportunity to speak to current students or alums to learn more about majors. This type of research can give you an unfiltered perspective on what a major is like, including the type of coursework you can expect, what experiential learning opportunities are available, and extracurricular activities related to the major.

Business Major Degree Levels

Students can earn a business degree at all post-secondary education levels.

Types of Business Majors

Business administration

Students in business administration degree programs learn how to ensure that the individual departments within a company function correctly so the business can operate efficiently and effectively. Business administration students commonly choose a specialization such as marketing, human resources, finance, or information technology, which allows them to develop the practical skills they need to execute the responsibilities related to their specific department or industry.

Potential career paths:

• Administrative services and facilities manager — Plan, direct, and coordinate activities that help an organization run efficiently. Responsibilities include supervising staff, setting goals and deadlines for their department or facility, and recommending changes to improve operations.
  • Median annual salary: $104,900
  • Projected employment growth (through 2032): 5%
  • New jobs projected: 31,400 per year
• Administrative assistant — Perform routine clerical and organizational tasks, including arranging files, preparing documents, scheduling appointments, and supporting other staff.

• • Median annual salary: $46,010
  • Projected employment growth (through 2032): -10%
  • New jobs projected: 316,000 per year

Business management

Business management degrees focus on the skills individuals need for leadership and managerial roles within an organization, including decision-making, strategic planning, employee supervision, communication, and budgeting. Coursework covers various hard skills within the business field, including finance, marketing, accounting, and human resources, as well as soft skills like interpersonal communication, public speaking, and conflict management.

Potential career paths:

• Management analyst — Also known as management consultants, these individuals recommend ways to improve an organization’s efficiency and advise managers on how to make organizations more profitable through reduced costs and increased revenues.
  • Median annual salary: $99,410
  • Projected employment growth (through 2032): 10%
  • New jobs projected: 92,900 per year
• Administrative services and facilities manager — Plan, direct, and coordinate activities that help an organization run efficiently. Responsibilities include supervising staff, setting goals and deadlines for their department or facility, and recommending changes to improve operations.
  • Median annual salary: $104,900
  • Projected employment growth (through 2032): 5%
  • New jobs projected: 31,400 per year
• Executive — Plan strategies and policies to ensure an organization meets its goals and coordinate and direct work activities of companies and organizations.

• • Median annual salary: $103.840
  • Projected employment growth through 2032: 3%
  • New jobs projected: 311,600 per year

Accounting

An accounting major equips students with the skills and knowledge necessary to navigate careers in finance, taxation, auditing, and more. Students can choose an accounting program that covers general accounting topics or offers specialization options in areas like managerial accounting, financial accounting, taxation, or forensic accounting.

Potential career paths:

• Accountant — Prepare and examine financial records to ensure accuracy, identify potential areas of opportunity and risk, provide solutions for businesses and individuals, and confirm that taxes are paid correctly.
  • Median annual salary: $79,880
  • Projected employment growth (through 2032): 4%
  • New jobs projected: 126,500 per year
• Budget analyst —  Advise organizations about the details of their finances, prepare annual and special reports, evaluate budget proposals, and analyze data to determine the costs and benefits of various programs.
  • Median annual salary: $84,940
  • Projected employment growth (through 2032): 3%
  • New jobs projected: 3,600 per year

Finance

Finance degree programs take students through theoretical and real-world financial situations, preparing them for money management roles in various industries, including banking, business, healthcare, and government. Finance programs help students develop their abilities to use analytic and statistical models to understand different financial systems.

Potential career paths:

• Financial analyst — Evaluate investment opportunities, assess the economic health of businesses, and provide recommendations for optimal financial strategies.
  • Median annual salary: $95,080
  • Projected employment growth (through 2032): 8%
  • New job openings projected: 27,400 per year
• Financial manager — Maintain the economic health of an organization by directing investment activities and developing plans for meeting long-term financial goals.
  • Median annual salary: $139,790
  • Projected employment growth (through 2032): 16%
  • New job openings projected: 69,600 per year

Healthcare management

Healthcare management deals with the overall direction and large-scale needs of healthcare facilities like hospitals, healthcare systems, inpatient and outpatient medical facilities, community health agencies, and more. Core coursework includes topics like U.S. healthcare systems, healthcare management and strategy principles, marketing, quality control and risk management, budgeting and finance, ethics and regulations, organizational leadership, and more.

Potential career paths:

• Medical and health services manager — Plan, direct, and coordinate medical and health services. They may manage an entire facility, a specific clinical area or department, or a medical practice for a group of physicians.
  • Median annual salary: $110,680
  • Projected employment growth (through 2032): 28%
  • New jobs projected: 54,700 per year
• Administrative services and facilities manager — Plan, direct, and coordinate activities that help an organization run efficiently. Responsibilities include supervising staff, setting goals and deadlines for their department or facility, and recommending changes to improve operations.

• • Median annual salary: $104,900
  • Projected employment growth (through 2032): 5%
  • New jobs projected: 31,400 per year

Marketing

A marketing major equips students with the knowledge to understand consumer behavior, market research, advertising, brand management, digital marketing, and promotional strategies. Concentration options in digital marketing, market research, and product management allow students to develop more specific skills for niche roles within marketing.

Potential career paths:

• Advertising, promotions, and marketing managers — Plan, design, implement, and evaluate online advertising campaigns on social media, email, and websites.
  • Median annual salary: $127,830
  • Projected employment growth (through 2032): 6%
  • New jobs projected: 34,000 per year
• Public relations specialist — Create and maintain a favorable public image for the individuals, groups, or organizations they represent, including developing social media programs to shape public perception of their clients and increase awareness of their work and goals.
  • Median annual salary: $67,440
  • Projected employment growth (through 2032): 6%
  • New jobs projected: 25,800 per year
• Market research analyst — Gather and analyze data to help companies determine what products and services consumers want and how best to promote them.
  • Median annual salary: $68,230
  • Projected employment growth (through 2032): 13%
  • New jobs projected: 94,600 per year

Supply chain management

In this major, students learn the complex systems of sourcing, purchasing, transporting, storing, and distributing goods. They study supply relations and risk management principles and the industry’s software. Topics include logistics, finance, economics, product development, and business operations. Students with a supply chain management major will also develop their critical thinking and problem-solving skills.

Potential career paths:

• Logistician — Oversee purchasing, transportation, inventory, and warehousing activities, including organizing the movement of goods, people, and equipment and implementing software systems that help them plan and track product movement.
  • Median annual salary: $77,520
  • Projected employment growth (through 2032): 18%
  • New jobs projected: 21,800 per year
• Industrial production manager — Oversee the operations of plants, including coordinating, planning, and directing activities related to the manufacturing and shipping of various goods.
  • Median annual salary: $107,560
  • Projected employment growth (through 2032): 2%
  • New jobs projected:  15,300 per year
• Purchasing manager — Plan and coordinate the work of buyers and purchasing agents and handle complex procurement tasks to maintain the supply chain for a company’s products or services.
  • Median annual salary: $71,950
  • Projected employment growth (through 2032): -6%
  • New jobs projected: 45,000 per year

Human resources

A human resources major prepares students to act as go-betweens for a company’s bureaucracy and employees. Coursework covers skills and knowledge in recruiting, hiring, and onboarding new staff, coordinating employee benefits, mediating disputes, overseeing disciplinary procedures, and managing other administrative functions. Because interacting with various constituencies is a crucial function of HR employees, these programs also help students develop their communication, interpersonal, and collaboration aptitudes.

Potential career paths:

• Human resources specialist — A mid-level job, this may be a good fit for students entering the HR field after earning their master’s. Tasks include recruiting, screening, and interviewing job candidates; checking applicant references and backgrounds; processing employee paperwork; and more.
  • Median annual salary: $64,240
  • Projected employment growth (through 2032): 6%
  • New jobs projected: 78,700 per year
• Training and development specialist — Help coordinate and administer programs that train employees to improve their skills and knowledge in certain areas.
  • Median annual salary: $64,340
  • Projected employment growth (through 2032): 6%
  • New jobs projected: 35,400 per year
• Compensation and benefits manager — Ideal for those who want to focus on managing an organization’s pay and benefits structure, working with outside partners like insurance companies, and ensuring pay and benefits comply with federal and state laws. 

• • Median annual salary: $131,280
  • Projected employment growth (through 2032): 2%
  • New jobs projected: 1,100 per year

Economics

Required courses in an economics major usually include microeconomics, macroeconomics, economic theory, banking and finance, history of economic thought, international trade theory, statistics, and more. This major teaches students how to analyze economic patterns and changes and understand market and consumer behavior to help organizations assess risk and opportunities. They also develop transferable skills like analysis, communication, and critical thinking.

Potential career paths:

• Economist — Research economic issues related to education, the labor force, international trade, and other topics by collecting and analyzing data. Based on this research and analysis, advise businesses, governments, and individuals.
  • Median annual salary: $115,730
  • Projected employment growth (through 2032): 6%
  • New jobs projected: 1,200 per year
• Budget analyst — Help public and private organizations plan their finances by preparing budget reports and monitoring organizational spending.
  • Median annual salary:  $84,940
  • Projected employment growth (through 2032): 3%
  • New jobs projected: 3,600 per year
• Actuary — Use mathematics, statistics, and financial theory to assess the risk of potential events and help businesses and clients develop policies that minimize the cost of that risk.
  • Median annual salary: $120,00
  • Projected employment growth (through 2032): 23%
  • New jobs projected: 2,300 per year

Project management

Coursework in a project management major often focuses on planning and leading continuous improvement and project efforts, with attention given to details such as budget development and management, project and resource planning, and strategic thinking. These programs also emphasize soft skills like collaboration, leadership, conflict management, and public speaking.

Potential career paths:

• Project management specialist — Coordinate all aspects of a project, including budget and schedule, supervise the project team, and serve as the client’s point of contact.
  • Median annual salary: $98,580
  • Projected employment growth (through 2032): 6%
  • New jobs projected: 68,100 per year
• Management analyst — Also known as management consultants, these individuals recommend ways to improve an organization’s efficiency and advise managers on how to make organizations more profitable through reduced costs and increased revenues.
  • Median annual salary: $99,410
  • Projected employment growth (through 2032): 10%
  • New jobs projected: 92,900 per year
• Operations research analyst — Identify problems in areas such as business, logistics, healthcare, or other fields by collecting, organizing, and analyzing data, and developing tools to address the issues.
  • Median annual salary: $83,640
  • Projected employment growth (through 2032): 23%
  • New jobs projected:  9,800 per year

Learn More About Business Degrees and Programs

• Can You Earn a Business Degree Online?
• What Is a Bachelor of Business Administration?
• Do I Need an MBA to Be a CEO?
• Guide to an Online Finance Degree
• Guide to an Online Accounting Degree
• Most Affordable Online Master’s in Accounting Programs