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How much money do they make in the business field?

I wanted to major in business, but I don't know how much they make?

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Geovanni Arnel’s Answer

Hi Yuren,

Your question about earning potential in the business field is quite fascinating to ponder. There are numerous factors that play into determining how much one can earn in this field (whether you plan to be employed in a business or you are considering being a business owner). Below, I've outlined some key factors for consideration:

A. Geographic Location: The location of your business or employment significantly influences earning potential. For instance, individuals working in major cities like yours (i.e., San Francisco, California) often command higher salaries compared to those in smaller towns or regions with lower income levels.

B. Industry: The industry you work in can greatly impact your earning potential. Certain sectors, such as the finance industry, are renowned for offering substantial salaries in comparison to fields like the garment industry.

C. Economic Climate: The overall economic landscape plays a crucial role in determining earning potential. Industries that are thriving in the current economic environment, like technology, often offer higher salaries than those facing challenges, such as the restaurant industry (remember what it was like during the recent pandemic).

D. Company Performance: When considering employment with a company, it's essential to assess its financial health. Successful companies (e.g., the NBA) typically have the resources to offer competitive salaries, whereas struggling businesses may have limitations in this regard.

E. Job Position: Different roles within a business command different salary levels. For example, leadership positions such as CEO or CFO typically yield higher salaries compared to entry-level positions like customer service. FYI - some of the more common positions that are traditionally business-specific include operations/project management, finance/accounting, and sales/marketing.

F. Experience: Accumulated experience within a specific industry is often correlated with higher earnings. Individuals with extensive experience, say 20 years, tend to command higher salaries compared to those who are new to the industry.

I hope these insights prove valuable to you as you navigate opportunities in the business realm. For more specific data on salaries, I recommend exploring the U.S. Bureau of Labor Statistics website (https://www.bls.gov/oes/), where you can access comprehensive information tailored to particular occupations and geographic locations in the U.S.
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Christopher’s Answer

It's perfectly reasonable to be curious about the income prospects of any chosen profession. Roles in the "business" sector can differ greatly, depending on your specific job and the level you're at. My advice would be to concentrate on identifying potential careers that enable you to engage in work that is meaningful and aligns with your passions. Once you find that, the financial rewards will naturally come.
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Saliek’s Answer

The range of salaries spans from beginner roles to top-level executive positions, with a wonderful possibility of earning more as you build upon your experience and hone your skills in your chosen profession. Your expertise can truly pay off!

Saliek recommends the following next steps:

Consider gaining practical experience through internships or entry-level positions related to your major.
Networking with professionals in your field of study.
Attend an industry event or two.
Joining relevant orginizations can also enhance your career prospects.
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Stacie S.’s Answer

Hi - There are so many roles to choose from in the business field. There are entry level business sales roles starting at 41K with different companies and senior level roles where you can make 400K+ for total compensation.
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Shandy’s Answer

Hello. Well, it totally depends on the field. Business is an expansive term and covers many areas. Business can be sales, leadership, operations, etc. You first need to try an assessment such as Clifton's Strength Finders to determine what you are good at and what drives you. Every business has 1 thing...customers! Determine how you want to work with people and what side of the business world best suits you. Do you want to be in front of folks making deals and impacting change directly, or are you more behind the scenes doing strategy? Business roles can be from 60k annually in salary to 300k depending on the role and industry. Good luck in deciding what's right for you!
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Duncan’s Answer

Hi Yuren,

This is a broad question and something difficult to quantify. Your earnings will vary across your career. Starting salaries will be lower as you have less experience but give consideration to your career plan, where you want to get to and how il you get there. You may need to move between employers and reskill to advance. What I would add is that salary should be one factor when deciding on a career. If you don't enjoy what you do and have a passion then money alone may not be sufficient to motivate you to achieve your goals. Have a look at websites such as Glassdoor as these offer salary ranges for roles.

Good luck in your search.
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Diane’s Answer

The salary you earn can vary greatly depending on the business industry you choose to venture into. For instance, tech industries are known for their higher salary scales. However, when selecting a career, it's essential not to let salary be your primary focus. Instead, concentrate on finding something that truly engages you and brings you joy. When you love what you do, work becomes less of a chore and more of a passion that fuels you.
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