Business administration is a broad type of college degree, whereby students who pursue business administration have the option of choosing a concentration from a wide variety majors. The differences in degree majors typically correspond to the industries and careers that students pursue upon obtaining their degrees. Most business administration students pursue a bachelor’s degree before entering the workforce in their specific specialties, while others continue to advance their education and pursue master’s degrees in business administration. The salary level for business degree graduates, in general corresponds to their levels of education in the field of business as well as the differences in the individuals’ work experience in different job industries. According to Simply Hired, the average salary for business administration jobs is currently $59,000.
Employers adjust the compensation of business degree graduates based upon the job description and level of autonomy that is unique to each job. The average salaries for different jobs may include the base pay and benefits. However, the actual salaries for various types of jobs will vary based upon the amount of overtime pay for each individual in addition to bonus payments and profit sharing.
Average Salary for Recent Graduates
According to CNN Money, many business administration degree graduates are expected to receive an increase in the average salaries upon entering their careers. The National Association of Colleges and Employers report the average salary for recent business graduates has increased since 2008. In the spring of 2012, the National Association of Colleges and Employers compiled a list of the national salary survey of recent college graduates in different career fields. According to the National Association of Colleges and Employers, business degree graduates earned a median annual salary of $47,748 in 2012, and in 2011, the median annual salary for business degree graduates was $47,282, which was a 1% salary increase between 2011 and 2012.
Because of the broad range of job opportunities for business degree graduates, their salaries vary depending on the different job industries. According to the National Association of Colleges and Employers, individuals with bachelor’s degrees who enter into the educational industry earn a median annual salary of $38,329; In the healthcare and social assistance industries, graduates earn $39,512. Graduates who acquire jobs in the scientific and technical service industries earn a median annual salary of $47,880. Graduates entering the finance and insurance industry earn a median annual salary of $51,110. For the manufacturing industry, the NACE also reports that recent college graduates earn a median annual salary of $53,006.
There a many different types of careers that business administration graduates may undertake during the course of their careers. However, some of the typical jobs that many business degree graduates acquire are administrative managers, database administrators, accountants, human resource professionals, financial analysts and health service managers. The Bureau of Labor Statistics maintains an accurate report of the median salaries for different categories of jobs in the business administration field. According to the Bureau of Labor Statistics, administrative service managers earn a median annual salary of $77,890; the median salary for all management occupations is currently $91,440. Database administrators earn $73,490, and the median annual salary for all computer occupations is $73,710. Medical health service managers earn a median annual salary of $84,270. Accountants and auditors earn $61,690. Human resource managers earn $99,180. Financial analysts earn $74,350, and the median annual salary for business and financial operation jobs is $60,670.
Simply Hired also reports average salaries for typical job types in the business administration field. Contract specialists earn an average salary of $55,000. Information technology specialists earn an average salary of $65,000. Program analysts earn an average salary of $64,000.