Deema
Which field in Business is the highest paying career?
I am still undecided what field in Business i should major in. Business is one of the biggest major or career out there with a bunch of choices. #business #finance #accounting #international-business #corporate-finance #financial-accounting #undecided
6 answers
Vincent Diotte
Vincent’s Answer
Hi Deema,
Like Oliver mentioned, you have to ask yourself in which field of business you are the best. Which field do you enjoy the most? If you like what you are working on, you are going the get way better than people who choose the field for the money. At the beginning, they are probably going to make more money than you. But, by the time, if you like what you're going to do, you're going to get better and better and you will probably end up by making more money than they will. And if you don't, you are going to be happy. That's is the most important thing. You can earn as much money as you want, but if you don't like what you're working on, money ain't going to make you happy.
You have the opportunity to choose your career, you should take this opportunity to invest in yourself by choosing a field of study that you like.
Hope this little advice is going to help you.
Oliver Trauschke
Oliver’s Answer
Hi there,
I think you are stating the wrong question: what is it you are really interested in? High payout comes from commitment and the skill you are able to bring into your job. Besides that: Income and career maybe minor concerns. Don't get me wrong: a well payed and "good" job is really great, but most important is the work-life-balance. What shall you do with all the money earned when you don't have the time or beloved ones to spend it with?
Good luck!
Jason Williams
Jason’s Answer
As mentioned Investment Banking probably has the highest compensation BUT it's pretty much only in NYC and the job is high stress and you make money if you earn the firm money.
I agree with other replies that money is not the only consideration, but I'm also not going to say you should ignore it. If you google job satisfaction and motivation, you'll see that most people list money somewhere in the middle and things like challenging work, learning new skills, good co-workers and things like that rank higher.
The reality is if you have a degree and get a job with any company after you graduation you'll be ok monetarily. Life has a way of balancing out. and you find the equilibrium of your salary and your lifestyle quickly. And most of your social circle will probably be from work or college so they'll be in same boat.
You can always change majors but check out finance and accounting classes. If they don't resonance or make sense then switch to marketing or human resource type. Or give computer development a look. A business major with coding skills could be a solid route. Personality tests are ok but none of the tests I take say I should be an accountant but I am and I love it, so take those with a grain of salt too.
Last bit of advice - it's ok to get it wrong and figure it out later in life. If you work till late 60s that will be 40+ years of a career. If the first 4 years were in the wrong field, you still will be in the right field for 90% of your work life which is not a bad things at all.
Good luck
David Hosei
David’s Answer
Typically you hear stories of IB or Investment Banking students getting the highest salary out of college.
My path was a little different. I was an Entrepreneurship major and started a business the summer after my junior year at IU. It was fairly successful and I'm pretty sure I outpaced many of the IB students. However, I've had a couple businesses that have been a little more challenging.
I'd encourage you to find a path within the business field that fits your strengths and personality. Strengths Finder, Myers Briggs and Devine Inventory are all good assessments in my opinion.
Onward and upward,
David Hosei
James Constantine Frangos
James Constantine’s Answer
In the realm of Business, the crown for the highest earning potential goes to the field of investment banking.
Investment banking is renowned for its generous paychecks. Those who carve their careers in this sector play a crucial role in assisting corporations and governments in raising funds through the issuance of stocks or bonds. They also lend their expertise in advising on mergers and acquisitions. The demanding work schedules of investment bankers are balanced with hefty compensation packages, encompassing base pay, bonuses, and additional perks.
Here are other career paths in Business that offer attractive financial rewards:
Management Consulting: These professionals partner with firms to boost their performance and streamline their operations. Their knowledge and ability to foster positive transformations within companies result in handsome remuneration.
Private Equity: Individuals working in private equity participate in investing in and taking over companies. The potential for significant investment returns makes this field a high-earning one.
Venture Capital: Venture capitalists infuse funds into startups and small businesses that demonstrate promising growth prospects. This sector can prove to be financially rewarding, especially when the investments flourish.
Corporate Law: Lawyers who specialize in corporate law often earn top-tier salaries due to their proficiency in navigating complex legal issues related to business deals, contracts, and lawsuits.
Real Estate Development: Real estate developers who can spot and carry out profitable ventures stand to make substantial earnings through property development and investment.
While pondering over a major or career trajectory in Business, remember that potential earnings are just one piece of the puzzle. Your personal interests, skills, and long-term career aspirations should also significantly influence this decision.
Top 3 Credible Reference Publications or Domain Names Used in Answering this Question:
Forbes
The Wall Street Journal
Harvard Business Review
These resources were instrumental in compiling data on salary trends, industry insights, and expert viewpoints concerning high-earning careers in Business.
May you be blessed in abundance!
James.
