5 Key Business Starting Salaries

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January 27th, 2009 in Education, Jobs, Resource

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If you want to live the good life, you better be good at numbers, and no, it’s not so you can balance your meager budget, but instead help with one of the many facets required by business graduates.

Degrees in Business Administration

Average business starting salaries are higher than most and have been for the past 50 years. On top of a larger than average paycheck, these jobs carry high bonuses, too. Despite the lackluster performances of the business economy in recent years, business professionals continues to be in demand as both private and public sectors, even non-profits, require various business expertise to carry on with their operations. Let’s take a look at average business starting salaries and positions in the fields of Finance, Accounting, Marketing, Advertising and Management.

Accountants

All companies have finance or accounting departments and their basic role is to safeguard company assets. Entry level accounts are often called Junior Accountants. A four-year bachelor’s degree usually in the fields of business, finance, or accounting is often required of entry-level accountants. Although entry-level positions do not require it yet, Junior Accountants looking to advance their careers look toward earning state licenses to become Certified Public Accountants or CPAs. The average business starting salaries for accounting majors upon graduation is a little over US$43,000. Opportunities abound in this field but no, it’s not because James Bond’s love interest not too long ago was an accountant. In fact, the U.S Bureau of Labor Statistics projects the demand for accountants to rise up to 20% in the next 7 years!

Financial Analysts and Personal Finance Advisors

Because of the nature of the job, financial analysts and personal financial advisors must possess at least a college degree in finance as well as excellent communication and interpersonal skills. Their job mainly evolves around helping individuals and businesses make sound investment decisions by recommending options or investment choices. Financial analysts assess the performance of companies across an industry for firms or businesses looking to invest in them. Personal financial advisors assess the financial status and needs of individuals and provide them with options to reach their financial goals. Most financial analysts work in large securities and investment firms in New York were practice is lucrative. The average business starting salaries for NY-based financial analyst jobs is between US $40,000 and US $80,000.

Advertising/Marketing/PR Managers

Being people persons, marketing managers work with product development managers, market research, and other professionals in related fields to help them estimate demands for client products and services, formulate pricing strategies, and identify trends. A healthy mix of education and experience is ideal for marketing managers. Embarking on this career path requires at least a bachelor’s degree although some hold MBAs.

The U.S Bureau of Labor Statistics projects growth for marketing jobs through 2016 but even so, tough competition awaits even college graduates. Obviously not an entry-level position, marketing, advertising, and PR managers make earnings starting at more than US $95,000. The annual average business starting salaries for these managerial positions is six figures in the US.

Human Resource Managers

Usually the mediator between employee and company management, HRMs guide employees throughout their stay with the company, from recruitment to exit. In recent years, as business began to be played in the international scene, the demand for HRMs with exposure to various cultures and markets has surged. The job now involves a lot of strategic planning alongside their usual employee-related duties. HRMs now suggest policies related to employees, compensation, and benefits. Earnings vary in various practice environments but the average business starting salaries for Human Resources managers in the U.S range from US$85,000 to $120,000 annually.

Mutual Fund Managers

If there is anyone who can laugh his way to the bank with each paycheck, it’s the mutual fund manager. The job may require more wheeling and dealing (on top of a tough hide) than most but it also pays top cash. Stock fund managers easily make between U.S $400,000 to $5,000,000 annually. These average business starting salaries are inclusive of bonuses. Despite the fact that in the last 10 years, only 3 out of every 10 mutual fund managers actually beat the market, these pros still make tons of money moving other people’s money around. Few of them have MBAs and a bachelor’s degree is not a requirement.

Clearly, a job in business is one that pays well. And if you’re one of those who play the stock market, odds are you take home an obscenely huge paycheck month after month after month, with a recession or without.

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