business and marketing degree salary

business and marketing degree salary

Exploring the Salary Potential of Business and Marketing Degree Graduates

1. Introduction to Business and Marketing Degrees

In the past, research and evidence have been presented to attempt to unravel several pertinent questions that business degree students are likely to ask. These questions are legitimated because the majority of business students are motivated by career and wage prospects that are usually associated with a business degree. For example, what is the salary expectation for the business degree holder? The evidence, to date, gave a clear direction. Business degree students are assumed to have potential high earning capability, but much of the evidence, specifically the salary tables, suggested that the wage had not realized their maximum capability. In fact, students were routinely disappointed when they realized that non-degree students (though with the same work experience) had achieved similar salaries. However, evidence of recent years is more encouraging. Salary earnings for new business graduates had improved with a strong economy. But does this evidence also apply to marketing degree graduates? Do either of the degrees have a wage premium?

Business degrees are popular as a first degree choice among university students in the United Kingdom. While business degrees emphasize generalist learning, distinct specializations exist to enable students to achieve greater in-depth understanding in either traditional business (e.g. administration, finance, marketing, and HR) or business combined with new technology (e.g. business information systems, e-commerce, and web computing). Several universities, including the University of Greenwich, provide their variants of business degrees. Marketing degrees are also widely offered at UK universities. Such degrees primarily focus student learning on the marketing/retailing dimension of business. A common characteristic of both types of degrees is the educational base established in which students are made familiar with the knowledge and skills invoked in today’s typical business context. Upon graduation, employed students are expected to possess increased ability to contribute and perform in organizations.

2. Factors Influencing Salary Potential

This paper focuses on the dependent variable of wage/salary. Despite being an important question that consumers of higher education ask, it is not fully answered. Recent studies have identified a number of factors that help determine the salary potential of business and marketing degree graduates. Specifically, it has been found that labor market demand for graduates’ skills, the graduate’s GPA, undergraduate coursework, specialized credentials, class rank, field of study, diversity of employment opportunities, professional experience, specific college attended, and gender and ethnic background are important in predicting the salary potential of graduates. Additionally, the role of benefits on job performance and job satisfaction as a prelude to improved salary progression has been advanced. The purpose of this paper is to explore what influences the connection between pay level and the role employee benefits play in the decision-making process.

The financial returns of business and marketing degrees are attractive to an increasing number of students, but what influences salary potential has not yet been fully explored by researchers. There is only limited knowledge about the relationship between employer demand, job satisfaction, and salary potential of business and marketing degree graduates. There is increasing employer demand for graduates who possess multidimensional skills, as the traditional view that academic study will prepare one for their first job is less relevant. The purpose of this research was to focus on the career expectations of final year business and marketing students. To this end, the respondents were presented with a list of 16 diverse job rewards and motivations and were asked to rank them accordingly. The researchers also included three job satisfaction criteria in the survey instrument.

3. Average Salaries for Business and Marketing Degree Holders

Minimum salary reflects the annual earnings level reported by the lowest 10% across the general salary databases. Average salary represents salary information based on all job matches (highest and lowest) across industries. Using current salary averages, affected workers have a reasonable chance of gaining access to recent salary levels across industries. Salary is used here in the general sense to represent the entire salary package – base salary, bonuses, profits and commissions, and other cash-related compensation, such as overtime and shift differentials. Also included is the value of the variable compensation paid in the form of financial support (including that provided at managerial, union or government request and assistance), and the value of non-monetary and employment benefits received.

The importance of regular salary surveys helped us gain a good understanding of current salary levels for newly hired graduates and experienced workers. To develop the responses presented here, we combined a number of labor market resources where salaries are initially presented on either a monthly or hourly basis into an annual salary level. Among the many resources used, we accessed the Internet Salary sites, electronic job board ads, electronic job board ‘apply for job’ postings, government and private employer survey and statistical resources, industry publications, and information available directly from companies and employers.

4. Career Paths and Specializations in Business and Marketing

From a career path perspective, sales and product development are two specialization areas often targeting not only business graduates, but also professionals from other fields. Consulting is again an area with high potential for business graduates, but it relies more on a combined degree in a field to which these professionals provide advice on. Another business area, logistics, requires graduates to possess specific skills more related to technological areas, and therefore may not be as much in the interests of traditional business management graduates.

Business and marketing degrees open up a wide spectrum of career paths and professional specializations for graduates to choose from. Above all, these degrees provide an opportunity to work in traditional and dynamic sectors. Business areas have more entry positions at administrative, financial, or management levels, while specialized marketing positions related to digital and international marketing are also in high demand. The potential of high-earning senior positions is expected over the long-term horizon. In this section, we outline the various professional areas available to business, corporate communication, and marketing graduates.

5. Strategies for Maximizing Salary Potential

Many college students might not consider strategic aspects of internships and co-ops that go beyond the brand name of the employer or the job responsibilities. Some students might only search based on salary, payable and even regardless of geographical location. In many instances, students are willing to take an unpaid internship, even though they might have had a paid offer from another employer. Students should weigh the value of internships into their total investment calculation. Only the best internships and co-ops prepare students for the top jobs, which have high salary potential.

Since business and marketing graduates possess such a valuable degree, wouldn’t it be wise for colleges and students to focus on job search preparation strategies that facilitate securing the most lucrative career? Much of a student’s future salary potential is directly related to the effort exerted in their job search and the first job they obtain. Selecting a major is just one decision, and it represents only a certain level of career potential. Let’s face it, the single most influential factor for a student to best position themselves for a rewarding career is to secure as challenging an internship or co-op as possible. Students need to be strategic in their search and willing to relocate.