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Business as a whole is a top career to break into. This is a field where there are literally unlimited possibilities for a professional who has not only the education but the natural skill of leadership and experience that has enhanced these skills as well. The exact Business Administration salary that one can earn is based mainly on the type of skill he has whether that is in the managerial part of the business or in the sales of that business. Additionally, the salary will also vary depending on the type of degree the professional has earned plus any experience he has in that field. In most cases, the total Business Administration salary is one of the top salaries as opposed to other professions.
Specialty Fields Salary
There are numerous specialty fields throughout the Business Administration field that will determine what the total Business Administration salary should be. The most complex type of salary in this field is that of the sales professional. Some sales professionals will work on straight commission while others will work for a straight salary, and some will earn a combination of both. For example, a salesperson who sells used cars will typically earn a percentage of what the company makes for a profit on a vehicle they sell with no set salary. On the other hand, one who works in a retail shop will most likely earn a small commission of what the company makes off of their sales while earning an average of $10 to $15 per hour. In the management world, the regional sales manager can expect to have a yearly salary up to $100,000 per year plus commissions of what they have sold as well as any sales generated by their sales team. This type of salary can easily reach $150,000 per year. Most professionals who start out in the sales field have the ultimate goal of working their way up to the position of Regional Sales Manager or simply Sales Manager so they too can earn this top salary in the business specialty of sales. The only downside to working in sales is that the employee does not always know what their next paycheck will hold when they work on straight commission, although this element will pay off for any sales employee when they show their true potential through education, experience, and success and are promoted to the title of Sales Manager.
As opposed to sales, management personnel in fields like Management and Finance can expect their salaries to be in the top tier with no commission. These salaries typically start out in the $60,000 per year range and increase up to $100,000 or more per year. Additionally, these positions are also generally awarded with generous benefits packages as well which may include paid time off and medical insurance on top of retirement plans and flexible spending accounts.
Education and Experience-Based, Business Administration Salary
Studies have shown that the more experience and the higher level of education a business professional earns, the higher his Business Administration salary will be. One professional who has no experience and has earned a bachelor’s degree, the lowest form of education required for any entry-level managerial position, may only earn a salary around $30,000 per year. When one goes the extra mile and earns a top degree in a program such as the master’s or doctorate degrees in Business Administration, he can expect his salary, even at the starting point, to be closer to $50,000 per year. Now, as this same professional gains experience in their field and shows their employer that they have the potential required to promote success for themselves as well as their company, they will be able to increase their earning potential to over $100,000 and sometimes even $200,000 per year when they add in the straight pay salary, bonuses, commissions, and benefits packages.
Another aspect that professionals need to take into consideration when accepting the salary offered with their employment is the elements that involve both the size of the company and the geographic location of the company. Large companies in New York or California will offer much higher salaries to their employees as opposed to smaller companies in rural areas like Wyoming or Montana. When working for companies in larger areas, however, the employee must also realize that the cost of living is much higher in these areas as well. Therefore, they may earn more but have less money in the end since their cost of living in that area is more than the rural areas.
There are many elements that go into the overall Business Administration salary including the type of career as well as the experience, education, and location of the employee and the company. All of these elements put together will provide a professional with a top degree in the business field, the top salary in the specialty they work in, as well as the area in which they work. For those professionals who have already earned a bachelor’s degree but want to bring their salary to the maximum potential, it is never too late for them to continue working in the field while going back to college to earn their graduate level degree from one of the best, online colleges.