Learning pays off, and these 11 highest paying countries for business majors would substantiate that philosophy.
Professionals having business majors are specially trained to handle broader aspects of a business. Few of the qualities which are inculcated in these persons are entrepreneurial skills and ability to adapt to the changing macroeconomic situations. Moreover, those who are admitted to the best of the business schools are selected based on their high analytical, logical and communication skills which help them confront demanding business situations. They are trained to become leaders in their respective domains. These professionals help businesses establish profitability, set strategic directions and make businesses stay relevant to the consumer needs and marketplaces. Even the governments sought help from management consultants in implementing public welfare initiatives. They can help implement concepts like Six Sigma, Lean Thinking, etc., that can enable huge savings to the exchequer and in turn, can help in community development by creating stronger businesses with more employment opportunities.
The remunerations or salaries for business majors have shown phenomenal growth over the years. Even if you look at entry level jobs for business majors (and trust us, there are plenty of these for fresh MBAs, right from sales managers to event planners, and not to forget start-up makers) at some of the best institutes, their salaries are higher than their technical counterparts. Interestingly, for the employers, it doesn’t make much difference if the prospective candidate holds a masters or diploma in Business Management. For example, Indian Institute of Management, Ahmedabad (India) ranks 27th and offers postgraduate programs, but not masters. However, their alumni are earning salaries in USD 182,736 whereas alumni of INSEAD (France), which is ranked at number 1 by Financial Times’ Global MBA Ranking 2017 and which offers masters, earns USD 167,305. Moreover, as socio-economic reforms take center-stage, nations look for talent from across the borders to satisfy the growing demand. The article 21 Highest Paying Countries for Expats explores the attractive job markets where countries are inviting expatriates. As the business landscape is changing rapidly with the advent of technology and digitalization, the demand for MBA’s as well as requirement of skill sets would also change. It is indeed important that the aspiring business students research into which streams would emerge as the best business majors for the future. As for now, some of the highest paying business majors and highest paying business careers are related to finance, investment, insurance, and banking. If you want to start one of the jobs with a business administration degree, you recently obtained, be sure to check out Indeed; there are some great suggestions.
In order to rank these 11 highest paying countries for business majors, we were primarily looking at the total remuneration package being offered and not just the salary part. There are and certainly would be many other parameters to look at; however in our opinion, following parameters stand out and would govern the ranking system in this article.
So, the remuneration package — apart from considering salaries in absolute terms to rank these countries, we are also considering salary trends, by way of looking at the increase or decrease in the previous year’s salaries. For the scope of this ranking, we are considering years 2017 as the current year and 2016 as the previous year. TopMBA’s Jobs and Salary Trends report provided much of the information on salaries mentioned in this article. This report would also help you understand which jobs can you look for with a business administration degree.
We are continuing with the cost of living — one earns money to make a living and living costs a lot in today’s world of gadgets and comfortable living. Not to mention, as the population grows and as the land becomes scarce, prices of homes, which is one of the three basic needs (in today’s world we do want to add mobile connectivity as the fourth basic need) are becoming unaffordable to the mass population. So the cost of living will have a negative impact on the ranking of the country in our ranking system.
And finally, as the third parameter, we took the country’s economic growth which has an impact on the job market as well as salary growth. Furthermore, as stated earlier, more and more governments are engaging management consultants in public sector projects. So, in the countries with the higher GDP growth, high paying job opportunities would be easily available as demand for talent would be high. This data was sourced from World Bank report.
In the ranking system, remuneration package would have more weight. Cost of living would have a negative impact, and as such we are considering it to have the importance of around 5%. The economic growth and salary growth are accounted for 10% each. Combining these parameters together we scored each country, individually and ranked them to make this list of highest paying countries for business majors.
Though precise information and data is always beyond the reach in many such studies, we have tried to account for these by including various parameters in our ranking system. The intention is also to give you a broader idea about the salaries drawn by the business majors and provide a thinking point about what can be a high paying business career. Few other sources used for this report include Corporate Recruiters Survey Report 2017 and Financial Times Global MBA Ranking 2017 have been referred to, among other secondary research sources.
Based on above-ranking criteria, we present to you our list of 11 highest paying countries for business majors.