11 Highest Paying Countries for Business Majors

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.

11 Highest Paying Countries for Business Majors

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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.

11. Singapore

Salary in 2017 (USD): 105,300.00
Salary Growth (%): -0.23
GDP Growth Rate: (%) 2.53
Cost of Living Index: 82.41

This smallest country on our list of highest paying countries for business majors got the formula for transformation precisely right and had grown rapidly in since its independence in 1965 from the United Kingdom. A country with no natural resources, Singapore today has become regional headquarters for many well known multinational giants like Levi Strauss Co, General Electric, Bayer AG, to name a few. A well-developed infrastructure, high human development index and strategic positioning as global commerce hub, have allowed Singapore to attract more and more investments during last few decades. Being the 3rd largest financial hub in the world, Singapore has become an attractive destination for business majors with high salary packages and exciting job opportunities.

11 Highest Paying Countries for Business Majors

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10. India

Salary in 2017 (USD): 76,300.00
Salary Growth (%): 0.35
GDP Growth Rate: (%) 6.72
Cost of Living Index: 25.08

The second fastest growing economy in the world, India has been the IT outsourcing capital for quite long. Being a populous nation, it is also one of the most lucrative marketplaces. It ranks 10th on our list of highest paying countries for business majors and it also has a strong education system with some of the best B-schools in the world. It also boasts a stable political environment. During the economic slowdown around 2008 (when the USA and most of Europe suffered due to sub-prime mortgage crisis), India suffered minor setbacks and rather continued its strong economic performance (it suffered only in 2008 when its GDP growth slowed down below 4%, but it resumed its growth path in 2009 when it showed GDP growth at 8.59%). The government initiatives to expedite public sector projects and strong foreign exchange reserves were some of the reasons for such a strong performance.

As India strides towards becoming an economic superpower, it is expected to attract more academic talent, especially with management education and with new recruitment increasing by 14% over the current levels. The lure of high paying jobs and strong employment potential would keep this as an attractive destination for qualified business majors.

11 Highest Paying Countries for Business Majors

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9. Italy

Salary in 2017 (USD): 111,800.00
Salary Growth (%): 0.06
GDP Growth Rate: (%) 1.51
Cost of Living Index: 83.70

When you think of Italy, you might think of the poetry, the art and of course the Ferrari. However, Italy, which ranks 9th on our list of highest paying countries for business majors, has a strong economy to back its scenic beauty. According to OECD report, Italy would continue its economic growth and has shown a sign that the times are going to be good, especially as the manufacturing sector showed its highest growth in recent past. Another important aspect of Italy’s economy, which is the 9th largest in the world, is that services sector accounts for almost 75% of its GDP and is the biggest employer.

Italy has gone through a lot of economic and political turmoil and as such has many important steps to take to stabilize its economy. This country would also face pressure from the European Union to get its act straight as another economic collapse would be devastating for the entire Europe. One of the major initiatives required is the creation of more jobs with high skill sets. The hiring is already on the rise, and with new initiatives like job act, employment is set to rise (unemployment rate has declined to 11.7%).

Management consultancy which is a major employer of MBAs is strong in Italy with companies like Bain and Co and McKinsey which are strong recruiters. Provided that the Italian government continues the economic reforms process, Italy will continue to remain a high paying country for business majors.

11 Highest Paying Countries for Business Majors

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8. Canada

Salary in 2017 (USD): 111,100.00
Salary Growth (%): -0.04
GDP Growth Rate: (%) 3.04
Cost of Living Index: 70.16

We are continuing our list of highest paying countries for business majors with Canada which has enjoyed being one of the most livable countries in the world and is ranked among the top ten in “World Happiness Report” by United Nations Sustainable Development Solutions Network. In 2012 OECD report it was ranked as the most educated country in the world. In recent past, Canada has reformed its labor market by inviting more immigrants as well as making the job market flexible. These majors have resulted in increasing the overall labor efficiency and have helped Canada maintain a steady economic growth rate. There is need for the government to adjust for the recent setbacks it received to its economy which resulted in the slowing job market.

Canada has a high cost of living index however it also has relatively higher growth rate among all the other countries in this list, except India. It is expected that Canada will continue to perform better regarding economic growth and as such, it would continue to promote higher job creation which requires higher skills sets.

11 Highest Paying Countries for Business Majors

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7. France

Salary in 2017 (USD): 116,200.00
Salary Growth (%): -0.06
GDP Growth Rate (%): 1.57
Cost of Living Index: 74.89

One of the founding members of United Nations, France has always been in the center-stage of world politics. It remains an important destination for art and fashion and has been at the forefront of literature and music. France has shown strong economic performance and is expected to grow steadily. INSEAD which is ranked as the best B School in the world by Financial Times, along with other highly ranked institutions is helping in creating a steady stream of highly qualified business professionals.

France ranks 7th on our list of highest paying countries for business majors. It is also ranked at number 4 among the countries having most Fortune 500 companies.

It also pays relatively higher salaries, only lower than Switzerland and UK. However, it is ranked lower on the list due to its relatively slow economic growth as well as its negative growth in salary. Hopefully, in coming years, the government would establish majors that would further strengthen the economic performance improving job market and in turn improving salary packages for business majors.

11 Highest Paying Countries for Business Majors

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6. Chile

Salary in 2017 (USD): 94,900.00
Salary Growth (%): 0.56
GDP Growth Rate (%): 1.38
Cost of Living Index: 50.09

Chile is considered a stable and high-income economy. It is also the first South American nation to be inducted in the OECD. Chile is expected to perform better in terms of financial stability and as such its job market will improve. The salary levels would also increase, and it has shown highest growth in salary among the countries ranked in this list of 11 highest paying countries for business majors

Chile’s economy has been primarily dependant on its natural resources, and in the future, it would try to reduce its dependencies on these resources. As such requirement of highly skilled professional would be high. The financial sector is one of the biggest employers, and it would continue to hire more business majors. The MBAs in Chile have many opportunities and should expect better job prospects as well as higher salaries in the coming years.

11 Highest Paying Countries for Business Majors

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5. Australia

Salary in 2017 (USD): 116200.00
Salary Growth (%): -0.05
GDP Growth Rate (%): 2.21
Cost of Living Index: 80.66

Australia has been a bright performer in terms of education destination for international students. Its institutes have consistently ranked higher in the global surveys. It has shown a strong economic performance and has taken steps to focus on tourism and real estate, whereas moving away from resources based economy. This would generate high demand for candidates with formal education in business management.

Furthermore, Australia which ranks 5th on our list of highest paying countries for business majors, has taken steps towards increasing its intellectual capital and has promoted immigration-related employment opportunities in high skilled professions like management and strategy. Also to support a booming real estate sector which in turn increases investment activities, the demand for MBAs would keep increasing. However, the increase in salary packages won’t be substantial.

11 Highest Paying Countries for Business Majors

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4. Japan

Salary in 2017 (USD): 106,600.00
Salary Growth (%): 0.33
GDP Growth Rate (%): 1.51
Cost of Living Index: 85.28

Still the third largest economy in the world (Nominal GDP), Japan has created some of the world-renowned business including Sony, Toyota to name a few. Even at these levels, it has shown a steady and sustainable growth rate and is expected to continue its strong performance. Also, it is a nation with positive trade account surplus. The standard of living as well as the cost of living in Japan is higher. The cost of living is relatively higher in the context of the salaries earned by its business majors.

Traditionally Japan, the number 4 on our list of highest paying countries for business majors, had “guaranteed lifetime employment” which became obsolete with changing times. Still, the large portion of the population is employed under this guarantee and would retire soon.

Japan has focused on infrastructure development including bullet train projects and upgrading existing networks. Furthermore, Japan is exploring other markets where it can sell its technology (it signed a MoU with India to develop intercity bullet train network). In such a situation Japan is in need of qualified business leaders who can establish Japan’s innovation capabilities of the past.

11 Highest Paying Countries for Business Majors

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3. The United States

Salary in 2017 (USD): 120900.00
Salary Growth (%): -0.07
GDP Growth Rate (%): 2.18
Cost of Living Index: 75.42

The home of MBA, United States of America is in many ways where the whole world comes to learn MBA. Many of the world’s business leaders have been proud to be alumni of Harvard or Stanford. Even the dropouts from these institutes have made it big in the business world. It has remained as the world’s largest economy for most of the modern history. Silicon Valley has been known as the innovation center of the world. To substation such developed nation, and to keep pushing the frontiers of innovation, USA always has demand for highly skilled professionals.

Most of the large corporations having global footprint have been based in the USA, which ranks 3rd on our list of highest paying countries for business majors. Out of Fortune’s 500 companies, 132 are based in the USA including the Walmart. To cater to such a big corporate environment, USA will continue to demand more and more numbers of candidates with business majors.

11 Highest Paying Countries for Business Majors

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2. United Kingdom

Salary in 2017 (USD): 122900.00
Salary Growth (%): 0.03
GDP Growth Rate (%): 1.66
Cost of Living Index: 69.49

The country which colonized most of the world in the past is still an economic superpower of the world and has influential in world politics. The United Kingdom which ranks second on our list of highest paying countries for business majors, has the strong education system with some of the world’s oldest institutions like Oxford and Cambridge. It has a strong economy and has a dynamic job market. Even after being the second highest paying country on this list, UK still has a very low cost of living Index, as compared to other developed economies. Though the job market is going through uncertainties, UK has shown a slight increase in the salaries over the previous years. Businesses that recruit MBAs in the UK are primarily financial institutions like investment banks, consultancy organizations, etc. It is estimated that the recent Brexit phenomenon will not have a severe impact on high skilled jobs in the UK.

11 Highest Paying Countries for Business Majors

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1. Switzerland

Salary in 2017 (USD): 140900.00
Salary Growth (%): -0.08
GDP Growth Rate (%): 1.01
Cost of Living Index: 122.06

One of the smallest country by area in our list, Switzerland isn’t small when it comes to scenic beauty, prosperity and wealth. The primary reason for such a high demand for MBAs in Swiss region can be attributed to the presence of consulting companies which are the biggest recruiters of graduates with business majors. Furthermore, Switzerland being the financial safe house for global rich (and notorious for complete confidentiality it offers to its exclusive clientele), financial institutions employ some of the brightest brains in the business, and they are paid the best. It can be noted here that finance is one of those sectors which has highest paying jobs in the business world. It has also been high on innovation and has consistently ranked at the top in the global innovation index. To sustain that, Switzerland does require talented and qualified professionals.

Considering the demand for financial services and the trends in the global industry, this country will continue strong and will offer higher salaries to the MBAs. The high salary packages which are almost 1.2 times the median salaries earned by MBAs in the USA, Switzerland is certainly the country which would rank as number 1 on the list of 11 highest paying countries for business majors

11 Highest Paying Countries for Business Majors

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