Want to Earn a Bigger Paycheque? Study Business

We all know numbers are an important part of business, but here’s one that’s especially good to know:  your salary.

As it turns out, business degrees – which encompass areas of study including accounting, finance, general management, marketing, and human resources management and labour relations – are handy things to have when it comes to earning a healthy paycheque.

In fact, according to a Statistics Canada study, released in August 2020, business graduates were the highest earners among master's degree holders prior to the COVID-19 pandemic.

Five years after graduation, people with various business specialties out-earned all other master's degree graduates. For men, the three top disciplines registering the highest median earnings included finance and financial management services ($110,518), business administration, management and operations ($108,382), and accounting and related services ($102,718).

Women in business also led the pack, with those who obtained a master's degree in a business-related discipline outperforming their counterparts from other disciplines in the labour market.

Specifically, among female graduates, those with taxation degrees out-earned all others with $96,416 in median earnings, followed closely by finance and financial management services graduates with $92,956. Women who specialized in accounting and related services ($89,605) or business administration, management and operations ($89,202) also found themselves in the Top 5.

Several other male and female business-related graduates registered median earnings that were well above the average among all master's degree graduates.

Meanwhile, RBC Royal Bank also reported the value of a business degree, ranking the Top 10 bachelor’s degrees based on the highest average salaries from a 2016 Statistics Canada study. Coming in at Number 7 was business administration, while finance ranked at Number 3. Taking the top spot?

Business (a.k.a. management sciences).

Of course, the career you choose isn’t just about the money you earn, but understanding where you land on the salary scale can help you crunch the numbers – and plan for the future.

The University of Lethbridge’s Calgary Campus provides evening and weekend blended undergraduate and graduate degree programs for working adults.  Learn more at www.ulethbridge.ca/calgary