Top-paying careers in business administration are typically at the executive level and are perfect for persons who are highly motivated and possess excellent leadership skills. Five such careers are discussed in the sections that follow. These positions usually require a graduate degree in business administration and/or several years of experience working in the business world.
Chief Investment Officers
One of the highest paying careers in business administration is known as a chief investment officer. These individuals are responsible for managing their employer’s investment portfolio. This can involve many different tasks including such things as developing long-term investment plans, making recommendations about investments, determining the best way to allocate assets, and overseeing financial staff members. CIOs can work for investment firms or a large variety of for-profit and non-profit organizations.
Vice Presidents of Finance
Another top-paying career in business administration is the position of vice president of finance. The vice president of finance is among the highest-ranking (and highest paid) executives in an organization. The main job of a VP of Finance is to monitor the financial health of the company. They accomplish this by overseeing the work of financial staff, setting financial goals, approving or disapproving financial transactions and investment recommendations, and conducting regular audits of the company’s spending habits and transactions.
Chief Financial Officers
Chief financial officers are also among the top-paying careers in business administration. While VPs of Finance are mainly responsible for decision-making, CFOs are responsible for planning and implementing financial decisions. They are also responsible for providing direction to financial teams, making financial recommendations to higher-level executives, and overseeing financial processes. The United States Department of Labor states that the average yearly salary for chief executives in 2018 was $189,600.
Chief Executive Officers
Yet another high-paying career in business administration is that of a chief executive officer. The CEO of a company is responsible for planning the overall strategic direction of the company. This often includes making decisions about the company’s short and long-term goals, values, branding, consumer base, expansion, company standards, and a broad range of other company issues. CEOs communicate with the board of directors and other top executives to ensure that the company is operating both efficiently and profitably.
Finance directors are some of the highest-paying careers in business administration as well. Under the direction of higher-level financial executives, finance directors work closely with lower-level finance staff to ensure that goals are being met. Their jobs often require them to set budgets that will help to meet these goals. They are also typically responsible for ensuring that financial staff adheres to all company and government regulations about financial handling and reporting. A master’s degree in business administration is often required for these positions.
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Business administration is a flexible field that offers a wide range of career opportunities. Some of these positions pay quite well, with yearly salaries going well beyond $100,000. Five of the top-paying careers in business administration are described above. All of these positions offer six-figure salaries and are ideal for people who are highly motivated and have excellent leadership and communication skills.