With more than 8.4 million people, the state of New York is one of the largest in the country by population. Home to Wall Street and the New York Stock Exchange, New York's economy is worth $1.28 trillion dollars per year -- which would make it the 13th largest country on earth. Its gross domestic product is larger than both South Korea ($1 trillion) and Australia ($1.23 trillion), according to a report from the Martin Prosperity Institute. New York City, one of the world's economic hubs, has a positive economic outlook and data from the New York City Independent Budget Office expects annual employment increases to remain strong.
Positive career outlooks should be welcome news to prospective students considering earning a business degree from one of the many business schools in New York. The state has a presence in major industries ranging from financial services to health care, construction to manufacturing. Again, the New York City Independent Budget Office projects the best opportunities between 2014 and 2018 in New York City will likely be in education and health care (27.9 percent growth), professional and business services (27 percent), and leisure and hospitality (10.3 percent).
The largest private employers in the state, according to the New York State Department of Labor, include the following:
- Columbia University (Education)
- Cornell University (Education)
- JPMorgan Chase Bank (Finance)
- Montefiore Hospital and Medical Center (Health Care)
- Mount Sinai Hospital (Health Care)
- North Shore-LIJ Health System (Health Care)
With an optimistic economic outlook, a diverse array of major employers and projected employment opportunities in a variety of occupational fields, business school students in the state should be able to translate their education -- at any level -- into career success.
Online Business Programs in New York City
More than 100 colleges offer business programs at the associate level in the state, while another 121 offer students bachelor's programs in business. Prospective students can select from an assortment of learning options, including online business degree programs. There are three general types of business degrees:
- Associate. Designed to be completed in approximately two years of study, culminating in a degree that can be used to transition to a four-year, bachelor's degree program or serve to meet minimum educational requirements for entry-level position.
- Bachelor's. Typically finished in four years of full-time study, bachelor's degrees offer more comprehensive curriculum, as well as options to specialize within the business field. Bachelor's degrees are usually the minimum educational requirement for many positions in business.
- Master's. The master's degree, commonly called Master of Business Administration (MBA), is a program of study for working professionals seeking focused training in the their areas of expertise (e.g., marketing) as well as the opportunity to build advanced educational credentials.
Example concentrations in business include marketing, human resources, hospitality administration, sales, accounting, finance and more.
All told, business students in New York completed more than 50,500 degrees in New York in 2013, according to the National Center for Education Statistics (NCES). The bachelor's degree (24,998) was the most widely earned business degree, followed by master's (13,696) and the associate degree (11,987). At the subject level, the most popular areas of study for business majors in New York included business administration, accounting, finance, marketing and more. Below is a list of business degree data from the NCES for graduates of business schools in New York in 2013:
|Subject Area of Study||Degrees Conferred|
|Business Administration, Management and Operations||22,422|
|Accounting and Related Services||8,805|
|Finance and Financial Management Services||3,853|
|Specialized Sales, Merchandising and Marketing Operations||1,986|
|Human Resources Management and Services||1,403|
|General Sales, Merchandising and Related Marketing Operations||1,034|
Source: National Center for Education Statistics, 2013
Baruch College conferred the most business degrees in New York in 2013, followed by New York University, and SUNY Empire State College. The table below highlights the institutions that graduated the most business students in 2013 in New York:
|1||CUNY Bernard M Baruch College||3342|
|2||New York University||2992|
|3||SUNY Empire State College||1460|
|4||Columbia University in the City of New York||1422|
|6||Fashion Institute of Technology||1269|
|8||University at Buffalo||1094|
|10||Pace University-New York||992|
Source: National Center for Education Statistics, 2013
**NCES does not report data for online degrees, instead includes them in an aggregate total of degrees conferred.
Career Opportunities for Business Graduates in New York City
Research from the New York City Independent Budget Office projects mid-level positions in the city (pay between $50,000 and $100,000) should account for at least 42 percent of all employment growth in New York City between 2014 and 2019. One flourishing, emerging industries in the state is technology. In fact, between 2003 and 2013, employment in the New York City tech industry has increased by 18 percent -- far outpacing overall state and city averages.
That growth is expected to be heavily dependent on two sectors, health care and government. Ten-year forecasts from the New York State Department of Labor (2010-2020) projects 12.5 percent job growth in all business and financial operations occupations. Numerous business positions are expected to experience double digit increases in employment opportunities during that time, including the following:
|Occupation||Projected Job Growth|
|Meeting, Convention, and Event Planners||33.20%|
|Market Research Analysts and Marketing Specialists||31.60%|
|Personal Financial Advisors||27.0%|
|Training and Development Specialists||15.50%|
|Accountants and Auditors||13.10%|
Of this list of 31 business-related occupations from the New York State Department of Labor, the average salary for those positions was nearly $80,000 in 2014. Additionally, business offers some of the best paying entry-level wages in New York. Financial examiners earned $69,730 in 2014, followed by financial analysts ($63,250), personal financial advisors ($61,150), credit analysts ($58,460) and management analysts ($55,070).
Bureau of Labor Statistics, Texas, Occupational and Wage Estimates, 2013, http://www.bls.gov/oes/current/oes_ny.htm
Projections Central, New York, Projectionscentral.com
National Center for Education Statistics, http://nces.ed.gov/
The Atlantic, If U.S. Cities Were Countries, How Would They Rank?, http://www.theatlantic.com/business/archive/2011/07/if-us-cities-were-countries-how-would-they-rank/241977/
New York City Independent Budget Office, Fiscal Year Outlook, http://www.ibo.nyc.ny.us/iboreports/2014fiscaloutlook.pdf
New York State Department of Labor, New York State's Largest Private Employers, http://labor.ny.gov/stats/nys/Largest-private-sector-employers-NYS.shtm
New York Times, A Different (and Surprising) Economic Tale of New York City Emerges, http://www.nytimes.com/2015/02/18/nyregion/a-different-and-surprising-economic-tale-of-new-york-city-emerges.html?_r=0
New York State Department of Labor, Employment Projections, http://labor.ny.gov/stats/lsproj.shtm