The earning potential for graduates with a business degree from Belgium and Luxembourg can vary depending on several factors such as job experience, industry, and position.
However, in general, earning a business degree from Belgium and Luxembourg can provide graduates with a strong foundation for a successful and lucrative career.
According to Glassdoor, the average salary for a Business Development Manager in Belgium is around €60,000 to €120,000, while a Marketing Manager can earn between €55,000 to €90,000 per year.
In Luxembourg, a Senior Financial Analyst can earn an average salary of around €82,000 to €121,000 per year, while an Accountant can earn between €51,000 to €85,000 per year.
What Are The Highest Paying Jobs In Belgium and Luxembourg?
It is important to distinguish jobs that require some experience (5 to 7 years), and jobs that do not. Below are several jobs in each respective category. For a fair comparison, C-level executives have to be excluded from this list.
No Prior Experience
- Investment Banker – Investment Bankers typically work in the finance industry and are responsible for helping clients raise capital and manage financial transactions. In Belgium and Luxembourg, Investment Bankers can earn up to €150,000 to €200,000 per year or more.
- Management Consultant – Management Consultants work with businesses to improve their performance and operations. In Belgium and Luxembourg, Management Consultants can earn up to €100,000 to €150,000 per year or more, depending on their level of experience and the specific industry they work in.
Some Prior Experience Needed (Mid-career)
- Finance Director – Finance Directors oversee the financial operations of a company or organisation. In Belgium and Luxembourg, Finance Directors can earn up to €130,000 to €170,000 per year or more.
- IT Director – IT Directors are responsible for managing a company’s technology infrastructure and ensuring that it aligns with the overall business strategy. In Belgium and Luxembourg, IT Directors can earn up to €130,000 to €160,000 per year or more.
What Are The Factors That Affect Your Salary?
As seen with experience, there are more factors that go on to decide your salary. This depends on your ability to secure a job, as well as the expertise and qualifications you have.
Below is a rundown of some academically cited factors that affect your earnings:
- Education: According to Eurostat, higher levels of education are generally associated with higher salaries. Individuals with a bachelor’s degree, for example, typically earn more than those with only a high school diploma. In Belgium and Luxembourg, a business degree can provide a strong foundation for a successful and lucrative career, as outlined in our previous discussion.
- Experience: Job experience is another important factor that can impact an individual’s salary. As individuals gain more experience in their field, they typically become more valuable to their employers and can command higher salaries. According to Zippia research, the average wage increment for job switches is 14.8%, while traditional salary growth in a large firm is at least 5%.
- Job position: The specific job position an individual holds can also impact their salary. Some positions are inherently more senior and command higher salaries, while others may have lower salaries due to the nature of the work. For example, in Belgium and Luxembourg, a CEO typically earns a higher salary than a junior manager.
- Industry: The industry an individual works in can also impact their salary. According to the Belgian Federal Public Service Economy, SMEs in Belgium generally pay less than larger companies, while employees in the pharmaceutical and chemical industries tend to earn higher salaries. Additionally, certain industries may have a higher demand for skilled workers and may be more competitive, leading to higher salaries.
Sectors With The Highest Salary
As business students have increased flexibility in their choice of industries, fresh graduates can pick from a plethora of sectors that could provide a myriad of professional experiences.
The finance industry in Belgium and Luxembourg is known for its competitive salaries, especially in investment banking and private equity. According to Glassdoor, the average salary for an entry-level financial analyst in Belgium is around €50,000 to €85,000 per year, while a fund manager can earn €87,000 to €137,000 per year.
The technology industry in Belgium and Luxembourg is also known for its competitive salaries, especially for highly skilled positions such as software developers and IT directors. According to Glassdoor, an entry-level software developer in Belgium can earn up to €50,000 to €70,000 per year, while a project manager can earn up to €60,000 to €120,000 per year.
Management consulting is another industry in Belgium and Luxembourg that is known for its high salaries. According to Glassdoor, a management consultant in Belgium can earn up to €72,000 to €85,000 per year or more, depending on their level of experience and the specific industry they work in.
The fast-moving consumer goods (FMCG) industry is a popular destination for fresh business graduates in Belgium and Luxembourg. According to Glassdoor, a product manager in the FMCG sector can earn up to €60,000 to €100,000 per year, while a supply chain analyst can earn up to €48,000 to €80,000 per year.
This underrated industry is particularly popular with business administration students who are interested in risk management. With shipping reinsurance, companies facilitate the safe transport of goods over international waters. As Belgium is a major port of call, many Shipping Insurance firms have headquarters in Antwerp. A commercial underwriter can expect to earn €30,000 to €60,000 per year, while an actuary can earn €50,000 to €65,000 per year.
The energy industry is an important sector in Belgium and Luxembourg. According to Glassdoor, an energy analyst in the energy sector can earn up to €48,000 to €50,000 per year, while an energy manager can earn up to €50,000 to €70,000 per year.
Is a Master’s degree or an MBA worth it? Should you pursue higher education?
Deciding whether or not to pursue a master’s degree depends on several factors. Pursuing a master’s degree can help with career advancement and lead to higher salaries in some fields. It can also provide personal fulfilment and help with skills and knowledge development. However, it requires a significant time and financial commitment.
It’s essential to research the specific job market and salary expectations for the jobs you’re interested in before making a decision. Additionally, you should consider your personal career goals and the requirements for the career path you’re interested in. Ultimately, the decision to pursue a master’s degree should be based on careful consideration of these factors.
To conclude, the earning potential for individuals with a business degree in Belgium and Luxembourg is quite high. While the salary ranges can vary based on factors such as job experience, specific company, and level of education, several sectors offer competitive salaries for business graduates. These include finance, consulting, technology, pharmaceuticals, logistics, marketing, and human resources.
It’s important to note that earning potential can be influenced by various factors, including the specific job position, company size, and industry trends. Additionally, earning a higher salary often requires a significant amount of hard work, education, and experience.
Overall, individuals with a business degree from Belgium and Luxembourg have the opportunity to pursue a variety of career paths that offer excellent earning potential and career growth opportunities. By staying up-to-date with the latest industry trends, building a strong professional network, and developing relevant skills and knowledge, individuals can position themselves for a successful and rewarding career in the business world.