What can you do with an MBA?
Many students seek a Master of Business Administration (MBA) degree to propel their careers, advance to managerial positions, and develop their business skills. Some of the more popular career options for MBA graduates are management, marketing, finance, and human resources, but the skills you learn are easily transferable to a number of roles.
Popular MBA career paths
An MBA degree opens up a number of opportunities for graduates, and the career path you choose depends on your interests and area of ââexpertise.
Graduates with a focus on business management often occupy positions of leading teams, developing strategic business plans, or implementing change. Potential jobs for MBA graduates include operations manager, business consultant, or product manager.
Classes in traditional and emerging marketing channels prepare graduates for MBA careers in marketing, brand management, and advertising, as students learn to use the latest technology to take advantage of social media platforms, digital advertising, and marketing. content to achieve business goals. Studying consumer behavior and market forecasts also prepares these leaders for roles in product management or sales.
Entrepreneurs take on many roles in their business, from product development and finance to marketing – all skills that can be learned in an MBA program. Many entrepreneurship graduates dream of owning their own business, but they can also thrive in a start-up where they can work on multiple projects or in product management, business development, or consulting positions.
An MBA in Finance program includes rigorous courses in investment analysis, international markets, corporate restructuring, and financial management. Jobs for MBA finance graduates include investment banking and financial management, with some graduates potentially taking on the role of CFO.
Organizations know how important it is to protect their data and secure their operations against cyber attacks. People with technical and business skills will find opportunities in almost any industry. An MBA in Information Technology builds on technical skills with skills in leadership, communication and business strategic planning, perfect for a career as a technical director, IT project manager, security manager information systems or data analyst.
The human resources office helps recruit and retain the many employees necessary for the success of a business. MBA jobs in human resources include director of human resources, hiring manager or director of happiness. This degree program can also prepare you for MBA careers in Benefits and Compensation Analysis.
What is the average salary of MBA graduates?
Class of 2021 MBA graduates receive an average salary of $ 75,461, according to a survey by the National Association of Colleges and Employers. However, this starting salary may increase over time; PayScale reports that the overall average salary of MBA graduates is currently just over $ 90,000. It may also vary depending on location and position. For example, sales managers earn less on average than senior project managers, and workers in metropolitan areas are likely to earn more than those in rural areas.
What are the highest paying MBA jobs?
Your salary as an MBA graduate largely depends on the type of job you want to do. The highest paying jobs can earn you $ 100,000 a year or more. Some of the top paying MBA jobs, as reported by PayScale, include:
- Chief Financial Officer (average salary of $ 136,950): A CFO manages the finances of a company, strives to comply with financial regulations and establish company budgets.
- Director of Business Development ($ 106,124 average salary): Business Development Directors oversee a comprehensive business growth strategy, develop plans to streamline tasks, work with clients to build relationships or negotiate with suppliers.
- Investment banker ($ 101,543 average salary): Investment bankers assess the financial health, funding needs, and goals of an organization. They also help people wishing to invest in organizations to identify suitable investment opportunities.
- Senior Project Manager ($ 93,518 average salary): Senior Product Managers oversee the development and launch of new products for a business using research and consumer data to identify demand for specific product lines or improvements to existing products. They also work with the marketing, sales and production teams as part of a collaborative product launch.
- Information Technology Manager (average salary $ 88,908): IT managers oversee a company’s IT infrastructure, develop policies to protect company information, implement security measures to protect data, and assess existing systems. They can plan upgrades, recommend new software, or identify vendors for specific needs.
- Management consultant (average salary of $ 88,428): Consultants help companies identify problems and develop solutions by performing in-depth analysis of business data. Consultants can specialize in productivity, corporate image or change management.
- Director of Commercial Operations (average salary of $ 77,443): Operations managers oversee day-to-day operations and ensure a safe and productive workplace. These managers deal with a variety of issues, from staffing to facility needs. They also strive to maintain employee morale while working closely with their supervisors to implement company initiatives to improve operations.
- Chief Financial Officer (average salary of $ 74,512): CFOs analyze financial data and processes to develop budgets, track expenses, and forecast areas of potential growth. They are also looking for places where they can save money through operational changes.
- Health Services Manager (average salary $ 70,625): These managers work in health care facilities like doctors’ offices or hospitals. They can oversee the hiring and management of staff, scheduling and monitoring budgets. The Manager of Health Services also understands the regulations surrounding the delivery of health care services and ensures that the hospital meets reporting deadlines.
- Marketing manager (average salary of $ 66,597): Marketing managers help create advertising and merchandising promotions. They can work with a product or a line of products, an overall branding or marketing for the whole company.
MBA career resources
If you are graduating soon or are ready to change careers, there are several resources to help you along the way:
- American Association for Healthcare Administrative Management: The AAHAM helps you connect with healthcare leaders across the country through events, section meetings, and legislative advocacy events. The organization also offers professional certifications aligned explicitly with the needs of the healthcare industry, as well as an exclusive job bank.
- American Bankers Association: Members receive access to on-demand continuing education, access to online discussion groups, and a dedicated membership employment site.
- American Management Association: This organization offers management and leadership development courses to help business leaders succeed. It also offers the AMA Certified Professional in Management certification, which measures analytical intelligence, relationship management, and business skills.
- American Marketing Association: This national organization of marketing professionals provides continuing education, access to academic journals, and marketing toolkits. You can also get professional certification or participate in micro-internships.
- Sales and Marketing Executives International: This sales-focused organization offers a career center to connect employers and job seekers, help with resumes and prepare members for interviews.
- Society for Human Resource Management: This international society brings together more than 300,000 human resources professionals to share resources on compliance, policy and legislative changes. The online community promotes networking and peer support.
Frequently Asked Questions About MBA Careers
Is Obtaining an MBA a Good Career Option?
MBA programs allow you to tailor your program to your professional interests in finance, marketing, or entrepreneurship, and the skills you learn are transferable to many roles. Additionally, MBA graduates have high earning potential: PayScale estimates the average salary of MBA graduates nationwide at around $ 90,000.
Which MBA is most in demand?
The Bureau of Labor Statistics predicts 32% employment growth for health service managers from 2019 to 29, much faster than average growth. Other MBA jobs with projected above-average growth include information systems managers at 10 percent, management analysts at 11 percent, and CFOs at 15 percent.
What jobs can I get with an MBA and no experience?
While many MBA students work a few years before starting their graduate studies, not all graduates bring experience in their chosen field. If you don’t have experience in your career path, consider internships while you graduate. Many companies may consider MBA graduates for mid-level management positions in finance, operations, marketing, or human resources.
Does an MBA increase salary?
Obtaining an MBA may result in an increase in your starting salary. The Graduate Management Admission Council found that the median salary of new hires with an MBA is $ 115,000, while the median salary of new hires with a bachelor’s degree is $ 65,000.
How can I find a job after obtaining an MBA?
Your search for MBA careers begins before graduation day. Take advantage of the opportunities offered by your school to make contacts with alumni or employers in the region, seek internship opportunities during the summer and get involved in a professional organization in your field. Your school will also offer career services to help you polish your resume, create your online profile, and prepare for interviews.