So you've earned an MBA degree and thinking of lucrative options. You're not alone. Most MBA graduates find it challenging to decide what career path would be best for them.
An MBA prepares students for careers as leaders in business. It is not just about learning how to manage your employees or run a company. It also teaches critical thinking skills so that you can make better decisions based on the latest research and trends in your field.
A master's degree in business administration is a great way to get a job and make an impact. The demand for MBA graduates continues to grow. In fact, the U.S. Bureau of Labor Statistics states employment opportunities for MBA grads are expected to increase by 8% from 2021 to 2031.
There are lots of options if you've earned an MBA degree. But first, here's a tip to get you started.
How To Get Started With an MBA
You can choose between an on-campus, an online program, or even a hybrid program that combines both.
- On campus - If you are interested in attending an MBA program at a particular university, get in touch with the relevant university to understand their application process and class schedules.
- Online programs - Many schools offer MBA programs, allowing students to take some or all their coursework from home. These programs may be more affordable than traditional on-campus programs; ABD (Accredited Business Schools) may even accredit some.
Most business schools offer a variety of MBA programs online, enabling you to access all the knowledge you need without giving up your career or lifestyle. With that settled, here are job options for MBA grads.
- Management Analyst/ Consultant
You can be a management consultant. The primary responsibility of this position is to conduct research and analysis to provide recommendations for improving organizational effectiveness. This role requires excellent analytical skills, excellent communication skills, and strong organizational abilities.
You will also be required to work on projects to improve organizational efficiency. According to BLS, the annual salary of a Management Consultant is $93,000.
- Financial Manager
You can also consider a career in finance. Financial managers are responsible for a company's financial health, and they need to ensure that it has enough money to pay its bills. They ensure the company is profitable by analyzing its costs, revenues, and cash flow.
It involves supervising others while keeping accurate records of all financial transactions. According to BLS, the annual salary of a Financial Manager is $131,710.
- Investment Banker
Investment banking manages client assets through investments and financial transactions for companies, governments, and other institutions. Investment bankers play a crucial role in developing business strategies for their clients by providing advice on mergers and acquisitions and raising capital through public offerings or private placements.
They also develop relationships with trading partners around the world so that they can maximize profits from their investments. Investment bankers typically work in teams across multiple departments within large organizations.
According to BLS, the annual salary of an Investment Banker is $103,020.
- Human Resources Manager
A human resources manager is responsible for the hiring, training, and development of employees. You are also responsible for administering employee benefits, payroll, and compensation.
Human resource managers are responsible for recruiting and selecting candidates for positions within an organization. Some responsibilities include:
- Recruiting new talent
- Hiring qualified candidates
- Providing ongoing support
- Keeping performance track
According to BLS, the annual salary of a Human Resource Manager is $126,230.
- Marketing Manager
The marketing manager is responsible for developing and implementing marketing strategies, plans, and programs that meet the business objectives. You must conduct market research to identify product needs, competition, customer values, and preferences; analyze sales data; recommend new products or services for sale in the marketplace.
Skills required are:
- Excellent communication skills
- Strong writing skills
- Excellent interpersonal skills
- Being knowledgeable about industry trends
According to BLS, the annual salary of a Marketing Manager is $133,380.
- Health Services Manager
A health services manager oversees health services, such as hospitals and clinics. They work in organizations that provide care to patients, such as doctors' offices or hospital emergency rooms.
Health service managers are responsible for ensuring that patients receive the best care possible and meet their needs. They also manage budgets on behalf of their employers.
According to BLS, the annual salary of a Health Services Manager is $101,340.
- Account Executive
In a sales position, account executives are responsible for selling products or services to customers. They work in various industries, including finance and insurance, consumer goods, technology, healthcare, and manufacturing.
They also serve as consultants who help clients develop strategies to help them make more money through their businesses by adding new products or services to their existing offerings.
According to BLS, the annual salary of an Account Executive is $77,250.
- Business Operations Manager
As a business operations manager, you will be responsible for the day-to-day operations of your company. You may oversee human resources and payroll or manage inventory and distribution. In any case, you will be tasked with ensuring that all aspects of your organization run smoothly so it can grow and thrive.
According to BLS, the annual salary of a Business Operations Manager is $79,240.
The world is changing, and so are the opportunities available to you. An MBA program is designed to give you a firm grounding in business as a tool for leadership and management.
While many non-business degrees focus on studying business, an MBA is the only degree that can be applied to any field of work. So, an MBA is a beautiful way to start a career change because it can help you gain the skills employers require in your desired field.