There’s no denying that earning an MBA can lead to better job opportunities. MBA holders typically have stronger management and communication skills, have more prospects for growth, and have access to a larger number of high-paying positions. They are commonly paid more than their peers.
Most business schools offer various MBA majors which includes, finance, accounting, analytics, healthcare management, entrepreneurship, and many more that give students a a comprehensive real world education in various business practices.
Although an MBA is not necessary for most entry-level business-related jobs, those with one have a better chance of advancement. You won’t even get a foot in the door unless you have an MBA in various vocations and businesses. According to workforce experts, job prospects for business school graduates are substantially better now than they were in spring 2020, and because of low unemployment rates, MBA degree recipients have significant negotiating power.
MBA graduates who got their job offers after finishing their degree in 2021, typically received six-figure salaries according to the GMAC’s corporate recruiters survey. In 2021, the median salary of an MBA graduate was $115,00, which was the same as it was just before the current coronavirus-driven economic downturn.
Demand can be very strong for MBA majors in healthcare, technology and consulting sectors. Earning an MBA requires dedication, but the benefits are often well worth the effort.
Here are 7 career paths where an MBA can help you advance your career and you will be able to earn a generous amount of salary. The majority of these jobs performed well in the U.S. News Best Jobs rankings, which assesses jobs based on pay, unemployment, job growth estimates, and measures of on-the-job stress and work-life balance.
Early in the pandemic, many organisations switched from a 100 percent in-person work atmosphere to a completely remote one. Firms are evaluating whether to conduct business in person, virtually, or in a hybrid mode since that COVID-19 precautions have faded. Many businesses are recruiting executives to assist them in making these decisions.
Moreover, because consumers are purchasing more items and services online, firms rely on business operations managers to deal with logistical issues. To maximise a company’s efficiency, someone in this job manages deadlines and enforces quality standards, as well as overseeing the supply chain.
According to the U.S. Bureau of Labor Statistics, the number of jobs in this industry will grow by 9% between 2020 and 2030, which is somewhat higher than the average job growth rate for all US occupations, which is 8%. The typical compensation for business operations managers was $ 103,650 in May 2020.
According to data published by the US Bureau of Economic Analysis, despite a drop in corporate profits in 2020 owing to the COVID-19 pandemic, profits increased in 2021.
Financial managers are trained to tackle cash flow problems and occasionally work at financial institutions. They are often great investors. Any company that does not invest wisely will quickly perish. That is one of the reasons financial managers, or business leaders who oversee a company’s budget and make financial investment decisions, are frequently well compensated.
According to the BLS, the typical annual compensation for a financial manager in the United States was $134,180 in May 2020. The number of jobs for these specialists is predicted to increase by 17% by 2030.
Many businesses are experiencing difficulty attracting and retaining employees. Human resources specialists, whose roles include recruiting and keeping a qualified staff, are in high demand due to recent labour market shortages. Many companies are also becoming more aware of the importance of diversity, equity, and inclusion, and are hiring executives with experience in these areas. According to the BLS, the median compensation for human resources managers in the United States in May 2020 was $121,220, and employment in this field is expected to grow by 9% by 2030.
Companies in other industries have become increasingly reliant on programming and automation as the software and technology sectors have grown substantially in recent years.
A company’s secure network has become one of its most valuable assets and one that must be protected from hackers. IT managers are in charge of ensuring that a company’s technological tools function properly and that the company uses best-in-class technology. According to the BLS, the median U.S. income for these types of managers was $151,150 in May 2020, and employment in this profession is expected to be 11% greater in 2030 than it was in 2020.
MBA-trained management consultants help businesses that are either at a critical juncture in their development or are facing significant challenges. A management consultant’s task is to examine the situation and recommend a solution to executives at those companies who are trying to address difficulties and want an outsider’s perspective. A management consultant may operate alone or for a firm that specialises in management consulting.
According to ManagementConsulted.com’s 2022 consultant salary report, the usual base income for MBA hiring at one of the Big Three management consulting firms — McKinsey & Company, Bain & Company, and Boston Consulting Group is around $175,000. On top of that, employees are sometimes given a sizable signing bonus and are usually eligible for performance-based bonuses and other benefits.
Marketing managers are needed by both struggling and succeeding companies. According to Harper of the American Public University System, demand for these managers remained high amid the recent pandemic-driven economic crisis.
Marketing managers assist in the management of a company’s marketing campaigns and the coordination of marketing workers. They’re also in charge of estimating how high demand for a particular product or service would be and who could be interested in purchasing it.
According to the BLS, the median annual income for marketing managers in the United States was $142,170 in May 2020, and the number of employment will likely be 10% greater in 2030 than it was in 2020.
Health-care organisations are facing tremendous logistical challenges as a result of the COVID-19 outbreak, and they will require expert managers to overcome them.
Medical and health services managers oversee a variety of health-care facilities, and their responsibilities include maximising quality while reducing costs. They must keep precise records and assist in ensuring that their company complies with several rules. According to the BLS, the median wage for these professionals was $104,280 in May 2020, and employment in this industry is expected to be 32 percent greater in 2030 than it was ten years earlier.
Ques.1 What is the best job for MBA graduate?
If you are pursuing an MBA or interested in pursuing one, consider these common career options for MBA graduates:
Ques.2 Is MBA hard to study?
Prepare yourself for a rigorous application procedure if you want to join one of the top business schools. In fact, most MBA graduates would tell you that getting into a decent program was the most difficult part of their program.
Ques.3 Is MBA a good career choice?
MBA provides a strong professional foundation and opens up a wide range of opportunities for professional growth and development. MBA courses are taken by experienced professionals who want to change careers. MBA programs allow students to develop an innovative mindset.
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