Another huge benefit is networking opportunities. Not only do professors provide employment help and advice, but there are also many networking events held at MBA schools. Therefore, if you have limited work experience, an MBA program may make it easier to job hunt.
Lastly, MBA degree programs will teach you how to hold high-level, authoritative positions. Through a challenging curriculum, MBA programs teach you real-life skills and lessons that can be invaluable to your career. In addition, you will also learn the latest, most innovative ideas in the business community.
The report also indicated that hiring demand is strongest among consulting, energy/utilities, health care and technology industries.
Essentially, MBA graduates are in high demand among employers, and the MBA outlook is extremely positive.
5 Growing MBA Concentrations
1. General Management
An MBA in general management prepares individuals to operate just about any company, including managing employees, accounts and other business operations.
An MBA graduate with a concentration in General Management can expect to find a job managing a small or medium-sized enterprise or an international company. They may also work as a consultant for businesses.
Entrepreneurship is the study of business. Students will gain skills to create effective business strategies, problem solve and manage a team in a corporate setting.
An MBA concentration in entrepreneurship is ideal for individuals who want to manage a business, start their own business or take over a family business. In addition to these positions, MBA entrepreneurship graduates often get jobs in accounting, HR, and management consulting. Overall, an MBA in entrepreneurship is versatile and reliable. If you aren’t sure what MBA concentration to pursue, entrepreneurship may be a good option.
3. Information Technology
Information technology, or IT, focuses on technical skills that deal with software, security and other computer systems. Individuals with a concentration in IT will learn how to implement information technology into businesses as well as management training.
Individuals in this field of study may find a position as an IT manager or head of a company’s IT department, an IT consultant, or a computer science field. Many of these jobs have a positive job growth outlook, according to data from the U.S. Bureau of Labor Statistics (BLS). For instance, information technology (IT) managers employment is projected to grow by 11% by 2028.
Consulting is one of the most varied career paths. Why? You can explore practically any MBA concentration and apply it to consulting. If you know consulting is a career path you want, be sure to take consulting classes when you are pursuing your MBA degree.
These consulting classes can help you to hone what you learn and apply it to advising others. You will learn how to analyze potential issues in a company, communicate your results effectively and problem solve to create effective solutions for businesses.
An MBA in marketing teaches students all about how a company develops and implements a marketing plan and how that plan drives results. All in all, the course will teach individuals how to approach marketing decisions regarding sales, distribution and promotion.
Marketing MBA grads have a wide variety of industries they may explore. For instance, they may want to get a job in the advertising, sales, editorial, digital marketing or corporate management industries.
10 Great Paying Jobs for MBA Grads
Based on salary and career outlook, Teach.com has compiled a list of the 10 jobs for MBA graduates that pay well. Explore them below!
1. Computer and Information Systems Manager Jobs
In short, a computer and information systems manager keeps everything operational on a computer system. They are also in charge of implementing software upgrades, internet security and other computer functions.
Individuals in this position are in charge of managing budgets, employees and technology in a health care facility. They must also stay up to date on all health care regulations and laws that pertain to their position.
3. Management Consultant Jobs
Management consultants are trained to help organizations solve complex problems, create strategies and improve the overall operations of a business. Essentially, they evaluate the root causes of where issues might lie and formulate strategies to improve those issues.
The Bureau of Labor Statistics suspects management consultant jobs will grow 14% between 2018 and 2028, with a median salary of $83,610 per year.
4. Compensation and Benefits Manager Jobs
Compensation and benefits managers oversee various departments’ pay-structures. They typically analyze the competitiveness of their company’s pay scale, helping the company to attract and retain top talent.
Sales managers oversee the team of sales representatives within a company, create revenue goals and find innovative ways to generate leads within a company. In many ways, the sales managers drive results for the business, motivate its employees and grow revenue.
Financial managers create financial plans for businesses, oversee investments, develop long-term strategies, review financial reports and strategize for expansion. Moreover, financial managers make sure appropriate financial processes are being used to drive positive revenue.
Market research analyst jobs have an estimated growth rate of 19% from 2018 to 2028, and with good reason. Market research analysts study the market to make forecasts of products or services that could potentially perform well. In other words, their job is to determine what customers want and help businesses tailor their markets accordingly. This will help drive definitive results for companies.
8. Marketing Manager Jobs
Marketing managers develop marketing plans for companies, promoting the business and their products or services. Some marketing managers oversee all products and/or services a company offers, while others manage a specific line of products or a particular service.
Business operations managers have a variety of responsibilities. For example, they might track business results, set business goals, ensure systems operate smoothly and monitor financial data, among many other tasks.
Financial advisors help individuals with financial planning. This may include investments, savings, insurance, mortgages, retirement and other finances. Successful financial advisors have an in-depth knowledge of market investments and work to help clients create financial strategies that will work for them.
Financial advisors have a job growth outlook of 7% by 2028. In many cases, financial advisors gain clients through outreach and do not work for any particular company. For this reason, salaries vary depending on the number of clients a particular financial advisor has. They may have to build a reputable client base before making a significant salary.
What Is the Average Salary for an MBA Graduate?
According to GMAC's Corporate Recruiters Survey 2019, the median annual base salary in the United States for those with an MBA is $115,00, which is $60,000 more than the average salary for a bachelor's degree alone. The majority of MBA salaries range between $85,000 to $125,000.
Keep in mind, however, that certain MBA concentrations will have a higher salary than others. Additionally, each state has a different median salary. Keep reading to learn what the average MBA salary is in your state.