So, an MBA program has caught your attention, or perhaps you are already enrolled and keeping an eye on the job market for when you graduate. In either case, you are heading in the right direction. Because of the high demand for MBAs, graduates will have plenty of career options.
Companies in all sectors often hire MBA graduates for executive roles. In fact, many of the world’s most recognizable brands actively seek out MBAs to fill their ranks. In all likelihood, the abundance of options might overwhelm you. Therefore, to give you more clarity, we have put together the top seven careers for MBA grads:
1. Investment Banker
Investment bankers assist corporations in raising finance through the capital markets, providing financial advice, and even assisting with acquiring or merging other businesses. Business organizations place a premium on the services of skilled investment bankers.
Without them, businesses would face several challenges while securing the financing they need to meet the demands of their consumers and advance their position in the market.
Sometimes investment bankers also underwrite deals. By purchasing shares directly from issuers and selling them to the general public or institutional investors, they keep up with a lot of the risk associated with the IPO process. The career ladder for investment bankers includes both entry-level and executive jobs.
An MBA, preferably with a finance specialization, is usually required to work in the investment banking industry. If you cannot attend classes physically, consider enrolling in a well-reputed MBA online program and taking courses.
Because of variables, including geography, experience, and business size, it isn’t easy to put a dollar amount on an investment banker’s annual income. However, the BLS reports that the median yearly wage for these professionals is $450,000.
2. Marketing Manager
In the business sector, marketing managers are found virtually everywhere. Typically, the role of the marketing manager is to act as a conduit between the organization and its target market. A marketing manager’s responsibilities include developing and implementing promotional tactics. One such task could be determining the best way to get the word out about the company’s offerings.
Also, they may work on strategies to increase sales or market share, keep an eye on developments in their field, and interact with customers to better understand what makes them tick and how to attract more of them. A marketing manager could be more of a generalist or specialize in certain areas of their company’s marketing activities.
Obtaining an MBA can enhance your marketing expertise by providing strategic thinking, team management, and financial forecasting training. The median income for a marketing manager is $113,247.
3. Chief Operating Officer
The Chief Operating Officer (COO) has a strategic and operational role in an organization. They are mainly responsible for managing the day-to-day administrative processes of the company, reporting directly to the CEO.
The COO’s role is equivalent to the company’s second in command. Depending on a specific organization, they could also get involved in the company’s financial development and expansion. Ultimately, it is the COO’s job to ensure everything runs properly every day and fix any problems that crop up.
COOs are exceptional communicators and people persons. A good COO must collaborate with individuals from diverse backgrounds because they are responsible for many divisions. An MBA is the minimum requirement for this role.
PayScale reports that the average compensation for a COO is $143,996. However, starting salaries might be anything between $74,000 and $246,000. Apart from base salaries, these professionals also receive incentives and stock options.
4. Project Manager
Project management is crucial to any successful organization, and its significance only grows over time. To ensure that projects are completed on schedule, within budget, and per the agreed-upon parameters, the project managers must plan, organize, and direct the effort accordingly.
Project managers can change the course of a company by seeing challenging initiatives from start to finish to improve efficiency and expand the business’s bottom line.
To be a good project manager, you need a wide variety of talents, and contrary to common assumptions, not all of them are technical. Soft skills such as communication, leadership, and decision-making are critical for a project manager to perform their duties.
Competencies in project management are widely applicable. In other words, a successful project manager should be able to contribute in any setting.
Considering the growing competition for this project, an MBA will make you stand out among other candidates. BLS data shows that the median annual wage for project managers is $98,420. Compared to the average for all occupations, the predicted growth in the project management workforce between 2017 and 2027 is a stunning 33%.
For those looking for rewarding, well-paying job careers, an MBA degree is a highly competitive higher education program. Students in this program may expect to study a great deal of foundational knowledge, preparing them for leadership roles in the business world.
Hopefully, by going through this post, you’ll have clarity about the career options that await you after earning an MBA.