An MBA is very powerful in opening up a whole new world of career opportunities. In addition to skills and knowledge to deliver excellent performance in various industries and roles, an MBA helps its holders to do so. But what is the exact range of the career paths that MBA graduates can pursue? We will now discuss the various industries and roles open to the MBA student.
Consulting
Consulting is among the top careers chosen by MBA class graduates. As a consultant, you will be involved in solving complex problems and improving various operations for different organizations. As a consultant, you can be involved in strategy, management, or technology-related projects. This typically includes data analysis, solution recommendations, and strategy implementation toward business goal achievement.
According to the U.S. Bureau of Labor Statistics, the mean annual salary for management analysts, a common consulting role, is around $93,000. This is an industry notorious for its breakneck pace and high earning potential, so it’s very popular among MBA graduates.
Finance
Another important field for MBA graduates is Finance. A student, upon studying finance, can specialize in investment banking, corporate finance, or financial planning. As an investment banker, one is supposed to aid companies in raising capital and advise on different financial transactions. In corporate finance, professionals concern themselves with the management of a company’s general financial activities, while financial planners help individuals develop investment strategies and plan for retirement.
Certain areas of finance hold some very lucrative opportunities in themselves. In fact, according to the U.S. Bureau of Labor Statistics, the median annual salary of financial managers is approximately $134,000. The finance industry involves a high degree of analytical skills and attention to detail; this is one of the most challenging and rewarding career paths for an MBA graduate.
Marketing
The very essence of marketing lies in the development and promotion of products and services that attract customers, make money out of them, and retain them. Different roles played by MBA graduates in the field of marketing involve brand management, market research, and digital marketing. Brand managers design the company’s image and position of their products. Market researchers analyze the behavior of consumers for the purpose of guiding the marketing strategy. Digital marketers focus on online platforms to reach and engage with target audiences.
The marketing roles are very diversified, creative, and offer great scope for new campaigns and strategies. As per the Bureau of Labor Statistics, the average annual salary that a marketing manager can draw is approximately $135,000.
Operations
The operations management function looks after the areas aimed at enhancing the efficiency and effectiveness of the business processes. In this regard, an MBA graduate deals with issues related to the optimization of supply chains, production process management, and overall operational performance enhancement. Operations managers work to ensure that organizational resources are harnessed efficiently to meet organizational goals.
As an operations manager, one has to solve problems and think strategically. The average salary for an operations manager, according to PayScale, is around $78,000 annually. All sectors of the economy are open to this field, from manufacturing and retail to technology.
Entrepreneurship
This can also turn out to be a lucrative option for people who are more predisposed to innovation and risk. Some of the duties that are associated with a degree in entrepreneurship in an MBA include developing business plans, finding funding sources, and managing new ventures. Graduates of entrepreneurship will either establish their own ventures or work with startups.
Setting up a business, though challenging, affords one with an opportunity to chase one’s vision and make an effective difference. According to Fundera, approximately 20% of new businesses fail in their first year, and about 50% go out of business in five years. Again, despite the risks involved, entrepreneurship gives one a unique opportunity to take charge of one’s career and cause a difference in the market.
Healthcare Management
It’s one of the fast-growing fields, which ideally will put business acumen with healthcare knowledge. A healthcare management MBA graduate works in a hospital, a clinic, or even within pharmaceutical companies. Their key focus areas are improvement of healthcare delivery, budget management, and law compliance.
The health sector is on the rise, with an increase in the demand for quality health care. The mean annual salary for medical and health services managers, according to the Bureau of Labor Statistics, is approximately $101,000. In this field, there is the potential and opportunity to make a difference in others’ lives by working in a dynamic and changing industry.
Management of Technology
This is an exciting area for MBA graduates in the tech industry. You will oversee IT projects, supervise technology development, and ensure that technological innovation supports business goals. The technology manager participates in planning and executing any strategies employing technical solutions that drive business success.
As technology becomes pervasive in business, talented technology managers will be in high demand. Per Glassdoor, Technology Manager rounds out the list of the highest-paying jobs in America with an average annual salary of $118,000 (source). This may also include engaging projects and pioneering new technologies.
Conclusion
The opportunities available to students with an MBA degree range across a gamut of industries and job functions. Whether it’s an interest in consulting, finance, marketing, operations, entrepreneurship, healthcare management, or technology, the MBA degree provides one with the needed skills and competence in every such discipline. Though every such option has some unique opportunities and challenges with regard to the choice of a career that would suit one’s interests and goals, each option definitely gives an individual a choice to make informed decisions about their careers based on awareness of these various options and leverage an MBA to excel in the same.
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