The median salary for MBA job openings in the United States is the highest it’s been in the past ten years, according to a survey by GMAC. Graduates make more money than in previous years, with 115k USD on average. More than 1200 employers responded to the study of GMAC and expressed their interest in hiring candidates with an MBA. Academics are primarily sought for positions involving strategy, finance, business intelligence and analytics, marketing, or consulting.
In a very general sense, MBA is seen as a great way to fast-track one’s career. It allows students to work with prestigious firms like Amazon and Google, which might be the main reason the U.S. has been the center of attraction for international students for decades. The employment rate of 95% for MBA graduates is one of the leading factors that help graduate schools stand out among their peers.
Popular job sectors for MBA Grads
Business school grads should consider the industries that are growing despite the upheaval. Though the jobs in those sectors may not be as glamorous as other professions, many will have a high demand and thrive through these challenging times. The health care, technology, and finance industries succeed despite the calamity.
Here are five paths where an MBA is advantageous. Each was rated as one of the top careers by U.S. News and World Report, with a high score for compensation, job growth forecasts, and work-life balance.
● Marketing Manager
● Medical and health services manager
● Management consultant
● Financial manager
● Business operations manager
Highest Paying Jobs for MBA Grads
Many recent graduates may be surprised to learn that many MBAs are not thriving in business — even those that excel in various sectors. MBAs often excel in finance, technology, advertising, and healthcare.
Five of the Highest-Paying MBA Jobs You Could Thrive In:
Investment bankers are financial advisors who help companies raise money by issuing stocks, floating bonds, acquiring other companies, and selling themselves for a reasonable price. These professionals are required to be hard-working, focused, and dedicated.
On average, investment bankers in the U.S. earn 253,258 USD a year.
Marketing managers are in high demand now and in the future, thanks to the U.S. Bureau of Labor Statistics. Generally, marketing managers handle the marketing of businesses, products, or services. Sometimes they do all three at once. Companies are willing to pay these professionals a hefty salary because they can help them stay afloat.
The median pay for this career was 141,490 USD in 2020 and is expected to continue to increase over the next decade.
Health Services Manager
In the healthcare industry, a significant amount of work must be done. Medical and health services managers must ensure that a facility meets government and accreditation standards, oversee staff performance, and more. The best part? Employment for medical and health services managers is projected to grow 32% from 2019 to 2029, much faster than the average for all occupations.
These professionals take home an average salary of 104,280 USD per year.
Businesses are not the only organizations that have significant needs for consultants. Large or small companies also need consultants when facing complex challenges. Consultants can offer organizations help in many different areas: for example, McKinsey, Bain & Company, and Boston Consulting Group are among the top employers of MBAs from 2021.
A report from managementconsulted.com estimates that a salary at Bain or BCG could reach up to 236,000 USD, while a wage from McKinsey is around 230,000 USD.
A typical MBA degree is one of a professional’s most valuable tools in their arsenal. An MBA (and a finance focus while you’re at it) might give you an edge in the workplace. Another option is to take on professional certifications while you have an MBA. If you’re seeking a job in financial management or any sector, an MBA is your best, most effective option.
This is according to the U.S. Bureau of Labor Statistics, which reports that, as of May 2020, the median annual salary for financial managers was 134,180 USD. This is much higher than the national average for all jobs.
MBA v/s M.S. Salary Prospects
Earning an MBA can equip you for many business positions and prime you for leadership positions that oversee multiple departments. Many students pursue an MBA after a few years in the workforce; part-time programs allow them to work and continue their education. Earning this degree is much easier with shorter, one- to three-year programs. In the new era of business, companies are always looking for MBA graduates to fill their ranks.
Some of the best companies to work for are consulting firms like Bain and BCG, tech companies like Amazon, Google, and Microsoft, and accounting firms like EY and Deloitte. For 2020, the median base starting salary for MBA grads in the United States was projected to be 115,000 USD.
Career shifters, this is the path for you. This program may be just what they need for students who want to pivot their careers towards a specialized subject matter. It can serve as a starting point for those looking to change their job or as a way to level up in their current profession. This path is for students who do not necessarily have prior work experience in the business.
One of the cool features of an M.S. degree is that you get to decide what you want to study. That means the starting salaries are different for every field. Some fields have lower starting salaries, like Accounting (about 75,000 USD). Others like Data Analytics have higher starting salaries at about 85,000 USD.
When you graduate with your MBA, you may have clear goals and ideas of what you’re looking for in a role or industry, or you might need a little help. Business schools offer guidance on your job search from dedicated MBA careers teams who create connections with potential employers and strengthen your chance of getting hired.
When it comes to studying abroad, many students are ready and willing to embark on the adventure of a lifetime. But in the end, they never make that jump. That is because they fail to realize how much preparation goes into studying abroad no matter what country you’ll be learning in or where you’re heading to university.
Many students overlook practical considerations like booking their flights ahead of time so at least when they get off their plane from another country, they don’t have to worry about finding or paying for accommodations or packing everything they need; University Living professionals can help you plan your studying adventure ahead of time so once you’ve arrived in the foreign lands and start classes, the only thing left to do is enjoy all that your education has to offer!