Master of Business Administration degrees are sought after for a number of reasons. Many go for an MBA in the hopes that it will open them up to consideration for promotions to management. Others want to learn business skills and gain access to a broad network of professionals before they start their own business. However, there are a number of good paying jobs that an MBA can prepare you for. Here are six of the highest paying careers for MBA graduates.
Strategic Management
Strategic management is a specialized MBA, though at first blush, the term would apply to any MBA. The strategic management specialization focuses on formulating specific goals and determining strategies on how to meet them. This MBA has the highest early to midpoint career salary for degree holders. The average salary for those starting out is around $125,000. Those with this degree and several years of experience average about $150,000. This MBA degree is often held by management consultants, senior product managers, and senior strategy managers.
Health Services Management
This is a rather new MBA certification but one that is increasingly being sought after and attracts more students every year. It caters to those who want to work as managers in the health industry, whether it is overseeing doctors, technicians or clerical workers. They may also work in the finance department or patient services.
Earning a health services MBA can give someone access to these management roles though they have no prior experience in the healthcare field, or it can prepare someone who is already in medicine for a managerial role. The median salary for these degree holders is nearly $100,000. Projected demand for this certification is 17% over the next ten years.
Getting an MBA in healthcare management is a great option for current healthcare workers who want to take advantage of advancement opportunities where they work. They’ll also have a big advantage over other applicants since they’ll already have a foot in the door. This will give them a chance to enjoy an instant salary boost and better work conditions as soon as they graduate.
And thanks to the power of eLearning, any healthcare practitioner can pursue an MBA in healthcare while still maintaining their position. However, you have to make sure that you get an accredited online MBA from a reputable university with a solid program. Accredited online MBAs from reputable universities are highly regarded by major healthcare institutions, and they’ll count in your favor during the hiring process.
Technology Management
While most MBA programs teach you how to manage people, managing technological changes and tech experts brings a whole other set of challenges. This is why MBA graduates in tech management start at around $115,000 per year. The median annual salary is roughly $150,000. With advancement, you could earn up to $165,000 a year.
If you become a VP of IT, Chief Technology Officer, or IT director, you could earn even more. This is an excellent degree for those working in IT or technology implementation. A computer and information systems manager would oversee all computer related activities in the organization, from hardware and software upgrades to maintaining the internal intranet and software to the company’s website. This job category is expected to have 15% growth over the next ten years and has a median salary of $136,000.
This MBA is a good way to get your door in at tech firms, too, without having a STEM degree yourself. For example, you could oversee the research and development of new technologies, head special projects, or establish and enforce technical standards.
Entrepreneurship
We mentioned earlier that earning an MBA is a good way to prepare yourself for running your own business. But getting an entrepreneurship MBA could open up tons of great positions as well and is currently highly sought after by a variety of
Finance
A Master’s in Business Administration concentrated in finance has been one of the most common MBAs for years. They remain one of the best paying MBA degrees, too. Starting salaries are around $100,000. The median annual salary for MBAs in finance is around $120,000. Demand for this certification is expected to grow 7% over the next ten years.
This credential may be the minimum requirement for working in a number of finance positions. For example, you must have at least an MBA in finance to work as an investment banker. That job pays an average of $80,000, but total earnings may be much higher due to bonuses and commissions.
Many finance MBAs are overseeing the budget process, cash management and investments of private individuals and institutions like insurance companies. The degree opens the door to becoming a portfolio manager, a manager over other financial professionals, or even CFO. Or you could be an advisor for firms performing global financial transactions or raising capital.
Marketing
An MBA in marketing has been one of the most lucrative fields for those with MBAs. While not all marketing jobs require an MBA, you’ll have more career options if you hold this certification. Upper level marketing jobs pay around $80,000 and reach as high as $120,000. Marketing managers have a median salary of $130,000.
The benefit of this degree is that nearly every business needs help marketing their product better, so you can work almost anywhere. Demand for marketing professionals is expected to grow 9% over the next ten years, which is faster than the demand for most jobs.
The high earning potential associated with MBAs is an incentive in earning the degree. However, the pay awarded to degree holders varies based on the skills they learn and the roles they choose to fill. But whatever you do, make sure that you pick a specialization that will not only pay
