An MBA is one of the most popular options when making a career transition. It has become so popular that many students consider going down this route before even considering other options.
Why an MBA over almost every other option? Because it prepares students for careers as leaders in business. It teaches them critical thinking skills, enabling them to make better decisions based on the latest trends in their field.
According to the U.S. Bureau of Labor Statistics, more than 80 percent of all MBAs are employed in management positions with an annual salary range of $80,000-110,000. As businesses evolve, analytics is a powerful tool that ensures company success and growth. This is one of the most significant reasons MBA graduates with strong analytical skills are preferred.
An MBA focused on business analytics offers tremendous career growth and higher salaries. It strengthens your analytical skills and prepares you to excel at quantitative problem-solving within business operations.
Depending on your skills and interests, you can choose a career from the various occupations mentioned below.
- Business Analyst
Being a business analyst (BA) entails collecting, analyzing, and interpreting information about the environment in which you collaborate with other professionals.
Business analysts use data analysis tools, 360 analysis, and data visualization to support the development of business strategies and improve efficiency in an organization. You are also required to produce reports on how well your company performs financially or operationally.
An MBA in business analytics is a master’s degree with a concentration in analytics and is one of the most popular MBA specializations in today’s day and age. You can now opt for an online MBA in business analytics from an AACSB-accredited university with rewarding career opportunities.
After an MBA in business analytics, you can go into three main domains:
- Descriptive Analysis
- Prescriptive Analysis
- Predictive Analysis
Per the BLS, a Business Analyst’s average salary is $80,000-$90,000/year.
2. Financial Advisor
As a financial advisor, you provide clients with specialist advice on how to manage their money. This involves searching the marketplace and recommending the most appropriate products and services available to ensure that client’s needs. Furthermore, financial advisors also oversee investment portfolios and advise clients regarding different financial situations.
The education requirements vary depending on what kind of firm you are working with. Some financial advisors have a bachelor’s degree, while others require a master’s degree or MBA. You can also earn your license through a training program by the National Association of Personal Financial Advisors (NAPFA).
As per BLS, the average annual salary of a Financial Advisor is $94,170.
3. Operations Manager
Operations managers are responsible for the day-to-day operations of a company, department, or division. You ensure that the company runs smoothly and efficiently, which means you must have effective communication skills and be able to make decisions quickly.
An operations manager must also have strong leadership skills because you often manage multiple departments within your organization.
As per BLS, the average annual salary of an operations Manager is $79,240.
4. Marketing Manager
A marketing manager is responsible for managing the activities of a company’s marketing department.
In this role, you will be responsible for developing and executing various marketing strategies that help your company reach its goals. You also need to assist with hiring new employees in the field and monitoring their performance throughout their careers.
Your job requires a bachelor’s degree in business administration or marketing management with five to seven years of experience relevant to your field (i.e., advertising, brand development).
According to BLS, the annual salary of a Marketing Manager is $133,380.
5. Sales Manager
Sales managers ensure that the company’s products or services are sold to customers at the right price and that sales targets are met. As a sales manager, you also develop and implement sales plans, strategies, and tactics while managing a team of salespersons.
The responsibilities of a sales manager are:
- Hiring and training salespersons
- Providing professional development to teams
- Setting goals
- Generating sales reports
- Tracking sales targets
According to the BLS, a sales manager’s annual salary is $127,490.
6. Human Resource Manager
If you are looking for a career with excellent job security, consider becoming an H.R. manager.
In this role, you will manage employee relations and workplace issues. You will be responsible for hiring new employees and ensuring they are happy with their working conditions. You also need to train new hires to do their jobs properly and ensure they are paid reasonably.
To be an effective H.R. manager, you need to have strong interpersonal skills and some knowledge of human resources (H.R.) laws and regulations.
It requires a degree in business administration or human resource management.
There are many other skills required in this role, such as:
- Negotiating contracts with employers/employees
- Communicating effectively with clients
- Researching trends within industries
- Solving problems related to work environments
According to the BLS, the annual salary of a Human Resource Manager is $126,230.
7. Information Technology Manager
If you have an MBA degree and are looking for a career in the I.T. industry, it might be time to consider moving into management. Why? Because it is a beautiful way to gain experience managing others while gaining knowledge about the industry.
Your responsibilities will include coordinating all aspects of your organization’s information technology needs. You will oversee the following:
- Buying computer hardware and software
- Updating and maintaining network infrastructures
- Ensuring that employee computers are secure
- Planning upgrades or expansions
- Coordinating training sessions on modern technology systems
- Managing security issues related to technology use in the workplace
According to the BLS, the annual salary of an I.T. Manager is $159,010.
8. Project Manager
A project manager is a position that requires the ability to manage the resources of a project team. Project managers are responsible for planning, organizing, and directing all aspects of a project.
As a project manager, you ensure the overall success of a project from start to finish. In short, you provide the strategy, implement regulations and ensure everything goes according to plan and is done on time and within the decided budget.
According to the BLS, the annual salary of a Project Manager is $94,500.
Final Thoughts
MBA degree holders are well-poised for careers in diverse fields out there. However, if you are still unsure about which career path will be best for you, consider finding out now so that you can make an informed decision for yourself! The most important thing to remember is that your career choices should reflect your strengths and interests.
Earning an MBA might seem challenging, but it is worth it because it opens many avenues for you that offer lucrative positions in well-established companies. We hope you learned something from this article and if you have anything to add, please do so in the comments box below.