MBA graduates are of the most sought persons in the business world. A study conducted by the U.S. News and World Report revealed that 75.7% of 2010-MBA graduates managed to get employment within 3 months.
A Master’s in Business Administration is a popular career accelerator. It earns one the chance to work in a top management position or advance their career. An MBA is a great way of seeking changes in your career path and obtaining better skills and pay. An MBA is a credential that contributes to a better balance between work and life.
Master’s in Business Administration can be obtained in the middle of one’s career or immediately after the undergraduate course. The latter timing presents the graduate with a challenge of seeking for a job without much experience. Moreover, a fresh graduate with no experience has limited chances of landing in prestigious management positions. The ideal time for enrolling for an MBA is when you sure about the career path you want to follow. It should be done as an effort to advance a career.
There are many different types of MBAs. A general course is much shorter but less marketable. A specialized course on the other hand is long as it goes in to finer details about a particular field. The specific MBA is a great determinant of the rise in rank and the demand one gets in their career. It also determines the salary. However, in some circumstances, the MBA may not necessarily give a significant pay rise. This is because the ultimate salary is determined by experience, the demand of the job you seek, type of industry and job location.
The Best Career Paths to Pursue with a Masters in Business Administration Degree
Here are some of the career paths that an MBA can earn you:
1. Marketing Manager
A marketing manager’s primary responsibility is to oversee the marketing campaigns of the products of a company. They do this in order to increase the sales and profits of the company. Marketing mangers study the market, identify risks, opportunities and develop the marketing campaigns. Normally, the marketing manager delegates creation of marketing campaigns to the marketing team working under them. Employers require an MBA with a specialization in marketing for this job title. The annual median salary is $61,253.
2. Financial Analyst
Financial analysts are concerned with creation and maintenance of the wealth of a company. They guide the company and/or its clients in making smart investments. To achieve this, they study markets, relevant economic factors and advise the company on stock and bonds issuance. Financial analysts determine the current and future value of investments the company has. A specialization or experience in finance is required for this job. The annual median salary is $56,928.
3. Marketing Director
The tasks of a marketing manager revolve around the marketing strategies of a company. The specific tasks include overseeing the creation or adjustments of marketing strategies, creating budgets for their department and addressing the marketing needs of the company. They liaise with top management, clients and other marketing professionals. A marketing and management experience are required on top of an MBA for this position. The annual median salary for marketing directors is $80,921. The company one works for determines the individual salary with top companies offering approximately $150,000 per year.
4. Senior Financial Analyst
A senior financial analyst is in charge of all the other analysts in a company. Their primary role is in analysis of accounting and financial data, determining risks, creating solutions and making financial forecast. Their task also includes training of junior analysts in acquisition of relevant skills. A senior financial analyst’s annual median salary is $75,194. The skills required for this job include data analysis, Microsoft Excel, financial reporting, forecasting and financial analysis.
5. Chief Financial Officer (CFO)
Chief Financial Officers provide guidance under a leadership position for the accounting and finance departments of an organization. They ensure that all operations comply with the regulations and that the company has a good reputation. CFOs oversee the creation of relevant financial statements and reports. They perform audits and develop policies or procedures for activities they are charged with. CFOs are among the best-paid persons in the country. The median salary is $121,942 per year and the job title is accompanied with great medical benefits.
6. Human Resource Manager
A human resource manager’s responsibilities revolve around the welfare of employees. They oversee programs related to worker’s insurance, training, recruitment, vacation, sick leave and other benefits or initiatives related to a company’s employees. They develop or offer suggestions on the ways a company can create attractive packages for their employees in order to retain and attract the best persons in the market. They develop policies and ensure human resource regulations are followed. A human resource manager’s annual median salary is $61,639.
7. Director of Operations
A director of operations is tasked with ensuring that the production rate of a company is at its optimum. They achieve this by managing employees and providing needed resources. They develop strategies, oversee research activities, implement plans and manage budgets to increase productivity. Director of operations also ensures that all operation processes are up to standard. The annual median salary of the director of operation is $86,004 with top companies offering an average wage of $140,000.
8. Chief Technology Officer
Chief technology officers oversee the technological development of a company. They are also in charge of the technology department and its team. Chief technology officers are responsible for developing policies and special projects for their department. They also ensure that all standards and regulations are adhered. This job description requires one to have focused on information technology with their MBA. The annual median salary for a chief technology officer is $155,809.
Other areas of specialization are industry-specific such as health service management. It is wise to pursue an industry-specific MBA if you have previous experience in the field.
An MBA is an important degree that has great importance in earning one a promotion to an executive position. It also gives voice to the salary and job title one gets. Data from the National Center for Education Statistics shows that approximately 150,000 MBAs are issued annually. This number is continually rising and therefore, quality time should be spent in determining the right course in order to be in demand.