Earning an MBA enhances your credibility and opens you to a new world of opportunities.
Though attending an MBA program can be a costly investment, the financial payoff can be worth it in the long run. This, however, does not make job-seeking any less easier or overwhelming.
It is estimated that MBA grads in the class of 2021 will earn 11.3% higher salaries than those in the class of 2020. Rising salaries can only mean one thing -- the demand for credentialed MBA graduates remains high.
If you're starting your search on what kind of jobs to look out for, we've compiled a list of the highest-paying jobs for MBA graduates. Read on to find out the benefits of an MBA and the most in-demand skills that will make your resume stand out.
Benefits of Getting an MBA
If you've just started your MBA or thinking about applying for one, you might be wondering if it's worth the effort. Here are some benefits of getting an MBA that might convince you:
It gives your career a boost
After completing your MBA, you'll realize an increase in job opportunities.
Jobs for MBA graduates are available in almost every industry: technology, government, nonprofit, consumer goods, you name it! An MBA encompasses a comprehensive curriculum that focuses on business management skills.
Besides solidifying your career prospects, an MBA also increases your earning potential by approximately 77% compared to those with just a bachelor's degree in any field.
Develops valuable skills and knowledge
MBA programs help learners develop various skills that are valuable on the job market.
Take this opportunity to build up the hard and soft skill sets that will help you get ahead of others regarding job hunting. These include:
Strong communication skills: An effective communicator can persuade people through compelling arguments based on facts. They relate well with their audience, which allows them to convey information clearly.
Critical thinking: MBA jobs require employees to make strategic decisions that positively impact the business. Critical thinkers can understand various perspectives and look at problems from different angles.
Teamwork: In today's workplace, jobs for MBA graduates often entail teamwork for projects. Working in a group develops your ability to collaborate with others, identify each member's strengths and weaknesses, and find ways to contribute to achieving common goals effectively as a team.
Business schools provide students with plenty of networking opportunities through guest speakers who share their wisdom about jobs for MBA graduates or career-related topics such as job hunting skills during seminars or workshops.
Besides that, most MBA students are required to collaborate with classmates. This presents them with opportunities to exchange ideas that might give them a career boost, such as the use of a personal CRM.
You might be wondering how a personal CRM might help your career. You're probably running a tight schedule in school.
A good CRM such as Dex will help you manage relationships, set reminders, and keep group contacts. You can even store vital information like a mentor's birthday or how you met someone. This way, you can focus entirely on school work and still remember the details that matter.
Greater job security
The jobs for MBA graduates in demand today may not be in demand five or ten years from now. However, the skills you will learn during your time in business school – such as critical thinking and problem solving – will remain valuable regardless of the economy.
Expands your world perspective
An MBA will equip you with knowledge of how the global marketplace works. Most programs attract a wide base of international students. Learning from with them can offer a broad perspective of how different factors affect markets in various places worldwide.
MBA curricula cover global issues such as international business, cultural differences, and risk management strategies. These help to prepare students for an increasingly interconnected job market.
Depending on the program you attend, you might even be presented with a study abroad trip to equip you with firsthand knowledge of how global markets work.
Top MBA industries
Which MBA sector is the best for you? The following industries are not only popular, but they also pay the best:
- Finance leadership
Highest paying MBA jobs
According to a 2021 survey by the National Association of Colleges and Employers, the average starting salary for MBA graduates was $87,966. That's almost $40,000 more than what Bachelors' degree graduates earned. Here's a list of the highest-paying MBA jobs.
A management consultant is an consultant brought in to answer important strategic questions for a business. They help companies solve problems by analyzing data and making recommendations based on their findings.
As a management consultant, you'll be responsible for providing advice on how the company should operate its business model, marketing strategy, and product development process.
You will be required to advise companies on how they can improve their operations and increase profits. This may involve analyzing data from various sources such as customer surveys, competitor research, and market trends.
Also, you'll be required to conduct interviews with employees about their experiences working for the company to determine what areas need improvement.
Management consultants work closely with senior managers to help them make decisions based on facts gathered through search.
Some of the skills that you should have to be a management consultant include:
- Excellent problem-solving skills
- Analytical thinking skills
- Strong writing and communication skills
- The ability to work independently
Management consultants make, on average, $103,853 per year. This figure isn't necessarily representative of top management consulting firms like McKinset, Bain, or the Boston Consulting Group
As a financial manager, you'll be responsible for policymaking regarding budget and spending. Financial managers also oversee a company's financial accounts and transactions and develop plans to achieve a company's long-term financial goals.
This role is ideal for you if you possess strong analytical, problem-solving, and mathematical skills.
Excellent teamwork and communication skills are a must-have, as you must work with different departments within the organization. It would help if you also kept up with international financial trends to advise the company accordingly.
The role of financial managers has evolved dramatically, owing to technological advancements. This means that it'll be easier for you to analyze data and trends and produce financial reports.
According to the Bureau of Labor Statistics, financial managers make $134,180 annually. The top 25% of financial managers earn a median salary of $186,030.
Business intelligence analyst
Business intelligence analysts are in high demand these days, asbusinesses are realizing the importance of data-driven decision-making.
As a business analyst, you will be responsible for collecting and analyzing data to help your company make better strategic decisions.
Your job scope might include:
- Designing and conducting research studies.
- Developing hypotheses.
- Recommending solutions to business problems.
Excellent problem-solving skills, ability to work with minimal supervision, and business and financial knowledge are a must-have for business intelligence jobs.
Additionally, excellent communication skills are pivotal in sharing findings with different departments.
The average salary for a business intelligence analyst is $84,635 per year.
Marketing managers are in charge of developing and executing a company's overall marketing strategies.
A marketing manager's responsibility includes overseeing marketing campaigns to increase profits or sales volume in their company. They are also responsible for developing new markets and increasing market share based on industry trends.
This job requires expert knowledge in product promotion, sales techniques, and advertising methods to reach your target market effectively.
Another in-demand skill that you require is customer service skills. You'll be liaising a lot with current and potential customers via emails and phone calls. You will need to answer their needs and complaints concerning the company's products.
The average salary of a marketing manager is $142,170 per year. This may vary slightly depending on your experience and the size of the company you work with.
Chief Technology Officer
As a Chief Technology Officer, your duties will be to oversee the technological direction of your company.
You'll need to be up-to-date with the latest software, devices, and platforms so that you can make sound decisions about your company's technology infrastructure.One of your key roles will be managing a team of IT professionals who will help execute your vision for the company.
This job is perfect for MBA graduates who are tech-savvy and have experience in business analysis and project management. For this position, employers mainly look for the following skills: business analysis, project management, infrastructure planning, and development.
The average annual salary for a Chief Technology Officer is $160,000. However, this could go up to as high as $235,000, depending on your years of experience and other qualifications.
Product managers are in charge of a product's life cycle—from conceptualization to launch.
They are responsible for the development process, creating marketing strategies, and analyzing sales data. Product managers must identify business opportunities by understanding which market trends are beneficial for their company's growth.
You will need to have excellent leadership skills, as you are expected to guide the engineers in creating products that meet market needs. You should also work collaboratively with people around you to get things done efficiently and effectively.
On average, product managers make $113,446 annually. These salaries might be much higher at larger FAANG companies or startups in high cost of living areas.
Chief Financial Officer (CFO)
A CFO is responsible for all company's financial matters. This includes ensuring that all financial transactions are in order, building financial models, and department supervision.
To be a CFO, you ought to have an in-depth knowledge of accounting and taxation laws to make sound decisions about the company's finances. In addition, you should be able to analyze data trends to make informed predictions about future growth or losses.
Like most MBA jobs, this job is suited for someone with excellent leadership and communication skills. You'll need to regularly liaise with other executive team members, the board of directors, and shareholders.
The average salary for a CFO is $203,000 per year, making it one of the most covetable jobs for MBA graduates.
Health Services Manager
The Bureau of Labor Statistics projects that the demand for healthcare services managers will increase by 32% by the year 2030.
If you are looking for a stable job, jobs in the healthcare industry are the way to go!
Health services managers work with a team of doctors and nurses, so they must be good team players.
The day-to-day tasks of a health services manager include:
- Ensuring the delivery of quality services.
- Planning and coordinating training and recruitment of staff.
- Monitoring a facility's capacity and usage of resources.
They analyze data trends related to health care and make suggestions on how to improve operations in hospitals or clinics. This is an ideal job for MBA graduates who want something more challenging than just managing finances.
As of May 2020, the median annual wage for health services managers was $104,280.
Top skills that employers look for
The jobs on this list vary in terms of industry, but they all require specific skill sets that are highly sought after by employers.
If you're looking to make the jump into one of these high paying masters of business administration jobs, be sure to highlight any of the following skills on your resume:
To succeed in business administration jobs, you must display several analytical skills. These include prioritization, mathematics, cause and effect analysis, and listening more than you speak.
Critical and Creative Thinking
Creativity is a must in jobs for MBA graduates. Regardless of job title, business leaders need to be creative when making decisions or solving problems.
A master of business administration will help you develop the thinking skills required to make strategic decisions that will positively impact the business. Critical thinkers can understand various perspectives and look at problems from different angles.
Business acumen is the ability to understand and think like a business leader. This skill set is developed through hands-on experience, coursework, and networking with professionals.
To be successful in MBA jobs, you must have excellent teamwork skills. You can begin honing this skill during group projects while attending business school.
Technological skills are a must-have in the modern-day workplace. Various sophisticated tools continue to evolve, and you must be able to handle them.
If you do not consider yourself tech-savvy, begin improving this skill right away.
Time management is a skill that you can develop as early as your first year of business school. Because of the heavy coursework and group projects, an MBA program will help you effectively prioritize tasks.
As mentioned earlier, jobs for MBA graduates require excellent communication skills. This includes verbal, non-verbal, written, and listening skills.
You must master all four so that you can communicate thoughts and ideas clearly no matter who they are directed towards - whether it's a manager or client.
How to land your dream job after MBA
Now that you know which jobs pay the best, how can you land them? You might have all the in-demand skills discussed above, but are they enough? Will they help you rise through the ranks? Here's how you can land your dream job.
It would be best to have a career profile that speaks for itself. Your resume, LinkedIn profile, and other social media platforms should all reflect the same message - that you're an MBA graduate with the skills to succeed in any business environment.
Start by building a strong network of professionals who can act as references or help you get your foot in the door at their company.
Be proactive and network
Don't wait for jobs to come to you; go out and find them! Attend career fairs and networking events, send personalized job applications, and follow up with potential employers after interviews.
Demonstrate your interest in the company and let them know how passionate you are about the role. Maintaining a positive attitude will show that you're a team player ready to take on anything.
To be successful in MBA jobs, you must stay current with the latest trends and changes in the business world. This means reading industry journals, attending conferences and webinars, and subscribing to newsletters.
It's also a good idea to connect with professionals on social media platforms such as LinkedIn. Doing so will help you build relationships with people who can offer advice or introduce you to new opportunities.
Accept internship opportunities
Keep an eye out for internship opportunities that'll build your CV. They'll help you get your foot in the door and present you with a chance to network.
Internships are also a great way to learn and gain practical experience.
Use career portals / school portals
Various online career portals can help you find jobs that match your skills and interests.
Check out the best recruitment agencies regularly, scout for jobs on social media, or at university career centers. Be sure to conduct a background check after every offer you get to make sure it's legit.
MBAs have proven extremely rewarding for anyone who wants to boost their career. Master of business administration jobs are not only financially fulfilling, but they also come with some degree of prestige.
If you are looking for a high-paying MBA job, we hope that the list we complied will be helpful to you. Remember to list all the in-demand skills discussed in this post on your CV. Also, follow the steps we've shared, and you'll be well on your way to landing your dream job. Happy job hunting!