What Are the Best Paying Careers for MBA Grads?
If you're a Master of Business Administration (MBA) graduate, you can apply for some of the highest-paying careers on the job market. MBA grads can enter senior management positions in the fields of business, finances, science and marketing. Read on for details about profitable careers for MBA degree holders.
Best-Paying Jobs for MBA Grads
An MBA program can give you detailed knowledge about business strategies, human resources, advertising and operations management. Many programs also allow you to specialize in a career-related topic such as marketing, entrepreneurship or finances. If you hold an MBA, you might enter upper-level management positions at corporations, banks, research companies and public relations firms.
Important Facts About Careers for MBA Grads
|Chief Executives||Science Managers||Financial Managers||Marketing Managers|
|Key Skills||Leadership, decision-making, communication||Problem-solving, time-management, critical-thinking||Analytical, organizational, detail oriented||Interpersonal, organizational, communication|
|Required Education||Typically at least a bachelor's degree||Ranges from a bachelor's degree to a PhD in a required field||Typically a bachelor's degree and at least five years of experience||At least a bachelor's degree|
|Work Environment||Local, regional, national, and international offices||Typically a team setting in the field or a laboratory||Commonly full-time in many different industries, such as banking and insurance companies||Lots of traveling, commonly deadline heavy|
|Similar Occupations||Administrative Services Manager, Human Resources Manager, Sales Manager||Agricultural/Food Scientist, Chemist/Materials Scientist, Geoscientist||Budget Analyst, Financial Analyst, Loan Officer||Market Research Analyst, Public Relations/Fund Raising Manager, Public Relations Specialist|
The role of chief executive is an advanced position that provides very high pay and status. The U.S. Bureau of Labor Statistics (BLS) reports, however, that the job can be competitive and demanding (www.bls.gov). The number of positions was projected decline from 2016-2026, according to the BLS, although specific fields, such as health services, should have more job openings. To gain a chief executive position, you might want to earn an Executive MBA, which usually requires you to have managerial experience before starting your graduate program.
According to the BLS, chief executives earned a median yearly wage of $189,600 as of May 2018. The BLS reported that most chief executives worked for local government, excluding schools and hospitals (oes designation), while management of companies and enterprises were the second largest source of employment. The top-paying states for chief executives as of May 2018 were South Dakota, District of Columbia, Rhode Island, Texas, and New Jersey, which all had average annual wages over $200,000.
If you're an MBA graduate with an undergraduate degree in the natural sciences, you could become the manager of a pharmaceutical or aerospace research lab or manufacturer. According to the BLS, natural sciences managers earned a median yearly wage of $123,860 as of May 2018.
Knowledge of engineering and computer science combined with a business degree can also lead you to a career as a technology or information systems manager. According to the BLS, positions in this field were predicted to increase faster than average 12% from 2016-2026. Computer and information systems managers made a median wage of $142,530 annually as of May 2018.
With your MBA, you can enter the financial sector and work for a bank as a branch manager, credit manager or treasurer. According to the BLS, many employers prefer applicants who have a business administration education as well as strong problem-solving and mathematical skills. According to BLS figures, financial managers earned a median salary of $127,990 per year as of May 2018.
The BLS projected financial management jobs to rise 19% from 2016-2026, which was about average. New York was the highest-paying state for financial managers, with an average annual salary of $210,510 as of May 2018. Delaware, New Jersey, and Connecticut also paid workers higher wages, averaging above $167,000 per year.
If you're an MBA grad who also enjoys socializing, you might find a high-paying career as a marketing or public relations manager. You can take on clients and advertise them through a variety of methods, including special events, interviews, social media and television. You can also conduct research on how to best advertise and sell specific products to a particular demographic of buyers. To better stand out in the job market, you might want to earn a concentration in marketing with your MBA.
According to the BLS, public relations managers earned a median salary of $114,800 per year as of May 2018, while marketing managers made a median wage of $134,290. Advertising and promotions managers earned a median income of $117,130 yearly.