Every MBA wants to see a return on their investment. Going to business school can boost your career prospects, and in many industries having an MBA will give you the edge over competition. After falling from 2008, applications for MBA Admission rose in 2012, according to the Graduate Management Admission Council.
With more b-school students entering MBA programs, selecting the right career path becomes important for current MBAs and alumni. With more MBAs entering the workforce, pursuing the right field can ensure your career progression
While an undergraduate BA might get you started, many companies want someone with an MBA, especially in certain industries. These are five jobs where an MBA can make you more attractive to employers and help give you an edge in the MBA Jobs market.
1. IT Manager
IT managers oversee a company’s computer systems. That can mean ensuring computer systems meet a company’s needs, upgrading technology and keeping the system secure. It also frequently includes managing IT personnel.
Many companies require IT managers to have a master’s degree, according to the U.S. Bureau of Labor Statistics (BLS). Companies want managers with IT experience, sometimes in a lower-level management position. MBAs have the management experience to lead an IT team, with the skills to deal with executives.
The median salary for IT managers is $115,800, according to the BLS. For IT managers at companies doing systems design, that can jump to a staggering $123,500.
The BLS expects job growth to be 18 per cent through to 2020. MBA graduates who stay ahead of the latest technological innovations will have an improved chance of employment.
2. Financial Manager
Finance is a great match for MBAs because it is a field that closely aligns with graduate education. Financial managers oversee a company’s financial condition, preparing or reviewing financial reports, analysing trends and advising the top management personnel on finances and profits.
Many companies want financial managers with an MBA, as these candidates tend to have the analytical abilities and software knowledge required to do the job. Experience in finance industry will naturally help.
The median salary for a financial manager is $109,740, according to the BLS. The need for financial managers should grow by 9 per cent, with MBA grads expected to have the best prospects.
3. Financial Advisor
Another finance-job that seeks out MBA graduates is that of financial advisor. Financial advisors provide investment, retirement, tax and insurance guidance for clients, including financial goals or investment strategies. This option is especially tempting for those who want to be their own boss, as 25 per cent are self-employed, according to the BLS.
An MBA could help financial advisors attract clients. For those who are not self-employed, an MBA can make it easier to move into a management role.
The median salary for financial advisors is $67,520. Those working for financial service firms may also earn bonuses. The bureau expects the need for financial advisors to increase by 32 per cent between now and 2020.
4. HR Manager
Increasing demands on human resources departments drives the need for skilled HR managers. This position directs administrative action for an entire company and works on recruiting and hiring for an organization. Experience and an MBA can open advancement into this position, as HR managers work closely with executives and participate in strategic planning.
Advancing to HR manager means a median salary of $99,720, with an expected job growth of 13 per cent by 2020.
5. Management Analyst
Management analysts recommend improvements to companies on costs, personnel, finances, alternate practices or work on solving specific problems. About 23 per cent are self-employed.
The BLS reports that 28 per cent of management analysts have an MBA, and many companies prefer the graduate degree. Employers also prefer workers with experience in HR, IT or management.
The median salary is $78,600 and the the BLS forecasts job growth of 22 per cent. Applicants with a graduate degree have the best prospects.
The disciplines and knowledge you gain from an MBA strongly increases your chances to enter any of these fields and unlocks the path for advancement, especially when coupled with a few years of experience. If you are looking for MBA Jobs, these five industries are a good place to start.