Demand for new MBAs is always high, but in recent years, that demand has actually increased. Further, a 2015 survey of corporate recruiters conducted by the Graduate Management Admission Council showed that between 2010 and 2015 the percentage of companies planning to add MBAs to their teams jumped from 62 percent to 84 percent.
The companies enjoying economic growth are the most likely to be looking for additional MBAs to bring on the payroll. That’s good news for recent graduates because working for a company during a growth cycle is not only exciting, it can also mean more opportunities for advancement and the chance to gain knowledge and experience in new industries.
Snapshot of MBA careers
Recent MBAs have a wide variety of options today when choosing a career or industry. Here are some job categories that professionals holding MBA degrees often fill.
It’s probably no surprise that MBAs are highly sought after in the financial sector. These positions can be in banking or in larger corporations where cash management, budgeting and investing are important elements of the business plan. The responsibilities can be even broader today because global corporations need to manage global finances. You can expect a salary in the $118,000 range, on average.
Health Services Management
With spending on healthcare approaching 20 percent of the U.S. gross domestic product, managing those expenditures requires an increasing number of professionals. Jobs here can be in virtually any larger health system along with every level of government. The healthcare providers and healthcare insurers are also driving the demand for MBAs. Average annual salaries are around $95,000.
Sales and Marketing Management
Big data and increased competition from all corners of the internet have placed a premium on MBAs with knowledge and talent in sales and marketing. These professionals need to be able to analyze market trends, set sales targets, understand customers, train sales reps and much more. On average, you can expect to earn $113,000 or more annually.
Information Technology Management
While a computer science degree is usually necessary for coders, organizations often prefer MBAs at the management level. IT departments are growing in every industry, and managing this growth while still meeting mission objectives is a challenging job. The median salary is $130,000.
An MBA degree will give you all the tools you need to be a player in the startup world. Today’s tech startups often grow out of partnerships that pair technical vision and business acumen. The earning potential here is limitless and depends on the success of the startup.
This short list of careers is just to give those considering an MBA program an idea of the different paths they can take after graduation. Recent MBA graduates can expect a starting annual salary somewhere between $75,000 and $130,000. Overall, in 2015, the average starting salary was $91,940 for recent MBA hires.
Opportunities Increase With an MBA
Another factor to weigh when you’re thinking about earning an MBA is how it enhances your career advancement opportunities. You can look at this from two points of view: you plan to stay with your current employer, or you would like to move to a different company.
If you’re happy with your current employer, or perhaps want to stay in your community, earning your MBA will make you a much stronger candidate for higher-level positions at your current employer. Even within your current department, an MBA will get the attention of upper management.
If you want to change companies, an MBA will help push your resume to the top of the pile — both in the U.S. and abroad, where recruitment of American MBAs is on the rise.
While no one can guarantee the direction of the economy from one year to the next, historic data on MBA graduates show that they enjoy excellent salaries, a variety of career paths and potential for professional advancement.
Learn more about the Baylor online MBA program.
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