An MBA can provide you with valuable business skills and build trust, so if you are pursuing a career in any business area, you have the potential to become more valuable. This article explains what an MBA is, the jobs you can get, and provides a list of the Best-Paying Jobs for MBA Graduates.
The MBA can also improve your income potential, and the average MBA salary for Stanford MBA graduates over the three years after graduation is over $220,000.
Harvard MBA graduates can expect to earn about $210,000, while the INSEAD MBA makes an average of $180,000 in the first three years of graduation.
What is an MBA?
MBA is a Master of Business Administration degree offered by Business schools. This advanced degree usually takes two years.
An MBA proves you have essential business and management skills such as analytics, long-term strategy, and leadership. MBA programs typically include accounting, economics, and marketing courses, and students can specialize in the business arena.
Why Enroll for an MBA?
The MBA can improve your professional marketability and increase the quality and quantity of your jobs. Over 98% of Wharton MBA graduates are expanding full-time employment opportunities. The MBA also helps develop leadership skills and professional networks.
One of the major attractions of this degree is that MBA holders often have higher salaries because their employers believe they have a more comprehensive range of basic business knowledge and skills.
For example, financial analysts with an MBA usually earn significantly higher salaries than those with a Bachelor of Business Administration (BBA).
Highest Paying Jobs for MBA Graduates
If you are thinking about getting an MBA or just graduating and looking for a job after graduation. Either way, you’re heading in the right direction. If you have or are aiming for an MBA, these high-paying jobs may be open to you:
#1. Management Consultant
In short, management consulting is problem-solving. Today’s enterprises face many issues which negatively impact efficient operations. Businesses need to develop with the ever-changing market environment and the emergence of new technologies.
Organizations often need help in making changes that are critical to their financial health. Business consultants provide expertise to help clients achieve efficiency through proposed changes.
The average MBA salary for Management consultants starts at $ 165,000 per year, increasing revenue potential. Ten years after the MBA, senior partners in companies like KPMG can expect to earn between $450,000 and $ 650,000 annually.
#2. Business Operations Manager
Business Operations Manager tasks include tracking business results, performing a cost-benefit analysis, and monitoring production KPIs.
To be a successful Business Operations Manager, you must have experience in the same or similar roles, manage all business operations, and set goals across your organization.
In addition, you need to have excellent leadership skills and be able to convey your company’s vision at all levels.
Business Operations Managers make an average salary of $220,000. The best-paid 25 percent earned $257,000, while the lowest-paid 25 percent made $70,000.
#3. Chief Financial Officer
The Chief Financial Officer (CFO) is the executive responsible for the company’s long-term financial goals. Work with other senior management to raise funds from investors, perform forecasts or profit analyses, and ensure that financial reporting is timely and accurate. CFOs have an MBA in finance or accounting.
The average annual salary of the Chief Financial Officer depends on a variety of factors; the average yearly salary of a CFO was $393,377 per year.
On the other hand, the top 25% can even make up to earn $499,992 a year.
#4. Investment Banker
Investment bankers handle the financial processes associated with their investment projects. Her responsibilities include debt issuance, sale of corporate equity interests, support for client mergers and acquisitions, and advice on investment opportunities such as derivatives.
The average salary of a US investment banker is $200,000 a year, or $93.33 per hour. Entry-level positions start at $52,098 per year and most experienced employees are at $263,750 per year.
#5. Senior Project Managers
Senior project managers are often considered more experienced project managers.
You can outsource larger and more complex projects and supervise multiple projects simultaneously. The exact job description and requirements vary from company to company.
The average salary for senior project managers is $208,231, but the salary range is typically $168,536 to $191,122.
#6. Marketing Manager
The marketing manager sells the company’s products, develops pricing strategies, and manages the budget. We also want to gain new customers and expand our company further.
The average national salary for marketing managers is $ 184,000 per year. The best-paid 25% make up to $198,000.
#7. Financial Manager
Financial managers provide financial advice and support to help clients and colleagues make informed business decisions.
As a financial manager, you need a good understanding of financial systems and processes, as well as a good brain to handle numerical and complex modelling and analysis.
Financial managers make an average salary of $160,000. Moreso, the highest 25% paid to make around $180,000.
#8. Business Intelligence Analyst
Business intelligence (BI) analysts help corporate executives guide and improve ways to facilitate intra-departmental and inter-departmental collaboration which aids better decision making.
The average salary for business intelligence analysts with years of experience is $131,000. The median salary for less than a year of work experience is around $95,000.
#9. Chief Technology Officer
The Chief Technology Officer (CTO) is the executive responsible for a company’s technical needs and research and development. Their responsibilities include communicating with other executives, investigating new technologies that may improve the business, and overseeing the use and implementation of new and existing technologies in all departments.
An inexperienced entry-level chief technology officer can earn an average of $ 102,000. Mid-career hires earn an average of $135,000. Experienced Chief Technology Officers with over ten years of experience can make up to $ 185,000 annually.
People who read this article also read: Top 15 Quick Certifications That Pay Well In 2023
#10. Private Equity Associate
A private Equity Associate is a senior manager in the investment banking business who finds potential investors, supports acquired investments, and due diligence with existing investment banking customers.
They help you through your business journey from start to finish.
Most top private equity fund associates earn between $ 110,000 and $ 140,000 a year as basic salary and can make up to twice including closing bonuses, which depends on how good they are.
#11. Operations Research Analyst
Operations research analysts are people who use quantitative thinking skills and abilities to think critically, solve complex problems, and provide solutions. Companies are hiring operations research analysts to improve their business practices.
Operations research analysts earned an average of $98,000. The highest 25% was $ 112,680 a year.
#12. Senior Data Analyst
Senior data analysts develop clear and well-structured analysis plans, including management data, insurance, billing, and other dataset analyses, as well as slightly urgent sensitive statistical analyses. Analyze data sets.
The average salary for senior data analysts is $97,816. The average additional cash compensation for senior data analysts is $14,817.
#13. Product Manager
The product manager coordinates the finance, development, and marketing teams to develop new products. You produce products on time and on budget. They are also responsible for marketing strategies and determine the features the product should have.
The average annual salary for a product manager is $95,000. Product managers typically have an MBA focused on marketing or project management.
#14. Business Operations Manager
Business operations managers help different departments within a company coordinate to achieve their ultimate goals. We also make strategic decisions about what our customers may buy and develop company policies that help our employees work efficiently.
The average salary for operations managers is around $80,00 per year and the profit share is $9,000.
#15. Marketing Specialist
They support the development and execution of marketing campaigns. You can also manage your employer’s social media accounts to ensure consistent style and branding across platforms.
The average annual salary of a marketing specialist is $78,000. A marketing specialist with an MBA can make up to $65,000.
#16. Healthcare Manager
Healthcare managers, also known as health care managers, plan, direct, and coordinate health care and health services. You can manage clinics for the entire facility, specific clinical areas, departments, or groups of doctors.
The average salary for a healthcare manager is $85,000 per year. However, the best-paid 25% can make even up $100,000.
#17. Accounting Manager
The accounting manager oversees the accountant. Create systems and processes for analyzing and reporting financial information, ensure that your company complies with regulatory requirements, and encourage business process improvements.
The median salary of the accounting manager is $ 78,216 a year, and you can earn a little more if you get an MBA.
See this: How To Pay For College Tuition In 2023
#18. Sales Manager
A sales manager is the person responsible for leading and leading a team of salespeople within your organization.
Set sales goals and assignments, develop sales plans, analyze data, assign sales training and regions, supervise members of the sales team, and take part in the hiring and dismissal process.
The average salary of the sales manager is $ 70,000 a year, with a cash bonus and a commission of 30% per sale.
#19. IT Manager
Information technology managers, are the guides who help organizations navigate the always-changing labyrinth that is modern technology.
The average salary of a US IT manager is about $68,000 per year
#20. Public Service Manager
The role of a public service manager manages one or more national policies or programs and directly manages the operational, support, or management functions of institutions or subdivisions of institutions of varying scope, accountability, and complexity.
The average salary for a Public Sector Manager is $65,000 per year.
The Graduate Management Admission Council (GMAC) annually lists
the 20 best-paying jobs for MBA graduates. Contrary to popular belief, management consulting reached the top of the list.
However, how much you can earn with your MBA often depends on the business area in which you specialize. Therefore, it is essential to understand which profession has the highest salary.