Earning your MBA is a proven way to turbo charge both your career path and your salary. Recent data indicates that earning your business degree still is a great way to increase your earnings, particularly in your first job after you get your degree. With the advent of MOOCs(Massive Open Online Classes), now even an affordable mba online search should be part of your thought process.
Some business career paths, naturally, will be in more demand and command higher salaries than others. Some of the most killer career paths for future MBAs include these:
#1 IT Systems Analyst
Computer systems analysts understand the technical side of their business – how to implement the best hardware, software and networks, and also can exercise good sense when dealing with people and preparing cost benefit analysis. A strong business school education can really hone these skills and make you very much in demand in the booming IT field. Leading tech companies, such as IBM, are known for looking for people who can not only handle the technical side of the job, but also are skilled in the business analysis side.
#2 Human Resources Management
While this may not sound like a killer career path for an MBA, don’t be fooled! There has been a recent surge in demand for human resource management professionals, and having an advanced business degree will help to put your application on the top of the pile. This is a particularly excellent career path for MBAs who are interested in training. Working in HR management directly affects employee productivity, and also the overall success of the company. You should particularly look for employment at companies that have a strong record of treating HR as a business partner and not as an operational necessity. Two good examples are Proctor and Gamble and Amgen.
#3 Health Care
The population is aging and are more active than ever, so there is major growth in health care. That is why there is more demand for more medical professionals and more medical and health care facilities. This, in turn, means there is much more demand for effective business managers with MBAs to effectively administer these health organizations. This makes health care one of the top professions for new MBAs. Some of the most killer career paths in this field for new MBAs include hospital administrator, pharmaceutical project manager, practice manager and hospital CFO.
#4 Database Administration
A good database administrator with an MBA possesses a strong understanding of how her role in building a good database helps the company as a whole. In this booming field, you will create the systems in a company that store and process information, and you will use your skills as an MBA to make this a highly efficient process. Some MBAs who start out as a database administrator may be able to move into a senior database management position and eventually into a role as chief technology officer.
#5 Management Consulting
Management consultants provide the direction that companies need to stay competitive. In this field, you will typically focus on one particular industry, such as technology or manufacturing. You will help the company solve complex management problems and to control costs. It is believed that management consulting jobs will grow by more than 20% by 2020, so this is another booming field ripe with opportunities for MBAs.
#6 Finance and Banking
While it is true that this traditional MBA field took a sizable hit in the financial downturn, things are beginning to turn around. And the money that you can make on Wall Street is impressive. For example, a hedge fund trader can make over $1 million a year easily, as can hedge fund research managers, who conduct vital research into investment opportunities. Proprietary traders also can earn over $1 million per year.
#7 Marketing Management
A good marketing manager is very important in helping a company expand into new markets and to find new customers. Your main objective will be to boost sales and profitability. You will research trends, find opportunities, estimate demand and develop effective marketing campaigns. An MBA degree will definitely increase your chances of landing a job in this growing field. The Bureau of Labor Statistics states that the field of marketing and advertising management will grow by 14% by 2020, so there will be plenty of jobs available.