Getting your MBA is seen as a reliable way to increase your salary and your skillset. And while this does hold in certain situations, it’s equally accurate to say that MBAs can have a wide variety of different experiences depending on their educational background and career objectives.
Getting graduate degrees of any kind is expensive. Ideally, you want to select a program that offers a good ROI while also furthering your journey into the career path of your choice.
A little bit of research can help with that. In this article, we take a survey of some of the careers you can enter with your newly minted MBA, and we also examine a variety of different salary possibilities.
Different Career Paths Produce Unique Results
There is no set “MBA” salary. A vast number of business professionals hold graduate degrees. Some are C-level executives bringing home six to seven figures a year, and others are entry-level cubicle workers barely covering their mortgage. Job performance and competence will always matter more than just a degree alone.
MBAs should be seen as an important stepping stone in your desired career path. There are many stones to choose from. Depending on where you see yourself going in the future, you might choose a course load that emphasizes tech, finance, management, etc. In the career options selected below, we aim to highlight and accentuate the significant level of variability inherent in the MBA. There are a lot of great online MBA programs in Michigan, and it is a great way to pursue your further education as you work simultaneously on your career.
Marketing Expert
A career in marketing is a lucrative option for people considering their MBA. This is particularly true when the MBA student chooses an educational path that emphasizes marketing and data implementation.
It’s worth noting that marketing jobs are in exceptionally high demand now. Many businesses are still trying to adjust to and thrive in Covid. Therefore, quite a few have amplified their marketing efforts to present themselves better. Marketers tend to make over six figures, making this career path dependable to see a significant ROI on the substantial investment MBA candidates are forced to make.
Healthcare
Business is a significant aspect of the healthcare industry. No surprise there, right? While doctors and nurses look after the health of their patients, hospital managers look after the health of the institution itself.
This may mean investing in new equipment, expansion, personnel. Most days, it’s about looking after the hospital’s finances. The goal of a hospital manager is always to deliver the highest level of care at the lowest possible cost for the healthcare facility. As anyone who follows the American healthcare system closely knows, this is a delicate balance to strike. Still, with an MBA that emphasizes healthcare administration, you will be qualified to do it. Salary tends to hover around $100,000.
Financial Manager
The job of a financial manager is ostensible to solve cash flow problems, and this job has been mainly in demand since the beginning of Covid-19. As businesses saw revenue decline, many looked towards financial managers to help them cut costs and make investments that would bolster their future progress.
Daily, financial managers might spend their time reviewing a company’s books and finding ways for them to maximize their investment capital to ensure that it produces the highest possible gains. The work itself comes with very high stakes, and bad decisions can enormously impact a company’s future.
Still, the rewards are usually pretty sweet for those who can handle the pressure. Financial managers make an average of around $150,000 annually.
Business Operational Managers
As the name suggests, business operational leaders oversee how a business operates on a day-to-day basis. The focus here is less about employee performance and more about the process that drives work.
For example, during the height of the pandemic, it was typically the business manager that oversaw the transition from entirely in-person employment to remote work. Not only did this mean making sure that everyone was on the same page about their responsibilities, but it also meant acquiring and implementing the technology that was necessary to make the transition.
It might also have included lease renegotiations, employee stipends for home office accommodations, and, in short, any other consideration that needed to be made to make a business fully operational from home.
Quite the undertaking, huh? Fortunately, operational business managers are rewarded for their efforts. The median salary for this position hovers at right around $100,000.
Management Consultants
The term “consultant” tends to be somewhat vague, and this is due at least in part to the fact that the responsibilities of a consultant can vary quite considerably from day to day. Management consultants are usually brought in as a company tries to pivot into a new direction.
For example, they might be brought in to ensure that a merger goes well. They might supervise a new product launch or lend their expertise to a new method of operations.
The goal is always to make sure that the company makes its transition quickly and with as little friction as possible.
Because consultants effectively operate on a freelance basis, salary expectations can range quite a lot. However, the average management consultant brings in at least six figures.
Conclusion
The average MBA salary will, as shown above, depend quite greatly on the career path that chooses. MBAs have a median salary of $115,000-signicantly more than the $65,000 that hires with a bachelor’s degree make.
Taken alone, this indeed suggests a significant return on investment. However, those considering getting an MBA should also think about the cost of their program, the connections that one college might provide over another, and other factors that can significantly impact the value of the degree.
As shown above, not all MBA certificates are equal. Take care to pick the one that will take you places you want to go.
