On average, graduates of MBA programs earn some of the highest salaries in the job market. Of course, the higher end of the pay scale for MBA graduates can be attributed to positions like hedge fund managers and financial analysts. Those who pursue careers in the nonprofit or social services sectors are often paid considerably less but find their work more meaningful. Positions with IT companies that combine computer science and business skills are in high demand and often offer very good starting salaries.
Most individuals enter an MBA program with a basic career goal and curate their educational plan to fit that eventuality. Listed below are five specific jobs that are possible with an MBA.
1. Chief Technology Officer: This career path integrates knowledge and skills relating to an organization’s business needs with its technological development. A CTO oversees the technology team, as well as the research, development and vision of the company’s technical future. The median annual wage for a computer and information systems manager (a starting position for an individual pursuing the CTO job) is $127,640, according to the Bureau of Labor Statistics (BLS). Those who work in the finance or insurance industries specifically make a median salary of $132,580.
2. Fundraising Manager: For those who are interested in using their business skills in the nonprofit sector, then fundraising manager is a great position. Fundraising managers work specifically with creating and implementing campaigns that collect donations for their organization. They may write grant proposals or have meetings with highly important donors. Fundraising managers need not only interpersonal and communication skills but also a working knowledge of taxes and accounting. Fundraising managers make an average of $101,510 a year, the BLS reports.
3. Financial Analyst: For an entry-level financial analyst job, one only needs a bachelor’s degree. However, for upper-level and high-paying financial analyst positions, an MBA is appropriate. Financial analysts work directly with businesses or individuals who want to invest in stocks, bonds and other types of investments. Financial analysts study and research trends and make informed recommendations concerning their clients’ portfolios. Their average salary is $78,620, the BLS estimates.
4. Health Services Manager: The healthcare industry is going through a very strong period of growth, which causes more pressure on the business side of healthcare. Health services managers (also called medical services managers, healthcare administrators and healthcare executives) do the planning, directing and coordinating of specific medical and health services in hospitals, private practices or clinics. They must have knowledge of healthcare law, regulations, technology and business practices. The average salary for a health services manager is $92,810.
5. Public Relations Manager: PR managers are responsible for the public image of their employer or client. This includes planning, directing and creating materials like press releases, advertising campaigns and general communications. Public relations managers shape an organization’s public image to best communicate messages to its desired audience. This means developing an image and branding, acting as a spokesperson and overseeing a staff of public relations representatives. A public relations manager makes an average salary of $114,230.