Deciding what to do with an MBA
An MBA —short for Master of Business Administration — is an advanced degree that prepares professionals for careers in business and management. It can be an expensive pursuit so it's a good idea to figure out how to maximize the return on that investment in yourself.
An MBA can increase your earning potential and build key business relationships in your career. So before making that leap applying to business schools, make sure you know why you're getting an MBA and what you're going to do with it.
What can you do with an MBA?
There are many different career paths you can pursue when you acquire a Master of Business Administration (MBA) degree. Here’s a list of some of the career options available to you:
Business operations manager
Average base pay: $55,739 per year
A business operations manager ensures that a business runs smoothly and effectively. They are responsible for making business processes efficient, collaborating with other teams to achieve business goals, and identifying new business opportunities. Business operations managers are great problem solvers and quick thinkers, so this is a good job for individuals with excellent strategic thinking and people skills.
Management analyst
Average base pay: $62,220 per year
A management analyst prepares operational and procedural reports for a company’s senior management to assist them identify and implement efficient processes. Management analysts may be consultants or full-time employees. Their responsibilities include analyzing business data, recommending new processes and organizational changes, and creating new solutions.
Information systems manager
Average base pay: $72,637 per year
An information systems manager is in charge of an organization’s information systems. Also known IT managers or systems managers, they are responsible for the smooth running of all computers, software applications, servers, and other IT infrastructure in an organization. Information systems managers lead a team of other IT professionals such as systems analysts.
Logistics manager
Average base pay: $58,156 per year
Logistics managers are responsible for coordinating an organization’s logistics operations. Their duties cover managing the supply chain, organizing the warehouse and managing inventory, and identifying opportunities to improve processes around supply of goods. A logistics manager may also handle budget creation and expense management and create new strategies to minimize logistics costs and maximize profits.
Revenue manager
Average base pay: $54,416 per year
Revenue managers are responsible for effectively managing a business’ revenue. Their duties involve reviewing financial data and ensuring that the organization complies with the relevant regulatory standards. It’s common for revenue managers to be involved with financial audits. They work closely with auditors and other financial specialists. In addition, revenue managers collaborate with other teams such as sales, technology, and engineering.
Project manager
Average base pay: $66,137 per year
A project manager coordinates a project throughout its cycle. They create a project roadmap, set timelines, outline budgets, and manage all processes required from the conception phase to launch phase. An MBA is useful for project managers because it teaches useful skills in areas such as cost management, which are necessary when working on complex projects. MBAs are also a great qualification for project managers who work in finance.
Chief executive officer
Average base pay: $188,5252 per year
In most cases, a chief executive is the number one employee/staff member at an organization. They essentially run the business and have decision making power. Chief executive officers (CEO) require strategic thinking skills, leadership capability, financial acumen, and business administration skills, all of which can be acquired through an MBA. They also require subject matter expertise and specialization in the relevant industry.
Chief financial officer
Average base pay: $102,120 per year
Chief financial officers are in charge of all the financial activities in a company. Their work involves financial planning, identifying a company’s financial position and working to improve it, and managing all processes involved with cash flow and financial reporting. CFOs, as they are often called, collaborate with other departments — through other senior managers — to ensure that the business is managed responsibly. They also work very closely with the CEO and COO.
Health information manager
Average base pay: $51,121 per year
A health information manager oversees information governance in a healthcare institution. They organize, analyze, and protect medical data that is used to provide patient care. Some of the duties of a health information manager include creating data management systems, analyzing clinical data for process improvement, and ensuring regulatory compliance. They manage a team of clinical coders and administrative staff.
Policy analyst
Average base pay: $58,926 per year
A policy analyst examines government policy and proposes improvements based on existing data. They are responsible for reviewing policy drafts, amending and rewriting policy drafts, and consulting relevant stakeholders. Policy analysts may have a background in research, law, or public administration. An MBA is useful in preparing for this position, which, in some cases, is a directorial or executive role.
Chief technology officer
Average base pay: $180,000 per year
A chief technology officer (CTO) manages the development and deployment of a company’s technological solutions. They may also manage other technological aspects of the business, including the IT and engineering departments. CTOs usually have a technical background with several years of experience. They also need leadership and strategic planning skills, all of which can be learned during an MBA program. CTOS are responsible for managing the company’s technology roadmap and strategy, liaising with clients, and creating new business models.
Human resources manager
Average base pay: $78,377 per year
Human resources managers direct an organization’s administrative functions. Their duties include supervising the recruitment, interviewing and selection of new employees, acting as a mediator between company management and other staff members, and identifying new ways of maximizing an organization’s human capital. Human resources managers also work on payroll and employee training. In addition, they may manage the benefits program.
Investment fund manager
Average base pay: $75,450 per year
An investment fund manager offers professional investment advice to clients, including private high net-worth individuals and corporate organization. They perform research to determine the most profitable financial instruments, based on their client’s investment goals, risk appetite, and resources.
Securities analyst
Average base pay: $75,635 per year
Sometimes known as an equity analyst or financial analyst, a securities analyst collects information about financial securities and makes recommendations based on this data. Securities analysts create financial models and publish reports based on their findings. They work in investment banks, and may also be called investment analysts.
Purchasing manager
Average base pay: $68,348 per year
A purchasing manager coordinates all aspects of procurement for an organization. Their duties involve evaluating suppliers and vendors, reviewing products and materials, negotiating purchase contracts, and maintaining purchase records. Also known as a supply manager, purchasing managers often work closely with logistics managers to manage the supply chain.
Marketing manager
Average base pay: $65, 834 per year
A marketing manager heads a business’ marketing efforts to promote its products and services. They work together with branding and sales personnel to create and implement a marketing strategy that will increase company revenue. Marketing managers analyze trends in the market, analyze budgets, and create new ideas for marketing campaigns.
Medical director
Average base pay: $218,064 per year
A medical director supervises all aspects of a healthcare institutions medical operations. This includes, but is not limited to, creating and implementing operational protocols, facilitating cooperation between various departments, supervising the appointment of personnel, and overall, improving the level of care offered in an institution. Medical directors can work in several settings including hospitals, blood banks, or treatment facilities.
Database administrator
Average base pay: $78,779 per year
A database administrator is in charge of storing and organizing information. They use specialized software to create database management systems and facilitate easy retrieval of information as needed. A database administrator’s work covers system installation and configuration, troubleshooting, and data backup and recovery.
Business development executive
Average base pay: $62,598 per year
A business development executive identifies new business opportunities for an organization with the aim of improving the business’ performance and revenue. They identify potential new markets, create new ideas for product lines, source new clients, and market new products to existing clients. Business development executives work across various industries.
Data Analyst
Average base pay: $62,453 per year
A data analyst collects statistical information and presents useful insights to a business. A data analyst’s job is to help an organization make strategic decisions based on consumer behavior, market trends, and other relevant business factors. They examine past occurrences, identify patterns, and determine possible outcomes.
Accounting Manager
Average base pay: $75,427 per year
An accounting manager oversees an organization’s accounting department to help the business achieve its financial goals. They are responsible for supervising the team’s activities on a daily basis and creating systems to collect, organize, and analyze accounting data. Accounting managers need to verify all information and ensure that the team is compliant with all regulations.
Management Trainee
Average base pay: $56,531 per year
Management trainees shadow management staff at an organization with the goal of acquiring the skills and knowledge required to become managers in the future. They are usually fresh MBA graduates and their duties involve completing any tasks assigned by their supervisors and participating in all learning activities organized by their employers.
Engineering Manager
Average base pay: $117,378 per year
An engineering manager coordinates an organization’s engineering operations. With a background in engineering and business management, they can effectively solve any problems in the engineering team, train new staff, create new products, and propose budgets.
There are many job opportunities out there for MBA graduates. Start your search on Glassdoor and identify the best choice for your career.