According to Poets & Quants, a popular weekly online newsletter that reports and analyzes the latest information on business school admissions requirements, B-schools rankings, full-time MBA programs, and MBA jobs, there are plenty of employment opportunities with great pay for MBA graduates. So, if you have an MBA or are thinking of obtaining one, here is a list of the some of the fastest growing MBA careers that offer steady job growth and competitive salaries. Once you peruse this list, you will have a better foundation to make a decision as to your future career in the world of business.
Health Services Manager
As the demand for healthcare services continues to increase, the healthcare industry is emerging as one of the fastest growing job markets with some of the highest salaries. The Bureau of Labor Statistics (BLS) states that healthcare management positions in hospitals, rehabilitation facilities, nursing homes, and other medical facilities are looking to hire qualified 300,000+ MBA graduates. The demand is the greatest for medical and health services managers in the pharmaceutical and computer industries. Both industries provide innovative and relevant services to healthcare facilities and need competent healthcare managers who can relay the latest information about healthcare standards. BLS reports that on average healthcare managers with an MBA earn $88,580 annually, and the job growth is at 23 percent for the 7 years.
A MBA in Marketing will prepare graduates to manage the products and services for a company. Marketing managers stay abreast of trends, track the success/failure of old and new products, and offer insight on customers’ needs and demands. While the position requires more than a 40 hour work week, most marketing managers enjoy their jobs because they get to be creative, the dress is business casual or jeans, and the free perks are common. According to BLS, the median salary for marketing managers is $115,750 per annum, and the job growth is stable at 12 percent, as companies in the Software Publishers, Tobacco Manufacturing, Information Services, and Lessors of Nonfinancial Intangible Assets industries expect the highest growth.
Human Resources Director / Manager
The field of human resources is an ever changing one in that the job’s function must adapt to the needs of the current job market. For instance in the past HR managers and directors were focused on administrative tasks such as hiring employees and administering benefits. Now, HR managers and directors concentrate on cultivating systems and practices within a company that address the strategic needs of that organization. Human resource managers/directors are sought after in every industry, and BLS projects that in the next four years at least 184,500 new jobs will be available. BLS also reports that the salary for this position ranges between $64,440 and $187,199 annually. The industries that are expected to hire MBA grads the most by 2018 are Technical Services at $101,570 annual average, Accounting at $103,990 annual average, Scientific Research and Development at $94,860 annual average, and Advertising at $96,620 annual average.
Risk and Insurance Manager
MBA graduates who are ready to help decrease the amount of loss a company incurs and the degree of risk to which the company is exposed should consider the risk management field. If your MBA has prepared you to work long hours and implement processes that detect, assess, and control risk, while designing strategies that will enhance that company’s performance, then risk management is for you. Glassdoor.com lists the median salary for operational risk managers as $104,271 in the world’s top financial centers: New York, Los Angeles, Hong Kong, London, and Tokyo.
Where MBAs Work In Consulting
According to Poets and Quants, McKinsey & Company hires more MBAs than any other consulting firm in the world: currently, McKinsey has over 3,000 MBA graduates on staff. Next in hiring MBA graduates is Deloitte Consulting with approximately 3,086 MBAs on board, the Boston Consulting Group with 1,870 MBAs, and Bain & Co. has hired at minimum 1,433 MBAs. Vault.com has compiled a more extensive list of the top 50
consulting firms for MBAs. Vault.com top five consulting firms are No. 1: McKinsey &
Company, No. 2: Bain & Company, No. 3: The Boston Consulting Group, Inc., No. 4: Booz & Company, and No. 5: PricewaterhouseCoopers LLP.
Where MBAs Work In Finance
Glassdoor surveyed thousands of MBAs who work for financial services companies on how they felt about their workplace environment, their treatment from upper management, and their compensation packages. From the survey, over 100 financial services companies– from accounting firms to banks and from credit card companies to asset management companies– were assessed and ranked. The top 5 companies that employed MBAs say are great to work for are No. 1: Susquehanna International Group, No. 2: The World Bank, No. 3: Mastercard Inc, No. 4: ING Direct, and No. 5: Goldman Sachs Group Inc.
Where MBAs Work In Technology
Operations Research Analyst
Research analysts use statistical data to identify, assess, and solve business problems in sales, logistics, and production. MBAs who apply to this position usually have specialized in production and operations management. Glassdoor.com reports that the median salary for this position ranges between $62, 991 and $71,125. The Bureau of Labor Statistics reports that the job growth is at 27 percent with as many as 73,200 job vacancies.
Financial Manager/ Financial Examiner
A MBA in finance will open the door for you to be hired by a company or organization to oversee and regulate the finances and investments for that company. Undergraduates with degrees in accounting who go on to receive their MBAs really enjoy the change of pace as a financial manager because instead of “crunching numbers,” financial managers guide clients’ investment activities and develop strategies for their clients’ long-term financial goals. BLS states that financial managers are paid on average $109,740 annually, and employment is expected to increase 9 percent between 2014 and 2022.
MBA graduates who do not mind being outsourced abroad or traveling across the country will enjoy working in project management. Project managers with MBAs are most needed in the computer software, pharmaceuticals, finance, and IT industries. The Bureau of Labor Statistics reports that the average pay for entry-level managers begins at $107,000 per year, and glassdoor.com reports that the salary of a project manager varies according to the industry job description. For example, IT project managers take home an average of $100,000 annually while healthcare project managers average between $74,000 and $90,000 per year.
Since getting an MBA is a huge investment of time and money, it’s important to make sure your investment pays off after you graduate. Rest assured in that MBA degrees are impressive to potential employers and garner top pay, so stop procrastinating and put your MBA degree to the test.