A Masters of Business Administration, or MBA, is a master’s degree in business that focuses on a wide range of business developments. In the MBA program, students study the fields of accounting, finance, marketing and management, and further analyze the aspects of statistics, economics, computer science and leadership within business operations. MBAs were developed to promote a better understanding in management roles. Too often, those in management do not fully understand the technical side of the field they are managing. Similar issues may exist when those with technical backgrounds are moved into management positions, yet lack the appropriate skills to manage their people effectively. Throughout this article we will review a few of the more lucrative MBA’careers available, the jobs associated with each career, and the salary you can expect to make.

Understanding and studying the latest business management concepts and ideas will keep you ahead of your competition, and enrich your career potential. Your MBA degree will qualify you for a variety of industries, and a rewarding amount of pay. A few MBA career options to consider include:

Finance

Typically, the highest paid MBA jobs, and therefore, the most sought after and pursed MBA career, is in the finance industry. Positions in this field will include accountants, consultants, book-keepers, auditors, analysts, investment bankers, and private investors. An MBA career in finance will average a salary of $95,000.

Marketing

A very common career for an MBA graduate is within the field of marketing. One of the most essential operations of a business is building and maintaining the brand of the business. A career in marketing involves analyzing trends in the current market, marketing strategies for business growth, and techniques to increase profitability and market development. Careers specializing in the marketing aspect of business consist of project managers, marketing managers, market analysts, or sales managers, earning an average annual salary of $88,500.

Consulting

MBA careers in consulting involve providing your advice and expertise to a business in order to establish growth in that business. As a consultant for a particular company you will identify problems within their business and/or their business model, resolve and fix those issues, and analyze the reasons as to why those problems occurred and how to prevent them from occurring again in the future. Your career in consulting can have a generalist focus or have a specialized focus. As a generalist consultant you will provide many different companies with your consulting services and give general advice on how to produce a more efficient and effective business model. A specialist will focus on one specific area or industry, such as public relations or informational technology. IT consultants are one of the fasting growing MBA jobs today. A median salary in the consulting field is $105,000 a year.

Healthcare

The healthcare industry is one of the fastest growing job markets today. Careers in healthcare management oversee the operational success of the entire healthcare business. MBA degrees can also be obtained by those who already have an advanced degree in medicine, allowing them to supplement their knowledge and skills in their current field of healthcare, and to improve their business management skills. On average, healthcare managers will earn a little over $80,000 each year.

Government and Nonprofit

Alternative MBA careers include those in not-for profit organizations and government agencies. An MBA job with the government necessitates converting tasks into actions. Various federal government levels have MBA jobs available: the Treasury Department, IRS, Labor Department, as well as the Commerce Department.
Joining a not-for profit organization can be a great way to utilize your MBA degree. Differing from most industries, a non-profit organization will have a business model based on reaching their philanthropic goals, rather than basing their success on revenue. A career in nonprofit work can be extremely satisfying and self-fulfilling. Salaries within these unique careers will earn you a median pay of $70,000 per year.

Entrepreneurs

Earning an MBA provides you with a substantial amount of knowledge, expertise and skills to manage a business. Whether you already have your own business, or you decide to start a business, your MBA degree will prove to be extremely beneficial. Establishing your own venture can be a truly rewarding experience, with limitless salary potential.

MBAs can be general or have a particular area of focus. MBA programs provide specific fields and areas of interest to study and will allow you to concentrate approximately one-fourth of your studies, or about two to three elective courses, on a certain industry if you choose. For example, elective courses such as Business Mergers or Security Analysis may be studied by those pursuing a career in finance or consulting. The careers we discussed above are obtainable with your general MBA degree, however specializing your studies can help you to become a true expert within your area of interest.