Some people may think that earning a Master of Business Administration (MBA) prepares them for a specific career with a predictable job description. Unsure if the degree is the best choice for them, they may be wondering exactly what you can do with an MBA. The answer? A lot.
In August 2021, the Graduate Management Admission Council (GMAC) published the results of an 18-month survey that polled approximately 4,700 MBA graduates working in a variety of industries, such as products and services, technology, finance, consulting, government and nonprofit, manufacturing, healthcare, and energy.
GMAC reported that 87% of respondents believed that earning a graduate degree increased their employability, and 77% believed their graduate degree prepared them for leadership positions. Although the survey respondents worked in a variety of industries and their department functions varied significantly, from operations to human resources, a significant percentage believed that earning an MBA had provided them with an array of opportunities.
What Is an MBA?
A Master of Business Administration is a graduate-level degree that includes advanced coursework in areas such as accounting, finance, marketing, economics, leadership, and ethics. Although the number of credit hours required to graduate can vary depending on the program, most MBA programs, such as the online MBA program from Íæż½ã½ã, require students to complete between 33 and 36 credit hours to be granted a diploma. Upon earning their degrees, graduates can pursue advanced roles in a variety of areas, such as finance, marketing, sales, technology, human resources, and healthcare.
Why Earn an MBA?
Earning an MBA can help open the door to a successful career in any of a number of industries. Furthermore, MBA graduates have a promising job outlook and high earning potential.
MBA Job Outlook and the Industries That Hire MBA Graduates
The U.S. Bureau of Labor Statistics (BLS) projects employment of all management professionals will grow 9% between 2020 and 2030. This forecast highlights a growing need for business leaders across all industries, and an MBA can improve an individual’s job prospects. While many individuals can find entry-level management positions with a bachelor’s degree in business administration, a master’s degree can set individuals apart and accelerate their careers.
MBA professionals work in a variety of fields, such as professional, scientific, and technical services; retail; information technology; and education administration. The top industries for MBA graduates include investment banking, private equity, consulting, technology, and energy, according to E-GMAT.
MBA Salary
An MBA can help candidates qualify for higher-paying positions. Payscale reports that as of May 2022, the median salary for individuals with an MBA degree was around $92,000, while the median salary for professionals with a bachelor’s degree was around $67,000. Salaries for MBA graduates vary based on a number of factors, such as the industry they work in, the company they work for, and their geographical region.
What You Can Do With an MBA: 6 Examples of MBA Careers
MBA graduates have leadership capabilities and analytical thinking skills — qualities that translate to employment opportunities across industries. The comprehensive business and leadership foundation professionals establish in an MBA program prepares them to advance in a current role, start a business, move from the corporate to the private sector, change career fields, and more.
What are the career options with an MBA? The following six professional roles paint a picture of where the degree can take you, including positions in executive leadership and general management.
1. Medical and Health Services Manager
Medical and health services managers — also known as healthcare executives — work in hospitals, physicians’ offices, nursing homes, residential facilities, outpatient care centers, and government organizations. They are responsible for overseeing and directing the services in their facilities.
While medical and health services managers should exhibit business skills, they should also have an understanding of clinical practices. Their job duties include:
- Ensuring the facility offers quality patient care
- Meeting with board members, top executives, and investors
- Overseeing financial processes, such as patient billing
- Managing the budgets and schedules of different departments, such as surgery, ICU, nursing, and physical therapy
- Training and supervising staff members
- Meeting with department leaders to set goals and make plans
Even before the COVID-19 pandemic, the healthcare field had a growing need for leaders to drive transformation. With a convergence of industry-changing issues (automation, data analytics, and a move toward outcome-based care), professionals who specialize in the business aspects of healthcare are more in demand than ever.
2. Marketing Manager
Marketing managers typically work for organizations that sell a specific product, line of products, or service. However, this doesn’t limit their options; they can work in a variety of industries, including hospitality, technology, fashion, edu