What Can I Do with an MBA? Uses and New Opportunities
Undergraduate students or business professionals ready to fine-tune their expertise and get more hands-on experience may be considering a Master of Business Administration. An MBA is a more advanced degree that can accelerate your career path and make you a more desirable candidate for the leadership roles you want. Master of Business Administration programs provide you with real-world business experience and a valuable professional network, teaching you how to problem-solve and think more strategically. MBA students and graduates are highly attractive to industries such as finance, healthcare, and — most advantageous — tech.
If you are looking to go all in on switching your career path, join a schedule-friendly MBA program, or fast-track a Master of Business Administration, rest assured that you have ample opportunities to put your MBA to use.
Benefits of Getting an MBA
MBA graduates walk away with more than a fancy piece of paper with their name on it — you’ll finish the program with key skills and knowledge that you will utilize throughout the entirety of your career, making you more marketable to recruiters and organizations.
A business school shows you how to expand your market awareness and stay current on industry trends and advances. By introducing you to new professors and business leaders from around the globe, your MBA program allows you to expand your knowledge of global industries and economies as well as understand the perspective of the consumers within those markets. These connections are also the key to expanding your network of business administration professionals for the rest of your career, as MBA graduates have access to an alumni network to build long-term professional relationships.
Improving communication skills and time management is another key factor that sets apart professionals in business administration. Communicating effectively is one of the most valuable foundational skills as a professional. The ability to tactfully convey ideas and solve problems is something that will set you apart in your career. Effective communication skills in a leader promote a healthy culture of professionals who can successfully collaborate to accomplish goals for the betterment of their team and the business.
Time management goes hand in hand with effective communication as the most valuable leadership skill. Business school requires you to balance a course load, your daily activities, additional roles, and other demands on a daily basis. Your desired position in business administration will likely have you managing teams, communicating with prospects and customers, and juggling a variety of tasks each day. Your MBA program will help you apply communication and time management in real-time. Learning how to effectively manage your time — and your team’s — promotes maximum productivity and cohesion.
Expanding your opportunity is arguably the biggest benefit to earning your MBA. Earning your MBA indicates that you are committed to honing and applying valuable skills and can confidently bring ideas and solutions to your workplace. This is what makes you stand out as an asset in any industry, giving you a leg up for high-level opportunities. These opportunities also indicate higher-paid positions.
Is an MBA Worth It?
An MBA degree can help you skip entry-level positions or quickly move up in rank in various industries — especially in finance. According to the US Bureau of Labor Statistics, management positions in various industries are expected to grow 8% by 2031, which is faster than the average for all occupations. Finance, human resources, marketing, healthcare, and tech are the industries most likely to hire MBA graduates.
These industries typically require a bachelor’s degree for entry-level positions, perhaps with opportunities for promotions. Those with only bachelor’s degrees will likely hit a plateau in their earning potential or hit the ceiling for climbing the ranks to their desired role, despite having years of work experience. MBA degree holders have the advantage of bypassing entry-level positions and landing higher-level positions with greater earning potential, despite having little to no work experience. From entry-level to executive-level positions, an MBA sets you apart in rapidly growing roles.
Earning your MBA degree demonstrates that you are someone who follows through on a commitment and values the continuation of learning and applying knowledge and skills. However, enrolling in an MBA program requires a major time commitment of up to two years. Before getting your MBA degree, make sure you are willing to make adjustments to your schedule and are able to handle the possibility of missing work experience and income for an extended period of time.
If you are willing and able to put in the time and effort an MBA degree demands in order to accelerate your career, you may be the perfect fit for an MBA program. For more in-depth insights on if an MBA is worth it for you, read this article.
What Skills Does an MBA Teach You?
MBA students cover important knowledge and business skills, including economics and finance, ethics, organizational behavior, and marketing. However, MBA programs also teach soft skills, like effective communication, conflict resolution, strategic thinking, technological savviness, and other leadership skills. These soft skills lay a firm foundation for solid and successful businesses.
In a post-pandemic society, companies are looking for experts who can quickly and calmly solve issues in various scenarios, like troubleshooting technological disruptions, building a positive culture in hybrid or remote work environments, and settling uncertain situations. The workforce is forever changed by the shift to the digital work environment, and companies need to find leaders who have the skills to adapt quickly and create tight-knit teams.
Effective communication is a highly sought-after leadership skill. Knowing how to speak to others in any given situation is not something everyone can master. It requires the ability to be calm, strategic, and quick. This is especially valuable in management positions, considering you would be in charge of teams and customers. Knowing how to place people where they are most suitable, with the people they can best collaborate with, requires the utmost professionalism and expertise. Someone without an MBA most likely cannot offer the same level of expertise in these areas as opposed to someone with an MBA. MBA students exemplify these skill sets, and recruiters and companies are looking for exactly that.
MBA Career Paths
MBA graduates have a wide range of industries and positions to choose from, with a median salary ranging from $133,000 to nearly $145,000. Currently, the most popular and fastest-growing MBA career paths are in industries such as finance, technology, healthcare, marketing, and human resources. MBA holders typically go on to management positions, data analytics, or entrepreneurship. Getting an MBA will advance your career path in these industries, each of which offers various roles you can fill.
Financial Manager
Average Salary: $74, 512
Financial managers manage and analyze financial data and analytics. They identify areas to cut costs, maximize growth, develop long-term budgets and goals for the company, track investments, and create financial reports. Specializing in finance teaches you about financial management, investment management, tax management, global markets, and financial restructuring and risk management. Being employed in this field does not mean you have to work for a financial company — you can hold a financial manager position at almost any organization in any industry.
Information Technology Manager
Average Salary: $88,908
Information technology managers are in charge of the company’s technological operations and infrastructure. They evaluate current systems to develop and implement IT security measures that will keep company data safe. They make decisions for upgrading systems and software or finding new technology. In some cases, these managers play a part in supply chain management and operations. Strategic thinking skills and financial knowledge taught in your MBA program are especially valuable for this position. That applied knowledge will help you identify areas of improvement, keep updates and new technology within the company’s budget, and help you create productive teams. Information technology managers hold a key position in building a successful business in nearly any industry.
Healthcare Manager
Average Salary: $70,625
In this type of role, you would most likely work in clinics, hospitals, or other medical facilities. You are responsible for being in compliance with healthcare service regulations and reporting deadlines. These managers typically hire and manage staff while overseeing general operations. They may be in charge of scheduling and tracking budgets as well as other administrative tasks. Some MBA graduates specializing in healthcare may also land more executive-level positions, such as becoming a healthcare management consultant.
Your MBA program will teach you important ethics and policies you need to know in healthcare management positions. MBA programs also teach you how to apply decision-making skills and handle operations in these roles.
Marketing Manager
Average Salary: $66,597
Marketing managers help companies advertise and sell their products or services. They may be a project manager for advertising products or offers online or in print. They may also be responsible for the company’s overall branding and marketing. Similar positions include brand manager, market research analyst, project manager, or sales manager in industries such as retail, hospitality, or media.
MBA programs teach you skills required for project management, which is essential in a marketing manager position. The courses on organizational behavior and economics will help you notice consumer trends and understand what they are purchasing, why they are purchasing it, and when they will purchase it.
Human Resources Manager
Median Salary: $125,230
Specializing in human resources allows MBA graduates to land positions in manufacturing, technology, education, banking, and other industries. Human resources managers are responsible for recruiting, interviewing, hiring, and training employees. They coordinate and oversee the administrative functions of the company or organization, often serving as a liaison between top executives and employees.
These management positions require strategic planning and operational execution. MBA graduates possess the skills needed to be successful in these positions because the program has given them hands-on experience with strategic thinking and organizing people based on their strengths and ability to collaborate.
What Can I Do With an MBA: FAQs
How Long Does It Take to Get an MBA?
A Master of Business Administration program typically takes two years for a part-time program. Full-time MBA students may be able to finish their graduate degree within one year, however. There are MBA programs designed to accommodate schedules and timelines, so it is possible to complete an MBA program if you are working full-time or have a family.
What Are the Highest-Paid MBA Jobs?
The highest-paid MBA jobs include, but are not limited to, project manager, financial manager, management consultant, product marketing manager, and business intelligence analyst. According to the US Bureau of Labor Statistics, project managers have an average salary of $98,420, and financial managers have a median salary of $131,710. Management consultants have an average base salary of $90,110, business intelligence analysts earn an average salary of $71,156, and product marketing managers earn a median salary of $133,380.
How Does an MBA Affect Your Salary?
People with an MBA graduate degree have an average starting salary up to 40% higher than those with only a bachelor’s degree. The median salary of an MBA holder can be up to 75% more than the median salary of a bachelor’s degree holder. Earning an MBA may also lead to career advancements or career switches that pay significantly more than your previous wages, or would start you at a higher salary out of the gate.
How Much Does an MBA Cost?
This graduate degree has a starting tuition of about $10,000 on the low end. MBA programs at top business schools average around $190,000. Ultimately, the tuition depends on which degree program and which business school you choose.
Conclusion
There is no doubt that the business world offers a wide variety of new and advanced opportunities. The biggest advantage is that more recruiters and companies are expecting to hire MBA holders. Industries with high-paying positions are forecasted to continue growing rapidly, so there is no shortage of career opportunities. MBA programs give you the knowledge and hands-on experience that will allow you to confidently walk into your new position as an MBA graduate.
Remember, MBA programs demand a great portion of your time and require major effort and diligence in order for you to be successful in the program and beyond. If you are ready for new opportunities to accelerate your career and are willing to put forth the effort in an MBA program, then find out which MBA program is right for you. This is a decision that can change the trajectory of your life.