7 Rewarding MBA Career Paths to Consider in 2024

A Master of Business Administration (MBA) is not just another degree; it’s a stepping stone to a wider range of career opportunities. But once you’ve earned it, choosing the right career path is crucial.

In this article, we’ll explore several rewarding options to help you make informed decisions about your post-graduate journey in 2024 and beyond.

Why Pursue an MBA?

What do you want out of your career? If you are seeking a higher salary, career advancement, skill enhancement, or want to switch industries, an MBA may be the right fit for you. It’s a transformative experience that opens doors to numerous career opportunities. Plus, business schools usually work with life demands, offering full-time or part-time programs on campus, online, or both. You could enroll in a program while working and still be able to make progress and apply your learning in your current role. Here’s a closer look at the aforementioned benefits of an MBA:

Earning Potential

An MBA can significantly impact your earning potential. This is especially true if you are seeking a top executive position. According to the Bureau of Labor Statistics (BLS), the median annual salary of top executives is over $100,000. These positions are also growing at the national average.

Career Advancement 

An MBA can fast-track your career. Professionals with an MBA often secure managerial and leadership positions more quickly, which can lead to a more fulfilling and impactful career. Corporate recruiters seek candidates with MBA degrees, so if you earn one, you can make yourself more marketable and have more opportunities to negotiate your role. 

Skill Enhancement

An MBA equips students with a diverse skill set, including leadership, strategic thinking, and problem-solving abilities. MBA graduates stand out against bachelor’s degree holders because an MBA demonstrates a higher level of self-discipline and responsibility. Many of these programs teach hands-on strategies and applicable skills for building teams, spearheading business strategy, and course-correcting whenever it is necessary.

While these skills may not be listed in job descriptions, recruiters recognize that people with these soft skills are often better at fulfilling their job duties, regardless of the industry. In today’s competitive job market, you want to have the edge that gets you noticed. 

Networking Opportunities

Pursuing an MBA provides excellent networking opportunities. Graduates often connect with fellow students, faculty, and alumni, which can lead to valuable connections in various industries. Expanding your professional network can come in the form of referrals, mentorships, partnerships, or other job opportunities. 

7 Rising MBA Career Paths in 2024

An MBA degree is versatile and opens doors to diverse job opportunities. MBA career paths span across various industries but will typically land you in managerial or executive roles. Here’s an overview of seven rewarding career paths for MBA students to help you understand the breadth of possibilities that could be open to you:

1. Healthcare Management 

Average Salary: $101,000

The need for healthcare professionals with MBA degrees is continuing to grow. Healthcare managers play a critical role in ensuring hospitals have what they need to run safely, effectively, and within budget. Their primary responsibility is project management, as they are expected to train team members, oversee operations, and be a key member in special projects.

They may have a voice in pricing or budget decisions when it comes to new technology or equipment, construction and maintenance, and adapting to budget adjustments that impact day-to-day operations. Specializations in healthcare management can prepare you for responsibilities such as insurance, finance, or care management.

2. Project Management 

Average Salary: $101,610

An MBA can open doors to project management positions in a variety of industries. Project managers are responsible for ensuring that projects are able to mitigate risks, readjust when possible, and reach the desired outcome. This typically involves steering the team toward meeting deadlines and ensuring the project is completed on time and within budget.

Project management skills can open career opportunities because they demonstrate your ability to lead a team while producing the expected quality of work, within guidelines. These skills are transferable between industries and can make you highly marketable.

3. Information Systems/Technology 

Average Salary: $116,000

There are ample job opportunities in Information Technology (IT), such as IT manager or IT consultant. MBA graduates in information systems and IT management usually manage staff, stay current on trends and new technology, and research and refine processes.

An MBA in IT is valuable because it unites traditional business school with knowledge on cutting edge technology, which gives you competition and more competence for executive roles.

4. Nonprofit Management

Average Salary: $72,000

An MBA can also benefit those interested in working in nonprofit organizations. Business ideas and strategies apply to the way nonprofits operate, and they need someone who can leverage management skills to lead the organization. Nonprofits need managers who can efficiently run a team, mobilize donors and volunteers, or direct finances.  

5. Supply Chain Management

Average Salary: $93,000

Humans are dependent on the supply chain in various industries. Whether it’s food, resources, healthcare equipment or medications, a new product, or infrastructure, our quality of life is dependent on a smooth-running supply chain. MBA graduates can apply their knowledge in supply chain operations by ensuring that goods and services are delivered on time and by finding areas of improvement for maximum productivity. 

6. Entrepreneurship 

Average Salary: N/A

An MBA can prepare you to start your own business. Starting your own business may mean seeking venture capital investments, which is crucial in covering initial expenses and hiring a team. From social media management to budget setting, entrepreneurs with an MBA have expertise in all areas that can make their business successful, allowing them to sustainably grow their business and conduct efficient business operations.

Entrepreneurship is also an optimal time to reach out to your MBA alumni network. Your professional connections may provide you with the resources and funding you need to get your business off the ground.

Crummer’s Center for Advanced Entrepreneurship is a great place to learn more.

7. Investment Banking and Finance 

Average Salary: $133,000

MBA graduates excel in financial positions such as financial analyst, financial manager, or investment banker. These roles assess investments and budgets for individuals or organizations in order to meet financial goals. Investment bankers also offer financial advice and facilitate trades. The median salary for a financial manager is over $129,000, and the demand for finance professionals is expected to keep growing.

Job Opportunities and Specializations

There are a wide range of career opportunities available within each of these seven MBA career paths. While an MBA can certainly equip you with valuable business skills and knowledge in a general sense, MBA specializations will help you focus on a specific career path or industry. 

Industry trends and advancements can impact job opportunities, even if you hold an MBA. Therefore, staying updated on industry developments can help you make decisions regarding your field or intended career path. This is where networking and connections with consulting firms can help you discover the right job opportunities and specializations to choose from. 

Management Positions and Leadership Roles

An MBA program provides a comprehensive education in areas such as strategic thinking, decision-making, and effective communication—it builds on those skills acquired in a bachelor’s degree program. It focuses on further developing the leadership skills that are sought after in the job market. For these reasons, an MBA is often a step toward reaching management positions and leadership roles.

Top C-Suite and board positions are often held by MBA graduates, including CEOs, COOs, CFOs and more.

Other Diverse Career Paths

The 7 MBA career paths we have discussed thus far are not an exhaustive list of opportunities you could pursue. Here’s a list of additional career paths you could take with an MBA:

Business School Faculty

If you want to focus more on academia and research, consider becoming faculty at a business school. This career path allows individuals to teach and mentor future business leaders. Obtaining an MBA prepares graduates for a role like this by providing them with the foundational business knowledge that is required to teach, research, and critique. 

Private Equity and Venture Capital

Private equity and venture capital professionals invest in companies they believe will achieve long-term success. Venture capitalists invest minority stakes in the developmental stages of a business, whereas private equity professionals invest a majority stake in more mature businesses. MBA graduates can play a pivotal role in evaluating investment opportunities and supporting business growth. 

Business Management

There are ample careers in business management, including roles such as general managers, business operations managers, and CEOs. An MBA background can help individuals secure leadership positions within organizations and drive strategic decision-making. Here are a few to consider:

• Product Manager – They aid in the development of new products and the strategy behind making them successful. Product manager salaries start around $100,000.
• Marketing Manager – They acquire new customers and drive sales through various marketing measures. This position is expected to grow across industries.
• Chief Financial Officer (CFO) – CFOs manage a business’s financial department and oversee the company’s budget. They conduct all financial operations for a company, with an average salary of over $120,000. Learn how to become a CFO. 
• Entrepreneurs – Starting your own business can look like many different things. Success in entrepreneurship largely depends on your industry, funding, and ability to lead yourself and others well. 
• Operations Manager – They oversee the functionality of a business and ensure everything is running efficiently. This could look like monitoring supply chains, reviewing budgets, or quality assurance, depending on the industry.
• Research Analyst – These professionals monitor data to identify business opportunities. Salaries vary depending on industry and level. 
• Sales Manager – They lead the sales team and ensure that the company is hitting sales goals. They develop sales strategies and track performance. 
• Human Resources Manager – Human resources professionals are responsible for interviewing and hiring staff and serve as a liaison between employees and executives. Salaries vary across industry and location.

Conclusion

Understanding the wealth of career opportunities awaiting MBA graduates can significantly shape your career considerations. Given the high demand for MBA holders across various industries, your career goals might be within closer reach than you realize. We advise you to explore your interests and specializations to find the career path that is right for you. If you are curious about what an MBA course entails, browse our core MBA courses to see if an MBA should be your next step.