How much will I get paid after completing my education? That’s the most common question that crosses the minds of every student when they are about to enroll in their degree programs.
And why should it not be a factor of consideration? Students spend considerable time, money, and energy to earn their degrees. So it’s natural for them to know if they can reap the benefits of their hard-earned degree after graduating.
Yet, if you pursue an MBA degree from a reputable educational institute, you have nothing to worry about employment options. A master’s in Business Administration or an MBA is the most sought-after degree for aspiring individuals who wish to secure executive-level jobs in the business world.
While an MBA degree offers you various career opportunities across different industries, some career paths offer you above-average salaries.
So if you’re looking for the highest-paying career options after completing your MBA degree, here are six top-paying career choices.
- AN INVESTMENT BANKER
Investment bankers are responsible for raising money for companies and government agencies by issuing debt and selling equity.
Therefore, having strong numerical, analytical, and communication skills is necessary to excel in this career. In short, a higher degree with adequate experience will do wonders for those looking for commanding roles in big companies.
Enrolling in an Online General MBA Program would be an excellent idea because it’ll equip you with in-depth knowledge of business operations and practices.
Your typical job duties can include:
- Thoroughly research investment opportunities and identify market conditions and trends
- Planning and developing financial models
- Identifying and defining risks and offering financial advice to clients
- Facilitating and overseeing mergers and acquisitions
- Working with other professionals such as accountants, lawyers, consultants, etc
- Staying abreast of the latest laws and regulations in the financial industry
According to PayScale, the average salary of an Investment Banker is $101,251 per year.
- A FINANCE MANAGER
An MBA degree prepares you to secure management job positions in different organizations. If you have excellent numerical analysis skills, consider becoming a financial manager.
As a financial manager, you will be responsible for helping companies make sound financial decisions. To take your career to the next level, you must develop and hone communication, problem-solving, and attention-to-detail skills.
Moreover, having a good understanding of finance software is advisable to perform better on your job. The day-to-day job responsibilities of the finance manager include:
- Collecting, interpreting, and evaluating the financial information
- Reporting findings to management and stakeholders
- Developing and implementing short-term and long-term business plans depending on these findings
- Preparing and managing budgets
- Evaluating risks involved in financial activities and developing effective strategies to mitigate those risks
- Collaborating with auditors to ensure the appropriate maintenance of the company’s finances
The average salary of a finance manager is $94,912 per year as per PayScale.
- A HEALTH SERVICE MANAGER
It is no secret that today’s healthcare industry is expanding and diversifying rapidly. As a result, the world of healthcare needs well-qualified and well-skilled managers that oversee all operations to ensure everything runs smoothly.
So if you wish to serve in the healthcare industry but don’t want to become a physician or nurse, becoming a health service manager might be ideal.
The skills of a successful health service manager include communication, analytical, attention to detail, and organization. In addition, your everyday job responsibilities as a health service manager can be:
- Supervising and managing the day-to-day operations within an organization
- Gathering data to plan and organize health program(s)
- Overseeing recruitment and appraisal of workforce
- Creating work schedules for healthcare staff
- Handling the records of budget
- Ensuring the organization comply with the government laws and regulations
According to the Bureau of Labor Statistics (BLS), the median wage of a medical and health service manager is $104,280 per year. And the job outlook for this profession would grow by 32% from 2020 to 2030.
- A MARKETING MANAGER
Do you know the art of persuading other people? In that case, consider becoming a marketing manager after completing your MBA degree.
As a marketing manager, you will be primarily responsible for handling various aspects of marketing in the organization you work for. For example, you will be in charge of boosting your brand awareness through different techniques and tools and attracting relevant customers to generate revenue for your company.
Furthermore, a career as a marketing manager requires you to develop excellent communication, leadership, problem-solving, and time-management skills. Your day-to-day job duties will include:
- Working together with other teams to build marketing campaigns and achieve business goals
- Devising and overseeing marketing budget
- Keeping up-to-date with the latest marketing trends and developments
- Training junior staff on marketing activities
The average salary of a marketing manager is $67,433 per year as per PayScale.
- A CHIEF TECHNOLOGY OFFICER (CTO)
As the name suggests, the individuals in this role are responsible for determining and meeting the technological needs of a company.
Since it is an executive-level job position in an organization, you must have experience in a similar leadership role to increase your chances of getting hired.
In addition, you must possess strong communication, team management, and strategic thinking skills to excel in your career. Below are some everyday job duties of a CTO:
- Defining, selecting, and incorporating technological solutions to meet the organization’s short and long-term specialized needs
- Communicating technology strategies to shareholders and partners
- Monitoring and managing technical budgets
- Developing KPIs and monitoring technology performance
According to PayScale, the average salary of a CTO is $164,739 per year.
- A SENIOR PRODUCT MANAGER
Professionals in this field are responsible for overseeing every phase of product development from scratch to the end.
As a senior product manager, you will work with different teams in the company, including engineers and marketing, to ensure the launch of the product result in a high return on investment.
Therefore, effective communication, interpersonal, creative thinking, and multitasking skills are imperative to succeed in this career. On any given day, your job duties will include:
- Planning and implementing product strategies that align best with the organization’s goals and vision
- Gathering and analyzing consumers’ feedback on product
- Collaborating with other teams to oversee the product development process
- Researching the market and developing a pricing strategy
The average salary of a senior product manager is $127,536 per year.
FINAL THOUGHTS
Whether you wish to secure a top-level job in a large and successful company or start your network, pursuing an advanced degree in business administration is worth it.
Apart from high earning potential, an MBA degree helps you develop different soft skills such as communication, leadership, and teamwork.
Moreover, it is no secret that today’s job market is turbulent, but with an MBA degree, you can enjoy job security. Thus, no matter the career stage, opt for higher education or an MBA to want a wide range of career benefits.