We’ve all heard of MBAs and many of us have wondered the same thing: Is it really what it’s cracked up to be? What can it do for you? What kind of job can it really get you?
The good news is that in many cases, it’s even better than you thought. MBA career isn’t just for people who want to be the CEO. MBAs are increasingly showing up in industries you’d never think of, like information technology and healthcare. And the prospects are looking better and better. According to the Graduate Management Admission Council, in 2012, 92% of MBA grads had a job within 3 months of their graduation.
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So what specifically can an MBA do for you? There are lots of jobs out there, but here are some of the biggest MBA opportunities right now:
Information Technology (IT)
Big Data Analyst
Currently IT is one of the fastest growing industries and MBAs are taking advantage of that. A hot market is Big Data, an emerging field that involves enormous data sets. While engineers access, create, and manipulate this data, MBAs are needed to analyze, report, and make important decisions based around their findings. According to TopMBA.com, Big Data is projected to create 4.4 million jobs by 2015.
As more and more companies become reliant on technology, a need has emerged for someone to bridge the gap between engineer and executive. IT Managers fill this void by acting as liaison and decision-maker.
Companies are always trying to be better than their competitors, so they will often hire business consultants to help them gain an edge. MBAs make great commercial consultants because they are trained to see the big picture and have an understanding of every single element of the business.
With growing population comes a growing need for healthcare. According to the Bureau of Labor Statistics, jobs for healthcare managers, like Hospital Administrators, will increase 22% in the next decade. MBA is a perfect fit for a role that manages the business-side of a healthcare facility like a hospital.
Pharmaceutical Product Manager
As the healthcare industry grows, pharmaceutical companies reap the rewards. Once scientists have developed a new drug, they need MBAs to step in and market and sell their creation. Pharmaceutical product managers are involved in each and every step of a new drug’s introduction to the market, so they are the perfect position for MBAs that have knowledge of all aspects of business.
Sales and Marketing
Marketing managers are one of the most popular positions for MBAs – and rightfully so. Every day new products and services are added to the marketplace, so companies need to stay competitive. Marketing managers handle everything from PR and advertising to packaging and product launch.
So what does this mean for the bottom line? Luckily, pay for MBAs is on the rise. According to TopMBA.com’s Jobs & Salary Trends Report (displayed below), every global region except for Central and Eastern Europe has reported an increase in average MBA pay over the last year.
In the end, an MBA is what you make of it. While almost every industry has a potential career path for MBAs, the growing markets are where you will find the most opportunities. The infographic below provides a final glimpse of the opportunities MBA jobs can offer you.
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