Big bucks, enhanced marketability: Why an MBA in marketing could be for you
Today, more and more businesses are being done online than ever before. With over four billion internet users in the world today, companies literally have an enormous potential of customers at their fingertips.
According to the Harvard Business Review, companies of all sizes are looking to improve the effectiveness of their marketing. Digital platforms can play an important role in the way brands are discovered, shared, and experienced.
Many of today’s consumers, for instance, use Google to research products or services before making purchases — this includes reading reviews left by previous customers.
Companies can also improve their visibility by focusing on SEO to increase traffic to their websites; enterprises need individuals who can manage their social media presence and produce online and offline marketing materials to communicate with their customers; companies use email marketing to help generate new leads.
These examples highlight why today’s businesses need to have a grasp of marketing strategies as it can unleash a wealth of value.
For those looking to carve themselves a career in business, an MBA in marketing can help fuse your love of gaining a broader set of business skills with marketing.
The qualification enables students to study consumer behaviour and use their findings to create products consumers want. The courses offered within these programmes typically include lessons in advertising, branding, market research, the art of marketing globally and online, to name a few.
An MBA can come with a myriad of benefits. The Association of MBAs, for instance, notes that many graduates said their degree has helped them to achieve a promotion, expand their area of expertise, equip them with the skills to start their own business, improve their professional contacts, and even boost their confidence.
An MBA graduate in general typically goes on to enjoy more competitive salaries than non-MBA holders – further adding to its appeal.
What can you do with an MBA in Marketing?
An MBA in Marketing can leave b-school graduates with the know-how to start a business, consult for one, or manage teams.
Marketing managers require a multidisciplinary skill set. They have sharp business awareness combined with solid communication skills, and the ability to think strategically. The US Bureau of Labor Statistics (BLS) notes that these professionals take home an average annual salary of US$141,490. The role is projected to grow six percent from 2019 to 2029, faster than the average for all occupations.
Market research analysts think just as strategically. They also look into statistics and other fine details to understand an organisation’s customer base. To do this, they vet through large data sets to study consumers and their buying patterns. The role comes with a salary of US$65,810. Its employment outlook is expected to grow by 18% through 2029.
Those with an MBA in Marketing could also assume the roles of director of sales, public relations specialist, chief marketing officer or a leadership position in essentially any marketing or advertising agency.
Regardless of where these graduates go, they will thrive. Payscale has reported that the average salary earned by those with an MBA in Marketing is a whopping US$93,000 a year.
Where can you get one?
Many business schools offer MBA programmes with a marketing concentration. They may delve into topics such as branding, marketing analytics, and digital marketing, to name a few.
In Rochester, New York, The University of Rochester’s Simon Graduate School Business offers both an MBA concentration in marketing, as well as a specialised Master’s Degree in Marketing Analytics. Of its MBA class of 2020, 34% of graduates went into the marketing or sales fields.
The University of Watchington’s Foster School of Business has a designated Center for Sales and Marketing Strategy that produces compelling research in marketing and hosts multiple events. This exposure enables between 30 to 41% of its MBAs to secure roles in sales and marketing. The school is also held in high regard by the Princeton Review for its marketing offerings.
In Germany, the Frankfurt School of Finance and Management’s MBA includes a core subject of marketing management. Findings show that over a fourth of the school’s MBA graduates find their place in the industries of sales, business, development, or marketing.
In France, HEC Paris’ MBA concentration in marketing provides its students with insight on a range of topics. From social media, to global marketing – all areas are covered. The school also boasts a marketing department that is strong in research.
Ultimately, pursuing an MBA in marketing can be a rewarding pathway for marketing enthusiasts. The field offers plenty of opportunities for growth, and the right education and training can serve as a springboard for career success in the field.