5 jobs for MBA graduates that could lead to six-figure salaries
There are many reasons to pursue an MBA. Some are eager to gain the skills that would help them become better leaders. Others are looking to build a large, international network. Another common reason? To improve their chances of landing one of the highest paying MBA jobs.
It’s only natural. Many students invest in their education to reap the rewards upon graduating. An MBA is known for having a good ROI.
While post-MBA jobs come with salaries that vary by field and specialisation, many graduates can achieve above-average success. For example, 100% of Texas State University’s McCoy College of Business’s MBAs landed a job just three months after graduating despite the economic unrest amid the pandemic.
MBA graduates’ salaries are also just as impressive. Simon Business School’s graduates take home US$143,349 a year; Scheller College of Business graduates bank US$141,847 annually; and North Carolina A&T State University’s alumni have achieved starting salaries of US$77,857.
It might come as a shocker that many graduates taking home these paychecks are not all thriving in business. MBAs are known to excel in various sectors that include finance, technology, advertising, and even healthcare.
If you’re an MBA planning your next step, here are five highest-paying MBA jobs you could thrive in:
Investment bankers are essentially financial advisors. Their goal is to help their corporations — and in some cases, governments — raise money by issuing stock, floating a bond, negotiating acquisitions, or selling the company itself at an attractive price.
Being a professional in charge of these proceedings requires hard work, focus, and dedication — which is why organisations pay them incredibly well. According to Salary.com, the average salary for investment bankers in the US is US$253,258.
Consultants have remained in demand despite the tumultuous economic climate. When organisations, big or small, face difficult challenges, they seek the expertise of consultants for help.
Esteemed organisations such as McKinsey, Bain, and BCG remain among the top employers of MBA students in 2021. A ManagementConsulted report estimates that total compensation for MBA hires at Bain and BCG (combining salary, performance bonuses, and signing bonus) can reach up to US$236,000, while McKinsey MBA hires receive US$230,000.
If you’ve mastered the art of persuasion, a career in marketing should be on your radar. With an MBA, you could explore a leadership position in the industry. Marketing managers handle the marketing of businesses, products, or services. Sometimes, they do all the above simultaneously.
Businesses struggling to stay afloat are willing to pay a sizable salary to those capable of doing just that. According to the US Bureau of Labor Statistics (BLS), they earn a median salary of US$141,490 annually. Furthermore, the overall employment of advertising, promotions, and marketing managers is projected to grow 6% from 2019 to 2029, faster than the average for all occupations.
MBAs may be in a better position to secure management positions across different sectors. If you’re gunning to become a financial manager, however, it’s useful to have a finance focus during your b-school stint. Alternatively, professional certifications on top of an MBA could be just as effective.
According to the US Bureau of Labor Statistics, the median annual wage for financial managers was US$134,180 in May 2020. What’s more, employment of financial managers is projected to grow 15% from 2019 to 2029, much faster than the average for all occupations.
Health services manager
The world of healthcare needs in-depth business and management skills just as much as any other sector. These professionals are recruited to ensure healthcare facilities maintain a certain quality to abide by the rules instituted by the government and accreditation bodies. They also oversee the performance of staffers in hospitals, nursing facilities, and more.
According to the BLS, they take home an annual wage of US$104,280. The best part? The employment of medical and health services managers is projected to grow 32% from 2019 to 2029, much faster than the average for all occupations.