For some reason, a lot of people think that MBAs are only limited to a handful of roles. But with the changing nature of the MBA, graduates are now more versatile than ever and are sought after for a variety of positions that are as diverse as the specializations the degree offers. MBAs are also in very high demand in fields such as health care and technology and are asked to fill roles that are not always directly related to finance. In this article, we’re going to look at some of the highest paying careers for MBA graduates.
Engineering Management
Engineering managers can earn over $120,000 per year on average, with some earning as much as $166,410 per year at the higher end of the spectrum. Entry-level jobs start at around $75,000.
As an engineering manager, you might be asked to:
- Direct and coordinate production
- Direct quality insurance, maintenance, and testing in industrial plants
- Oversee research and development
- Mentor, train, and hire new engineers
- Write performance reviews
- Analyze market demand
- Prepare bids, contracts, and budgets
- Lead and supervise engineers
Engineers who want to get a job as an engineering manager can either go for an engineering management master’s or an MBA geared towards engineers. One of the options for engineers who want to further their education without leaving their current position is to get their master’s degree online.
Many Universities know that Engineers are busy and can’t stop their career to go back to school so they may offer an MBA tailormade for engineers that can be completed in as little as a year online. For instance, the Kettering University program allows you to get a second degree in engineering management or operation management with as few as four courses. This is a great opportunity for any engineer wanting to move into an administrative role or go into business.
Investment Banker
Investment bankers are some of the highest-paid in finance. As an investment banker, you will be asked to provide strategic advice on things like mergers and acquisitions, help government agencies and companies raise capital, and run financial projections among other things.
However, the job of an investment banker is not an easy one, and you have to be prepared to work long hours and under extreme pressure.
“While it’s easier to have a good work-life balance as you move into senior positions, even senior bankers have to clock in a lot of hours,” said former recruiting manager at a Goldman Sachs, Janet Raiffa.
“Tight deadlines and bosses who score low on emotional intelligence are the norm,” added career coach and author John Cohen. He also compared working as an investment banker as a form of indentured service. “You belong to the firm,” he added. “It’s like a sort of rite of passage, and you’ll get marginalized quickly if you can’t handle it.”
However, while the job is tough, investment bankers get rewarded accordingly. As a matter of fact, an investment banker can earn as much as $450,000 per year.
Financial Manager
Another great paying job for MBA graduates is financial manager. As a financial manager, you can choose to work for an insurance company, bank, or any other type of financial institution. You will be asked to:
- Produce financial reports
- Direct strategies for long term financial goals
- Direct investment activities
- Overseeing cash flow
- Ensuring compliance with various laws and procedures
The median pay is around $127,000 per year for financial managers according to the U.S. Bureau of Labor Statistics (BLS). Demand is very high as well, with demand for financial managers expected to grow by 16% through 2026.
Chief Technology Officer
As a chief technology officer, you will be asked to establish and direct the technical vision of your company, managing technical teams, and overseeing technological development at every level. You will also be asked to monitor social and technological trends, overseeing special projects, making sure that your team adheres to technical standards, and participate in management decisions.
While an MBA will open doors, those with a background and experience in technology and/or engineering will be privileged. You also need to have the proper specialization, like IT management, for instance.
The average salary for chief technology officers is around $200,000. But it depends on various factors, such as years of experience, level of education, company size, and location.
IT Director
This is another related field where MBAs with an IT management specialization are in great demand. As an IT director, you might be asked to:
- Oversee technical projects and making sure that they’re in line with organizational goals
- Supervising cross-disciplinary teams
- Preparing financial projects
- Recommending and researching new products
- Improve IT process in your organization
- Manage disaster recovery
The average IT director can earn up to $155,000 on average. However, many directors have to go through up to five years as lower-level managers in order to get these types of positions. IT directors can make as much as $208,000 per year at the higher end of the spectrum.
Marketing Manager
The job of a marketing manager is to help companies move into new markets, manage marketing budgets, and build campaigns. Marketing managers are also responsible for branding efforts.
Marketing managers have to constantly stay on top and research trends, develop innovative strategies, identify new opportunities, and estimate demand. They also have to be able to identify and maintain a company’s competitive edge.
If you want to work as a marketing manager, you’ll usually need an MBA with a concentration in marketing. In other sectors, such as tech, you might also be asked to have a science or engineering degree.
The average salary for marketing managers is around $120,000. Top salaries are reserved for candidates with extensive experience and advanced education.
Conclusion
All these careers are great options for any MBA graduates, and all have solid demand. Make sure that you give all of these a second look, and see which ones align with your current set of expertise, interests, expectations, and experience.
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