Today’s post comes from Manhattan Review, a well-known provider of test prep and MBA Admissions Consulting in Berlin, Frankfurt, Munich, Vienna, and Zurich for Top Business Schools.
In terms of a lucrative and rewarding career path, getting an MBA makes one fairly versatile. Any area of concentration is a good one, as the basic core of your MBA program will always include finance, human resources, marketing, and accounting – all essential for any successful business.
Many programs introduce students to campus career services immediately, so at Manhattan Review, we tell our applicants to make this a priority in their first year. Base salaries for MBA grads typically begin at $90,000, with total compensation going over $125,000 when benefits, bonuses, and profit sharing figures are factored in.
As we mentioned earlier, you’ll find MBA grads in almost any industry. However, three of the most common ones are banking/investments, accounting, and marketing. Here’s our list of the 5 best jobs for MBA grads:
One of the most prestigious jobs among those with an MBA is that of Investment Banker. This is a fast track to the top of the corporate ladder as long as your investment advice exceeds expectations. What’s more, as an investment banker, you’ll utilize all the basic areas that you studied in business school: money, business, and management.
Another career under the area of banking/investments is the fast-paced world of the Venture Capitalist. This is really an investor who provides money to startup ventures for the purpose of reaping a profit if the company scores a home run. So venture capitalists look for opportunities in industries where they can own a large portion of a company so as to influence important decisions regarding the company’s expansion, overall direction, policies and procedures.
Many MBA graduates take the path of Financial Planner, which involves making educated guesses on whether or not clients are prepared for the future. Financial planners manage earnings, investments, and taxes and lastly, offer ways to help clients recognize the importance of a planned financial future. Starting salary is usually in the range of $80,000-$90,000.
A high-risk, high-reward career comes under the title of Trader. They buy and sell stocks, options and bonds. While it may not be as stable as other jobs, there’s an enormous amount of satisfaction in trying to stay ahead of the curve with your predictions. The starting salary varies greatly, but the average is around $95,000.
One of the traits that make a person pursue an MBA in the first place is the desire to identify and solve problems, which brings us to Analyst. Here’s a few areas to consider.
A Financial Analyst is one who will review a portfolio and the tendencies that make a particular stock either jump or fall. Usually self-motivated and detail-oriented, their primary tasks are: researching market trends; trying to forecast the future; and evaluating why specific processes or solutions aren’t working. Salary range is $90,000-$110,000.
A Management Analyst will come into a business, investigate its corporate structure, perhaps interview employees and give their tips to top management in certain areas such as: how to downsize inflated departments; pinpoint paths of future profit; or instituting or even streamlining management procedures. Salary range is $100,000-$120,000.
A Marketing Analyst can be fun – as it’s in a more outgoing environment – where you’ll review customer demographics and track trends with regard to market opinions and sales numbers. You may utilize innovative CRM (Customer Relationship Management) methods for analytics and work with sales, creative, and PR teams to influence brand identity and advertising. Starting salary range $100,000-$110,000.
Consultants are brought in to study a corporation in order to increase efficiency and eliminate redundancies within the company’s structure and operations. Consulting jobs are prestigious as well as influential, as the supervisors or CEOs of major industries are always seeking ways to boost their bottom lines. Serving as a corporate counselor, a consultant is usually well paid with a starting salary of $90,000. Further, at Manhattan Review, we have just learned that The Bureau of Labor Statistics has projected that the management, scientific, and technical consulting arenas will regularly have openings for business grads through 2016.
An MBA helps distinguish the best human resources professionals, particularly those interested in training. You’ll be involved in employment law, benefits, hiring, etc. HR specialists directly affect employee productivity, and therefore, an organization’s success. Two of the best schools for HR management are Stanford and Chicago University’s Booth School.
Your education at business school has given you all the knowledge required to start your own business. Entrepreneurship is synonymous with seizing new opportunities. Innovations born in an entrepreneur’s mind have been transformed into products and services that save time, lift productivity, conserve natural resources, save lives and ultimately create jobs.
With an MBA in accounting, to become a CPA, you’ll still need to take the CPA exam. The reason firms require a CPA and an MBA is because the controller (which could be your ultimate title) is expected to have a holistic view of the firm, from strategy to marketing to operations and everything in between. This puts you way beyond mere debit and credit entries! You’ll be required to structure transactions according to the needs of the entire organization. An MBA would allow you to be seen as a generalist adding more weight to the organization. Here are a few high paying careers in accounting (salaries usually vary from state to state): chief accounting officer $115,000 per year, controller/finance director $100,000 per year, finance auditor $80,000 per year.
The most popular industries for the class of 2013 job seekers are health care, marketing and accounting. They are also the most competitive. If you broaden your search to areas such as technology or energy/utilities, you’ll be surprised at how many companies – more than 80% of companies in those sectors within the last two years – have hired MBA graduates. So thinking outside the box when it comes to your career path could be very lucrative and rewarding. Go for it!
For more insights into the MBA application process we recommend that you attend our free interactive MBA Admissions Webinars where you gain lots of useful insight into the MBA Admissions process from Manhattan Review’s director of Admissions Consulting, a former member of Wharton’s admissions board. To arrange a free MBA candidacy evaluation please call +1-800-246-4600 or +1-212-316-2000. Good luck with your MBA plans!