An advanced business degree, such as an MBA, is an ideal investment for individuals looking to achieve career growth and make an impact in the corporate world. These degrees help individuals gain the skills and knowledge to be competitive in an ever-evolving professional landscape. Alongside this, advanced business degrees also focus on developing leadership skills to ensure that any graduate can rise through the ranks within an organization.
While the skills learned with an MBA degree are applicable and desired by many industries. Below we’ve highlighted six of the most popular career paths for those with an advanced business degree:
1. Working As A Management Consultant
Average Annual Salary: $92,607
As a management consultant, you will work with different companies and organizations. You will help them improve their existing systems. This means that you need to be able to identify problems and develop solutions. You also need to be able to make sure the organization uses your solutions. This field is dedicated to helping companies improve their functioning and performance by analyzing structural or business problems and developing plans to deal with them.
Many of the skills required to be a successful management consultant are available to those with an MBA in general business, giving you an advantage over your competition. In addition to this, many management consultants also specialize in a particular industry or area of expertise. Consider specializing in pharma business development, technology, or finance to expand your knowledge and expertise in high-growth industries with promising career opportunities.
2. Working As An Investment Banker
Average Annual Salary: $117,626
Investment banking involves buying and selling securities, such as stocks and bonds, for companies and governments. As an investment banker, your primary job is to help your company raise money. You may also be tasked with other work like providing assistance during times of merger and giving general financial and investment advice on specific issues.
It is a highly lucrative field with the benefits of having a great pay floor and giving its employees many opportunities to achieve career growth in an industry with a higher pay ceiling than most others. An advanced business degree gives you the financial knowledge and analytical skills needed to be successful in investment banking. This makes it a good degree for people who want to work in this field.
3. Working As A Human Resources Manager
Average Annual Salary: $71,199
The human resource department within any organization works on managing the employees within a company. It includes tasks such as recruitment, selection, and training of employees and management of leaves, bonuses, promotions, and suspensions and terminations. A human resource manager will devise and implement a training and recruitment system. They will have to handle employee relations, determine the performance of employees and corresponding compensation levels, and deal with employee excesses and abuses.
The leadership and communication skills gained from an advanced business degree will help you effectively manage your team of employees. They will help you establish the principles and code of conduct expected from every employee, resolve interpersonal conflicts between employees, and carry out and communicate appraisals to senior management. Further, the complex understanding of what is required to make a business perform better gained from an advanced business degree will also be essential in human resource management.
4. Working As A Business Operations Manager
Average Annual Salary: $82,405
Business Operations Management is concerned with designing, implementing, and improving the structures that drive an organization’s performance. The role of a business operations manager is to plan, coordinate, and direct activities related to production, testing, and customer service within an organization’s operations. This could involve developing processes, maintaining quality standards, and establishing budgets.
An advanced business degree allows you to understand the different aspects of a company that needs to be managed and develop processes that optimize the efficiency of each. The knowledge gained from an MBA gives you an edge in understanding how to create a successful business strategy and use it to develop business plans for your company.
5. Working As A Marketing Manager
Average Annual Salary: $69,845
A marketing manager is responsible for advertising and selling the products and services of the company. Responsibilities of such a position include researching to understand public interests for a product and which demographic to target, designing strategies to appeal to this demographic, and executing these strategies.
As a marketing manager having good leadership and communication skills are essential. Marketing strategies are important because they help you attract many people to your home. You will also need to manage your team and others who will help carry out the plan. An advanced business degree will help you understand how to do research, get information from that research, and use it for marketing.
6. Working As An Entrepreneur
Finally, for those not interested in working for others and instead motivated to create their own space within the corporate world, an advanced business degree also empowers you to be your best entrepreneurial self. Entrepreneurship is the process of starting and running a new business. A good entrepreneur is someone who can see when there is a chance to start a new business. They can make a plan that makes sense and get money to pay for their idea.
An advanced business degree will give you the analytical skills to identify the qualities required for a new business to succeed and what kind of structure promotes effective performance for such a business. It will also give you the leadership and communication skills required to approach potential investors and partners and successfully pitch your business idea to them.
An advanced business degree helps develop many skills necessary to succeed within any corporate space. The complex understanding of business structures, and the focus on developing leadership and communication skills, are particularly useful for those looking to work in consultancy, investment banking, human resources, marketing, and operations management and those interested in setting up their own business. Remember that those with an advanced business degree have a world of opportunities ahead of them.