With a master’s in business administration, you can advance your career and increase your salary potential. While a degree of this type boosts your credentials and improves your marketability to employers, you gain practical experience that can be applied to almost any industry and build your global perspective of the business world.
There are numerous career paths you can take after earning an MBA. Here is an MBA salary guide that showcases five professions you can pursue.
Medical and Health Services Manager
Medical and health services managers plan, direct and coordinate the services provided at their facility or department. Also known as health care administrators or executives, they may be responsible for an entire facility, a medical practice for a group of physicians or a specific medical unit. Medical and health services managers must stay current on the laws, regulations and technologies that affect the delivery of health care services as they work toward enhancing the efficiency and quality of patient care.
An administrative role, medical and health services managers oversee and recruit staff members and create work schedules. They also manage finances, including billing and patient fees, and ensure that the facility is operating within budget limits. While mostly working with other medical staff and department heads, medical and health services managers may also sometimes interact with patients.
Mostly employed at hospitals, medical and health services managers make a median salary of $99,730 per year, according to the BLS. The job outlook for the profession is strong, too, with the BLS predicting employment will grow 20% through 2026.
Computer and Information Systems Manager
Sometimes known as IT managers or IT project managers, computer and information systems managers oversee an organization’s computer-related activities. They implement computer systems and software applications to help meet defined technology goals. As they assess the costs and benefits of technology projects, they recommend potential upgrades and justify their funding to others in management. Computer and information systems managers also ensure the security of their organization’s network and electronic documents.
In addition, computer and information systems managers supervise other IT staff within their organization, such as information security analysts, computer support specialists and software developers. They also work with vendors in order to get a high level of service for their workplace technology.
According to the BLS, computer and information systems managers earn a median wage of $142,530 per year. The BLS also projects that employment for computer and information systems managers will increase 12% through 2026.
General Operations Manager
General operations managers can work in almost any industry at both small and large businesses. Most are employed in retail trade. While their responsibilities may be broad, they typically manage a company’s daily operations and plan the use of staff and material resources. General operations managers ensure that projects are completed on time and within budget.
Sometimes, general operations managers may negotiate and approve agreements and contracts. They may also determine and execute organizational goals, procedures and policies. While they might manage their company’s financial and budgetary activities, general operations managers may identify ways to reduce costs and enhance programs and performance. Generally, they collaborate with other management and staff and may have to travel to their company’s other offices and attend meetings and conferences.
General operations managers earn a median annual salary of $100,930, according to the BLS. The career’s employment outlook is fair, as it is expected to grow 9% through 2026.
Working closely with top executives and public relations, sales and product development at their company, marketing managers develop marketing plans, budgets and contracts. They determine the demand for their company’s products and services. Marketing managers also conduct market research studies and evaluate their findings to identify customer and market opportunities.
In addition, marketing managers may develop pricing strategies for marketing products and services to consumers in order to help maximize profits and market share. They may also plan promotional campaigns, such as contests and giveaways. Sometimes, they may meet with other staff or clients to provide marketing advice. They also supervise other marketing staff.
Marketing managers typically work in professional, scientific and technical services, but may be employed in other industries. The BLS states that marketing managers earn a median salary of $134,290, and employment is projected to increase by 10% through 2026.
In charge of an organization’s financial health, financial managers generate financial statements, business activity reports and forecasts. They identify ways to reduce costs by examining financial reports and assess market trends to find ways to increase revenue and expand the company. They help other management with making financial decisions and supervise financial reporting and budgeting staff.
Financial managers must be knowledgeable about the tax laws and regulations that affect their industry. They may work as a controller, finance officer, risk manager or insurance manager. Most financial managers are employed in finance and insurance, though some are employed at government agencies and manufacturing businesses.
The employment outlook for financial managers is really strong, as the BLS predicts that the number of jobs for the profession will increase 19% through 2026. Financial managers earn a median salary of $127,990 per year.
Earn Your Master’s in Business Administration
Qualified and experienced business professionals are needed in nearly any industry. With a master’s in business administration, you can pursue any of these career paths, as well as others. With the online MBA program at Emmanuel College, you can gain the advanced knowledge you need to excel in an advanced business role. Designed for working professionals, the program’s flexible format allows you to earn your degree while keeping your schedule.