The Master of Business Administration (MBA) is a widespread post-graduate program. It is a versatile master’s degree that offers extensive value. One of the greatest questions to ask when considering any prospective program is wondering where it will lead you.
The MBA is no exception. If you’re asking yourself, “What can I do with an MBA?” consider the skills you’ll learn with an MBA, the benefits of obtaining an MBA, and what post-MBA career paths are available.
An MBA program offers many skills that can open opportunities in the future. Different programs will emphasize different skill sets. However, there is a general focus that many MBA programs share. An MBA addresses a broad spectrum of topics related to business. An MBA covers quantitative topics like economics, statistics, data analytics, finance, and accounting, and qualitative business areas like leadership, organizational behavior, ethics, communication, and management, as well as entrepreneurship.
Along with practical knowledge in a wide variety of business fields, MBAs provide an assortment of soft skills, sometimes called “people skills.” Enhancing your business knowledge is powerful, but many employers seek more than just a knowledgeable applicant. Matriculating in MBA courses develops leadership, critical thinking, and analytic abilities. These courses also help build communication and teamwork. All of these talents will help you become a better leader and advance your career goals after obtaining an MBA.
Benefits of an MBA
There is one crucial question to ask before delving into the options of an MBA: is an MBA Worth it? Evaluate the benefits of an MBA and the options that an MBA can open for you. Now that you know some of the skills taught by MBA programs, consider how those skills can be used and what you gain by obtaining an MBA.
One of the most influential purposes of pursuing higher education is to advance your career. An MBA degree helps you advance your job prospects and opportunities. Having an MBA increases the appeal of your resume and increases the ability to market yourself. Additionally, the skills you learn in an MBA program can increase your confidence in a job interview, giving you an advantage over other applicants.
Where you get your MBA matters. The number of people getting an MBA is increasing. To stand out from the crowd, recognize your potential school’s standing and what level of name recognition it offers. Obtaining an MBA from a top-rated institution will provide you with better opportunities than obtaining one from an online-only institution.
What Can I Do After Obtaining an MBA?
With the knowledge gained from the rigor of an MBA degree, return to the question at hand: “What can I do with an MBA?” An MBA is a flexible degree path. There are many things you can do with an MBA, and there are many MBA career options that are often taken by MBA graduates.
Management Consultant/Management Analyst:
The job of a management consultant is to analyze the managerial practices and procedures of a company. The consultant will then advise the company on strategies to improve their management systems and processes. Additionally, management consultants detect potential issues within a company’s infrastructure and provide consultation on how to reduce those problems.
Management consultants must have a firm understanding of the principles of business management. They must have strong analytical skills to deconstruct the practices of a firm and detect issues in those practices. This career is a great fit for MBA graduates.
- Median Salary: $81,330 (Applicants with an MBA are typically offered a higher initial salary over $100,000)
- Expected Growth Potential (2014–24): 14%
A marketing manager oversees the overarching marketing plan for a product line, division, or company. Marketing managers are in charge of organizing, forecasting, and planning the marketing plan and bringing the plan to fruition. This process includes setting budgets, conducting market research, designing and enacting marketing campaigns, and managing the company’s marketing team to achieve these tasks.
MBA recipients learn the fundamentals of business, and marketing is a key area on that list. They gain skills in leadership, ethics, finance, communication, and management, all of which are essential skills in leading a marketing team.
- Median Salary: $131,180
- Expected Growth Potential (2014–24): 9%
The MBA is a multifaceted program, and the responsibilities of an operations manager are similarly varied. An operations manager oversees the day-to-day operations of a company to ensure that everything runs smoothly and corporate goals are met. These duties may include policy creation, logistics, data analytics, ethics, production, forecasting inventory, assisting in marketing, setting and reviewing budgets, and managing aspects of employment for your personnel, like scheduling and performance reviews.
Operations managers must be flexible; they require diverse knowledge and skills. This vital adaptability and preparation for a variety of tasks and situations are gained through MBA programs.
- Median Salary: $99,310
- Expected Growth Potential (2012–22): 7%
Investment bankers provide leaders with investment advice to grow their capital and increase the value of the organization. They do this by providing insight into the purchasing and managing of debt and assisting in the transition during mergers or acquisitions. Investment bankers ensure that all paperwork is in order and all regulations have been met.
An investment banker requires a combination of economic and business expertise to navigate the complexity of financial deals being made. They must be adept at critical thinking, finance, data analytics, and possess distinct attention to detail. This specific knowledge and skill set are foundational in MBA programs.
- Median Salary: $258,000 (The salary of an investment banker has a wide range. It is typical to start out closer to $100,000 with high potential for increases.)
- Expected Growth Potential (2014–24): 10%
Unlike the other fields we have been discussing, a financial advisor doesn’t necessarily work with businesses. Instead, a financial advisors typically deal with individuals. They offer financial advice and financial planning for people’s future. Financial advisors may help someone plan for retirement or simply offer investment advice to increase individual wealth. It is the job of a financial advisor to ensure their clients make good investments and create plans to ensure their client’s future.
As you can imagine, a financial advisor must have a strong understanding of finances and the economy. Additionally, a financial advisor must be good at analysis to determine the best plans for their clients and the communication skills to articulate those plans to their clients. These skills are core features of an MBA.
- Median Salary: $90,530
- Expected Growth Potential (2014–24): 30%
So, What Can You Do With an MBA?
You began by asking, “What can I do with an MBA?” Now you have some specific examples of what’s available to MBA graduates. The Master of Business Administration enhances your knowledge of common business principles and areas. It boosts your skills for working in a business, making you the type of candidate that businesses are looking to hire for their top positions. An MBA opens a plethora of post-MBA career paths to consider, offering you a diverse path forward.