The average starting salary for MBA grads is more than $20,000 higher than those with a bachelor’s degree.1 MBAs have long been known to not only improve earning potential but help boost professionals’ business acumen—and boost their resumes and applications to the top of the pile. Whether the program offers specializations or just a general, thorough understanding of business and financial principles, an MBA is a degree that opens up a plethora of job opportunities. Here are some of the most popular jobs you can get with an MBA.
Chief Technology Officer
With an average median salary of $245,402, a chief technology officer (CTO) position is one of the most popular positions for an MBA candidate.2 CTOs take a leadership role in guiding their companies’ technology infrastructure, strategy, cybersecurity architecture and personnel.
A CTO has to ensure the organization they work for is well-equipped with the necessary computers, personal devices and peripherals to ensure all team members can be productive and efficient. The CTO manages multiple teams, including those in charge of cybersecurity, troubleshoot issues, and even people procuring new tech, such as IT managers. Therefore, a degree in computer science is a plus.
CTOs benefit from a range of soft skills, including understanding how to manage people from diverse backgrounds and conveying high-level ideas in a way that’s easy for everyone to comprehend. A CTO also has to be comfortable embracing a leadership role and making business-critical decisions under pressure.
The median salary for a sales director is around $100,500, and they earn their pay by overseeing a broad range of sales-related activities.3 A sales director works with or oversees teams of salespeople, helping them organize specific sales strategies, guiding the development of goods and services and making sure the sales initiatives align with the organization’s goals.
The day-to-day activity of a sales director will vary depending on the company, but will often include meeting with marketing teams and salespeople to help them address obstacles and capitalize on opportunities. Therefore, a sales director benefits from a business degree with a concentration in marketing and extensive experience as a sales professional.
A strong understanding of micro and macroeconomic principles help a sales director match the company’s objectives with the market's needs. The ability to communicate clearly with salespeople, marketers, C-level executives and clients will also enhance a sales director’s efficacy.
Finance managers are in charge of a business' financial dealings and bring in a mean salary of $123,948.4 These managers control how a company garners the money needed to fund its products, services, marketing and day-to-day management. Finance managers develop or approve plans to attain financing from banks and private individuals or entities. They also keep tabs on how much the business’ capital costs the company, balancing interest rates and payback terms to make sure the business doesn’t spend too much on the money it borrows.
A finance manager has to analyze financial reports and meet with people from various departments, particularly because virtually all teams spend the money the finance manager receives to fund the business. A degree in finance is a plus, as are several years of experience in finance.
Information Technology Manager
Information technology managers earn a median salary of $146,360 and are in charge of the IT team and the technology used to ensure the organization's cybersecurity and efficiency.4 Typically, the information technology manager reports to the CTO, and they manage both individual members of the IT team and sub-teams, such as security personnel and network administrators.
An information technology manager is in charge of maintaining the safety and smooth functioning of the company’s networks. They may be in charge of setting up local area networks (LANs) or wide-area networks (WANs), which connect the computers and subnetworks of different team members or locations.
An IT manager needs experience as an IT worker, preferably in several disciplines, such as networking, installation, troubleshooting and procurement. They also benefit from a degree in computer science with a focus in IT and the ability to communicate technical solutions to non-technical audiences.
Investment bankers earn a median salary of $100,980 but can make more in the form of performance-based bonuses.4 They make financial plans, financial models and perform valuation assessments in support of an organization’s investment decisions.
On a day-to-day basis, an investment banker analyzes potential investments to assess their risks versus their rewards. They also dig beneath the surface of investment opportunities to discover unseen potential or pitfalls.
An investment banker’s role requires communicating with people both in the office and out in the field as they vet investments and convey their value to executives. To be an investment banker, you typically need an undergraduate degree in business or finance, as well as excellent communication and negotiating skills.
Health Services Manager
Health services managers earn a median salary of $100,980 and perform a variety of duties related to running a hospital, clinic or another health-related facility.4 Their duties include:
- Managing the budget and finances
- Supervising employees
- Making sure the organization’s records are in order
Health services managers work in conjunction with doctors, nurses, patients, support staff, and insurance personnel. They are also often in charge of making sure facilities are in compliance with HIPAA laws and other government regulations pertaining to the health industry.
A health services manager may also represent the organization at business meetings and conferences to advocate for its interests and learn new strategies. An ability to work with various stakeholders—in and out of the facility—is key to a health manager’s success.
On average, marketing managers earn around $135,900 a year.4 Their role requires them to coordinate an organization’s marketing strategy, as well as manage the people needed to execute it. Marketing managers need to work with the sales team and help them attain their goals through ad campaigns, social media outreach, online marketing and other approaches.
A marketing manager may also work with product and service development teams to share insights about the preferences and habits of the target market. A degree in business with a concentration in marketing will help someone qualify for this position, as will several years of marketing experience.
Because a marketing manager is responsible for shaping the public-facing image of the organization, they may also have to represent the organization at events or conferences. A marketing manager has to have an in-depth understanding of the ebbs and flows of the target market, as well as those tangential to it.
If you’re ready to expand your job opportunities and increase your worth, consider how an Online MBA from a public Ivy like William and Mary could help you achieve your goals.
Increase Your Job Opportunities With an MBA
With the William & Mary Online MBA, you get the skills you need to maximize your earnings potential in a variety of careers. You can enhance your knowledge and earn the necessary credentials from the comfort of your home. Reach out today to learn more.
1. Retrieved on January 17, 2021, from usnews.com/education/best-graduate-schools/top-business-schools/articles/mba-salary-jobs
2. Retrieved on January 17, 2021, from careerkarma.com/blog/jobs-for-mba-graduates/
3. Retrieved on January 17, 2021, from salary.com/research/salary/alternate/development-fundraising-director-salary/gainesville-fl
4. Retrieved on January 17, 2021, from careerkarma.com/blog/jobs-for-mba-graduates/