What can you do with an MBA? | Applyformba
Top 5 Industries and Careers for MBA Graduates
When considering applying for business school, you may ask yourself “what can I do with an MBA?”. The answer is there’s no limit to what one can accomplish with an MBA.
There is a misperception among some people that an MBA is only for a certain type of person, looking for a certain type of job and career path. The reality is that earning an MBA appeals to a wide array of candidates—running the spectrum between the analytical and the creative, the extroverted and the introverted, and those with business and non-business backgrounds.
Equipped with a solid grounding in the fundamentals of business and management, the skills to be an effective leader, and the support of a robust alumni network, MBA graduates go on to have successful careers across a wide array of industries and job functions – ranging from general management to finance, marketing, consulting, operations, technology, human resources, and more.
All MBAs lead to high salaries, but some industries pay better than others. According to the MBA employment reports by top business schools like MIT Sloan or Emory Goizueta, these are the top 5 industries where MBA graduates earn the most:
Average Signing Bonus ($)
Media/Sports
NYU Stern MBA Employment Report 2020 – 2021
Today, at least a third of the graduating classes at the more reputable business schools take positions in management consulting—more specifically at the “Big Three” (McKinsey & Company, Boston Consulting Group, and Bain & Company).
Consulting firms help companies increase their efficiency and profits by addressing various challenges, from implementing new enterprise software to acquiring the right talent. These firms seek people who look at problems from a unique perspective and can explain their solutions clearly to the clients. Presentation skills and teamwork are also valued in this industry. Usually, firms will recruit for a general management position, so most MBA consultants work across multiple industries and project types. However, some firms do hire specifically for consulting areas like human capital, supply chain, and healthcare if candidates have the right experience.
There is no industry or field that attracts more MBA graduates in a given year than consulting.
Holding an MBA degree is extremely valuable in the world of consulting where appearances count. An MBA demonstrates ability and expertise. It helps you attract new business and quickly gain the confidence of clients. With an MBA, you are qualified to consult in business administration, development and management. Plus you can claim expertise in any subject that you’ve specialised in at university or professionally.
MBA Jobs in Consulting industry
Management/Strategy Consulting
Strategy Consulting is aimed at the general direction an organization should take, its long term plans, its organic and inorganic growth strategy, and increasing profitability. Strategy consultants interact directly with the CEO, President, Country Head or Board of Directors of the client company. They mostly recommend solutions and conduct workshops or sessions to help the client implement them, but are rarely involved in the actual implementation phase.
Answering the question “What Is The Client Doing Wrong And How Can It Be Done In A Better Way?” The scope of Operations Consulting includes evaluation of the functioning of the client’s business, operations or processes. Projects could range from resource optimization and productivity enhancements to process re-engineering and supply chain design. Operational consultants – particularly at the senior level – would typically require functional or industry expertise and typically engage with the Vice President or Business Head of particular divisions of the client company. Operations Consulting firms often work with their clients in the implementation and post-implementation phases.
Focus on how best to leverage technology to help organizations grow. The scope includes IT scalability, security, design and development, analytics, compliance etc. Due to the nature of their work, technology consultants are experts in their field, but do not necessarily have intricate knowledge of the functioning of the client business.
The scope ranges from organizational development, HR policy, people strategy, actuary and organizational design and restructuring, to managing human resources (recruitment, engagement etc.)
Hiring trends displayed by technology giants like Amazon, Microsoft, and Google have indicated that MBA graduates have proven to be highly employable in the tech industry. The Corporate Report Survey by GMAC shows that tech joins the likes of consulting firms such as McKinsey to become the biggest employers of MBA graduates.
The technology industries appetite for MBA graduates has consistently increased.
Apparently, MBAs use their knowledge of business and finance in great measure to bring substantial advantages for their organizations. MBAs work in strategy, business development, and corporate development in technology firms. They use their expertise in product management, product marketing, and corporate marketing. They also work closely with finance, operations, supply chain and procurement, and sales, and HR.
Of course, tech firms also hire MBAs with a firm grounding in technology gained from their undergraduate studies—many have computer science, software, and engineering degrees in various tech disciplines. They may be mainly engaged in management, but they also know what their organization’s engineers do.
For example, many MBAs possess coding skills, which give them an added advantage, especially in product management and product marketing, as they work with engineers who devise products. Technological awareness helps MBAs better understand the product development process.
MBA Jobs in Technology industry
The top functional role for MBA graduates in the computer software sector—especially for those with technical or engineering backgrounds—is product management. Their responsibilities are directly linked to leading the work of product managers and properly coordinating the teams involved with engineering and marketing, as well as others relevant. They are responsible for analyzing customer input on the product, improving its strategy, and coming up with new, creative ways to expose the product towards more audiences and target groups. This role involves a lot of responsibility because the person in charge can either increase or decrease the product’s success.
If you are tech-savvy, and are looking for a post-MBA career path that requires you to be a technical expert, but also handle managerial functions, then project management may be your cup of tea. A technical project manager is responsible for organizing and managing projects from start to completion.
He or she has to find the fine balance between technical expertise and managerial skills. This role involves project scoping, scheduling, budgeting and managing risks associated with delivery. A project manager will have to manage the internal project delivery team, as well as customers, and will be a single point of contact for all matters related to the project.
This is a more evolved form of product management. These 2 roles are not often separated in smaller companies. As the name suggests, the key responsibility of a product marketer is to act as an evangelist for the product. He/she is not involved in the product development. The scope of product marketing ranges from product strategy and positioning, pricing, driving awareness, helping buyers with information and post-launch customer interaction.
CTO supervises technology development and operations within an organization. They develop strategies to optimize existing technology policies and practices while finding new ways to remain competitive and current in tech-related arenas. While it is not a prerequisite to have an MBA, having one can make a big difference, especially if you come from a very technical background. Being a CTO is very much about being a business leader who is an expert at technology. If you cannot convert technology to business value, then it is unlikely that you will succeed.
Finance is an MBA-heavy field. Companies of all kinds need experts in financial analysis and planning. The management of a company’s finances is essential to all industries and can make or break the success of an organization, from the largest multinational bank to the smallest retailer.
The vast majority of structured MBA recruiting relates to corporate finance (financing, capital structuring, investment) and financial services (investment banking, private equity, hedge fund).
Graduates of MBA can expect to find work in a variety of businesses and financial institutions including investment companies, international law firms, financial services firms, banks, and mortgage companies.
MBA Jobs in Financial Service Industry
This is possibly the most glamorous of finance careers post-MBA – and for good reason! Investment banks perform a number of functions: underwriting, raising capital for client organizations through debt and equity, facilitating mergers & acquisitions, offering financial advisory services etc. In most of these cases, the investment bank plays the role of middleman.
As in most finance career tracks, one can start out as an Analyst in investment banking with an undergraduate degree in finance. With an MBA from a top school and a few years of industry experience, one can reach the Associate level.
If you were one of those rare students in school who had a love affair with numbers, or if you have an affinity to statistics, you could consider corporate finance as a successful career option.
From ensuring that your company has adequate finances to choosing the right source of funds and utilizing them to generate maximum revenue for the firm, a finance manager has to shoulder big responsibilities. This role would also include capital budgeting, hedging funds and making important investment decisions
Contrary to popular notions that corporate finance is a ‘back end’ role where the stars go to die, there are many interesting opportunities for growth available in this line. With a graduate degree in finance, one can join the corporate finance team as an Analyst. But to progress to higher levels, one requires either an MBA or other higher qualifications (MS in finance, CFA, CA, ICWA etc.) Finance MBAs typically angle for the CFO post in the long run by starting out in FP&A.
A Private Equity Analyst helps companies invest in other firms through various kinds of funding, such as IPOs (Initial Public Offerings) and Equity Financing. This role involves extensive research and analysis using a variety of financial modelling strategies. An expert in private equity manages the investment funds of a company.
This career choice involves a thorough knowledge of the different types and sizes of firms. It also necessitates the ability to make informed investment decisions.
Venture capitalists are responsible for performing due diligence on potential business enterprises that corporate establishments have decided to invest in. Before an investment is finalized, a venture capitalist has to scrutinize financial documents and bank statements of any startup. So, if you become a venture capitalist, a business’s potential for growth and profit will be assessed and informed decisions will be taken based on your report.
Healthcare is another leading sector that employs MBA graduates. This multivariate industry includes opportunities in healthcare services, pharmaceuticals, insurance, informatics, hospital administration and finance, and medical device sales, among other specializations.
Healthcare needs business-focused professionals with strong backgrounds in marketing, operations, finance, accounting, management, and strategy. From hospitals to insurance C-suites, startups to government agencies, and even in specialized consulting firms, the demand for MBA-holders is sweeping.
An MBA allows you to choose from a variety of jobs in the healthcare industry, including finance, consulting, marketing, operations, and human resources. MBA graduates who successfully recruit for healthcare jobs unite their general management education with deep knowledge of the industry. Some big healthcare corporations have strong recruiting relationships at b-schools, and several offer leadership development programs.
MBA Jobs in Healthcare industry
Top healthcare career opportunities that require or prefer an MBA include:
Hospital administrators run community hospitals, clinics, medical centers, research hospitals, nursing homes and other facilities. The prospects for growth in medical management are high, because of the explosive growth in medical services, managed care and health technologies. A hospital administrator’s duties include hiring doctors, implementing new medical procedures, public relations, developing budgets and ensuring compliance with government security requirements for handling sensitive electronic health records.
Pharmaceutical project managers oversee developing new drugs, launching advertising campaigns and assembling teams to study the benefits and side effects of drug therapies. Duties might include developing promotional plans for drugs, arranging for clinical trials, conducting market-penetration studies and analyzing investments. Most pharmaceutical firms hire people who have an MBA in Healthcare Management, strong IT skills and the ability to work with multiple stakeholders that include biochemical engineers, chemists, technicians, physicians and marketing professionals.
One of the fastest growing industries is the healthcare industry, and the need for managers is also increasing dramatically. With an MBA in healthcare, you can obtain a position that leads the success of a healthcare organization. A Healthcare Manager must understand the financial, emotional and technical aspects of the healthcare world in order to make the right decisions regarding patient care while still maintaining profitability for the organization.
The consumer products industry, sometimes known by the CPG designation that stands for consumer packaged goods, has long been a devoted recruiter of MBA graduates. What newly-minted MBA wouldn’t want to drive strategic initiatives for high-profile brands they can use themselves, can see on TV, or go touch on a store shelf?
The ability to create and own projects, products, strategic initiatives, and even entire budgets in these large companies no doubt attracts MBA grads anxious to flex both their analytical and operating skills.”
MBA Jobs in Consumer Product industry
The function of a salesperson doesn’t end with finding a potential customer. Most companies have a client servicing team in place to interact with customers on a regular basis and resolve issues pertaining to the product or service
However, the gap between a business development team and a client servicing team is often aptly filled in by the account management team. So, what does an account manager do? An account manager is responsible for constantly generating new business from existing clients.
Since this job entails exceptional communication skills, the ability to overlook the work done by the team members as well as one’s own and the urge to overcome hurdles in the way, account managers are always on high demand.
Brand management is one of the most difficult segments in the field of marketing. If you decide to become a brand manager, you need to be doubly sure that you’ve got excellent communication skills, foresight, creativity and the ability to work with people across various divisions. You also need to be continuously updating yourself with the market trends. If you step into this playing field, you will be responsible for increasing your company’s brand awareness and recall.
While the management bit requires you to envision the selling features of the product, marketing requires you to know what needs to be done once the product is ready. As a product marketing expert, you will need to shoulder responsibilities such as creating product awareness, educating potential buyers and pricing the product.
While MBAs are not necessary for all business careers, they can be a leg up during the application process. Earning an MBA prepares you for the duties and obligations of being an organizational leader. Employers prefer well-trained business professionals, and earning an MBA your potential for growth within an organization.
Having an MBA opens many doors for individuals from both business and non-business backgrounds by giving them the skills they need to pursue and succeed across a variety of industries, job functions, and career paths. It opens job opportunities and paves the way for not only a promising career path, but also a flexible one.
Attending an MBA program requires you a huge investment of time, money, and energy. If you want to complete your...