An MBA is a versatile degree to pursue. Often called the Swiss Army knife of advanced degrees, an MBA emphasizes both financial competencies and a range of other skills such as leadership, communication, team building, and critical thinking that are essential to almost any kind of business.
“Business students acquire knowledge and essential competencies in all foundational areas of modern business, across all industries and their subsectors,” according to the Business Administration Information website article, “Why Business Management Degrees Are Great For Versatility.”
“The principles of accounting apply no differently to the books of a small, family-run restaurant than those of a large, multinational corporation; information systems function precisely the same way whether they’re located in the basement of a fledgling nonprofit or the front office of a real estate tycoon. Rather than confine themselves to a certain profession or industry, business management students render themselves attractive to employers of all kinds.”
Graduates of online MBA programs such as the University of Alabama at Birmingham’s Collat School of Business can be prepared to assume leadership positions in the business world and possibly progress all the way up to the C-suite.
Sectors For Job Seekers
Here are five economic sectors where MBA grads can expect to be needed, and well compensated, in the near future.
1. Finance: Finance, a popular career choice for MBA grads, is a broad employment sector that can encompass such fields as banking, financial analysis, portfolio management, and accounting, Many MBA holders gravitate toward positions in corporate finance departments.
Competition is fierce and applicants almost always need an MBA, even for many entry-level jobs. Employment opportunities are expected to grow by 10 percent or more until 2024, depending on the specific field, according to the U.S. Bureau of Labor Statistics (BLS). Because the sector is so varied, median salaries can range widely, from about $68,000 for accountants and auditors to more than $105,600 for securities and commodities brokers.
2. Medical and health services: With all of the fluctuations taking place in the healthcare field, from cutting-edge technology to new service delivery options to changes in insurance coverage, health services administration has become a rapidly expanding option for MBA grads. Healthcare administrators and executives may manage an entire medical facility or a specific department within it, or handle the administration of a practice for a group of physicians.
An MBA with a concentration in health services is considered the standard credential for employment. Job outlook is excellent – at 17 percent projected growth, employment options are growing much faster than for other occupations, according to the BLS. Median pay for hospital executives tops $104,000 per year.
3. Marketing: Marketing managers are in charge of the marketing efforts that create brand awareness, improve sales, and fuel their companies’ growth. They set budgets, manage staff, plan and execute marketing campaigns, and analyze the resulting data to make improvements.
MBAs are rarely required for entry-level jobs, so people in marketing, advertising, or promotions often pursue a degree when they are ready to move up the management ladder. Employment growth is projected at about 5 percent, according to the BLS, about average for all occupations. Managers who are adept at using the internet and navigating the digital marketing world will be most in demand. Median annual salary for marketing managers is about $131,000.
4. IT/management information systems (MIS): In a world increasingly dependent on technology, businesses need professionals who can combine computer expertise with business acumen and leadership abilities. The field offers a range of job options, including chief technology officer, computer and information systems manager, and vice president of IT.
Chief technology officers manage the tech team and establish standards to achieve the company’s technical vision. Information systems managers, by contrast, concern themselves with developing computer networks, installing and upgrading hardware and software, and managing the company’s computer-related activities. Vice presidents of IT are part of the executive team and help provide overall policy and direction for the company. Job prospects are excellent across the board as businesses look to expand to digital platforms. Median annual salaries, according to the BLS, can range from $135,800 to more than $155,800.
5. Business operations management: Business operations managers make sure the work of the company gets done. A necessary position in any business, operations management is multifaceted and can include hiring staff, negotiating contracts with vendors, guiding teams and projects, and creating policies that ensure that the business operates efficiently. Quick decision-making ability and good communication skills are essential.
Many companies expect industry-specific knowledge and industry certifications in addition to an MBA. Job growth is above average, according to “What is a Business Operations Manager?” by U.S. News and World Report. Salaries, like job descriptions and duties, vary widely but are generally high, according to the BLS. Median compensation is close to $100,000.
Prepared For Any Business
The MBA is one of the nation’s most popular postgraduate degree options, according to the MBA blog “Poets and Quants,” accounting for some 25 percent of all degrees conferred. With an MBA degree in hand from schools such the University of Alabama at Birmingham, graduates can be prepared to be leaders in a variety of business sectors. Whether starting out or advancing to the C-suite, business men and women can benefit from the management skills conferred by their MBA education.
UAB’s Online MBA Degree Program
The University of Alabama at Birmingham offers an online MBA program with concentrations in finance, marketing, health services, and management information systems, as well as a general option. Classes combine traditional instruction with modern online technologies. Online courses are completed collaboratively with instructors and fellow students through computers and/or mobile devices. For more information, explore the University of Alabama at Birmingham’s online MBA website.
1. Versatility: http://www.businessadministrationinformation.com/resources/why-business-management-degrees-are-great-for-versatility
2. Finance: https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm#tab-6
3. Health services: https://www.bls.gov/ooh/management/medical-and-health-services-managers.htm
4. Marketing: https://thebestschools.org/careers/best-jobs-for-mba-graduates/
5. IT/MIS: https://thebestschools.org/careers/best-jobs-for-mba-graduates/
6. Business operations: https://money.usnews.com/careers/best-jobs/business-operations-manager
7. Prepared For Any Business: https://poetsandquants.com/2014/05/26/why-the-mba-is-now-the-most-popular-masters/