Even if you’re already set with a bachelor’s degree in business and you’ve landed a good job, it could still be in your best interest to look into getting an MBA degree. But if you’re already working in a field, then you may be asking just what can you do with a Master’s in business?
Well, as it turns out, there’s a lot you can do with an MBA degree. While it’s not always a requirement for many jobs in the business field if they prioritize experience over education, some high-level management jobs may require extra schooling. More than that, sometimes your employers want you to gain extra knowledge and skill with an MBA so that you can advance in the company.
Whatever your reasoning is for pursuing a master’s in business, there are surely great career options waiting for you after graduation. Read on to learn more about what you can do with a business master’s degree.
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What Is A Master’s In Business?
Business management and administration is regularly ranked as the most popular major in the US year after year, and with good reason. A degree in business often leads to high-paying secure jobs, something that every new graduate wants.
But, after you’ve graduated from an undergrad in business, what else do you stand to gain from continuing with a postgraduate business degree? While a bachelor’s degree in business provides you with the tools you need to start a career in business, a master’s will help you focus on specialities and really hone your skills.
The courses and curriculum will differ from one school to another, but at its core, an MBA degree is meant to prepare students for a career in middle- or upper-level management. Over the course of your MBA, you’ll also take more specific courses that focus on subjects like business strategy, statistics, human resource management, finance, and more.
It’s not uncommon for your employer to pay for your master’s degree in business if they want you to grow within the company. For that reason, a lot of people will only start an MBA once they already have a few years of experience from a stable job.
Master’s In Business: Career And Salary Expectations
Getting a master’s in business is a great career move if you want to move up to a management position and increase your earning potential.
Business is a broad field and there are many jobs that you can get with an MBA degree (more on that soon), but the general outlook for business-related jobs is good. The demand for MBA graduates in the work field is expected to grow up to 16% until 2028, so this isn’t a field that’s going away any time soon.
When it comes to salaries, the outlook is good too. The Graduate Management Admissions Council (GMAC) creates an annual report of career and salary estimates for MBA grads. In 2019, the average starting salary in the US for someone with an MBA was $115,000, which GMAC points out is almost double the starting salary for someone with only a bachelor’s degree in business. This doesn’t include other perks, like signing bonuses or stock options, so the overall salary for an MBA graduate is quite promising.
What Can You Do With A Master’s In Business? 8 Jobs
A high starting salary and a good projected job growth is nice, but if you’re considering going back to school for an MBA degree, you’re probably a lot more interested in what you can actually do with a master’s in business.
Here are a few examples of jobs you can get with an MBA degree. This list isn’t exhaustive, but gives you a good idea of what to expect when you graduate. It’s also important to keep in mind that your previous work experience will also play a big role on jobs you’re eligible for.
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1. Chief Technology Officer
If you have experience working with tech, then you might be interested in a job as a chief technology officer, or CTO. As a CTO, you’ll be the leader of technology teams in a company, so you’ll be the one responsible for things like day-to-day operations, implementing new plans and projects, and doing research.
As CTO, you’ll be the one responsible for your company’s research and development.
Aside from having a knack for both business and technology, you should also possess strong leadership skills and be comfortable with project management.
2. Senior Management Consultant
As a senior management consultant, it’s your job to improve the efficiency of your company or organization.
Senior management consultants are responsible for solving issues, increasing growth, and enhancing performance of both the company and its employees. They look for flaws in the current business models or practices to find areas in a business that can be improved or to find areas where new skills are needed.
Along with sharp business-savviness, you’ll need to be a strong problem solver and have great interpersonal skills to land this job.
3. Investment Banker
If you’re skilled at raising money for companies, then seeking a career in investment banking is the right move for you.
Investment bankers raise capital for companies, often businesses in the start-up or growing phase. They can also help companies with mergers and acquisitions.
Investment bankers need experience in managing finances since the job requires creating financial plans and handling a lot of financial data and other information. You’ll also need strong negotiating skills since you’ll be liaising between companies and investors.
4. Computer And Information Systems Manager
Like a CTO position, this job also requires experience with technology. As a computer and information systems manager, you’ll be the go-to person when it comes to all things computer-related in your organization.
You’ll be head of an IT team and you’ll be responsible for improving a company’s IT infrastructure and ensuring everything runs smoothly.
Computer and information systems managers also implement new technologies in a company, assess costs, and oversee maintenance. You’ll need to be highly organized for this job and you’ll also need to have some sharp decision-making skills.
5. Human Resources Director
Previous experience working in human resources coupled with a master’s in business will make you a prime candidate for a human resources director position.
As a human resources director, you’ll be the one coordinating between management and employees in an organization. This contains a few different tasks, including recruiting, compensation, overseeing employee benefits, and handling employee issues that arise in your company.
At the end of the day, you’re responsible for ensuring your company’s workforce is happy and that they are meeting the business’s goals.
6. Financial Manager
Financial managers analyze and oversee daily financial planning in an organization. Based on financial activity, financial managers then provide insights and advice to upper management about budgeting and spending. These insights are meant to help guide management to make critical decisions for the company, so the data you provide them is very important.
Financial managers are responsible for working with a lot of financial data in order to create forecasts, reports, annual and monthly budgets, and also perform audits within the company.
7. Business Operations Manager
Business operations managers play an important role in every company. They work closely with multiple departments in order to achieve the company’s overall goals.
Business operations managers look at the company as a puzzle and their job is to ensure that every piece of the puzzle is working together and performing its intended task.
Another part of this job is overseeing projects and enforcing deadlines as well as setting standards for quality.
8. Marketing Manager
Marketing managers are always in demand from nearly every company. With your experience in the field and an MBA, you can help a company establish a marketing strategy and increase their bottom line with its execution.
As a marketing manager, you’ll oversee a team of marketers who work on creating and improving campaigns. Your job in this role can also entail setting pricing, researching the demand of a new product, and analyzing whether a new business venture is viable from a marketing perspective.
The Bottom Line
Now that you’ve seen examples of what can you do with a master’s in business, it’s up to you to decide whether you want to pursue an MBA degree and what career path you’d like to go down. Whatever you decide, studying a Masters in Business is sure to have a fruitful payoff.
If you’re already working at a job you love and you don’t want to give it up to study, consider taking an online remote-learning degree, where you can learn while you work. University of the People has a great one-year online tuition-free MBA degree program to help expand your skills and take your career to the next level.