An MBA can be a big step in advancing your career in business. Many roles within the business sector require an MBA to even be considered for a position, and others offer better pay and advancement opportunities when you hold an MBA degree. If you’re considering earning yours, you may be wondering what doors it could open. Here are some of the hottest career opportunities out there now for University of Tennessee Chattanooga MBA program graduates.
1. Marketing Manager
According to US News and World Report, a marketing manager is an excellent career option for those graduating with an MBA degree. Marketing managers help companies sell their products and services, so they are in demand in nearly all industries. These business executives coordinate and oversee marketing campaigns and direct employees in marketing departments. They must understand the company’s offerings and be able to communicate the benefit of those offerings well. They may also work on pricing strategies for the business.
In 2019, the average pay for marketing managers according to the Bureau of Labor Statistics was $135,900. The job growth between 2018 and 2028 is expected to be 8 percent, which is faster than average.
2. Financial Manager
The financial manager monitors the budget and investments a company has or maintains. They have the ability to choose the right investment opportunities, and they work to make sure the company is using money well to help the business grow. These professionals need both business sense and financial understanding, and they are in high demand.
The BLS estimates the average pay in 2019 for this role was $129,890, making it a highly lucrative position. The BLS also projects a 16 percent increase in the number of these professionals needed by 2028, which is very strong. Professionals with an MBA who understand finances well will find many opportunities for advancement and high pay working as financial managers.
3. Medical or Health Services Manager
The healthcare sector needs professionals who understand money and business to keep hospitals and medical facilities running well. Medical and health services managers work to maximize the budgets of hospital systems while also maintaining a high quality of care for patients. They must understand business as well as the regulations and rules that govern healthcare. Maintaining records is a big part of what these professionals do.
This is another field with six-figure income potential. The BLS quotes a median pay in 2019 of $100,980 a year, with an 18 percent expected job growth rate by 2028. This remains a high-demand field as the healthcare industry continues to expand.
4. Database Administrator
For business professionals who prefer to work with technology instead of in front of people, a role as a database administrator could be a great fit. These professionals organize all of the data collected by today’s companies, such as consumer behavior and interactions. They also work to ensure the security of these databases to protect against data breaches. These professionals need strong tech skills and the ability to organize information well
The BLS estimates the average pay for database administrators to be $93,750 per year. While this is lower than some of the other careers already mentioned, there is definite potential for a six-figure income. Those who work in insurance fields or in data processing earn over $100,000, and the top 10 percent of income earners earn over $148,060. The job growth expected in this field by 2028 is 9 percent—faster than the 5 percent projected for all occupations in total.
5. Business Operations Manager
Keeping a business running is no small feat. It requires understanding everything from marketing to supply chains. A business operations manager helps keep all of these intricate pieces working in unison and effectively. Specifically, these professionals work to manage supply chains and manufacturing systems to ensure things get where they are needed for the business to run efficiently. They manage deadlines and enforce quality standards, as well.
The US News and World Report estimates an average salary for this field of $100,930, with job growth rate of 6 percent. Again, this makes it a high-demand, high-paying field.
6. Management Consultant
A management consultant or management analyst helps businesses run more efficiently. They take the time to analyze financial reports and collect data to find areas where businesses can improve their operations to accomplish their goals more effectively. They work on a contract basis, rather than being employed directly by the company, so they will work with many different businesses at the same time.
The 2019 average pay for management consultants was $85,260 per year according to the BLS. As businesses continue to seek to streamline their operations to cut costs, demand for people who have this skill is high, and the 2018-2028 expected job growth rate of 14 percent bears this out.
7. Business Owner
If you’re considering starting your own business, an MBA can set the foundation to understand what it takes to do so. Many aspiring entrepreneurs begin with a formal education because the information presented in an MBA degree program helps them avoid costly mistakes. The amount of potential income for a business owner is going to vary wildly based on the size and success of your business, but the MBA degree can be foundational to launching your own company.
8. Computer and Information Systems Managers
Finally, if you have tech skills, consider a career as a computer and information systems manager. This lucrative career requires individuals to plan, coordinate, and direct the computer and technology activities of a business. A graduate degree in this field is not required, but is helpful. Many will couple an undergraduate in computer or IT topics a Master’s in Business Administration.
The BLS estimates the average salary for this field to be $146,360 with a job growth projection of 11 percent by 2028.
So, Are You Ready for an MBA?
If you are interested in one of these career fields, an online MBA or an on-the-ground flexible MBA could help you get there. UTC has a 100 percent Online MBA or a Flexible MBA program. Reach out to an admissions counselor today to learn more about how you can make use of this program.