6 Contemporary Industries That MBA Graduates Can Work In
by Arnab Dey Job & Career 26 November 2022
An employee with a Master of Business Administration is uniquely capable of helping a company grow with its factual knowledge of business principles and innovative thinking.
Graduates of MBA programs possess the ability to conduct information analysis, leading them to make sound business decisions. They study a wide range of course material during their degree and can apply it in a multitude of situations to guide their decision-making and problem-solving. They also develop impeccable leadership skills, which allow them to serve effectively as leaders of their teams and organizations.
Whether they are fresh graduates or have some work experience under their belt, companies are always hiring MBA graduates as they bring a new perspective to the table. A survey conducted by US News found that 84.6% of people who graduated with MBA degrees from 134 different programs in 2021 were employed within three months of graduating.
According to admissions experts, people with MBA degrees on their resumes stand out amongst job applicants and have a better chance of being hired, even if they didn’t attend the most prestigious colleges.
Getting an MBA is a great idea, whether you want to progress in your current industry or plan to transition into a new one. People working full-time jobs often find it easier to pursue an online MBA program as it is flexible enough to be accommodated their busy schedules.
Getting this degree opens many career pathways as several industries require the skillset MBA graduates have.
Some of the more contemporary industries that MBA graduates can work in are listed below.
1. Entertainment/Media
Even though it is not an obvious choice for an MBA graduate, a career in the media industry can be highly lucrative. Entertainment companies are focusing more on crunching numbers and conducting financial analysis to bring in better profits.
Additionally, there is a great need for talented and educated people in management roles. MBA graduates can do business development for smaller entertainment companies or consulting work for major studios or firms. They can work in intellectual property management, talent management services, or film distribution. Most of the positions in this sector pay very well, with an average salary of USD 108,849 in 2021.
2. Technology
The technology sector has rapidly expanded in recent years; International Data Corporation reports that it grows by 5% to 6% yearly.
Venture capitalists are investing increasing sums of money into technology startups, producing a need for competent employees with analytical skills and technical knowledge, in addition to being able to tackle business challenges.
IT managers look after a company’s secured network, which is one of its most important assets. They ensure that the company is working with the best available technology, to bring in high profits. The average salary of an employee in this field with an MBA degree was USD 120,784 in 2021.
3. Healthcare
The importance of the healthcare industry was realized during the COVID-19 pandemic all around the world. However, a lot of the health sector’s shortcomings were also brought to light.
The many logistical challenges that came up in the past couple of years require skilled managers to overcome them. An MBA degree enables a healthcare manager to oversee a hospital’s operations and maximize service quality while keeping costs at a minimum.
Managers are responsible for building and managing teams of healthcare professionals to serve the community and keep the establishment running smoothly while also making sure that the facility complies with all the regulations. The average MBA salary in this sector in 2021 was USD 109,866.
4. Consulting
Management and strategy consultants work to solve a myriad of problems for any organization. They require excellent knowledge of management sciences, operations, marketing strategies, mergers and acquisitions, logistics, finance, management, and accounting.
This is why MBA graduates are the perfect candidates to fill these roles in any company.
They can recommend a new strategic direction for a growing company or analyze why they are losing market share to one of its competitors. They can also revive old brands for a relaunch and market them to a wide consumer base. Consulting is probably the highest-paid position in which an MBA graduate can work, with an average salary of USD 140,187 in 2021.
5. Financial Services
Firms that do not make sound financial decisions and spend unwisely do not last very long, which is why financial managers are highly sought-after. They monitor a company’s budget and decide how and where to make financial investments. They give valuable advice on identifying, analyzing, and handling financial risks and help clients mitigate risk by minimizing exposure and planning for worst-case scenarios.
An MBA graduate can apply an individualized financial model to increase a company’s profit and predict losses. The average salary of an MBA-holding employee in this sector in 2021 was USD 130,001.
6. Energy
Due to the many negative connotations associated with fossil fuels, there is an increased interest in alternative energy sources, giving rise to many sectors in the energy industry. The energy industry includes companies that locate fuel resources, harness or mine the fuel, process it, and distribute it for use. It is one of the most lucrative yet also the most controversial industries in the world.
A position in this industry requires business acumen as well as knowledge of politics, finances, and the environment. The average salary of an MBA graduate in this industry was USD 108,547 in 2021.
Conclusion
People who graduate from MBA programs get the opportunity to work in many different sectors, and the need for MBA graduates in all these industries continues to increase.
An MBA graduate may work as a consultant, giving their advice and sharing their knowledge with different companies to help them overcome financial difficulties and make a profit. They can also work as talent managers, intellectual property managers, or film distributors in the entertainment industry.
MBA graduates can also offer financial or management services to companies in the healthcare or technology industry. There are a lot of career opportunities for someone possessing an MBA degree, which ensure that they have a bright future ahead of them.
Read Also:
Related
