Is an MBA worth it? If you want a boost in salary and more job opportunities, it most certainly is.
According to the 2019 Graduate Management Admission Council survey, “The median annual starting salary in 2019 for recent MBA graduates in the United States is currently the highest on record at $115,000."
The 2019 survey also noted that morethan 90% of Fortune 500 hiring managers planned to hire more MBA candidates, up from previous years. And these statistics appear to hold true for the New Year.
There are a variety of careers that offer higher earning potential if you hold an MBA. The following are five worth looking into if you are considering an MBA.
1. HR Managers
The growing demands human resources departments face in all industries has fueled the need for HR managers. An MBA increases your potential to fill these positions. HR managers oversee administrative action for entire companies with recruiting and hiring at the forefront. They often work closely with executives and develop strategies for recruiting and retention.
According to the U.S. Bureau of Labor Statistics, the median yearly wage for HR managers was $113,300 in 2018. And the projected growth is 7% between 2018-28.
2. Management Analysts
Another career with an MBA boost in salary is management analyst. This position allows you to recommend cost, personnel, and finance improvements to companies. A management analyst has plenty of flexibility as well, with 23% of those in this career being self-employed. And 28% have an MBA.
Management analysts also ranked twelth among best business jobs, and 67th for best 100 jobs, according to U.S. News.
The median yearly wage for management analysts was $83,610 in 2018 with a projected job growth of 14%, according to the U.S. Bureau of Labor Statistics.
3. Environmental Managers
The increasing environmental concerns for companies will certainly continue to grow. With Green Credits, Renewable Energy Credits, and Tradable Renewable Certificates, the need for environmental managers is booming. If you have an MBA in mind and want to get into this emerging field, your yearly salary could be as high as $130,000, according to PayScale.
Environmental managers are still new, and the projected growth is yet to be quantified. However, environmental engineers and scientists have a job growth of 8%.
4. Digital Healthcare Professionals
If you are among the 80% of internet users who have searched for health info online, you have seen the digital healthcare innovation firsthand. This makes digital healthcare professionals with an MBA a necessity for any medical tech company looking for a foothold in this booming industry.
From startup medical advice platforms like YourDoctors.Online, to the innovative “Nurse Chat” provided by Johns Hopkins Medicine, your skills as an MBA are invaluable.
Do to the emerging nature of this career, median salary statistics and job growth are difficult to project. However, a project manager for digital healthcare in Boston has an average salary of $93,000 for 2017.
5. Logistics Career with MBA
A logistics career allows you to manage the supply chain of various goods and personnel from Point A to Point B. And this career complemented with an MBA can earn you a healthy salary.
The median yearly salary for those in logistics is only $65,000, according to the Houston Chronicle. However, those who have an MBA in this field can earn up to 60% more.
Boost Your Career by Coupling Experience with an MBA
There is no doubt that an MBA will give you exponential professional growth. And couple an MBA with experience, and your salary ceiling is nonexistent.
“By the end of five years post-MBA, Fifth Year Pay was up 80% over Post-MBA Starting Pay for full-time students,” says Ronald Yeaple of Forbes.
Advance your career by advancing your education, whether you are a workforce veteran or just beginning your career. The benefits are certainly powerful.
