A master’s in business administration or MBA for short is an advanced degree for those that have already earned their bachelor’s degree. It is a broad-based degree, which focuses on providing an in-depth understanding of the fundamentals of business.
The student will be exposed to the business world as well as its fundamentals. This includes understanding the various aspects of organizational management, human resource management, finance, and marketing.
Having an MBA adds to your networking potential and brings you closer to high-level decision-makers.
You can use these connections to get jobs within your company, such as project or product manager, or in related fields like finance and consulting.
Plus, with your business training, you have a solid foundation for starting your own business down the road.
What is Business Administration?
A business administration major helps prepare students for a career in business. This is an area of study that covers all aspects of business, from accounting and finance to marketing, legal issues, and human resources. Students in business administration typically take courses in business, economics, and mathematics.
A master’s in business administration can give you the knowledge and management skills needed to start your career as a leader in various industries and organizations. Business administration is a broad field, and students can find many career opportunities within it.
The following are the careers you can do with a master’s in business administration:
1. Financial Advisor
A financial advisor is a person who advises about financial matters. A financial advisor may give you advice about investing, retirement plans, taxes, insurance, and other financial goals.
There are many different kinds of advisors for different needs, such as estate and trust attorneys and tax specialists.
You can get advice from one person or many people. Some financial advisors work directly for an organization or government agency. Others work in a brokerage house or bank.
Your job roles will include the following;
- As a financial advisor, you are the main person who is in charge of providing financial advice to people
- You are responsible for helping people plan for their future
- Furthermore, you must make sure your clients stay up-to-date with financial news and how to protect themselves.
- You can also provide other financial services to your clients, such as saving accounts, insurance, mortgages, and more
The median annual salary for financial advisors is about $85,000, with the highest-paid earning more than $180,000. Depending on your skill, you might be able to earn a respectable wage handling other people’s money.
2. Brand Manager
As a member of the marketing team, a brand manager helps develop and manage the company’s brand. It is this person’s responsibility to ensure that the brand meets its business objectives most cost-effectively.
An effective brand manager needs to appeal to customers on an emotional level if they are going to buy your products or services.
As a brand manager, the following are your basic responsibilities;
- bridging the gap between what the company is and what the customer wants to be
- defining and communicating brand vision and mission
- converting brand elements into market plans and strategies
- leading a team of marketers to work on brand initiatives
- management of the company’s brand identity and marketing communications
- making sure the brand is being communicated effectively
Being a brand manager is a tough job. It takes a lot of work and dedication to ensure that a brand is kept in the public eye. As a brand manager, you can make up to $8,000 a month depending on certain conditions.
3. Investment Banker
Investment Bankers are the brains and brawn of the financial world. They are responsible for managing the money of investors and businesses, helping them to grow and get the best returns.
They are the people who make sure that the money flows in the right direction and that their clients make the most of the available opportunities.
An investment banker can be in many different job roles. They can be a portfolio manager, a trader, an analyst, a lawyer or a compliance manager, or a team leader.
The only thing that they have in common is that they all need to be able to manage money and make sure that it flows in the right direction.
Your job roles will include the following;
- Examine market trends and financial data
- Mergers and acquisitions management
- Increase capital by issuing debt and trading equity
- Analyze and determine the profitability of deals using financial models
You can expect to earn more than $100,000 as a new employee.
4. Risk Manager
Risk management involves the identification, assessment, monitoring, and management of the risks to an organization or individual. It is one of the key tools of the 21st century for organizations to compete successfully in an increasingly competitive global marketplace.
In today’s world, a risk manager is a key stakeholder in the risk management process and plays a central role in both the definition and execution of the organization’s risk management process.
Your job roles will include the following;
- manage the risk management process for a project
- coordinate the management of risk
- monitor the project risks
- implement the risk control process
- coordinate the project team in implementing risk management measures
- ensure the project team is implementing the risk control process
Risk managers in the United States typically earn $116,000 per year, with an average salary ranging from $101,000 to $133,000.
5. Information Technology Manager
An information technology manager, or IT manager, oversees a company’s use of computers and computer-related equipment.
An Information Technology (IT) manager will ensure that their company is functioning at the highest and best level possible.
An IT manager’s educational requirements are similar to those of a computer scientist or engineer, but their job responsibilities and workload differ.
Your job roles will include the following;
- manage and control the IT assets of an organization
- develops and implements technological strategies
- assist in the development and maintenance of the organization’s IT infrastructure
- manage the IT services of the organization
- manage the organization’s IT services to the organization’s customers
- manages, counsels, and trains employees
IT managers typically earn between $114,000 and $140,000 in the United States. Education, certifications, additional skills, the number of years spent in the field, and many other factors influence salaries.
6. Market Research Analyst
A market research analyst is a person who conducts various types of research projects on the current trends and behavior of any particular market.
They keep an eye out for new products and services that may be released by companies to meet the specific needs of consumers in a particular field.
For example, a market research analyst may work for a software company to learn what users are looking for in the software industry currently so that they can design newer tools that meet those needs to drive sales and profits.
Their goal is to analyze the responses so they can summarize and report findings to their clients.
Your job roles will include the following;
- plan, organize, control, and maintain the research operations of the company
- involved in the gathering of data and the analysis of information
- understand the market competitors, their product portfolios, and the different business models
- communicate the findings to the company’s clients
- understand the various methods and techniques used for the market research
As an entry-level Market Research Analyst, you can expect to earn an average total compensation of $50,220 a year. Analysts with experience can earn up to $80,000 per year.
7. HR Manager
In the corporate world, a human resource (HR) manager is at the forefront of employee management.
A Human Resource Manager is a person whose focus is creating a good work environment for the employees at their company.
They do this by hiring the right people for the job, getting rid of the bad ones, and making certain that those who are left are satisfied with the policies that are in place.
Your job roles will include the following;
- recruitment of new staff
- admin of employment relations
- overseeing workplace relations
- in charge of employee development and organizational development
- performance management and appraisal
- handling of staff payroll
You can make about $65,000 to $78,000 annually. But one thing you may be wondering about is how exactly HR managers fit into the rest of a business’s structure.
It’s helpful to have a good understanding of how HR departments function in a larger corporation before you jump into your first HR job, so you can hit the ground running from day one.
9. Business Consultant
A business consultant is a person who provides consultation to small businesses and organizations.
The need for a consultant is based on the rise in competition in business.
A consultant may help with advice on creating new marketing strategies for the firm, or help with accounting work such as making financial forecasts.
Your job roles will include the following;
- research the market and the needs of the client and provide recommendations
- provide advice and make recommendations on new market strategies to the client
- act as a business advisor
- develop new market strategies for the client
- recommend and implement the best solution for the client
Business consultants for a small organization or business can make about $45,000 a year while those for large corporations can make up to $120,000 yearly.
10. Start a Logistics Business
A master’s in Business Administration or MBA is an ideal educational requirement for starting a logistics business.
A logistics business involves multiple components including financial management, organizational skills, and great leadership. Before making the step to start your own business, it is vital to check on all formalities in place.
Running a logistics company will expose you to significant risks of legal consequences if you are not able to do so. Thus, ensure you have insurance.
Furthermore, many people opt for a career in logistics because of the flexibility and freedom it offers. It does not necessarily require huge investments or hiring of employees, and you can hire people as per the need of logistics.
Depending on your location and your marketing efforts, you can make a median salary of $75,000 yearly.
11. Become a Project Manager
A project manager is someone who coordinates with all members of a team to help get a project done.
A project manager serves as the glue that helps hold everything together, keeping the team focused and on-task.
The scope of this person’s responsibilities can range from small projects to large-scale projects such as bridge construction and missile deployment.
Your job roles will include the following;
- decision-maker for the project
- choosing and managing the project team
- monitor project progress and set deadlines
- Management of funds
- Satisfy stakeholder needs
- Performance evaluation of the project
Most project managers earn between $93,000 and $140,000 on average in the U.S.
FAQs
Why should you get a master’s in business administration?
The main reason to get a master’s in business administration is to prepare for a new career.
The wide array of skills that are learned through this degree can help you advance in your career, either within the business realm or entering another industry.
For many, completing a master’s program makes them more attractive to employers and can potentially lead to a higher salary.
How long does it take to complete a master’s in business administration program?
The duration of a master’s in business administration depends on the program you choose. However, most programs last about two years.
During the first year, students study core business courses. In the second year, students complete specialized courses that are tailored to the career they want to pursue.
As a general rule, earning a master’s in business administration online involves three main steps.
First, you need to take the required classes. Once you’re done with the required courses, you can take the specialized exams. Finally, you need to write a thesis that’s relevant to your studies.
What are the requirements to apply for a master’s in business administration?
To apply for a master’s in business administration, you will need to hold a bachelor’s degree from an accredited college or university.
Final Thoughts
Regardless of how you plan to use your MBA, it is important to make sure your passion aligns with your career choice.
A person who isn’t passionate about what they do every day is bound to fail. If you know what type of business you’d like to run, where and how you want to live, and if you evaluate your skillset, you can tell whether you should pursue an MBA.
Besides, if you want more business options available to you and want to get in and out quicker, then the Masters in Business Administration gives you more options.
There are also articles on the website about career prospects for other fields of study.
Parents or recent high school graduates who are considering what to study in college will find these articles especially helpful. If you’re aspiring to be a biologist, check out the article on what you can do with a biology degree.
Thanks for reading.
