Are you considering studying for an MBA? You know that an MBA is a highly-respected, coveted qualification that leads to many lucrative career opportunities. But what career path is the right one for you?
An MBA can lead to many diverse business career opportunities. Here are just a few potential pathways that you may be interested in.
#1. Information Systems Manager:
Description: Information systems managers are responsible for planning, directing and coordinating a variety of computer activities. They work in a wide variety of organisations across many industries.
Their primary role is to help determine a company’s IT goals. They are responsible for all computer systems required to achieve these goals. They may also work as a chief technical officer or chief information officer.
Average Salary: £46,120
Recommended MBA: A programme with a high focus on information systems or information technology.
Why Choose This Route? Demand for professionals that are highly trained in cyber security and preventing cybercrime is rapidly rising, as hackers pose a larger threat than ever before to companies of all sizes.
Career Outlook: By 2024, information systems managers are expected to see at least 15% growth in career demand; much faster than average.
#2. Healthcare Administrator:
Description: The role of a healthcare administrator involves planning, coordinating and directing a wide variety of health and medical services. They may be responsible for managing:
- Nursing homes
- Private hospitals
- Private clinics
- Specific departments of a medical facility
They are responsible for staying up to date with the latest healthcare laws, regulations and technologies.
Average Salary: £22,792
Recommended MBA: A programme focused on healthcare administration or healthcare management. It can be helpful to have a clinical background as a healthcare professional, although this is not always necessary.
Why Choose This Route? Healthcare administrators are in demand all around the world. And, the ageing Western population means that there’s a growing demand for trained administrators to manage new and growing healthcare facilities.
Career Outlook: Healthcare administration employment opportunities are expected to rise by 17% by 2024.
#3. Business Operations Manager:
Description: A business operations manager must possess a wide range of skills in operations and supply chain management to determine how companies can best overcome challenges.
They are mainly responsible for managing the global supply chain efficiently, in order to reduce organisational costs.
Average Salary: £41, 381
Recommended MBA: An MBA with an operations or supply chain management concentration.
Why Choose This Route? Professionals who are able to efficiently manage business operations are growing in demand as technology advances and global business competition increases. And, the increase in global supply chains has increased the requirement for expert business operations managers.
Career Outlook: In the next four years, the global demand for business operations managers is expected to grow by around 30%.
#4. Market Research Analyst:
Description: The primary function of a market research analyst is to assist companies in understanding the products and services that customers want the most. They are tasked with:
- Providing information on who might want a certain product or service
- Recommending a price point
- Analysing a company’s position in the market
- Conducting detailed research analysis on competitors
Average Salary: £32,000
Recommended MBA: Choose a master of business administration in marketing.
Why Choose This Route? The growing increase of technology’s speed and efficiency has provided companies in every industry with access to huge amounts of data regarding market research. Professionals with the ability to mine and interpret data are essential to helping companies better understand the products and services in the highest demand.
Career Outlook: The job outlook for market research analysts is expected to grow by almost 20% over the next four years.
#5. Financial Analyst:
Description: Financial analysts are tasked with offering guidance and advice to both organisations and individuals looking to make wise investment decisions. They are also responsible for assessing the performance of various investments like stocks and bonds.
Average Salary: £37,692 – £50,799
Recommended MBA: A master of business administration in finance.
Why Choose This Route? The growing economy is providing more career opportunities for financial professionals.
Today, investment portfolios are far more complex compared to in the past, and more products are available. And, new emerging global markets are set to provide new investment opportunities.
Career Outlook: By 2024, the job outlook for financial analysts is expected to grow by 12%.
#6. Management Analyst:
Description: Also known as management consultants, management analysts are tasked with coming up with ways for a company to improve efficiency and reduce operational costs.
They are responsible for providing management advice to assist companies in enhancing the way that they do business, with the end goal of increasing profitability.
Average Salary: £37,500
Recommended MBA: A master of business administration course with a strong focus on project management.
Why Choose This Route? With the global marketplace becoming more competitive than ever before and supply chains stretched across the globe, the demand for management consultants is rapidly rising.
Career Outlook: In the next 4-5 years, the demand for management analysts is expected to rapidly rise by 14%.
#7. Operations Research Analyst:
Description: These professionals are involved in every aspect of a company. They must:
- Assist managers in determining the most effective allocation of company resources
- Determine efficient production schedules
- Effectively manage the supply chain
- Establish good price structures
Operations research analysts rely on complex mathematical and analytical methods to assist companies in improving their profitability and devise practical solutions.
Average Salary: £38,728
Recommended MBA: A course with a concentration in operations management or supply chain management.
Why Choose This Route? Global competition is growing and, at the same time, technology is getting both better and more affordable.
Operations and supply chain experts are growing in demand in order to increase company efficiency, increase profitability and reduce costs in every industry.
Career Outlook: Job demand is expected to rise by 30% in the next four years.
#8. HR Manager:
Description: HR managers are responsible for planning, coordinating and directing all the administrative roles of a company. They are tasked with handling the entire recruitment process including advertising vacancies, interviewing and hiring.
Average Salary: £44,918
Recommended MBA: A master of business administration in human resources.
Why Choose This Route? Economic expansion has led to more new companies than ever being created, along with expansion of established businesses. This has led to a growing demand for human resources professionals, who are required to manage the hiring of new staff and stay up to date with changing employment laws.
Career Outlook: By 2024, the career demand for HR managers is expected to grow by 9%.
#9. Project Manager:
Description: A project manager is tasked with:
- Planning of new projects
- Implementing projects
- Handling quality control
- Defining project scope
- Preparing the project schedule
- Updating as necessary as the project evolves
Average Salary: £45,000
Recommended MBA: A masters of business administration course with a strong focus on project management.
Why Choose This Route? With more companies being created thanks to the global economic expansion, the need for highly skilled project managers is on the rise. Today, the importance of completing projects in a timely manner and within budget has never been so important.
Career Outlook: The demand for skilled project managers with a relevant MBA is rising at a massive 12% per year.
#10. Marketing Manager:
Description: Marketing managers are responsible for planning programmes and campaigns to increase customer interest in products and services. They are tasked with providing demand estimates for the product or service offered by a company, along with finding new markets to generate further sales.
Average Salary: £42,212
Recommended MBA: An MBA in marketing.
Why Choose This Route? With companies facing more competition than ever before, the demand for marketing managers is rising. Organisations in every industry need professionals who can plan and implement good marketing strategies to expand market share and ensure competitiveness in the global marketplace.
Career Outlook: Job demand for marketing managers is expected to grow by 9% by 2024.
#11. Senior Executive:
Description: Senior executives need to ensure that a company meets financial goals by devising new policies and strategies. This job role can include:
- Chief executive officers
- Chief operating officers
- Operations managers
Average Salary: £55,134
Recommended MBA: A Masters of Business Administration from an institution like Aston University Online can help you land this position. It’s advisable to choose a programme or modules with a strong focus on leadership.
Why Choose This Route? With the rising competitiveness of the global industry, there’s a growing demand for highly experienced, skilled top executives to ensure that companies across the world are meeting their financial goals.
Career Outlook: The outlook for senior executives is bright, with 6% overall job growth expected by 2024. Certain industries, including IT and healthcare, are expected to see faster growth.
With master of business administration programmes now available to study online, getting your foot in the door in any of these careers is more accessible than ever.
If you have a relevant bachelor’s degree or significant experience in business, an MBA can help you move up the career ladder or facilitate a career change.