As the number of bachelor degree holding professionals continues to grow, it is getting harder to separate top applicants. Narrowing down prospective employees is tough because education and experience is no longer a huge discrepancy. What gives many candidates the extra edge is their additional education, like a Master of Business Administration.
Among graduate degrees, MBAs are one of the most sought after. MBA grads are also the most sought out by employers. This degree positions professionals to become business leaders, managing teams and organizations while reducing costs and increasing revenue. Jobs tied to this degree include chief financial officers, chief marketing officers and the coveted chief executive officer positions. Other career paths include human resources, operations and healthcare leadership.
Recently, there’s been a shift in career options and this is reflective in MBA trends. Many organizations are now seeking individuals with an MBA who have an undergraduate degree in something other than business. Many companies that focus on unique industries like information technology or marketing firms are looking to bring in MBAs who can focus on the industry from a business perspective.
Industries seeking MBA graduates include:
- Data Analytics
- Marketing / Public Relations
- Government / Public Service
Among the industries projected to see double-digit growth in MBA hiring this year: information technology and computer services, energy, and pharmaceuticals and healthcare.
MBA Careers and Trends
Careers for MBA graduates have gained momentum in the last five years: 92 percent of grads surveyed by the Graduate Management Admission Council had a job three months after graduation. In addition, the MBA Career Services & Employer Alliance (MBA CSEA) recently found that colleges and universities reported an increase in on-campus recruiting for MBA full-time jobs. Moreover, 80 percent of business school recruiters plan to hire MBAs.
Prospective students are also looking at MBAs differently. They are looking to use this degree in various roles and organizations. Expect to see graduates work with start-up firms, non-profit organizations and in a capacity where they can help change the world.
Demand for professionals holding MBAs has also increased globally. Post-recession U.S. companies and international companies are growing and expanding their organizations and they are seeking MBA grads to start. Research firm Quacquarelli Symonds reports that MBA demand, specifically in Asia, is booming. It grew by more than 26 percent in 2013.
According to the Graduate Management Admission Council, corporations around the world are recruiting and hiring more MBA graduates in 2015, more "than they have in any single year since 2003." A recent annual global survey revealed that 90 percent of companies that plan to hire in 2015 anticipate this hiring trend will continue. The increase in the number of prospective jobs has increased significantly since 2014.
MBA graduates have some of the greatest earning potential. The average salary for a business major is $53,901. The average salary expected in 2015 for MBA graduates in the U.S. is $100,000, an increase of $5,000 on 2014 salaries. As an MBA graduate, salaries have continuously increased over the years, maintaining steady growth. This trend is expected to continue.
MBA programs continue to prove their return on investments for graduates and professionals. Not only do MBA grads experience more earning potential, but they also help improve leadership and management skills. The possibilities your career can reach with an MBA is limitless.