If increasing your income is an immediate goal for you then you might strongly consider obtaining an MBA degree. The expense to attend school (again!) should be viewed as an investment that can ultimately increase your salary significantly. The employer outlook for hiring qualified MBA graduates is positive and there are several paths to choose from on your rise to the top of your professional career.
The Graduate Management Admission Council (GMAC) released an alumni survey in 2016 highlighting the fact that an MBA graduate is estimated to earn a median income of $2,500,000 in salary over a 20 year period. Without the MBA in place that same employee is estimated to earn $500,000 to $1,000,000 less during the same time span. According to the survey, possession of an MBA provides access to employment opportunities in all industries. Whether you are climbing up the corporate ladder at your current company or looking to swap careers; the following occupations will upgrade your lifestyle with an MBA designation.
Product Management Director
According to PayScale.com the median salary for a product management director with an MBA is $136,000. They are primarily responsible for overseeing the life cycle of a product from conception until completion.
Senior Strategy Manager
Senior strategy manager is tasked with the job of expanding and executing practical solutions for business problems. They implement strategies that increase brand awareness and sales. Additionally they are skilled at conducting research and evaluating metrics and trends in order to increase profitability of the goods and services offered. The median income for a senior strategy manager is $121,000.
With the rapid advancement of “green” innovation corporations feel obligated to be as environmentally sustainable as possible. As a result these companies seek out managers that have earned MBA credits in green energy, renewable energy and tradable renewable energy. With this industry being new candidates that understand environmental management fluidly are considered a valuable asset to the team. The median salary for this position is $109,000.
eCommerce Marketing Manager
There are several career paths that a marketing manager with an MBA can choose from, specializing in eCommerce yields approximately $90,000 annual salary. The eCommerce marketing manager is responsible for designing and executing a digital or online marketing plan for a company.
For candidates interested in crunching numbers, an MBA in finance management might be the perfect career upgrade. Finance managers make a median annual salary of $87,000.
Information Technology (IT) Manager
An information technology manager oversees the computer framework for a company. They are usually responsible for monitoring and handling employee related computer access and data storage concerns. This individual could also be tasked with supervising business to consumer companies with an online presence. IT managers with an MBA earn a median income of $83,000.
If a hike in annual income is what you are desperately seeking, it may be wise to pursue an MBA degree. Especially with 80% of the GMAC survey respondents confirming that having an MBA increased their earning potential.