What Can I Become If I Study an MBA Degree in 2020?

by Robert S. Balan

There are multiple reasons for choosing an MBA degree. Some employees want to advance to a managerial or administrative position, others want a career change. Some people decide to become entrepreneurs and start their own business.

One thing is certain: A Master of Business Administration can increase your earnings and expand your professional network, opening new and exciting career opportunities. Below, we’ve listed some of the most popular MBA jobs and the average salaries in the US according to PayScale.

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Jobs with an MBA degree

Business Analyst - 68,300 USD/year

  • Develop strategies that meet users’ needs
  • Make complex information easy to understand for all employees
  • Conduct analyses and create reports on customers’ needs and requests

Product Manager - 92,400 USD/year

  • Increase the company’s profits through pricing strategies
  • Monitor trends and identify opportunities for developing new products or services
  • Oversee product development and improve teams’ efficiency

Management Consultant - 87,300 USD/year

  • Evaluate the needs of a business through interviews, data collection and analysis
  • Create and recommend improvement strategies for companies

Brand Marketing Manager - 71,700 USD/year

  • Create and implement branding strategies and marketing plans
  • Conduct market research and competitor analysis

Financial Manager - 72,400 USD/year

  • Review financial reports and monitor accounts
  • Create financial forecasts and activity reports
  • Oversee the activities of staff from other departments

Medical and Health Services Manager - 66,900 USD/year

  • Oversee the activities and services offered by a health care institution
  • Manage the collection, storage, and safety of patient information
  • Participate in the recruitment process and train new employees

Investment Manager - 96,800 USD/year

  • Evaluate the applicability and impact of investment strategies
  • Develop investment strategies to maximise the clients’ profit
  • Create investment portfolios according to the clients’ needs and objectives

IT Manager - 87,500 USD/year

  • Create strategies based on the IT needs of the company
  • Research new technologies that can replace or improve the existing IT infrastructure
  • Supervise and train new employees

Marketing Manager - 64,500 USD/year

  • Monitor and evaluate the impact of marketing strategies
  • Analyse the results of market research studies
  • Provide assistance with the implementation of marketing plans and campaigns

After many years of experience and successful contribution to different companies, you might have the opportunity to apply for a C-level position. We’re talking high risk, high responsibility, but also high rewards. Here are a few examples of Chief Officer positions:

Chief Financial Officer (CFO) – 132,000 USD/year

  • Create policies and procedures for budget administration, accounting, and other financial activities
  • Coordinate activities related to the administration and business planning of the company
  • Write financial reports, prepare statements, and make financial forecasts

Chief Operating Officer (COO) – 141,400 USD/year

  • Oversee the day-to-day activities of the company
  • Increase the company’s profits and efficiency through better operating procedures
  • Communicate strategies and policies and align employees with the company’s goals

Chief Technology Officer (CTO) – 158,400 USD/year

  • Oversee the activities of the technology or engineering department
  • Compare and review products to evaluate their applicability
  • Perform cost-benefit and return-on-investment analyses

Chief Marketing Officer (CMO) – 171,000 USD/year

  • Oversee all activities related to branding and social media
  • Develop marketing plans and evaluate their impact
  • Conduct analyses and create reports on competitors, customers, and buying habits

Or become an entrepreneur

Not all MBA graduates choose to become employees. According to Joanmarie Foster, Content Marketing Manager at the Graduate Management Admission Council (GMAC), “1 in 10 B-school alumni are entrepreneurs who founded their own companies.”

Some of the main reasons people choose to start their own business are:

  • Having a vision or a product/service idea that could change the world
  • Wanting to be their own boss
  • Refusing to accept the 9-to-5 schedule
  • Wishing to be financially independent

There are many benefits if you decide to become an entrepreneur, but don’t make the mistake of thinking it will be easy. You’ll face numerous challenges, and you’ll probably fail a lot before making it. You need a strong ambition to keep going, and it’s wise to learn something from every obstacle you face.

An entrepreneur needs many qualities and skills, such as leadership, communication, problem-solving, and so on. But according to Robert Kiyosaki, one of the most successful entrepreneurs of our time, the ability to sell is crucial: “It’s my belief that the number one predictor of the success of an entrepreneur is his or her ability to sell. I’m not talking just about the ability to sell a product, which is very important. But I’m also talking about the ability to sell a vision, a team, yourself, and potential partners and deals.”

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Is an MBA worth it?

MBA degrees don’t come cheap and it will normally take you between 1-2 years to graduate. The financial and time investment is worth it, as long as you’re determined to be successful in the business world, either as an employee or as an entrepreneur.

This is backed up by GMAC, which conducts alumni surveys every year to determine how satisfied Business graduates are with their studies. According to the 2018 report, “full-time MBA alumni express the most agreement that their education increased their earnings power. Professional MBA alumni express the most agreement that their education prepared them for leadership positions.”

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