When choosing a career, there are hundreds of possible options and roles, ranging from accountant to zoologist. But, ever wonder which has the highest earning potential? According to the U.S. Bureau of Labor Statistics (BLS), management offers the highest median wage of all major occupational groups.
A Master of Business Administration (MBA) degree can lead to a high-level career in management. Fitchburg State University offers an accredited online MBA in Management program. Students can complete coursework in as few as 12 months and be on their way to a rewarding career.
How Can Earning an MBA in Management Pay Off?
The overall outlook for management occupations is strong. In particular, the hiring market is favorable for graduate-level business school alumni, according to the 2022 Corporate Recruiters Survey from the Graduate Management Admission Council (GMAC). GMAC found that 92% of surveyed recruiters — representing nearly a third of Global Fortune 500 companies — and 95% of surveyed staffing companies plan to hire “newly minted” MBA grads this year. Further, most corporate recruiters expect this demand to increase over the next five years.
Although job growth in management is about average, BLS projects faster job growth for many management occupations. For instance, BLS expects 17% growth for financial managers between 2021 and 2031, much faster than the average growth of all occupations. Medical and health services managers will see even more impressive job growth of roughly 28%. And, in a niche but fascinating field, job growth for business managers of artists, performers and athletes is projected at 14%, also much faster than average by BLS’ measurements.
Prospective MBA students may also want to consider the particular financial benefits of a management-oriented business degree. At $115,000, the projected median wage in the U.S. for new MBA hires in 2022 means MBA grads can expect an average of $40,000 more in starting salary than recent graduates of undergraduate business programs (starting salary data per GMAC recruiters survey estimates).
What Are Some Career Opportunities With an MBA in Management?
An MBA in management can open doors to diverse job opportunities in various industries. This versatile degree also makes it possible to align personal interests with career choices. Sports enthusiasts, for example, can apply their advanced skills and knowledge in the sports industry, and, as noted above, athlete management is a fast-growing occupation in the U.S.
A snapshot of a few career paths follows, with salary data drawn from BLS:
Chief Executive Officer: Chief executives of large corporations often hold an MBA. Executives lead organizations in diverse industries. The median annual salary for these high-level professionals was $179,520 in May 2021, with the top ten percent earning more than $208,000. Additional compensation like bonuses and profit sharing can exponentially increase earnings.
Management Analyst: These business professionals develop strategies to optimize an organization’s efficiency and profitability. The median annual wage for management analysts was $93,000 in May 2021, with the top 10 percent earning more than $163,760. Management analysts may also receive year-end bonuses in addition to base salary.
Information Technology (IT) Director: As top-level computer and information systems managers, these tech-savvy individuals oversee the computer-related operations of an organization, such as improving information systems operations and data security. IT directors and professionals in similar roles earned a median wage of $159,010 in May 2021, with salaries that exceed $208,000 at the high end.
Financial Manager: These individuals keep an organization’s financial activities on track, such as investment activities and financial planning. Financial managers earned a median annual wage of $131,710 in May 2021, with the top earners making more than $208,000 annually.
From personal growth to career changes, the reasons for pursuing an MBA in management vary from one individual to the next. In any case, it is well-established that this degree can lead to in-demand careers with higher-than-average salaries. With an online program such as the MBA in Management at Fitchburg State University, students can continue working while gaining the essential skills and knowledge needed to pursue high-level management opportunities across a broad spectrum of industries.
Further, a separate 2022 GMAC study focused on the perspectives of graduate business school students from the start of their education through graduation and beyond. The vast majority of the study’s participants reported that their graduate management education increased their employability, earning power and aptitude for leadership. Most respondents also felt their education and degree helped them achieve professional, personal and financial goals. Clearly, earning an online MBA can be a worthwhile investment.
Learn more about the Fitchburg State University online MBA in Management program