A Look at Industries, Growth Potential and Salaries for MBA Graduates
While most MBA students already have a goal or career path in mind, many are unsure. An MBA opens so many doors and possibilities, it can become a little overwhelming. What industries are these educated professionals choosing – and why are they opting for one industry over another? A look at the top industries for MBAs reveals some interesting facts about the process and can help you decide which path is best for you when you reach your goal.
They Go Where the Jobs Are
According to research from GMAC, about half of all MBA students receive at least one job offer prior to graduation. MBAs are in demand in all fields and the statistics from this survey reveal that companies in some industries are so hungry to hire they’re recruiting before graduation. The tech industry, finance and accounting and even manufacturing companies are aggressively recruiting MBA candidates, according to GMAC.
Top Industries for MBA Grads:
Banking and Finance (18%)
While banking and finance continues to account for the most MBA jobs, it’s growth is sluggish. Economic challenges and instability around the world may be contributing to the lack of growth in this category, despite its strong overall share, according to MBA experts at TopMBA.
Technology and IT (11.3%)
Technology and IT MBA jobs come in second only to finance, but if you combine the technology jobs and those MBAs who work in electronics and development (about 6%) technology as a category rivals the banking and finance industry and is seeing high ongoing growth, as well.
MBAs who choose to work for consulting firms and those who strike out on their own to provide consulting services to other businesses fall into this category. Consulting also has the widest range of salary differences for MBAs, since it includes MBAs serving a variety of industries and the self-employed.
Not all the MBAs in the education category are teachers; MBAs secure management positions in both higher learning institutions and related businesses.
Engineering and Manufacturing (7%)
While MBAs do enter the job market in manufacturing and engineering, this sector continues to have the lowest rate of ongoing jobs satisfaction – and MBAs are more likely to leave this industry than any other.
Hospitality and Travel (6.3%)
From hotel and restaurant management to airline and other top travel employers, many MBAs find a career in this exciting and sometimes turbulent industry.
Electronics and Development (6.3%)
The small share here is somewhat deceptive; when electronics are grouped with other technology, then it becomes one of the leading options for MBA graduates. Those charged with designing, making and fine-tuning electronic innovations find a home in this category.
This catchall “everyone else” category covers everything from big brand name consumer product companies to the insurance and automotive industries.
Biomedical, Pharmaceutical and Healthcare (4.5%)
Though it currently holds one of the lowest numbers of MBA jobs on the list, the healthcare and biomedical industry is seeing strong growth – and that trend is expected to continue. In part, the aging population is playing a key role in the need for more MBAs in this field. As Baby Boomers retire and live longer, richer lives, their healthcare needs are driving growth in this industry.
Construction continues to see steady growth as the US housing market rebounds; this figure is purely construction firms and operations, not the technology and innovation that drives the industry.
MBA graduates have many opportunities ranging from the traditional finance and banking jobs to the jobs offered in industries exploding with growth, including healthcare and technology. Learning more about the fields that show the most promise for MBAs now and in the future, can help you determine what you want to do once you finish your studies and help prepare you for your next career.
This is part of a series of informational articles for working adults who are considering a master’s degree. We kicked things off with MBAs: What You Need to Know About the Most Popular Master’s Degree, followed by MBA: Is It Worth the Investment?, What Type of MBA is Right for Me? and Questions to Ask Before Committing to an Online MBA Program. Next week’s article is Debunking 7 Common MBA Misconceptions.