“The best social program is working at a good job” – Bill Clinton
Pursuing higher education entails many things but there is only one common goal – securing a job which provides the best of knowledge, salary and experience in your lifelong career. A good education is directly proportional to a good job position. Every graduate dreams to earn a seat in his/her dream school so as to make a progressive first step towards his long-term goal of a flourishing career. Life seems streamlined and well settled, all with occupancy at a job of your dream.
The past few decades have given one such career stream a powerful boost and that is, Management. Millions of students around the world travel across seven seas in foreign countries to acquire best of best MBA and MiM degrees from Top Business schools to have a solid hold on the managerial functions so as to lead themselves into the competitive arena of commerce. MBA gives you a focused vision so that you may have a direct approach towards your course study. It enables you to choose a career which suits your specialization and knowledge base.
Choosing the right MBA specialisation is an essential step in your job selection process because getting a job with excellent salary packages after MBA can be a challenge. Apart from that, salary aspects depend on the company, industry and business school you earn your degree from. However, if you aspire to earn handsomely post MBA, you might want to give second a thought to the type of specialisation. Following is a list of high paid MBA specialisations;
- MBA in Marketing
- MBA in Finance
- MBA in Operations
- MBA in Entrepreneurship
You see, getting an MBA is one of the solid investments one can make in their life. Apart from expanding your career opportunities, it builds your character and career hand- in-hand and sharpen you for today’s competitive job market. This said, now let’s move on to some of the best high paid jobs you can get post your MBA study.
1) Business Analyst/ Manager
A business analyst is a person who is in charge of identifying problems, loopholes and evaluating business strategies to solve those problems with minimum losses. It might seem as a mentor or advisable role but many analysts personally oversee or rather manage the execution of the strategised actions by themselves. Over the years, this role has been branched out under this profile into more specialised titles like a financial analyst, data analyst or business manager etc. Specifically, a business analyst needs keen eye for details, sharp analytical and logical skills, and interpersonal skills along with problem solving approach.
Expected Salary – A business analyst is a mid-senior position role in a business, so one can expect excellent starting salary packages. Under the current job market, business analyst can earn up to $300,000 to $350,000 per annum. In India, packages can range between 5 to 12.35 lakhs per annum.
2) Investment Banker
An investment banker assists companies and government agencies to raise adequate money in the capital markets in order to maintain the inflow and outflow of funds for various ventures. They also provide with strategic advice and consultancy for business mergers and other financial transactions. As far as the skills are concerned, the MBA study is tailored to provide students to take up responsibilities for this profile. Specifically, an investment banker needs at par monetary knowledge along with good communication; well awareness of market economies with analytical and logical skills would be quite fruitful.
Expected Salary- Sometimes it is hard to establish a salary number into investment bankers name as it depends on factors like location, company size and experience etc. According to Glassdoor, as of December 2018, the average base pay of investment bankers in India was Rs. 12,74,000, and the average base pay range Rs. 5,23,000-Rs. 1,614,000.
3) Marketing Manager
Marketing is one of the most trendy and happening of the fields to work in a business firm. As a marketing manager, you get to research on the trends, estimates, ongoing demands among the customers and then identifying the opportunities and developing effective marketing campaigns. In marketing, you are responsible for helping obtain new customers and expanding company life in markets which may include designing, planning and execution of a marketing strategy wherever necessary.
Expected Salary- The average salary of a marketing manager is $120,000 per annum. Since marketing professionals are in great demand, fresh MBA graduates can draw up to 6 lakhs per annum; which can go up to 18-20 lakhs after experience.
4) Management Consultant
Being a management consultant for top consultancy firm is one of the prestigious job roles for an MBA graduate, being a consultant turn tables for a graduate to acquire the role of a mentor rather than a mentee in the active field. A consultant provides guidance, direction a company requires to stay atop the competitive cut throat economies by solving managerial problems, maximising client profits, increasing effective efficiency and work productivity. He assists the company in establishing their hold on digital platforms and adjusting to new regulations. He works closely with the top seniors of the company; CEO, COO, CFO etc.
Expected Salary- A management consultant can earn up to $115,000 per annum. The pay significantly rises depending upon your experience.
The only role that gives you a proprietary benefit of being a master of a company is through entrepreneurship. An entrepreneur is responsible to plan and direct the operations of his company. They create policies, set goals and meet potential investors and clients in the name of the company. They review financial statements to determine ways to increase profits for the company and they determine the actual future direction for the company. The skills required for an entrepreneur is leadership and time management. Along with that active decision making capability and communication skills to attract diverse clients and staff in their ventures is another requisite for an entrepreneur.
Expected Salary- Top executive entrepreneurs earned a median salary of around $109,140 in the US in 2018. However, average remuneration can vary from $150,000 to $190,000.
As commerce is flourishing significantly, thousands of new job profiles and creative positions are at the end of the wave for MBA graduates. All they need is to look out for best career prospects and give the best performance in their job roles.
Authored by Abhyank Srinet founder and chief consultant of MiM-Essay.com – an online start up that provides quality information about the Masters in Management programme and offers application consulting services to clients.