TOP 5 MBA SPECIALIZATIONS TO TARGET FOR HIGH PAYING JOBS IN 2020
This is a guest contribution by Abhyank Srinet from www.mim-essay.com
An MBA is a Master of Business Administration, a post-graduate level program done by a candidate who graduated from a business school.
If you need your MBA to requite, pick your field of specialization thoughtfully.
In a few disciplines, such as finance, an MBA is substantially a must, even for entry-level positions. In fields like technology, nevertheless, prior work experience in the area might be more beneficial.
Few PGDM and Certifications courses can be almost as worthy, based on the discipline you pick. For instance, the Chartered Financial Analyst program certification obtained by clearing a rigorous three-division test can, in a few ways, add more value to your degree than an MBA in any concentration.
However, the average base pay for all MBA graduates, irrespective of their specialization, is $99,587, and according to PayScale, you can get a lot higher by picking the suitable concentration. Employing PayScale data, the five commonly identified high-paying MBA Specializations listed by graduates’ average mid-career incomes.
Finance
An investment banker assists businesses and government companies to raise funds in the capital markets and offer an imperative suggestion to consolidations and several other kinds of financial transactions. The job of an investment banker usually needs solid educational training with a specialization in MBA finance.
It’s tough to estimate the average base pay of an investment banker because it is mostly based on several components such as location, organization size, and prior work experience. Nevertheless, the BLS shows that the average base pay is around $450,000 per annum.
In Finance, the high-paying jobs and salaries are:
Senior financial analyst – $64,000-$102,000
Financial analyst – $47,000-$86,000
Chief financial officer – $82,000-$240,000
Finance manager – $66,000-$124,000
Finance director – $75,000-$164,000
Finance controller – $61,000-$143,000
Vice president (finance) – $99,000-$220,000
Graduates with less than one-year work experience received $53,000, with 5-9 years $84,000, and with above 20 years $131,000.
Amid the top recruiters were Bank of America Corp. with $61,000-$118,000, the Bank of New York Mellon Corporation $51,000-$154,000, and Citibank $51,000-$152,000.
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Information Technology
While research has remained a central part of an organization over the years, the evolution of information technology has enhanced the significance and necessity of chief technology officers. To work as a chief technology officer or in any other position related to technology, you have to be an MBA graduate with a specialization in information technology management.
The task of a chief technology officer is to build an organization’s technical acumen, lead the technical team, and manage every phase of technological advancement. He will also be responsible for supervising specific projects, checking technology and cultural trends, engaging in management decisions and assuring adherence to all technical measures.
The average base pay of a chief technological officer Varies based on various components such as level of degree, organization size, years of prior work experience and location. The average base pay is $200,000 per annum.
In IT, the high paying jobs and salaries are:
IT director -$81,000-$163,000
IT manager -$73,000-$138,000
Chief information officer -$90,000-$212,000
Vice president (IT) -$116,000-$207,000
Senior business analyst -$74,000-$151,000
IT consultant -$56,000-$106,000
Senior project manager (IT) -$81,000-$158,000
Employees with less than one-year work experience earn up to $45,000, with around 5-9 years of experience $84,000, and with above 20 years $121,000.
Among the top recruiters were Verizon Communications with $101,000, IBM $92,000-$139,000, and Cognizant $86,000-$139,000.
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Entrepreneurship
Entrepreneurship is the third-best MBA concentration for high salaries. The average salaries for early career and mid-career graduates are $70,000 and $130,000, sequentially.
some of the highest paying jobs and salaries are:
Senior product manager -$98,000-$159,000
Marketing director -$42,000-$235,000
Product manager (software) -$65,000-$134,000
Business development director -$127,000
Business development manager -$82,000
Chief financial officer -$117,000
Director of operations -$92,000
With prior work-experience some of the salaries are:
1 year – $52,000
1-4 years – $64,000
5-9 years – $89,000
10-19 years – $117,000
Above 20 years – $130,000
Some of the top cities that offer the highest paying jobs are San Francisco, Boston, Los Angeles, New York, Chicago.
Marketing
With an MBA degree with a specialization in marketing, a candidate can acquire the position of a marketing manager. In a few high-tech corporations, you are also expected to have an engineering or science degree. Usually, a marketing manager is accountable for improving a business or a company to attain new clients and extend into current markets. His job is to research trends, estimating demands, identifying the latest happenings, and generating efficient marketing campaigns. He further recognizes and manages the competitive position of an organization. Top wages are usually provided to those with higher education and exceptional work experience.
The average base pay of a marketing manager is approximately $120,000 per annum.
In Business and Marketing, some of the highest paying jobs and salaries are:
Marketing manager -$48,000-$114,000
Marketing director -$66,000-$158,000
Vice president (marketing) -$100,000-$186,000
Product marketing manager -$60,000-$130,000
Senior marketing manager -$73,000-$147,000
Marketing specialist -$39,000-$70,000
Senior product manager -$84,000-$151,000
Employees with less than a year work experience received around $49,000, and with 5-9 years around $81,000, and with above 20 years $127,000 per annum.
Amid the top recruiters were 3M Company with the average base pay of $107,000-$138,000, Dell $100,000-$125,000, and Amazon $75,000-$129,000.
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General and strategic management
MBA graduates with specialization in General and Strategic Management held the second position on the index of business majors/disciplines with the highest paying jobs. The average initial career and mid-career earnings were around $85,000 and $146,000, sequentially.
some of the highest paying jobs and salaries in General and Strategic Management are:
Chief executive officer -$90,000-$350,000
Management consultant -$73,000-$175,000
Senior vice president (operations) -$235,000
Senior marketing manager -$133,000
Senior business analyst -$67,000
Vice president / general manager -$165,000
Product management director -$145,000
With prior work-experience some of the salaries are:
1 year – $50,000
1-4 years – $84,000
5-9 years – $104,000
10-19 years – $114,000
Above 20 years – $159,000
The average base pay is based on several components such as location, organization size and prior work experience.
Some of the top cities that offer the highest paying jobs are Chicago, San Francisco, New York, Boston, Seattle.
Conclusion
The MBA specialization you chose to do primarily depends on your character, abilities, and career objectives. The standard areas like specialization in Marketing and Finance will continue to remain attractive. Those who fancy crunching numbers and enjoy creating balance sheets will do great with a Finance concentration. Those who like to communicate with customers, are productive and imaginative, and can convince people quickly can pick Marketing as their concentration. In the same way, you can choose your preferred specialization according to your personality traits.
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AUTHOR BIO
Abhyank Srinet holds a Masters in Management degree from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control. His interest in the digital landscape motivated him to create an online startup for Masters in Management application consulting (MiM-Essay), focused on spreading quality information about the MiM degree & performing application consulting services for clients. He is the chief consultant of the company and takes care of Business Development and Digital Marketing side of the company.
He is very passionate about writing and marketing.
