Which Industries Require an MBA?
There are a number of fields that require an MBA degree. These fields are booming—the Bureau of Labor Statistics predicts an increase of nine percent in jobs in management occupations over the next decade. That means that there will be 906,800 open jobs for MBA graduates. This means that an MBA is a great choice for anyone seeking career advancement and leadership roles.
Career paths that require an MBA
An MBA is a great degree to get if you’re looking to move up the corporate ladder. It’s flexible and transferable and can be applied to a wide variety of careers. It can also earn you a higher salary or job promotion if you have experience in the field. Here are seven career paths that require an MBA and the salary ranges they offer.
According to TransparentCareers, the healthcare industry has a high overall satisfaction rating for its workers. In fact, workers in this industry rated their jobs as 8.4 out of 10 on the happiness scale, according to the website. Another major benefit is that these positions don’t require extensive travel.
If you have a passion for digital marketing, you might want to pursue a career in this field. This sector is growing quickly, and employers are willing to pay premium salaries for these professionals. The demand for digital marketing skills increased by more than 450 percent last year, according to Burning Glass Technologies.
Skills needed for jobs that require an MBA
Getting an MBA opens the doors to many career opportunities. It signals a commitment to higher-level thinking and collaboration, as well as adaptability to new business models. Employers also want to hire candidates with strong communication and critical-thinking skills. As a result, MBA graduates must develop a wide variety of skills.
Effective communication skills are an essential attribute in any managerial role. In today’s business world, it’s imperative to be able to effectively convey your ideas and inspire your team to achieve success. MBA graduates should also demonstrate their ability to work in teams and develop strong leadership skills. A strong leader inspires others and gives direction to the entire effort. These skills are among the most sought-after qualities by leading business organizations.
Employers are also looking for applicants with problem-solving skills. They want applicants who can weigh the benefits and costs of various options and manage others in a decision-making situation. They want to see an MBA degree or relevant coursework, a relevant minor or certification, as well as the ability to conceive an innovative idea. A good candidate will also have the ability to concentrate on a goal and find satisfaction in achieving it. Having a good command of a foreign language is another plus.
The cost of getting an MBA
The demand for MBA programs is declining. Last year, the top 25 programs saw a drop in applications, and that number is expected to go down even more this year. Many schools blame the poor economy, hurricanes, and white supremacist protests for this trend, but they don’t talk about the outrageous cost of tuition. A good way to increase demand is to lower tuition.
Many employers will partially or fully subsidize the cost of getting an MBA. This can significantly reduce the cost. It’s best to apply early, when there’s more scholarship money available. Some schools also offer full-tuition scholarships for MBA students. You’ll need to consider your specific situation to decide whether or not you’re eligible.
The traditional in-class MBA program typically takes two years. However, accelerated MBA programs have become increasingly popular, particularly in Europe. These programs are shorter, more intensive, and may cost less than a full-time MBA. In any case, the cost of getting an MBA will likely be a factor in your application. You’ll also need to consider the average salary.