Are you curious about what type of job you can get after completing your master’s degree in business? This article explores various career paths available for business master’s degree graduates and the highest-paying jobs in the field.
A business master’s degree is a graduate-level program that provides advanced knowledge and skills in various areas of business and management.
There are various kinds of business master’s degrees, such as MBA, MIM, and MSc degrees.
The MBA (Master of Business Administration) is ideal for students with previous work experience. An MBA often attracts students who wish to accelerate their career, gain a leadership or managerial position, or make a career pivot.
The Master in Management (MiM) degree focuses on management theory and practice. It is ideal for recent bachelor’s degree graduates with less work experience. MiM programs are usually somewhat cheaper than MBA programs.
There are also specialized Master of Science (MS or MSc) degrees related to business. These include specializations in Finance, Marketing, Business Administration, or Business Analytics. These programs cater to specific career paths and provide targeted expertise.
Generally, completing a graduate degree takes between one and two years.
These degrees can open doors to careers in a wide variety of fields. Completing a master’s degree can improve your employability in comparison to only having an undergraduate degree. Earning a master’s degree can also significantly increase your salary.
A business master’s degree can aid your career advancement and increase your earning potential. Typically, a more advanced degree will earn you a higher salary. For example, those with a doctoral degree typically earn more than those with a master’s degree. While this is usually the case, this can also vary depending on the industry.
On average, a Master’s in Business Administration (MBA) median starting salary for MBA graduates at US companies in 2024 was US$120,000, according to a Graduate Management Admissions Council (GMAC) survey. In comparison, US$66,000 is the average yearly base salary for those with a Bachelor’s Degree in Business Administration. Keep in mind that salaries can vary based on your work location, years of experience, and which industry you work in.
It’s important to consider that many business master’s students come from a bachelor’s degree in a different field. For these individuals, the salary increase can be a significant factor.
Additionally, a business master’s degree helps students develop critical skills such as strategic thinking, leadership, data analysis, and essential soft skills.
A business master’s degree can be incredibly versatile. Graduates can pursue a wide array of career paths across various industries, from finance and marketing to healthcare and technology.
A master’s degree can significantly enhance your prospects of getting a management-level position.
Many individuals with a business master’s degree aspire to reach C-suite level positions. These positions include departmental Vice President (VP), Chief Executive Officer (CEO), or Chief Financial Officer (CFO).
A master’s degree in business, along with networking connections and strategic internships, can usually help you land a mid-management level position.
There are plenty of in-demand and high-paying career paths for those with a business master’s degree. Career paths include hospitality and tourism, or roles such as Medical Manager, Financial manager, Marketing manager, Human Resources Specialist, and Research Analyst.
So what are the highest-paying careers? Let’s take a closer look at some specific roles.
Marketing managers are among the highest-paying careers in business. According to the Bureau of Labor Statistics, marketing managers earn a median annual salary of US$156,580.
Marketing managers develop strategies to generate interest in product or service marketing campaigns. It’s a role that involves market research, identifying target audiences, and analyzing campaign performance. Subsequently, the demand for marketing managers is growing exponentially.
The median annual salary of a Financial Manager is US$156,100. Financial managers oversee financial reporting and plan long-term financial strategies, among other tasks. More recently, the demand for their expertise has been increasing.
Human resource managers earn a median annual salary of US$136,350. They plan, coordinate, and direct the administrative functions of an organization. HR managers are employed in nearly every industry, with demand for their skills growing faster than average.
Data scientists earn a median annual salary of US$108,020. They analyze complex data to help organizations make more informed decisions. As businesses become increasingly data-driven, the demand for data scientists is growing rapidly.
Additionally, there is an acute need for data scientists who understand business. To fill this need, many business master’s degree programs now have a strong focus on developing data science and business analytics skills.
A business master’s degree can open doors to various career paths in the job market.
Let’s zoom out and take a broader look at general career paths that you can pursue with a business master’s degree.
Consulting offers a range of opportunities. General management consulting is one of the most popular types of consulting. Management consultants/analysts propose ways to improve organizational efficiency.
Consultants offer guidance to managers on how to make organizations more profitable. For example, by reducing costs and increasing revenue. If you enjoy variety, consulting might be the job for you, as you will work on numerous projects.
Starting your own business allows you to be a jack-of-all-trades and build something from the ground up. It offers you the freedom to innovate, shape your vision, and potentially achieve substantial financial gains.
A master’s degree can help to prepare you for many of the challenges you may face as an entrepreneur. And entrepreneurship does come with its share of significant challenges. These can include financial uncertainty, long hours, and the pressure of managing every facet of a business.
On the other hand, running your own business can be deeply rewarding and lead to financial gains in the future.
Just because you have a business degree doesn’t mean that you’re stuck in the realm of for-profit business. Management skills can go a long way in the non-profit and public sectors.
Leveraging the skills you gained during your studies, you could work in fundraising, program management, and strategic planning. This way, you can make a positive impact on a cause you care about.
More companies are expanding their focus beyond profit to incorporate corporate social responsibility (CSR) into their ethos. For example, many companies are looking into hiring experts from the ESG (Environmental, Social, and Governance) and sustainability sectors. For example, Sustainable Business Consultants help companies implement eco-friendly strategies and practices.
Deciding to pursue a master’s degree in business and choosing the right program for you is no easy decision. It is an investment of time, effort, and money. Nonetheless, it is an investment in your future.
A master’s degree in business can equip you with new professional skills and open many doors for you after graduation.
Business graduates can pursue a wide array of career paths. The investment into your education will open new career paths. Use the tips above to help you make an informed decision about which role or career path to take after graduation. If chosen wisely, you can maximize your return on investment (ROI) and find a fulfilling career that is right for you.
Curious about where your career path could go with a master’s degree? Connect with a student ambassador today for personal insights and real-world experiences.
