The value of an MBA in today’s job-focused society and the career possibilities after an MBA

An MBA or Master of Business Administration is a postgraduate degree that focuses on developing skills and knowledge in the fields of business and management. This course typically teaches advanced business skills needed to succeed in administrative and managerial roles. 

Once you complete an MBA, you can use it in a wide range of fields, since the main focus of the course is business administration. Additionally, you could also consider starting an independent business or consultancy, freelancing, or teaching. 

Pursuing an MBA degree in today’s fast-paced, job-oriented world can be a smart career move. According to a study by the Graduate Management Admission Council (GMAC), 77% of employers plan to hire MBA graduates in 2024. It is important to understand why having an MBA degree in 2024 is crucial in today’s job market where the youth are constantly striving to make a significant impact. 

Here are some reasons why an MBA degree is still relevant today: 

Specific knowledge and proficiency

Possessing specialized expertise might help you stand out in the job market due to the growing specialization and complexity within businesses. A variety of focuses and areas of expertise are available in many MBA programs, enabling students to concentrate on certain areas of interest. Gaining in-depth knowledge in a specific subject, such as finance, marketing, entrepreneurship, or sustainable business practices, could improve your credibility and make you stand out to companies looking for specialized skills. This knowledge can also enable you to go after business ventures or have an important impact in the field you’ve selected. 

Improved managerial and leadership abilities

Students who complete an MBA program are given the whole set of abilities needed for efficient management and leadership. Organizations are looking for individuals who can drive innovation, negotiate complexity, and make strategic decisions in a fast-changing business context. A strong foundation in numerous areas of company management is provided by the disciplines included in an MBA program, which frequently include organizational behavior, marketing, operations, finance, and marketing. Additionally, the curriculum develops students’ critical thinking, problem-solving, and decision-making skills, developing them into skilled leaders who can take on difficult circumstances. 

Increased opportunity and network

Creating a wide-ranging and powerful network is one of the biggest advantages of earning an MBA. Aspiring and talented people from a variety of professions and backgrounds are drawn to business schools, which create an energetic environment for cooperation and information exchange. Your career can benefit greatly from the connections you make in an MBA program as they give you access to mentors, business partners, and industry experts. In addition, a lot of business schools have large networks of alumni, which may lead to executive-level roles, internships, and special career possibilities. 

An innovative and entrepreneurial attitude

In today’s corporate environment, having an innovative and entrepreneurial mentality is essential. Students who enroll in an MBA program are encouraged to think critically, spot possibilities, and adopt an entrepreneurial attitude.

Now that we have understood the relevance and applicability of an MBA degree in today’s world and why it’s important, let’s focus on the career opportunities an MBA degree holder can pursue. We’ll also learn about the average salaries for each role.

Here are 15 career choices an MBA degree holder can pursue after MBA: 

1. Marketing Manager: Devise strategies and campaigns to aid companies or clients in expanding their customer base and boosting sales. 

National average salary: ₹3,52,799 per year. 

2. Logistics Manager: Coordinate and analyze the supply chain for an organization. 

National average salary: ₹3,32,072 per year. 

3. Financial Manager: Oversee the financial health of an organization. 

National average salary: ₹9,00,000 per year. 

4. Human Resource Manager: Manage the recruitment, training, and development of employees. 

National average salary: ₹7,00,000 per year. 

5. Operations Manager:  Oversee the day-to-day operations of an organization. 

National average salary: ₹7,00,000 per year. 

6. Business Analyst: Analyze data and provide insights to help organizations make informed decisions. 

National average salary: ₹6,00,000 per year. 

7. Management Consultant: Advise organizations on how to improve their performance—national average salary: ₹10,00,000 per year. 

8. Investment Banker: Help companies raise capital by underwriting and selling securities. National average salary: ₹14,00,000 per year. 

9. Entrepreneur: Start and run your own business. Salary varies depending on the success of the business. 

10. Product Manager: Develop and manage products from conception to launch. 

National average salary: ₹16,00,000 per year. 

11. Supply Chain Manager: Manage the flow of goods and services from the supplier to the customer.

National average salary: ₹9,00,000 per year. 

12. Risk Manager: Identify and analyze potential risks that could impact an organization. National average salary: ₹8,00,000 per year. 

13. Project Manager: Plan, execute, and oversee projects from start to finish. 

National average salary: ₹10,00,000 per year. 

14. Business Development Manager: Identify new business opportunities and develop strategies to pursue them. National average salary: ₹7,00,000 per year. 

15. Data Analyst: Collect, analyze, and interpret large sets of data to help organizations make informed decisions. 

National average salary: ₹4,00,000 per year. 

According to a study by Transparent Career, MBA graduates reported about a 46% increase in salary after earning their degree, with a $41,000 average higher salary, and $95,000 extra in total compensation. 

The salary hike after doing an MBA varies depending on the industry, job role, and experience. However, in general, MBA graduates can expect a 35%-45% increase in their salary compared to before their degree. 

These are just some of the many career options available after completing an MBA. Each career path has its own unique roles, responsibilities, and salary ranges. It’s important to research each career option thoroughly and choose the one that best aligns with your interests, skills, and goals.

Please note that the salaries provided are only approximate and may vary depending on various factors such as experience, location, and employer. These salary estimates are general figures and can vary based on numerous factors.

In the end, obtaining an MBA degree can give you an advantage compared to others in the job market, and present you with various opportunities for career growth. Pursuing an MBA can furnish you with the necessary skills, knowledge, and network to succeed in today’s fast-paced business world. Additionally, gaining relevant experience through internships and networking can significantly impact career opportunities and earning potential.