Jobs, Salaries and Career after Masters in Business Administration and Management -MBA - Updated 2020

2018 median Pay for Business Administration and Management -MBA

The median annual wage for chief executives was $189,600 in May 2018. The median annual wage for general and operations managers was $100,930 in May 2018.


Pay

They work for both small and large businesses, ranging from companies in which they are the sole employee to firms with hundreds of thousands of employees. Because top executives are responsible for the success of a business, the work is often stressful. Executives in charge of poorly performing organizations or departments may find their jobs in jeopardy. Top executives frequently travel to attend meetings and conferences or to visit their company’s local, regional, national, and international offices. Top executives often spend time interacting with other high-level executives of the company, for example financial managers, human resource managers, or chief technology officers. Work Schedules Top executives often work many hours, including evenings and weekends. In 2016, about half worked more than 40 hours per week.



Best paying jobs for Business Administration and Management -MBA


Number of Jobs for Business Administration and Management -MBA

Number of Jobs in 2018 was 2,572,000


Education required

Bachelor's degree


Job Outlook for Business Administration and Management -MBA

Overall employment of top executives is projected to grow 8 percent from 2016 to 2026, about as fast as the average for all occupations. Employment growth will vary by occupation and industry, and is largely dependent on the rate of industry growth. Top executives are expected to face very strong competition for jobs.


Job description of Business Administration and Management -MBA

Top executives devise strategies and policies to ensure that an organization meets its goals. They plan, direct, and coordinate operational activities of companies and organizations.

Duties

Top executives typically do the following:

  • Establish and carry out departmental or organizational goals, policies, and procedures
  • Direct and oversee an organization’s financial and budgetary activities
  • Manage general activities related to making products and providing services
  • Consult with other executives, staff, and board members about general operations
  • Negotiate or approve contracts and agreements
  • Appoint department heads and managers
  • Analyze financial statements, sales reports, and other performance indicators
  • Identify places to cut costs and to improve performance, policies, and programs

The responsibilities of top executives largely depend on an organization’s size. For example, an owner or manager of a small organization, such as an independent retail store, often is responsible for purchasing, hiring, training, quality control, and day-to-day supervisory duties. In large organizations, however, top executives typically focus more on formulating policies and strategic planning, while general and operations managers direct day-to-day operations.

The following are examples of types of top executives:

General and operations managers oversee operations that are too diverse and general to be classified into one area of management or administration. Responsibilities may include formulating policies, managing daily operations, and planning the use of materials and human resources. They make staff schedules, assign work, and ensure that projects are completed. In some organizations, the tasks of chief executive officers may overlap with those of general and operations managers.

Chief executive officers (CEOs), who are also known by titles such as executive director, managing director, or president, provide overall direction for companies and organizations. CEOs manage company operations, formulate and implement policies, and ensure goals are met. They collaborate with and direct the work of other top executives and typically report to a board of directors.

There may be other types of chief executives, for example chief operating officers (COOs), chief financial officers (CFOs), or chief human resources officers, who manage a specific part of the business organization. The knowledge, skills, and job duties that these executives have will differ depending on what department they oversee.

Job titles may vary in the public sector or in the education industry. The following are examples of types of top executives working in the public sector for local and state governments:

Mayors, along with governors, city managers, and county administrators, are chief executive officers of governments. They typically oversee budgets, programs, and the use of resources. Mayors and governors must be elected to office, whereas managers and administrators are typically appointed.

Most educational systems, regardless of whether they are public or private school systems, also employ executive officers. The following are examples of top executives working in the elementary, secondary, and postsecondary educational school systems:

School superintendents and college or university presidents are chief executive officers of school districts and postsecondary schools. They manage issues such as student achievement, budgets and resources, general operations, and relations with government agencies and other stakeholders.


How to become Business Administration and Management -MBA

Although education and training requirements vary widely by position and industry, most top executives have at least a bachelor’s degree and a considerable amount of work experience.

Education

Many top executives have a bachelor’s or master’s degree in business administration or in an area related to their field of work. Top executives in the public sector often have a degree in business administration, public administration, law, or the liberal arts. Top executives of large corporations often have a master’s degree in business administration (MBA).

College presidents and school superintendents are typically required to have a master’s degree, although a doctorate is often preferred.

Although many mayors, governors, or other public sector executives have at least a bachelor’s degree, these positions typically do not have any specific education requirements.

Work Experience in a Related Occupation

Many top executives advance within their own firm, moving up from lower level management occupations or supervisory positions. However, other companies may prefer to hire qualified candidates from outside their organization. Top executives who are promoted from lower level positions may be able to substitute experience for education to move up in the company. For example, in some industries, workers without a college degree may work their way up to higher levels within the company to become executives or general managers.

Chief executives typically need extensive managerial experience. Executives are also expected to have experience in the organization’s area of specialty. Most general and operations managers hired from outside an organization need lower level supervisory or management experience in a related field.

Some general managers advance to higher level managerial or executive positions. Company training programs and executive development programs can often benefit managers or executives hoping to advance.

Licenses, Certifications, and Registrations

Some top executive positions may require the applicant to have a license or certification relevant to their area of management. For example, some employers may require their chief executive officer to be a certified public accountant (CPA).

Important Qualities

Communication skills. Top executives must be able to communicate clearly and persuasively. They must effectively discuss issues and negotiate with others, direct subordinates, and explain their policies and decisions to those within and outside the organization.

Decisionmaking skills. Top executives need decisionmaking skills when setting policies and managing an organization. They must assess different options and choose the best course of action, often daily.

Leadership skills. Top executives must be able to lead an organization successfully by coordinating policies, people, and resources.

Management skills. Top executives must shape and direct the operations of an organization. For example, they must manage business plans, employees, and budgets.

Problem-solving skills. Top executives need to identify and resolve issues within an organization. They must be able to recognize shortcomings and effectively carry out solutions.

Time-management skills. Top executives do many tasks at the same time, typically under their own direction, to ensure that their work gets done and that they meet their goals.


What people in similar profession do

Job Title What they do How to become one
Operations Management and Supervision Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate, and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals. Typically, a bachelor’s degree in computer or information science, plus related work experience, is required. Many computer and information systems managers also have a graduate degree. Education Computer and information systems managers normally must have a bachelor’s degree in a computer- or information science–related field. These degrees include courses in computer programming, software development, and mathematics.
Non-Profit, Public, Organizational Management Social and community service managers coordinate and supervise social service programs and community organizations. They manage workers who provide social services to the public. Social and community service managers typically need at least a bachelor’s degree and work experience. However, some positions also require a master’s degree. Education Most social and community service manager jobs require a bachelor’s degree in social work, public or business administration, public health, or a related field. However, some positions also require a master’s degree. Work Experience Workers usually need experience in order to become a social and community service manager, and it is essential for those with a bachelor’s degree.
Accounting , Accountancy Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification, including the Certified Public Accountant (CPA) credential, can improve job prospects.   Education Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field.
Human Resources Management Compensation and benefits managers plan, develop, and oversee programs to compensate employees. Compensation and benefits managers need a combination of education and related work experience. Education Compensation and benefits managers typically need a bachelor’s degree for most positions. Managers usually need a bachelor’s degree in human resources, business administration, business management, finance, or a related field. Work Experience in a Related Occupation Work experience is essential for compensation and benefits managers. Managers often specialize in either compensation or benefits, depending on the type of experience they gain in previous jobs.
Finance Top executives devise strategies and policies to ensure that an organization meets its goals. They plan, direct, and coordinate operational activities of companies and organizations. Although education and training requirements vary widely by position and industry, most top executives have at least a bachelor’s degree and a considerable amount of work experience. Education Many top executives have a bachelor’s or master’s degree in business administration or in an area related to their field of work. Top executives in the public sector often have a degree in business administration, public administration, law, or the liberal arts. Top executives of large corporations often have a master’s degree in business administration (MBA). College presidents and school superintendents are typically required to have a master’s degree, although a doctorate is often preferred. Although many mayors, governors, or other public sector executives have at least a bachelor’s degree, these positions typically do not have any specific education requirements. Work Experience in a Related Occupation Many top executives advance within their own firm, moving up from lower level management occupations or supervisory positions.
Finance and Financial Management Services Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst. Education A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, accounting, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software. Licenses, Certifications, and Registrations Although professional certification is not required, some financial managers still get it to demonstrate a level of competence.
Management Information Systems Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate, and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals. Typically, a bachelor’s degree in computer or information science, plus related work experience, is required. Many computer and information systems managers also have a graduate degree. Education Computer and information systems managers normally must have a bachelor’s degree in a computer- or information science–related field. These degrees include courses in computer programming, software development, and mathematics.
Marketing Management Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors, sales agents, and financial staff members. A bachelor’s degree is required for most advertising, promotions, and marketing management positions. These managers typically have work experience in advertising, marketing, promotions, or sales. Education A bachelor’s degree is required for most advertising, promotions, and marketing management positions. For advertising management positions, some employers prefer a bachelor’s degree in advertising or journalism.
Taxation Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification, including the Certified Public Accountant (CPA) credential, can improve job prospects.   Education Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field.

Job Outlook for other majors in Business Administration and Management -MBA

Job Title Number of jobs Median Salary Job outlook
Operations Management and Supervision 367600 $142530 Faster than average
Non-Profit, Public, Organizational Management 147300 $65320 Much faster than average
Accounting , Accountancy 1397700 $70500 Faster than average
Human Resources Management 15800 $121010 As fast as average
Finance 2572000 $104980 As fast as average
Finance and Financial Management Services 580400 $127990 Much faster than average
Management Information Systems 367600 $142530 Faster than average
Marketing Management 249600 $132620 Faster than average
Taxation 1397700 $70500 Faster than average