Boston University’s Barbara Bickart Answers Our 5 Questions
In our latest installment of the MetroMBA “5 Questions” series, we speak with Barbara Bickart, Associate Professor of Marketing and Senior Associate Dean for MBA Programs at the Boston University Questrom School of Business. Bickart talks about the school’s new Online MBA, what’s next to come for the business school, and what type of student may be a perfect fit for the program.
1.) Why You Believe Now Was the Right Time for BU Questrom to Introduce an Online MBA Program?
“Significant advances in digital technology and education delivery platforms makes it possible to now offer high-quality and rigorous degree programs in an online setting. Because of these changes, at both the university and the school level, we felt it was imperative to develop the capability to offer online degree programs at scale. Further, the global market appears strong, particularly at the lower price point. edX has received over 10,000 inquiries for an online MBA program, making it their most requested Master’s degree. The edX technology platform is scalable and has a global reach of over 20 million learners, which will help us to expand our portfolio to reach a unique segment of business learners.
In addition, the global market for online professional education is sizable and there remains value in the MBA degree credential overall. According to a 2018 survey by the Financial Times, MBA grads nearly double their pre-MBA salary within three years of completing the degree.
Finally, the invitation to partner with edX provides an opportunity that aligns with our social mission to expand access to a top-tier business education throughout the world.”
2.) How Will the Questrom Online MBA be Different from Other School’s Online Programs?
“Unlike other online MBA programs, our program was designed from the ground up with the global online learner in mind. In the design process we leveraged knowledge gained from the BU Global Business Education Jams to create an updated and relevant MBA for the 21st century. Key themes include creating a socially responsible business, decision-making in a data-driven environment, managing with integrity, global business strategy, and developing an innovative mindset.
In addition, most other online programs offer traditional disciplinary-based courses. In contrast, our program focuses on developing the capabilities that lead to managerial and business success. By focusing on delivering capabilities versus disciplinary based courses we can leverage more fully the expertise of our alumni and other business leaders in developing exercises and cases that can better support a problem-solving approach to learning in a scaled environment.”
Barbara Bickart, Associate Professor of Marketing and Senior Associate Dean for MBA Programs at the Boston University Questrom School of Business.
3.) How Important is Being One of the First Major Business Schools in Boston to introduce an Online MBA?
“We are not the first online MBA in Boston. Babson, Simmons, and Northeastern offer traditional online MBA programs. We are, however, the first scaled MBA in Boston and only the second in the world.
Traditional online MBA programs are offered by about twenty of the top fifty MBA programs in the United States, and charge the same tuition as their residential program. Our scaled online MBA through edX is a new MBA category; and lies outside of the traditional and increasingly crowded online market. Our program will increase the accessibility of an online MBA both in the Boston region and globally.”
4.) Is This a Sign of More Programs to Come?
“Definitely! Entering the online MBA market at this time allows us to generate new capabilities, content, and infrastructure that will create hybrid flexibility in our current program portfolio and introduce new credit-bearing and noncredit-bearing programs in the future. We see also this initiative as creating the technology platform to develop forms of digital engagement to drive lifelong learning for our alums.”
5.) What Do You Believe Will be the Ideal Questrom Online MBA Candidate?
“The ideal BU Questrom Online MBA candidate is someone who has been working for about five to seven years, does not want to leave their job, and is seeking to advance their career. These individuals work in a variety of organizations, including the business, not-for-profits, education, and government sectors. They are busy people with complicated schedules and therefore seek the convenience of an online program. In addition, they may live in a location (either in the United States or abroad) where access to a high-quality MBA program is limited. They are curious and are motivated to complete a degree in an online setting.”
Top 5 Paying MBA Careers: Insurance
Insurance is a fast-growing career field. In the next 12 months, 63 percent of insurance companies plan to increase their staff numbers, according to a recent industry trend report.
In fact, by 2020, almost 400,000 insurance jobs are projected to be available. When combining that with the fact that millennials aren’t very interested in working in insurance—only a third demonstrate any interest—it’s a great career field to consider.
There’s a wide range of jobs, across a broad spectrum of career paths, within the insurance industry, and compensation is higher than average. Entry-level professionals can expect to earn more than $50,000 a year, and that number only increases as you gain experience.
In this article, we’re breaking down the highest paid insurance jobs, the companies where you’ll earn the most money, the top MBA programs, and where you should live. Continue reading…
Top 5 Paying MBA Careers: Marketing
MBA graduates in marketing can experience exponential career growth. According to Payscale, graduates in marketing often earn a starting salary of $55,700, which may double to $116,000 by mid-career. As the job is links to sales success, bonuses can also be lucrative.
Those who relish the thrill to sell might be curious about what positions can maximize their salaries. The benefits of these positions can vary by location, experience, and company.
Top 5 Paying MBA Careers: Finance
Finance, no surprise, is an extremely popular field among MBA graduates. According to Payscale, finance is 4.7 times more popular among MBA graduates than other fields. The reasons for this are rather uncomplicated: its pretty lucrative.
The starting median salary for those with up to five years of experience is $62,100. After ten years, the reported median salary jumps to $120,000; a 93 percent increase. Given that it is finance, the bonuses that employees can earn are massive, making the field even more lucrative.
With such high salaries and the prospect of massive bonuses, those interested in finance might be curious about what the best positions are for them. These can vary by company, experience, and location.
Companies Recruiting Finance MBA Graduates
The firm you work for can affect how much you make. Larger firms tend to offer more than smaller houses. The following are the top five employers in terms of average salary for those with an MBA in finance.
Morgan Stanley: $136,500
Deloitte: $132,656
Microsoft: $123,684
Amazon: $123,678
Citigroup: $121,346
Finance MBA Experience
As one might expect, the more experience one has in a field, the higher their salary will be. According to Payscale, this is a breakdown of average salary based on years of experience.
- Up to 11 Months: $58,517
- 1–4 Years: $65,589
- 5–9 Years: $86,086
- 10–19 Years: $113,775
- 20+ Years: $135,016
Finance MBA Location
Along with company size and experience, location is the other major determinant of salary for finance MBA graduates. Given the fact that finance tends to be centralized in major cities, it is reasonable to assume that the largest salaries are to be found in cities with large, well-populated metropolitan areas. The following are the five cities where MBA graduates can earn the most.
- New York, NY: $120,962
- Los Angeles, CA: $111,727
- Boston, MA: $109,490
- Chicago, IL: $108,421
- Houston, TX: $101,643
For finance savvy MBA graduates, New York City offers the best average salary opportunities in the United States.
Top Paying Finance Careers
While there are many careers from which a finance MBA can choose, the following offer the highest salaries. To maximize a potential salary, one should consider the variables mentioned above when searching for a position.
#1: Vice President, Finance ($135,000–$195,000)
As a vice president of finance, your primary responsibility will be to direct finances and coordinate the budget. The VP of finance also sets goals and oversees lower-level employees in the financial department. Other responsibilities include engaging in accounting, operations, and finance management.
Common tasks include the following:
- Ensuring company financial plans are carried out
- Coordinating, preparing, and reviewing annual reports
- Directing accounting operations
The average salary of a VP of finance is $134,919. In addition, MBA graduates can earn an average of $24,430 in bonuses, $24,566 in commission, and $8,757 in profit sharing. The salary on this job can raise these numbers higher depending on where one works. Look for these positions in the following cities, where you can earn more than the average:
- San Francisco, CA: 28 percent more
- Los Angeles, CA: 16 percent more
- Boston, MA: 15 percent more
#2: Finance Director ($110,000–$160,000)
Finance directors are responsible for managing the goings on in the finance department of the company. In addition, effective finance directors can see problems and risks and design necessary solutions as needed.
Common tasks include the following:
- Overseeing the preparation of regulatory and financial reporting as required
- Developing policies and procedures to control and report financials
- Managing budget, forecast, and accounting preparations
The average salary of a finance director is $111,384. MBA graduates can expect to earn an average bonus of $18,556, $33,000 in commission, and $5,113 in profit sharing. According to Payscale, the following are three highest paying companies for this position:
- Nike: $150,000
- Lilly: $130,000
- CBRE Group: $128,000
#3: Investment Banker ($99,000–$207,000)
As an investment banker, your primary responsibility is to grow wealth for your clients. This can be through either strategic investing or raising capital. Investment bankers look through all of the financial information of a company to develop the best strategy for addressing its concerns and reaching its goals.
Common tasks include the following:
- Constructing financial models to aid in transactions and communications
- Performing valuation analyses
- Conducting industry and company research
On average, you can expect to earn an average of $98,831 in salary. Investment banking is rather lucrative, so it is not impossible to double your salary in commission alone. However, because if this, the salary scale can widely vary. The average commission for this position on Payscale is $90,000. To make that possible, you’ll need to go to a city where capital generation is needed. These three places pay more than the average, according to Payscale:
- San Francisco, CA: 52 percent higher
- New York, NY: 12 percent higher
- Dallas, TX: 5 percent higher
Investment bankers would do well to look into a career in the Bay Area. San Francisco-metro investment bankers make nearly 50 percent more than the national average, according to Payscale data.
#4: Finance Manager ($90,000–$124,000)
Finance managers are expected to watch departmental budgets. Their primary responsibilities include making financial forecasts for their company, working with other departments to establish future budgets, and keeping excellent track of the money going in and out of the company.
Common tasks for people in this position include the following:
- Identifying areas for cost reduction
- Providing analyses to the operations team
- Preparing informational analyses
Given the importance of this position, MBA graduates who pursue it will be compensated well. The average salary for a finance manager is $89,636. In addition to the base salary, an MBA graduate can expect an average of $9,959 in bonuses, $25,006 in commission, and $3,982 in profit sharing.
Because this position is so important, companies are willing to pay excellent candidates well. The following offer the three highest average salaries according to Payscale:
- Boeing: $119,000
- Amazon: $112,000
- Johnson & Johnson: $111,000
#5: Portfolio Manager ($84,000–$140,000)
Portfolio managers are responsible for investing their clients’ money, whether those clients are businesses or individuals. They work to get the highest return possible for their clients’ money.
Common tasks for this position include the following:
- Consulting with clients to develop investment goals
- Reporting on investment performance
- Managing portfolios to maximize returns
Portfolio managers earn an average of $84,443, with $10,274 in bonuses, $10,113 in commission, and $4,000 in profit sharing. According to Payscale, these positions tend to be centered in financial institutions and investment firms.
The following three banks offer the highest average salaries to their portfolio managers.
- Blackrock: $115,000
- S. Bank: $99,000
- Citizens Financial Group: $97,000
New Harvard MBA Deadlines Revealed
Hopeful applicants to the next MBA class at Harvard Business School have a new batch of deadlines to keep tabs on.
New Harvard 2019-20 MBA Deadlines
Round One
Application deadline: Sep. 4, 2019
Decision released: Dec. 10, 2019
Round Two
Application deadline: Jan 6, 2020
Decision released: March 31, 2020
Learn more about the Harvard Business School full-time MBA program here.
New Harvard Social Entrepreneurship Track Competition Finalists Announced
Each year, the Harvard Business School New Venture Competition brings together the best and the brightest to compete for $300,000 in cash prizes. Designed for both HBS students and alumni, the competition offers two tracks: the Business Track and the Social Enterprise Track. Both tracks require teams to present a new venture idea that will have a substantial impact on their respective market. Winners have the opportunity to go ahead and implement their proposal using the provided seed money.
For 2019, 48 teams from across Harvard University applied for the Social Enterprise Track. Then, sixteen semifinalists were chosen to present their ideas to a panel of expert judges in their fields. Finally, four finalists were selected. Here’s who they are.
Gramhal
Presented by Vikas Birhma (HKS 2019) and Pankaj Mahalle, Gramhal offers post-harvest services of storage, credit, and market linkage for smallholder farmers. Having witnessed the problems that smallholder agricultural households in India face first hand, the team came up with an idea to help farmers keep more money by giving them the chance to save their harvest until they can sell it when prices are more favorable.
Hikma Health
Developed by Jordan Lebovic (HBS/HMS 2020), Senan Ebrahim (HMS 2021), Erik Grueter, and Zahra Allkhateeb, Hikma Health creates customized data management systems for healthcare providers caring for refugee patients. The idea initially started with a health education app for NGOs in Jordan. However, after talking to more health workers, the team realized that a free health data platform, tailored to refugees, would be far more valuable.
New Teachers Thriving
Created by Tyler Hester (HGSE 2020), Crystel Harris (HGSE 2021), and Akash Wasil, New Teachers Thriving offers training for early-career teachers. Many new teachers become burned out in their first years because they don’t have the training, support, and help they need to succeed. New Teachers Thriving is a year-long training sequence that will support new teachers as they navigate their first year in the classroom.
Vincere Health
Put together by Jacob Keteyian (HSPH 2019), Shalen De Silva (HSPH 2019), Ollie Osunkunle (HBS 2020), and Han Jin (HGSD 2019), Vincere Health helped people get paid for digitally proving health compliance while offering data control. The idea behind the product is to motivate health behaviors by offering daily rewards. In particular, they are attacking the smoking cessation market.
Read more from each of the finalist about entrepreneurship, concept creation and more on the HBS website.
