Building Your Bayer Career with an MBA
The pharmaceutical and biotech industries are rife with opportunities for b-school students. Competition among brands and rapid technological development make can make having an MBA an exceptionally worthwhile advantage.
The Big Payback: The Highest Paying Jobs for MBAs
Even in 2019, the search for the right MBA program is as unique as each student, and the reasons for applying are as varied as the programs themselves. Advancement in an existing career is an obvious motivation, as is breaking into a new industry or shifting one’s career focus.
One thing that all MBAs can likely agree with, however, is that earning potential is a leading incentive. This brings up questions about the most lucrative fields. Choosing the right concentration can be the first step toward achieving a position that will truly pay off. The following is a look at the current highest paying jobs for MBAs, as well as the majors that can open the necessary doors.
The Highest Paying Jobs for MBAs
Topping the list of the highest paid professions for MBAs in 2018 is strategic management. This specialization leads the way in terms of early to mid career salary, with salary averages beginning at around $125,000. Professionals with this degree and concentration earned $148,000 at the mid-point of their careers. Among the career functions for MBAs with a strategy focus are management consultant, senior strategy manager, senior product manager. Google, Amazon, PwC, and Intel are among the companies hiring for strategic management based positions.
Second on the list of highest paying MBA careers is technology management, which for many grows out of a background in IT or software development. According to Monster.com, tech management careers can start at around $113,000 per year, and advancement leads to a jump to upwards of $165,000. Roles such as senior project manager, vice president of IT, and IT director all emerge from a tech background. Companies such as Accenture, Deloitte, Cisco Systems, and HP all offer leading starting salaries in the IT management field.
Entrepreneurship also falls into the top three earning fields for MBAs. Starting salaries, according to data gathered from PayScale, hover around $100,000 per year, and reach up to around $135,000. Such roles as senior project manager and management consultant are options in the entrepreneurial field, as are various leadership roles in the growing fintech industry. Top hiring companies for entrepreneurship MBAs, according to PayScale, are Amazon, IBM, General Electric, and the Boeing Company.
A career in finance is the fourth of the highest paying categories for MBAs, with a starting salary hovering in the $100,000 range. Those with their sights upon chief financial officer, portfolio management, or financial management positions can hope to land jobs in this arena with high earning power. New York Life Insurance, Fidelity Investments, and Vanguard are currently seeking MBAs for various finance positions.
Along with strategy, tech management, entrepreneurship, and finance, marketing ranks among the most lucrative fields for MBAs. While some marketing jobs do not require an MBA, one can see a wider, more profitable range of options with a specialized study in marketing. Upper level marketing positions can start at around $80,000 per year, and can grow well above $120,000. Current listings for MBAs with a marketing focus include Dell, Microsoft, and, of course, Amazon.
USC Marshall Supply Chain, Student Engagement, and More – Los Angeles News
We’ve rounded up the news you need to know from this week out of the Los Angeles metro.
Nick Vyas Builds a State-of-the-Art Global Supply Chain Management Program – News at USC Marshall
“Forty years ago, there were 26 mega-cities worldwide. Now there are 70. The globalization cat is out of the bag. But how do we deliver to everyone?”
This question of delivery maximization here is asked by Nick Vyas, an Assistant Professor at the USC Marshall School of Business, and Director of the school’s Center for Global Supply Chain Management. From his past roles with now-defunct retail giants like Toys ‘R’ Us and the soon-to-be (you know it’s coming) defunct Sears, Vyas has seen a hefty degree of turmoil in the industry. At the same time, however, he has seen modernized giants like Amazon and Alibaba rise to the top, matching the increased demands of consumers.
In a 2017 CIO Review article, Vyas explains, “Big data has certainly changed the supply chain industry. Armed with such information, retailers are able to achieve better revenue positioning because product offers can be instantaneously changed to respond to customer demand shifts.”
USC Marshall caught on to the trends early, organizing the Online Master of Science in Global Supply Chain Management program in 2013. Fast-forward five years, and Vyas is already seeing commendable improvement. ““We are seeing success,” Vyas says in a recent interview. “One hundred percent of the MS students are in internships. We prep them.”
You can read more about Vyas and the USC Marshall Online Master of Science in Global Supply Chain Management program here.
How Can Campuses Foster Student Success? Management Professor Examines Engagement – Mihaylo Business School News
A CSU Fullerton Mihaylo College of Business professor of management recently offered some advice on student engagement as a cornerstone of business education at any level.
Professor Gerard Beenen has sought to guide Mihaylo students, who will find themselves among 40,000 other CSU Fullerton students, in how to connect within increasingly competitive and challenging conditions.
“Large universities like Cal State Fullerton,” Bennen says, “… are facing challenging goals to help students graduate faster … in an era of tighter and tighter state budgets. When students feel connected … they help us achieve these goals. [These] students … are more likely to persist until they graduate. And once they graduate, they’re more likely to give their time and resources to the campus.”
Student clubs, of which Cal State Fullerton has 325, serve as a valuable beginning to form connections. But Beenen points out that a wider focus toward common goals is most beneficial. “When we say, ‘Titans reach higher,’ we appeal to a shared aspiration—a superordinate identity—that all of our student clubs can identify with, along with study groups, friendship networks and other informal campus connections.”
Professor Beenen is a frequent contributor to The Orange County Register. He has also spoke about his views on student engagement in The Leadership Voice, Mihaylo College’s Center for Leadership’s video series.
Bigger Reach, Higher Prices – American Economic Association
Matt Schmitt, UCLA Anderson School of Management Economist and Professor of Strategy recently remarked upon the state of competition within U.S. hospital systems in the U.S. for the American Economic Association.
In 2017, Schmitt observes, the highest number of hospital system mergers in recent history occurred, resulting in higher healthcare prices. This counters the stance of many proponents of consolidation who argue that it reduces competition, thus reducing cost.
Two factors may contribute to higher prices: change in management practices after mergers; and speculation on the part of the acquiring hospital. The latter factor is a motivator of merger for many hospital entities.
Schmitt analyzed 100 mergers between 2000 and 2010, and discovered that costs rose an average of 6 to 7 percent. The price increase impacted insurers, and the cost to patients is difficult to assess.
“In health care … there are several different layers of decision makers, all with potentially competing objectives. [This] research seeks to better understand the economics of these situations and whether policy may have a role to play in improving outcomes,” Schmitt notes.
You can read more about Schmitt’s research discoveries here.
MBA Job Types: Entry Level v. Experienced
Contrary to popular misconception, choosing to pursue an MBA degree is a decision that can be made at any point in your career. From programs that allow students to jump right in to their degree after undergrad to those that require over ten years of work experience, the wide variety of degree programs means there’s no one way to get your MBA. Because of this, there are a large variety of MBA job types.
However, professional experience is still an important part of an individual’s career development, Even a group of MBAs—having the same foundational business education—will likely find differences in the kinds of jobs they can find after graduation, the levels of pay, and the kind of skills required for these jobs, based on their professional experience. Below, we break down some of the major differences you’ll find between MBAs just starting their careers and those with more professional experience.
MBA Job Types
One of the first major differences for MBAs (and non-MBAs) at the entry level versus those with more experience is the types of jobs available to them. Even though having an MBA degree often helps professionals accelerate their careers and reach higher level management positions, it is unlikely that an MBA with little experience will jump immediately into these senior management roles.
Below are some common entry-level MBA jobs:
- Accountant: an accountant is responsible for maintaining company and personal financial records. Typically, students who pursue accounting specializations within their MBA degrees are prepared to pass the rigorous CPA examination by the time they complete their degree and begin in entry or mid level accounting jobs.
- Medical and Health Services Manager: Healthcare Administration is a quickly growing career for many MBA graduates, with many schools now offering majors or specialization in the field. According to data Bureau of Labor data in 2016, openings in the medical and health services management field are expected to grow by 20% over the next ten years.
- Financial Advisor: Financial advisors are crucial for all types of organizations, which might be why finance is one of the most popular MBA majors. Most MBAs with a high GPA and internship experience already have the requirements needed to get started in a financial advisor position.
Below are some common jobs for experienced MBAs:
- Accounting Manager: accounting managers are responsible not just for overseeing the company’s finances, but also the daily activities of the accounting department. With more experience, certified CPAs have more opportunities to leverage their MBAs into senior management roles.
- Hospital CEO: MBAs with extensive experience, typically 8-10 years, in healthcare administration may take roles in high level positions like Hospital CEO, the highest ranking official in a hospital organization.
- Financial Manager: at least five years experience or more are required for jobs in finance management, which expects candidates to have a lot of hands on experience. Financial Managers oversee all aspects of company or personal finance.
Levels of Pay
It might go without saying that more experience probably means a higher salary. Even though MBAs do make, on average, more than those without an advanced business degree, that number will continue to climb the more experience you get.
- For a field like accounting, Accountants with an MBA degree will make an average of $51,022 per year, while roles that require more experience, like an Accounting Manager, will make close to $72,489 a year.
- In the healthcare management field, a Healthcare Administrator will make on average $74,188 per year while a Hospital CEO will make significantly more at $164,332
- For those in the field of accounting, there is also a significant difference depending on experience. For a role like Financial Advisor, employees make $58,652 per year on average, compared with $99,115 each year for a Financial Manager.
Skills and Experience Required
Another major difference for entry level and experienced MBAs is the type of experience and skills required for their particular roles. Research has often shown that an MBA education provides a number of so called “soft skills” which are often sought by employers, and are important for many entry-level jobs. These skills may include things like the ability to work in a fast-paced environment, critical thinking and problem-solving skills, the ability to communicate effectively, leadership potential, and the ability to take risks.
Conversely, those seeking higher level jobs that require more experience will likely find job posting that ask for specific, industry-related knowledge, and experience. These employers might ask applicants to demonstrate prior experience in the industry and show proven success within their field.
Different Types of Companies
Each year, top companies from around the world recruit MBA talent. Many major companies, like CVS and New York MetLife even offer MBA training/acceleration programs that hire recent graduates and fast track them to a management position within the year. Still, two companies—Apple and McKinsey & Company—which consistently make the list as top companies for MBAs to work for typically require anywhere from 7-15 years experience for some of their senior level MBA jobs.
For entry level MBAs, getting a foot in the door at these companies may mean starting with an internship or as part of a special MBA recruitment program, whereas those with both the degree and several years of experience may have an opportunity to jump right in at the senior level.
What are the Best Healthcare MBAs You Can Find in New York City?
New York City is not only home to a number of the finest business schools in the world—it’s also where you can find some of the best healthcare programs this country has to offer. Continue reading…
The Best Nonprofit MBA Programs in Los Angeles
Many believe that business is inherently selfish. However, there are a plethora of nonprofit organizations that could not exist without the skills of talented administrators, dedicated solely to the business and financial aspects of the company. MBA skills are coveted in the nonprofit industry, as they can make a massive contribution to helping the organization thrive.
Many MBA programs take into account the need for overlap in business and social change. Below, we’ve laid out three of the best Los Angeles programs for MBAs looking to pursue nonprofit work.
The 3 Best Los Angeles Nonprofit MBA Programs
Anderson School of Management—UCLA
The UCLA Anderson School of Management MBA program offers a specialization in Social Impact for students hoping to use their business acumen to have a positive influence on their community, both locally and globally. This program provides ample opportunities for students to better parts of the world through innovation and creative problem-solving, positioning them to pursue a career in the nonprofit arena, if that is their goal.
International Field Study Projects are an integral part of the nonprofit learning experience. For their second year Capstone Projects, all Anderson MBA students can choose to pursue the Applied Management Research (AMR) program. The AMR Projects give students a chance to work with companies and nonprofits to solve a strategic problem. Many of the AMR Projects help struggling communities. In 2017, a group of students tackled building a model to improve screening and treatment of non-communicable diseases to a rural village in South Africa.
SEE ALSO: “The Most Affordable Los Angeles MBA Programs”
Marshall School of Business—USC
Marshall School of Business at USC partnered with Zelikow School of Jewish Nonprofit Management at Hebrew Union College-Jewish Institute of Religion to provide students with the chance to obtain a dual degree (MBA/M.A.) in Business Administration and Jewish Nonprofit Management. The M.A. emphasizes both nonprofit management and Jewish studies. This challenging track requires 88 units of coursework as well as two years of fieldwork. Students in this program can take a 12-month internship in Sacramento, CA or Washington DC while continuing to attend classes in these areas. This track is ideal for students pursuing a career in the Jewish nonprofit sector, and includes classes like Nonprofit Management and Leadership and Grant Writing Practicum.
Peter F. Drucker and Masatoshi Ito Graduate School of Management—Claremont Graduate University
The Peter F. Drucker and Masatoshi Ito Graduate School of Management dual degree in Public Health and Business Administration is an excellent option for students seeking a career in the nonprofit healthcare field. This MBA/MPH allows students to combine business acumen with an exhaustive knowledge of the intricacies of public health over the course of three years. Though this program does not exist exclusively to educate students in the nonprofit sector, the combination of healthcare and business education makes these grads a perfect fit for health care-related nonprofit work. Students will also benefit from the knowledge of professors like Jay Prag, Ph.D., who serves on the board of directors at LINC Housing, a nonprofit low-income housing developer, and whose research often delves into the nonprofit world. This program will enable students to use business skills to increase the effectiveness of healthcare institutions in their communities, as well as internationally.
