MBA as Career
Most degrees are obtained with the purpose of advancing your career prospects and job opportunities. The same is the case with an MBA degree; the only difference being that an MBA degree is considered as the most valuable post graduate degree in the world and has exciting career opportunities. People take the MBA program in order to further their careers in their current jobs or to get a better job on the basis of their MBA degree.
Even within your existing company and in your current job, you can notice the difference in your career prospects pre-MBA and post-MBA. With an MBA degree under their belt, employees have a whole new world opened up to them and are elevated to managerial positions on the strength of the additional abilities and knowledge gained through the MBA program. If you are looking for a change in careers, an MBA degree affords the following career opportunities:
Marketing: People who are in charge of marketing the goods or services of any organization need to be able to create effective marketing strategies and convey their message to people efficiently. An MBA program equips its students with theoretical knowledge as well as practical marketing skills, which can help in getting jobs in the marketing field. With the MBA degree, you can look to become no less than a product manager responsible for marketing.
Finance: Those in the field of finance need to be quick thinkers, have high energy levels to stay abreast of the financial markets, and most importantly, need to have patience to deal with clients and explain things to them. The finance courses in an MBA program are a great way to determine if you have what it takes to be a success in finance. If so, then there are a host of top jobs that you can get in this field.
Government Jobs: People often live with the misconception that an MBA degree is only good for business because of its very name. But it can be very useful for a career in a government agency. Such jobs usually require you to be a big thinker and to be a team player. All this and more is learned in an MBA program. Government agencies have since long had a reputation of giving reactive responses that do not much translate into action. To change this image, government agencies are increasingly on the lookout for people who are doers and not merely talkers. Thus, someone with an MBA degree could have many career prospects in a government job.
Personal Business: Those who have their own business are known to benefit tremendously from completing an MBA program. But what is even better is that an MBA degree can give you all the relevant skills and abilities needed to start your very own enterprise and become an entrepreneur, thus giving you tremendous career opportunities.
Non-profit Organizations: An MBA degree can open up many jobs for you in non-profit organizations. Most people with this degree or those who are still pursuing this degree, do not give much thought to jobs in the non-profit sector as it is regarded as a ‘waste’ of their skills and abilities. But on the contrary, this is one sector that could benefit a great deal from having more people with MBAs involved in non-profit. As for the MBA graduate, it can be very rewarding, both financially and emotionally, to see that your talents are making a positive difference in the lives of many people. You get the chance to work for a worthy cause, while at the same time furthering your own career.
Consulting Careers: Many people like to make fun of consultants, claining that they don't actually DO anything, but the consulting business is big business. Careers in consulting are quite frequently very rewarding, as the average first year consultant can easily earn over $60,000, and associates who enter a consulting firm after getting their MBA can earn well over $100,000 the first year. Beyond that, the work can be incredibly interesting and rewarding. You are tasked with solving a company's problems; you get to interview all of the involved parties and make recommendations on how to fix the problems. And you are frequently working on more than one project at a time, so you get to see a wide range of business situations. Your career benefits as well; large companies see consulting as a training ground that is almost as valuable as the MBA itself.
Commercial Banking Careers: Commercial banking is sometimes seen as less glamorous than investment banking or corporate finance, but it is more rewarding in many aspects. Commercial banks are the ones who loan money locally and provide a safe place for you to keep your money and earn a fair interest rate. In a small town, everyone loves the owner of the local bank. Certainly everyone remembers how much George was loved in "It's a Wonderful Life." We should all be that lucky.
Commercial banks are responsible for building communities - they are the ones who are willing to loan money to people who want to build a new local factory, who want to start a new restaurant, or who simply want to buy their first home. The job entails understanding risk as well as understanding all the financial statements and projections that prospective borrowers bring in when they ask for a loan.
Commercial banking is also a very stable business, since so much of it is regulated by the federal government. The last twenty years have seen a lot of consolidation as the larger banks have bought the smaller ones.
Investment Banking: Investment banking is really two different careers molded into one. The first is Mergers and Acquisitions, commonly known as M&A. Mergers and acquistions professionals help companies acquire other companies or help them merge with equals. Most the work that a masters degree holder does involves valuing companies and looking for other companies that might make a good strategic fit. The key to success is valuing the companies correctly, and that is where the MBA training comes in. You must be able to estimate what the other company is worth before you make an offer to buy it. You must also be able to forcast how that combined company will do, where there will be cost savings, where you'll have to spend extra money, and, of course, whether or not the government will allow the acquisition to occur.
Corporate Finance is very similar to M&A, but you are acting as a banker, trying to raise money for companies. You get to help young companies like Google and Yahoo raise money so they can continue to grow. You also could help a mature company like Ford raise more money through selling debt, setting up a public stock offering, or creating a private placement. This career is all about helping the Chief Financial Officer manage his assets as efficiently as possible. Most career corporate finance executives have earned their MBA.
Financial Planning: Ever wish you could help people invest their money better? That is exactly what financial planners do. The good ones have MBA's and something called a CFA or a CFP, which is a certification showing they have taken certain courses and passed certain tests. Financial planners guide families in their asset allocation so that the families are saving for retirement, for college, and for a rainy day. Financial planners usually work for a brokerage house like Smith Barney or independently. When independent, they can choose to put their clients money in the best possible investments.
This is a popular career because it pays well. Most successful financial planners are really good at selling and at client relationships. It is largely a trust business. Still, the things you learn while earning your MBA will help you manage your relationships and understand how asset allocation works.
Money Management: Money management is a very popular line of work because it is incredibly rewarding financially. In 2006, one manager earned over $1.5 BILLION. That is a lot of money for picking stocks. Still, it is a very hard job. Your MBA will teach you the basics of money management, although, in this career, there is no substitute for experience. You will need to know how to analyze financial statements, build financial models, and interview senior management of large companies. More importantly, you'll need to know when to be skeptical and when to be trusting of what people are telling you. One of the most famous money managers is Warren Buffet, know as the Oracle of Omaha. If you have never read one of his annual report letters from Berkshire Hathaway, you owe it to yourself to read one today.
Insurance: The insurance industry is a stable, slow growth business that rewards those who are willing to work hard and stick with it. Like financial planners, the successful insurance agents are those who are good at managing relationships and good at sales. The MBA holder has an advantage in sales because of the prestige of the MBA moniker. The classes you take on the way to your MBA will also help, especially those about prioritization and management. There is not a lot of financial analysis to do; more insurance companies have pre-packaged information that you work from to get answers.
Real Estate: This is another industry where an MBA is helpful but not required. In most cases, the MBA adds prestige to your position and makes people more likely to work with you. You will use the skills you learned when you put together models of renting versus owning, of potential gains from owning real estate, of tax benefits of owning a home, etc. You will also learn about marketing and presenting homes for sale. You'll know what is important to share and what is better left unsaid.
Information Technology Management: In the modern workplace, it is imperative that technology works both effectively and reliably. Computer and information systems managers play a vital role in the implementation of technology within their organizations. They do everything from helping to construct a business plan to overseeing network security to directing Internet operations.
Computer and information systems managers: plan, coordinate, and direct research and facilitate the computer-related activities of firms. They help determine both technical and business goals in consultation with top management and make detailed plans for the accomplishment of these goals. This requires a strong understanding of both technology and business practices.
Computer and information systems managers direct the work of systems analysts, computer programmers, support specialists, and other computer-related workers. They plan and coordinate activities such as installation and upgrading of hardware and software, programming and systems design, development of computer networks, and implementation of Internet and intranet sites. They are increasingly involved with the upkeep, maintenance, and security of networks. They analyze the computer and information needs of their organizations from an operational and strategic perspective and determine immediate and long-range personnel and equipment requirements. They assign and review the work of their subordinates and stay abreast of the latest technology to ensure the organization does not lag behind competitors.
The duties of computer and information systems managers vary greatly. Chief technology officers (CTOs), for example, evaluate the newest and most innovative technologies and determine how these can help their organizations. The chief technology officer often reports to the organization’s chief information officer, manages and plans technical standards, and tends to the daily information technology issues of the firm. (Chief information officers are covered in a separate Handbook statement on top executives.) Because of the rapid pace of technological change, chief technology officers must constantly be on the lookout for developments that could benefit their organizations. Once a useful tool has been identified, the CTO must determine an implementation strategy and sell that strategy to management.
Management information systems (MIS) directors or information technology (IT) directors manage computing resources for their organizations. They often work under the chief information officer and plan and direct the work of subordinate information technology employees. These managers ensure the availability, continuity, and security of data and information technology services in their organizations. In this capacity, they oversee a variety of user services such as an organization’s help desk, which employees can call with questions or problems. MIS directors also may make hardware and software upgrade recommendations based on their experience with an organization’s technology.
Project managers develop requirements, budgets, and schedules for their firms’ information technology projects. They coordinate such projects from development through implementation, working with internal and external clients, vendors, consultants, and computer specialists. These managers are increasingly involved in projects that upgrade the information security of an organization.
What skills are required to become a success full MBA Professional?
Every MBA aspirants MUST have to note that having an MBA degree only will not help you if fulfilling your career dreams like a good job, a good salary package or a high position in the company. To achieve all these you have to develop yourself up to a level and then your can get what you dreams.
To become successful MBA professionals requires many skills like self motivation, self control, quick learning, open to adopt the challenges and being ready for something new every day. Sometimes, particularly in the initial phase of career, MBA professionals have to work in hectic work environment and pressure. Therefore one needs to be tactful when dealing with clients and should be patient and possess keen business expertise. Other skills which will help an MBA professional in career growth are good communication skills, leadership quality, ability to motivate and work as part of a team, time management skills, ability to understand and solve problems and many others. Quick thinking and the ability to come up with new ideas are advantageous.
Do remember that merely text book knowledge will not help a candidate even though it can help him easily make a way in this field. On the job, they have to ensure that they are in touch with the latest practices and their skills should be kept updated. They should be aware of the current global scenario, economics and industry trends.
This is just the tip of the iceberg as far as career opportunities for MBAs are concerned. Having an MBA degree gives you countless job opportunities, mostly in top level positions, and can help to further your career tremendously.
Various industries where MBA have job opportunities:
Even within your existing company and in your current job, you can notice the difference in your career prospects pre-MBA and post-MBA. With an MBA degree under their belt, employees have a whole new world opened up to them and are elevated to managerial positions on the strength of the additional abilities and knowledge gained through the MBA program. If you are looking for a change in careers, an MBA degree affords the following career opportunities:
Marketing: People who are in charge of marketing the goods or services of any organization need to be able to create effective marketing strategies and convey their message to people efficiently. An MBA program equips its students with theoretical knowledge as well as practical marketing skills, which can help in getting jobs in the marketing field. With the MBA degree, you can look to become no less than a product manager responsible for marketing.
Finance: Those in the field of finance need to be quick thinkers, have high energy levels to stay abreast of the financial markets, and most importantly, need to have patience to deal with clients and explain things to them. The finance courses in an MBA program are a great way to determine if you have what it takes to be a success in finance. If so, then there are a host of top jobs that you can get in this field.
Government Jobs: People often live with the misconception that an MBA degree is only good for business because of its very name. But it can be very useful for a career in a government agency. Such jobs usually require you to be a big thinker and to be a team player. All this and more is learned in an MBA program. Government agencies have since long had a reputation of giving reactive responses that do not much translate into action. To change this image, government agencies are increasingly on the lookout for people who are doers and not merely talkers. Thus, someone with an MBA degree could have many career prospects in a government job.
Personal Business: Those who have their own business are known to benefit tremendously from completing an MBA program. But what is even better is that an MBA degree can give you all the relevant skills and abilities needed to start your very own enterprise and become an entrepreneur, thus giving you tremendous career opportunities.
Non-profit Organizations: An MBA degree can open up many jobs for you in non-profit organizations. Most people with this degree or those who are still pursuing this degree, do not give much thought to jobs in the non-profit sector as it is regarded as a ‘waste’ of their skills and abilities. But on the contrary, this is one sector that could benefit a great deal from having more people with MBAs involved in non-profit. As for the MBA graduate, it can be very rewarding, both financially and emotionally, to see that your talents are making a positive difference in the lives of many people. You get the chance to work for a worthy cause, while at the same time furthering your own career.
Consulting Careers: Many people like to make fun of consultants, claining that they don't actually DO anything, but the consulting business is big business. Careers in consulting are quite frequently very rewarding, as the average first year consultant can easily earn over $60,000, and associates who enter a consulting firm after getting their MBA can earn well over $100,000 the first year. Beyond that, the work can be incredibly interesting and rewarding. You are tasked with solving a company's problems; you get to interview all of the involved parties and make recommendations on how to fix the problems. And you are frequently working on more than one project at a time, so you get to see a wide range of business situations. Your career benefits as well; large companies see consulting as a training ground that is almost as valuable as the MBA itself.
Commercial Banking Careers: Commercial banking is sometimes seen as less glamorous than investment banking or corporate finance, but it is more rewarding in many aspects. Commercial banks are the ones who loan money locally and provide a safe place for you to keep your money and earn a fair interest rate. In a small town, everyone loves the owner of the local bank. Certainly everyone remembers how much George was loved in "It's a Wonderful Life." We should all be that lucky.
Commercial banks are responsible for building communities - they are the ones who are willing to loan money to people who want to build a new local factory, who want to start a new restaurant, or who simply want to buy their first home. The job entails understanding risk as well as understanding all the financial statements and projections that prospective borrowers bring in when they ask for a loan.
Commercial banking is also a very stable business, since so much of it is regulated by the federal government. The last twenty years have seen a lot of consolidation as the larger banks have bought the smaller ones.
Investment Banking: Investment banking is really two different careers molded into one. The first is Mergers and Acquisitions, commonly known as M&A. Mergers and acquistions professionals help companies acquire other companies or help them merge with equals. Most the work that a masters degree holder does involves valuing companies and looking for other companies that might make a good strategic fit. The key to success is valuing the companies correctly, and that is where the MBA training comes in. You must be able to estimate what the other company is worth before you make an offer to buy it. You must also be able to forcast how that combined company will do, where there will be cost savings, where you'll have to spend extra money, and, of course, whether or not the government will allow the acquisition to occur.
Corporate Finance is very similar to M&A, but you are acting as a banker, trying to raise money for companies. You get to help young companies like Google and Yahoo raise money so they can continue to grow. You also could help a mature company like Ford raise more money through selling debt, setting up a public stock offering, or creating a private placement. This career is all about helping the Chief Financial Officer manage his assets as efficiently as possible. Most career corporate finance executives have earned their MBA.
Financial Planning: Ever wish you could help people invest their money better? That is exactly what financial planners do. The good ones have MBA's and something called a CFA or a CFP, which is a certification showing they have taken certain courses and passed certain tests. Financial planners guide families in their asset allocation so that the families are saving for retirement, for college, and for a rainy day. Financial planners usually work for a brokerage house like Smith Barney or independently. When independent, they can choose to put their clients money in the best possible investments.
This is a popular career because it pays well. Most successful financial planners are really good at selling and at client relationships. It is largely a trust business. Still, the things you learn while earning your MBA will help you manage your relationships and understand how asset allocation works.
Money Management: Money management is a very popular line of work because it is incredibly rewarding financially. In 2006, one manager earned over $1.5 BILLION. That is a lot of money for picking stocks. Still, it is a very hard job. Your MBA will teach you the basics of money management, although, in this career, there is no substitute for experience. You will need to know how to analyze financial statements, build financial models, and interview senior management of large companies. More importantly, you'll need to know when to be skeptical and when to be trusting of what people are telling you. One of the most famous money managers is Warren Buffet, know as the Oracle of Omaha. If you have never read one of his annual report letters from Berkshire Hathaway, you owe it to yourself to read one today.
Insurance: The insurance industry is a stable, slow growth business that rewards those who are willing to work hard and stick with it. Like financial planners, the successful insurance agents are those who are good at managing relationships and good at sales. The MBA holder has an advantage in sales because of the prestige of the MBA moniker. The classes you take on the way to your MBA will also help, especially those about prioritization and management. There is not a lot of financial analysis to do; more insurance companies have pre-packaged information that you work from to get answers.
Real Estate: This is another industry where an MBA is helpful but not required. In most cases, the MBA adds prestige to your position and makes people more likely to work with you. You will use the skills you learned when you put together models of renting versus owning, of potential gains from owning real estate, of tax benefits of owning a home, etc. You will also learn about marketing and presenting homes for sale. You'll know what is important to share and what is better left unsaid.
Information Technology Management: In the modern workplace, it is imperative that technology works both effectively and reliably. Computer and information systems managers play a vital role in the implementation of technology within their organizations. They do everything from helping to construct a business plan to overseeing network security to directing Internet operations.
Computer and information systems managers: plan, coordinate, and direct research and facilitate the computer-related activities of firms. They help determine both technical and business goals in consultation with top management and make detailed plans for the accomplishment of these goals. This requires a strong understanding of both technology and business practices.
Computer and information systems managers direct the work of systems analysts, computer programmers, support specialists, and other computer-related workers. They plan and coordinate activities such as installation and upgrading of hardware and software, programming and systems design, development of computer networks, and implementation of Internet and intranet sites. They are increasingly involved with the upkeep, maintenance, and security of networks. They analyze the computer and information needs of their organizations from an operational and strategic perspective and determine immediate and long-range personnel and equipment requirements. They assign and review the work of their subordinates and stay abreast of the latest technology to ensure the organization does not lag behind competitors.
The duties of computer and information systems managers vary greatly. Chief technology officers (CTOs), for example, evaluate the newest and most innovative technologies and determine how these can help their organizations. The chief technology officer often reports to the organization’s chief information officer, manages and plans technical standards, and tends to the daily information technology issues of the firm. (Chief information officers are covered in a separate Handbook statement on top executives.) Because of the rapid pace of technological change, chief technology officers must constantly be on the lookout for developments that could benefit their organizations. Once a useful tool has been identified, the CTO must determine an implementation strategy and sell that strategy to management.
Management information systems (MIS) directors or information technology (IT) directors manage computing resources for their organizations. They often work under the chief information officer and plan and direct the work of subordinate information technology employees. These managers ensure the availability, continuity, and security of data and information technology services in their organizations. In this capacity, they oversee a variety of user services such as an organization’s help desk, which employees can call with questions or problems. MIS directors also may make hardware and software upgrade recommendations based on their experience with an organization’s technology.
Project managers develop requirements, budgets, and schedules for their firms’ information technology projects. They coordinate such projects from development through implementation, working with internal and external clients, vendors, consultants, and computer specialists. These managers are increasingly involved in projects that upgrade the information security of an organization.
What skills are required to become a success full MBA Professional?
Every MBA aspirants MUST have to note that having an MBA degree only will not help you if fulfilling your career dreams like a good job, a good salary package or a high position in the company. To achieve all these you have to develop yourself up to a level and then your can get what you dreams.
To become successful MBA professionals requires many skills like self motivation, self control, quick learning, open to adopt the challenges and being ready for something new every day. Sometimes, particularly in the initial phase of career, MBA professionals have to work in hectic work environment and pressure. Therefore one needs to be tactful when dealing with clients and should be patient and possess keen business expertise. Other skills which will help an MBA professional in career growth are good communication skills, leadership quality, ability to motivate and work as part of a team, time management skills, ability to understand and solve problems and many others. Quick thinking and the ability to come up with new ideas are advantageous.
Do remember that merely text book knowledge will not help a candidate even though it can help him easily make a way in this field. On the job, they have to ensure that they are in touch with the latest practices and their skills should be kept updated. They should be aware of the current global scenario, economics and industry trends.
This is just the tip of the iceberg as far as career opportunities for MBAs are concerned. Having an MBA degree gives you countless job opportunities, mostly in top level positions, and can help to further your career tremendously.
Various industries where MBA have job opportunities:
- Accounting
- Agribusiness Management
- Arts Management
- Association Management
- Aviation Management
- Business Administration
- Business Analysis
- Business Communication
- Business Information Systems
- Business Law
- Corporate Administration
- Corporate Governance
- Cultural Management
- Design Management
- Eco-business
- Ecommerce
- Economics
- Education
- Education Management
- Electronic Business
- Electronic Commerce
- Engineering Management
- Enterprise And International Business
- Enterprise Resource Planning Systems
- Entertainment Management
- Entrepreneurship
- Entrepreneurship & Venture Development
- Entrepreneurship And Family Business
- Entrepreneurship And Innovation
- Entrepreneurship And Small Enterprise Management
- Event-sports Management
- Finance
- Financial Management
- Financial Planning
- Fund Management And Treasury
- Futures Studies
- General Management
- Health Care
- Health Informatics
- Health Management
- Health Service Management
- Health Services Management
- Hospitality Management
- Human Resource Management
- Human Resource Management & Industrial Relations
- Industrial Relations
- Information Management
- Information Systems
- Information Systems And Marketing
- Information Systems Management
- Information Technology
- Information Technology Management
- Infrastructure Engineering
- International
- International Business
- International Business And Trade
- International Business Management
- International Business: China
- International Commerce
- International Management
- Investment Advisory
- Investment Banking
- Language And Culture
- Law
- Leadership
- Leadership And Communication
- Legal Studies
- Local Government
- Logistics
- Management
- Management Accounting
- Management Information Systems
- Marketing
- Marketing Management
- Media Practice & Production
- Mineral Economics
- Natural Resource Management
- Operations Management
- Organisation And Communication
- Organisational Behaviour
- People Management
- Pharmacy Management
- Philanthropy And Non Profit Studies
- Procurement
- Professional Practice Management
- Project Management
- Public Administration
- Public Management
- Public Relations
- Public Sector Management
- Quality Management
- Research
- Research Project
- Retail Management
- Risk Management
- Rural Health
- Small Business And Entrepreneurship And Strategy
- Sport Management
- Strategic Management
- Strategy
- Strategy And Planning
- Technology Management
- Tourism
- Tourism & Hospitality Management
- Training & Development
