One of the most popular graduate degrees in the U.S. is the Master of Business Administration (MBA). According to data from the National Center for Education Statistics, in 2020-2021, roughly 23% of all the master’s degrees conferred in the U.S. were advanced degrees in business — a higher percentage than any other academic discipline area. The popularity of the MBA degree is driven by business professionals planning to advance or change their careers, entrepreneurs looking to launch an enterprise and professionals wanting to improve their business knowledge, skills and networking opportunities.
Careers for MBA graduates are virtually limitless. Quality, online MBA programs — like those offered by Lamar University — generally include classes in areas like accounting and finance, economics and statistics, business strategy and operations, marketing, international business and management. These programs prepare graduates for myriad job opportunities with high demand in a variety of industries.
According to 2022 salary data from the U.S. Bureau of Labor Statistics (BLS), examples of high-paying jobs for MBA grads include architectural and engineering managers ($159,920 median annual wage), marketing managers ($140,040 median annual wage) and chief executives ($189,520 median annual wage). Researching high-paying, in-demand fields for management professionals may help prospective students determine which MBA specialization path to take.
Healthcare Administration
Healthcare is a rapidly changing and booming industry, and that growth is expected to continue well into the future. Because of the increased demand for expert healthcare managers with an MBA, this field offers strong career growth and good salaries.
BLS reports that employment of trained medical and health services managers will increase by 28% from 2021 to 2031, much faster than the average projected growth for all occupations. Careers for graduates of an MBA in Healthcare Administration program include administrator, chief executive officer, chief financial officer, quality improvement manager, insurance coordinator and pharmaceutical consultant. MBAs can work for hospitals, clinics, medical offices, physician medical practices, nursing homes, rehabilitation centers, home health services, mental health programs, pharmaceutical companies, insurance companies, university research centers, the military and government agencies.
Criminal Justice Management
The field of criminal justice management is another steadily growing sector in the U.S. Across the country, there is an increased focus on law enforcement, public safety and security, crime prevention, immigration and terrorism, and that has created a high demand for criminal justice professionals. Careers for graduates of a program like Lamar University’s MBA in Criminal Justice Management — particularly for executive-level leaders who have an MBA — are varied and numerous, and are available now and into the future.
As experts in management and executive leadership, criminal justice MBA grads are well suited to pursue police chief positions. According to July 2022 data from ZipRecruiter, police chiefs make an average annual salary of $107,294. Top earners in this role average nearly $200,000 annually. Other popular positions for MBA grads in criminal justice include police and detective supervisor, criminologist, FBI agent, corrections supervisor, criminal investigator, U.S. customs agent, criminology researcher, court administrator, security manager, social worker, lawyer and college professor.
Business Analytics
The increased need for data analysts with statistical and management experience has given rise to boundless business analytics and data science job opportunities across industries. An MBA in Business Analytics helps professionals develop the skills needed to excel in these roles. Coursework combines foundational business and management studies with the examination of cutting-edge analytical tools and technologies that drive data-informed decision-making and problem-solving.
BLS predicts employment of data science professionals and statisticians will soar in coming years, both occupational areas making BLS’ Fastest Growing Occupations list. With the near ubiquity of data-driven processes in modern business management, analytics professionals with an MBA are likely to enjoy the best career advantages, especially at the highest levels of analytics roles such as the chief data analytics officer position. Plus, for those interested in the more tech-heavy, information management side of business administration, Lamar University offers an MBA in Management Information Systems.
Entrepreneurship
Entrepreneurship — developing an idea into a profitable business from the ground up — is an increasingly popular career choice. Entrepreneurial careers for MBA graduates include launching a new venture or finding positions as business development managers/directors, consultants or marketing managers/directors in industries such as financial services, manufacturing, computer systems and home healthcare services.
A general MBA can be a perfect match for those with an entrepreneurial drive, providing the well-rounded knowledge of all business functions needed to start a company. Or, an entrepreneur may choose to build on their existing business skillset through learning the tools needed to scale businesses to the next level. A specialized program like Lamar University’s online MBA in Enterprise Resource Planning focuses on helping professionals develop expertise with these advanced tools and processes.
No matter the career path, investing in an online MBA program can help business professionals move to the next level and earn higher salaries, in addition to reaping the benefits of flexibility, convenience and a plethora of employment options.
Learn more about Lamar University’s online MBA programs.
