How an MBA Can Lead To Higher Salaries
The media tends to aggrandize the overnight success stories of managers who ascended to the top of their companies without an advanced education, most positions require an MBA in order to move up within the ranks. Currently, MBA programs are working to regroup as the business practices of yesterday proved to fail companies over the past three years as a result of the economic downturn. Consider MBA programs that acknowledge this growing need in business, like an Online MBA Program where the course descriptions reflect a need to revise and rethink business strategy in order to prevent the same mistakes from being made in the future.
The most essential changes being made by Online MBA Degree Programs include a focus on more ethics discussions in courses, real world application of studies during the program and other important issues that businesses face today. Even if a company doesn’t explicitly ask for an MBA as a requirement for application, the salary that professionals aspire to earn could be negatively impacted if companies believe you can be valued less without an advanced degree.
Common MBA Careers and Its Business Management Salary
Comparing managers in all industries yields an average salary of $91,570. The lowest-level salaries, on average, come to $45,410, and the highest reported wages are well above $166,440. When choosing an industry to settle into and seek a management career, salary is a major factor for many.
Average Salaries for the Highest Paying Industries in Business:
- Manager of Consultion Services: $142,310
- Computer Systems Design Manager: $144,060
- Computer Manufacturer Manager: $150,710
- Managers for Athletes and Artists: $154,450
- Securities and Commodity Exchanges Manager: $157,820
- Financial Investment Manager: $162,790
Unfortunately, except for the first two industries, these industries employ the lowest number of managers in total. So, professionals looking to find out how to secure the best business management salary might want to instead look to which industries employ the highest number of professionals (listed in order from lowest to highest number of workers employed):
Industries That Employ the Highest Number of Business Management Professionals
- Management, Scientific and Technical Consulting Services: $142,310
- Computer Systems Design: $144,060
- Building Equipment Contractors: $105,720
- Local Government: $87,720
- Companies and Enterprises: $128,350
By considering the amount of competition for position, the industry with the most jobs but highest average salary would be computer systems design and consulting services. But these aren’t the only management careers professionals can consider. These positions are also potentially lucrative and are found in a variety of industries
Business Management Positions with the Most Jobs and Highest Average Salary
- Food Service Manager: $46,320
- Independent Artist Manager: $60,050
- Medical and Health Services Manager: $80,240
- Retail Managers: $90,230
- Operations Manager: $91,570
- Financial Manager: $99,330
With more experience and education from a Online Masters Degree Program, professionals can learn how to secure the best business management salaries in any industry.
Choosing the Right Industry to Secure the Best Business Management Salary
Top MBA employers include companies that range from Kraft Foods to Google, but for professionals who wonder how to secure the best business management salary, the focus should be on the industry of interest rather than the company. In each possible industry, top employers exist who are willing to pay the upper-level salaries that MBA graduates strive for, so professionals just have to ask themselves: what type of company do I want to work for?
Fortune Magazine listed the top 100 MBA employers based on feedback from professionals. Google topped the list, but every industry from electronics to cosmetics to autos to toys were represented, with a healthcare company bringing up the tail end. As MBA professionals seek to secure the best business management salary, their chief consideration should be in discovering where their natural interests lie to maximize job fulfillment.
The bottom 10 percent of employees in common business positions:
- Independent Artist Manager: $27,810
- Food Service Manager: $29,450
- Operations Manager: $45,410
- Retail Manager: $46,700
- Medical and Health Services Manager: $48,300
- Financial Manager: $53,860
The difference in wages can sometimes be by as much as 50 percent, as you’ll see in the following section, which indicates that some professionals employed in the same capacity as others are paid significantly lower. For more information on General Management careers, click here. By achieving an MBA, professionals are putting themselves in a position where they can fight for higher salaries and have the goal of upward mobility within an organization become much more attainable.
As consumers are just now beginning to open their wallets to more casual purchases, companies will begin to see profits come back and budgets expand, and they’ll be looking for able managers to lead their companies in new and more dependable ways. Because the older generation of leaders are being called into question, and those who are not are soon to retire, The Congressional Research Service is predicting that management positions will be in high demand for businesses. An estimated 60 percent of managers in the current workforce are expected to retire in the next 10 years. Professionals will have to compete for those openings, and an MBA is a solid weapon to enter into that battle with.