Reviewed by: Shail Pandit, Associate Dean of Graduate Programs, UIC Business
Picture this: You spend 5-10 years developing your skills and moving up the career ladder, but then all of sudden there are no more rungs available to you. You may be wondering what the problem is. You have extensive skills, a solid education, great experience and the drive to become a leader. So what’s missing?
It’s a common story for many professionals, and many of them choose to remain an individual contributor. But, your career doesn’t have to stay the same until you retire if you don’t want it to. A Master of Business Administration gives you the advanced management, strategy and business skills you need to avoid stagnation and advance your career to the highest levels of leadership.
What Is an MBA?
MBA programs delve into the advanced skills that business leaders need, no matter what industry they work in. Importantly, MBAs are usually geared toward candidates who have spent some time building experience in their work history. This is because the curriculum of an MBA is not relevant to entry-level individual contributor roles.
Instead, these degrees prepare students for roles that require a combination of advanced business fundamentals, leadership and strategic decision-making, such as:
- Senior-level individual contributor roles
- Team and department management
- Executive leadership
- C-suite leadership
- Consultancy
After they complete their programs, MBA graduates can pursue these roles in a wide variety of industries. Read on to explore the roles that MBA graduates can pursue in fields like:
| Job Title | Median Annual Salary |
| Financial Manager | $120,200 |
| Financial Analyst | $85,400 |
| Business Analyst | $96,100 |
| Business Consultant | $93,400 |
| Human Resources Manager | $100,700 |
| HR Consultant | $87,900 |
| Marketing Manager | $105,300 |
| Product Manager | $140,200 |
| Management Consultant | $92,000 |
| Business Operations Manager | $100,200 |
Source: Lightcast
Business Analytics Careers With an MBA
Business Analyst
Median Annual Salary: $96,100 (Lightcast)
Business analysts have an exciting role to play in nearly every organization. They analyze processes, strategies and operations in order to find opportunities to improve revenue, profits, operations and development. Business analysts typically work cross-functionally — although they may specialize in a specific industry or function — meaning that they can identify inefficiencies or issues with the processes of any department of an organization.
Importantly, business analysts both provide recommendations and support teams when they implement the improvements. This typically requires collaboration with the affected teams, as well as operations and project management roles.
Business Consultant
Median Annual Salary: $93,400 (Lightcast)
Business consultants have similar roles to business analysts, but consultants are often external employees working on a contract basis and have more high-level decision-making authority.
Consultants have very broad business knowledge that they use to support the big-picture operational processes of an organization, and business consultants are specifically focused on business performance and profitability in the market.
They may offer services such as:
- Market analysis
- Strategic development
- Financial analysis
- Operational improvement ideas
Finance Careers With an MBA
Financial Manager
Median Annual Salary: $120,200 (Lightcast)
Finance managers oversee the finances of an organization, making sure that the organization is meeting its financial goals and operating successfully within its revenue model. Their responsibilities often include:
- Preparing financial statements and performance reports
- Monitoring regulatory and legal compliance
- Developing financial strategies that increase revenue and profit while reducing risk and costs
- Supporting budgeting, forecasting and investing efforts
- Leading the finance team or department
- Advising executives on the ideal course of action
Financial Analyst
Median Annual Salary: $85,400 (Lightcast)
Financial analysts are specialized data analysts who make recommendations that maximize profits. They are mostly focused on investment opportunities, such as stocks and bonds, but they may also identify risks or inefficiencies in an organization’s financial operations. In order to promote the best possible outcomes, financial analysts:
- Recommend individual investments
- Regularly evaluate a company’s financial data
- Stay up-to-date on economic and business fluctuations
- Present regular updates to executive leadership
These professionals are strong strategic decision-makers that are comfortable making recommendations to executives.
HR Careers With an MBA
Human Resources Manager
Median Annual Salary: $100,700 (Lightcast)
HR managers hold a key responsibility overseeing the HR team, ensuring that the team is effectively supporting both employee wellbeing and organizational goals. In addition, they’ll also support their own team and provide them with any resources they need to work effectively and efficiently.
Typically, HR managers might be responsible for setting internal policy and offering training related to:
- Benefits
- Compensation
- Regulatory compliance
- Recruitment
- Employee development
HR managers play a major role in company culture, representing the center of employee-employer relations and working to resolve disputes. They also ensure that the organization is maximizing employee talents.
HR Consultant
Median Annual Salary: $87,900 (Lightcast)
HR consultants perform similar tasks to consultants in other areas, but they are highly specialized in optimizing HR practices. By offering their industry expertise to organizations of all sizes, they can help organizations build or improve their own HR practices.
After uncovering what organizations need, HR consultants may offer support with:
- HR policies
- Employee relations
- Benefits plans and administration
- Organizational structure and workforce planning
- Training and development programming
- Change management
- Legal compliance
- Company culture
Marketing Careers With an MBA
Marketing Manager
Median Annual Salary: $105,300 (Lightcast)
Marketing managers lead the marketing teams, supporting them as they develop a cohesive and attractive brand, spread brand awareness, connect clients and customers with needed solutions, and bring products or services to the market.
Their responsibilities vary by organization, but they will generally be responsible for managing the outputs and direction of the marketing team on a high level. Marketing managers may also work in a specialized area depending on their interests, such as:
- Digital media
- Social media
- Content
- Branding
- Events
Product Manager
Median Annual Salary: $140,200 (Lightcast)
Oftentimes, product managers are seen as a solely operational role, but they serve an important role as marketing leaders as well. Product managers leverage a strong understanding of client and customer personas to determine which products are most in demand or aligned with the capabilities and mission of the organization.
In addition to this ideation stage, product managers collaborate with marketing and operations teams to ensure that products are developed and rolled out successfully. Some of their specific tasks include:
- Develop product strategies that align with business goals
- Create roadmaps and timelines
- Monitor product performance, profitability and success
- Manage the execution of strategies
- Create strategies to distinguish products from competitors
Management Careers With an MBA
Management Consultant
Median Annual Salary: $92,000 (Lightcast)
Management consultants support companies who are seeking improvements to any and all processes associated with performance. Unlike business consultants, management consultants support all aspects of an organization, not just their business success in the market. These consultants will identify opportunities to improve:
- Efficiency
- Effectiveness
- Profitability
- Cross-functional collaboration
- Management style and leadership capabilities
Management consultants take a holistic view of the highest level of organizational concerns — strategic direction, organizational design and change management — as solving problems in these areas tends to lead to improved results in day-to-day operations. After analyzing an organization’s issues, management consultants may provide a roadmap to implement improvements.
Business Operations Manager
Median Annual Salary: $100,200 (Lightcast)
Business operations managers play a critical role supporting the day-to-day function of an organization, as well as fostering initiatives for improvement and growth. These professionals tend to have a hand in everything, so they need a wide variety of skills, such as:
- Communication
- Relationship building
- Organization
- Project management
- Strategic thinking
- Cross-functional business knowledge
- Analytical thinking
- Leadership
Business operations managers leverage these skills to support all teams in an organization, especially when it comes to streamlining processes, improving efficiency, generating more revenue and removing barriers to cross-functional work.
How Can an MBA Concentration Support Your Career?
One of the most important benefits of MBA programs is that they teach professionals broad skills that are applicable to many leadership positions across industries. However, for individuals who have clear career goals, it may be important to consider MBA programs with concentration or specialization options.
Concentrations offer specialized coursework that helps MBA students to attain core skills that are highly relevant to specific career areas, such as the ones we’ve discussed in this article. At UIC Business Graduate School, professionals can choose from five in-demand concentration options to specialize their Online MBA or Flex (hybrid) MBA. Our concentration options include:
- Business analytics
- Finance
- Human resource management
- Management
- Marketing
Experience the UIC Business Advantage: Flex or Online MBA
With two flexible, high-quality MBA programs, UIC Business Graduate School provides the flexibility, expertise and network you need to succeed. Our Flex Master of Business Administration program offers the perfect blend of in-person and online learning for ambitious Chicago professionals, while the Online MBA offers 100% online courses to empower aspiring business leaders to gain advanced business expertise with maximum flexibility. No matter which modality you choose, you’ll have access to a high-quality curriculum that includes five career-focused concentrations.
Founded in 1965, UIC Business has grown from a small college with three programs into a top-ranked, research-based business school with an international reputation. Located at the doorstep of Chicago’s financial district, our school combines the resources of a major public research university with deep connections to the city’s vibrant business community.
Learn more by requesting a brochure, or start your application today.
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