Several years ago, employers were interested in hiring individuals who had a bachelors degree in their particular field of work, but the market has moved on. More employers than ever are looking for proven business knowledge to back up an area of specialisation, the sort of knowledge and business confidence that comes from a Masters of Business Administration.
It’s not just anecdotal evidence that suggests MBA graduates are in high demand. The Corporate Recruiters Survey Report 2018, an analysis by the Graduate Management Admission Council of responses from 1066 employers in 42 countries, says 81 per cent of organisations planned to hire MBA graduates in 2018.
Demand for MBA graduates is strongest in Asia Pacific, the research said, where a massive 90 per cent of businesses planned MBA hires in the next 12 months.
Just as exciting is the fact that globally, those with an MBA earn a significant salary premium over their bachelors degree colleagues. US companies, the research says, “offer a median starting base salary of US$105,000 to MBA graduates in 2018”.
The same company’s Year-End Employer Poll Report 2018 said that in 2019 “…most employers plan to increase the starting base salaries of new business school hires in 2019 at or above the rate of inflation compared with the base salaries offered to 2018 new hires”.
What types of jobs are we talking about? Unsurprisingly, data analytics roles are in huge demand. But actually, there are great opportunities across the board.
Here are some examples:
An external point of view is of enormous value to businesses, whose teams are often bogged down by day-to-day challenges.
A management consultant gives advice on how a business might be managed more effectively. It’s a satisfying role because the consultant gains deep knowledge and insight into various types of businesses and industries whilst assisting with positive change and performance enhancements. Essentially, it’s about helping to craft powerful, big-picture strategies, hand-in-hand with an organisation’s senior management team.
Management consulting is a job that can introduce an MBA graduate to a vast range of industries almost anywhere in the world.
There was a time when the CFO or financial manager was simply expected to provide stakeholders with historical performance documents, backwards-looking reports that gave an idea of how the business has been doing in the market. Times have certainly changed!
These days the job is about utilising data for predictive purposes and providing the organisation – from the board to departments including sales, marketing, HR, IT and more – with an image of what the future looks like. It’s a role that requires a broad understanding of all business functions, not just accounting.
The specifics of the role include all management of financial procedures, which might involve investment activity, budgets, capital raising, global transactions, automation projects and more.
What does healthcare have to do with business management? Plenty, actually.
Healthcare administrators, whether within hospitals, other health systems or in policy-making bodies such as government departments, plan and direct health services. They are responsible for processes and policies, for change management and for regulatory governance.
In healthcare, technology is a very important issue, with the latest developments requiring analysis and consideration around various business models before decisions are made around whether to bring them on board.
The ageing population means these roles will become more important as technology and healthcare combine to allow services to move outside hospitals and clinics and into people’s homes.
Information Systems Manager
As mentioned, data analytics roles are more important than ever. But it’s no use employing great data analysts if the systems within an organisation have not been designed to serve stakeholders the right information, in the right format and at the right time.
Information Systems Managers work with leaders within the business to develop strategies around the company’s future needs.
The potential data flow in today’s business environment is so heavy that an important part of the role is figuring out what not to do. Great information systems management is often about identifying the five or ten pieces of information that are vital to the company’s competitive advantage, then developing systems that make real-time versions of this data available anytime and anywhere.
As data intelligence has transformed rapidly from a nice-to-have to an absolute essential in the business environment, the importance of professionals able to devise, build and manage information systems has likewise become far greater.
As with so many management positions within organisations, HR management has transformed from a functional role to a strategic one. It is now about working as a part of the organisation’s senior management team to develop clear talent maps for the future, then devising strategies to ensure those future roles and talent profiles are filled.
This means HR is a role that requires great knowledge and understanding of the business’s strategic goals and also of the unique challenges and opportunities in each department. This is exactly what an MBA prepares its candidates for, a strong and thorough comprehension of every aspect of a business.
Of course, it makes sense – if you want the right people for a role, you have to first understand the role in the context of the unique business. An MBA-qualified HR specialist is the perfect person for such a challenge.
Actually, this final suggestion is intended to represent so many specialist roles, from education to health and from retail to B2B.
So many specialist businesses, such as sports teams, sporting clubs or sports associations, experience growth to a certain point and then plateau, struggling to break through a ceiling. This is because they are very good at one thing, but are not business experts.
Those who have earned the comprehensive suite of business knowledge offered by an MBA are able to help such organisations to strategise and structure for future growth beyond their apparent limitations.
Find out more about achieving your career goals by studying an MBA with SCU Online.