Earning an MBA will make you a true business expert – and there are plenty of reasons to want to get this advanced degree. From offering new career opportunities to introducing new fields and possibilities, there’s a lot of potential in an MBA degree.
And if you’re looking to advance in your career, an MBA could be the key. An MBA can lead to a promotion, and it’s sure to lead to a higher salary. According to the Wall Street Journal, 75 percent of people who earn an MBA end up switching careers and doubling their salaries.
If you want to know how an MBA can double your salary, you just need to know which career paths are the most lucrative. The following are five career paths that could potentially double your salary and help you rake in more money.
1. Financial Manager
If you enjoy working with numbers, an MBA is incredibly valuable in the finance world. It can open up entirely new career paths, and plenty of jobs within these careers can come with lucrative salaries. Finance is always in need, and you can find positions in just about any company’s finance or accounting department.
With an MBA, you’ll have all the qualifications you’ll need to become a financial manager. These business professionals work with numbers, preparing financial documents and data for companies, banks, and individual clients. And as Bentley University reports, you’ll earn as much as $110,000 per year as a financial manager.
2. Information Security Analyst
If you’d love to work with computers and keep data secure for companies, clients, and people absolutely everywhere, the field of information security holds plenty of potential. A fast-growing field thanks to the ongoing advances in both technology and cybercrime, more and more information security experts are needed.
According to Bentley University, you could earn an additional $30,000 a year if you earn your MBA and make the jump from a computer support role or information technology employee to an information security analyst. With higher pay, you’ll net up to $86,000 a year – and you’ll also get the chance to oversee others.
3. Marketing Director
Marketing is a field that just about anyone can enter. From artists interested in graphic design to public relations professionals to business experts in development and strategy, marketing offers many opportunities to explore. And with an MBA on your resume, you’ll be in prime position to nab a manager, director, or executive position.
Marketing offers a wide variety of advanced and high-level options for those with MBAs. And they pay well. Marketing managers can earn, according to Bentley University, $102,000 annually while marketing directors can earn $133,000 a year. That’s an increase of $40,000 to $70,000 compared to marketing pros without an MBA.
If your goal is to lead others or perhaps run an entire organization or company, you’ll want to consider earning your MBA – with this advanced degree, you’ll be eligible to become a consultant. Sometimes called a strategist, consultants are masters of business theory. They look at the big picture of a company, helping to guide, make, and implement management decisions and lead organizations to success.
Becoming a consultant or strategist can also be a lucrative career change. You can become a consultant in any industry, from software and technology to healthcare to finance. And Monster.com reports that you should expect to earn approximately $123,000 per year in such a role.
If you’re filled with great ideas and love the possibility of turning your business dreams into reality, you can become an entrepreneur. While there’s technically no education required for budding entrepreneurs – you simply need a good idea to get started – those with business skill and education have a better chance of building a successful business.
An MBA program can specifically prepare you for a career as an entrepreneur, teaching you the knowledge and skills you need to start companies from the ground up while also introducing you to valuable connections and networks. As an entrepreneur with an MBA, Monster.com reports you’ll earn an average salary of $135,000.
Did you find this article helpful?