Career Prospects and Salary Potentials of Online MBA Degrees
Although nothing is certain and nothing guarantees anything, online MBA degrees are about as close to a sure thing as there is. Even through difficult economic times, an MBA is a wise investment because it qualifies the degree holder for employment in multiple industries and it develops in students highly sought after skills. So if you are considering furthering your education to begin, advance, or change your career, this site is here to provide you with the most up to date information regarding the career prospects and salary potentials of online MBA degrees.
Industries for Online MBA Degrees
A graduate of an online MBA program can potentially enter any number of industries, depending on the individual’s prior work history, programmatic focus, and undergraduate educational credentials. Obviously, an MBA qualifies applicants for employment in business, management, and administrative related fields—such as financial management, organizational leadership, investment banking, human resources, public relations, marketing, and advertising.
An online MBA degree can also lead to a career in any of these industries—
- Health care
The job outlook of each specific industry varies. The most job growth is expected in the financial management sector, in consulting, accounting, and health care management. Depending on geographic location, employment history, and other external factors, these predictions are subject to change.
Salary Potentials of Online MBA Degrees
According to the Graduate Management Admission Council, the mean salary of MBA graduates was $80,292 in 2006. Furthermore, the US Census Bureau reports that graduate degree holders are expected to earn $1.3 million more than high school graduates over the course of their lifetimes and almost $500,000 more than bachelor degree holders. These figures depend on the age at which the advanced degree was completed, the industry and position, relevant experience, and other external factors.
The typical salaries of MBA graduates in the related industries that were mentioned above are as follows:
- Nonprofit/government – $70,000
- Manufacturing – $ $91,560
- Health care – $95,973
- Finance/accounting – $95,000
- Energy/Utilities – $97,770
- Consulting – $105,000
- Technology – $95,000
- Product sales & services – $88,518
In general, these industry specific average salaries are only indicators and are not guarantees of compensation. Factors like related experience, additional educational credentials, company size and location, job requirements and expectations, and the reputation of the school from which the applicant graduated figure into compensation. Additionally, compensation packages often include other benefits such as health care insurance (medical, dental, and vision), paid vacation and sick days, stock options, employer contributions to 401k or other retirement plans, discounted life insurance policies, and other fringe benefits.
Attaining an advanced degree, like an MBA, decreases the likelihood of unemployment. According to the Statistical Abstracts of the United States, graduates with professional degrees are 25% less likely to experience periods of unemployment than undergraduate degree holders. In other words, finishing an advanced degree means greater career stability, greater career flexibility, and increased earning power. MBA degrees keep graduates employed and earn them more money.