FIVE LUCRATIVE CAREER OPTIONS FOR MBA GRADS
In the early to mid-2000s, just about everyone was pursuing a degree in business. Even now, an MBA is considered one of the gold standards in education. Not only is it a solid master’s degree, but it’s also one of the most versatile degrees you can earn.
As times have changed, millions have shifted from the traditional and moved towards social science degrees to explore their areas of interest. This isn’t bad; it’s amazing to see people breaking away from the norm and pursuing areas that truly interest them.
However, this article is solely about MBA graduates and what they can do with their degrees. With that in mind, let’s look at some of the most lucrative career options MBA grads are open to.
1. Management consultancy
If you are good at what you do, the top consultancy companies will always give you space to join the team. Moreover, it’s a great chance for you to make your next decision while making a fair amount of money with some of the largest companies in the world.
Companies like McKinsey, Bain, BCG, and Deloitte always seek general MBA graduates who stand out. But remember, entering the consultancy world is not for the faint-hearted. Not only is it hard to get into these companies, but you also have a lot of stress attached to the job.
At the same time, you will be expected to meet your targets and deliver your projects on the dot with no room for error. This is what a fast-paced work environment truly means. Granted, your social life may go down the drain for a few months or even a year, but having these consultancy companies under your belt will surely put you on an amazing career track.
2. Legal firms
Legal firms are known to have large influxes of money through the cases they deal with, and they need people to manage the company while the lawyers handle legal issues. Of course, you would need to have some legal knowledge (preferably a bachelor’s in law), but if you nail a job like this, you can expect the money to flow.
Therefore as a business manager, resource allocation will be part of your job description. Moreover, your expertise in a firm like this will truly be valued.
Once you step foot into the business side of the legal industry, chances are you won’t come out of it. Not to say that you will be stuck; it’s just that you will probably encounter all the rewards you are looking for and see a fair degree of career growth in a short time. In the worst-case scenario where you find yourself stuck in the same position for years, that position would be of utmost importance and have a pay cheque to match.
3. Executive Search
This is a niche that not many people have heard of, but the impact that it has on the business community is priceless. Executive search is the fanciest name for headhunting. However, the sheer quality and scale of operations that executive search works on are far beyond imagination.
Most executive search firms work solely with fortune 500 companies, recruiting their C-level management. So, if a large, publicly listed company needs a new CFO, you may be tasked with finding, interviewing, and placing the candidate.
Not only is this an extremely interesting industry, but it is one where your network grows wider than you could ever have imagined. You will be meeting with business moguls and tycoons daily. Moreover, meeting targets and placing candidates usually comes with substantial rewards, the least of which is money.
Imagine getting the account of one of these companies and being the sole consultant on the case; that’s huge. Here are some of the top Executive Search/ recruitment companies you can investigate.
4. Education
Remember, you now have a master’s degree; yet another avenue has opened for you. with a few years of experience, you can seek a lectureship at a university.
This is one of the many careers you can pursue that pays respectably. Some people aren’t ecstatic about the salary, but the benefit of being a teacher is that you have the rest of the day free to pursue other ventures. However, if you stay with the career path, becoming a full professor can be extremely rewarding.
Not only does it bring a fair degree of status with it, but it pays well and allows you to network very well.
Nowadays, everyone wants to know business professors and would easily opt for you to join as a consultant in their firm. Moreover, at your level, becoming a partner in consultancy firms shouldn’t be all that hard either. To summarize, you have a bunch of time on your hands, giving you ample time to pursue other things while being a full-time teacher.
Conclusion
There we have it, some of the most lucrative industries you can investigate if you have a master’s degree in business. Don’t be disheartened if you can’t find something right now. The world is on the verge of a recession, and we are in an extremely volatile space right now.
When we move out of this uncertain period, something good will come around soon enough. Just remember to keep your options open, take what you can get, and figure the rest out later. Once you set yourself on the right track, the money will flow naturally. We hope that you find the dream career that you are looking for.
