The Multipurpose MBA
An MBA degree is not only a fairly lucrative pursuit but also an extremely versatile one. Let’s take a look at the different concentrations within the MBA and where each field might take you.
The MBA
More than 200
Number of top-earning CEOs in the U.S. who have MBAs (1)
$97,714
Median salary for an MBA degree-holder in 2014 (2)
$102,355
Average total tuition for a business degree from a top-20 school (3)
MBA Concentrations
Not all MBAs are created equal. Career paths depend greatly on the area of concentration within the MBA.
Accounting
Business management
E-business/e-commerce
Economics
Entrepreneurship
Finance
Global management
Human resources management
Information systems
International business
Marketing
Operations management
Strategic/risk management
Technology management
Most lucrative (5, 6)
Finance
Median mid-career pay: $121,000
Career paths: Chief financial officer (CFO), finance director, senior financial analyst, stockbroker
International business
Median mid-career pay: $116,000
Career paths: Sales director/mediator, operations director
Marketing
Median mid-career pay: $113,000
Career paths: Marketing director/manager, business development manager
Information systems
Median mid-career pay: $106,000
Career paths: IT director/manager, IT project manager, IT systems analyst
Technology management
Median mid-career pay: $102,000
Career paths: VP of IT, IT director/manager
Business management
Median mid-career pay: $96,900
Career paths: Sales director, HR director, general/operations manager, hospital management, management consultant
Accounting
Median mid-career pay: $84,000
Career paths: Financial controller, senior accountant
MBA Employers
Here’s a look at some U.S. companies that hire large numbers of MBA degree-holders: (7)
Google (CA)
McKinsey & Company (NY)
Apple (CA)
Bain & Company (MA)
Boston Consulting Group (MA)
Amazon.com (WA)
Goldman Sachs Group (NY)
Facebook (CA)
Nike (OR)
JPMorgan Chase (NY)
Johnson & Johnson (NJ)
Best Schools vs. Cheap Schools
Some people believe MBAs are only beneficial when received from a top-10 or even top-5 school. But there is a huge difference between top schools and generally affordable schools.
Top 5 business schools (8)
School: Annual tuition: Full-time enrollment
Harvard: $56,175: 1,851
Stanford: $59,550: 809
University of Pennsylvania: $59,736: 1,677
University of Chicago: $58,760: 1,176
MIT: $61,152: 819
Best bang for your buck in private schools (8)
School: Annual tuition:
Alfred University (NY): $37,646
Rochester Institute of Technology (NY): $36,216
Bentley University (MA): $34,904
Baylor University (TX): $34,116
American University (DC): $33,444
Cheapest online MBA programs (9)
School: Annual tuition
Southeast Missouri State University: $9,669
Texas A&M University-Commerce: $10,635
East Carolina University: $11,451
University of Louisiana at Monroe: $12,015
Ball State University (IN): $12,600
Sources:
1. http://www.aib.edu.au
2. http://education-portal.com
3. http://www.forbes.com
4. http://businessmajors.about.com
5. http://career-advice.monster.com
6. http://www.examiner.com
7. http://money.cnn.com
8. http://www.usnews.com