Online MBA Programs for Increasing Earning Potential
There’s a lot to be said for earning an MBA simply for the sake of broad-based knowledge that comes with it.
Completing a master’s program also tells potential employers that you have the perseverance to achieve a goal, while the credential tells them that you have an overarching perspective of the entire enterprise and not just your little corner of it.
Many students, though, want a financial payoff for the time and money they invest in a master’s. What MBA program specializations are good for increasing earnings potential? The answer is going to vary by region. Here are four, though, that consistently land on most “top earnings potential” lists.
MBA in Finance
An MBA in Finance immerses you in economics, accounting, and investment at the corporate level. You learn how to take care of a company’s financial health and position it for future growth.
According to monster.com, even junior-level finance positions often require MBAs. The payoffs are immense, though, because this credential could earn its holders access to top positions such as chief financial officer and finance director.
MBA in Economics
Along with the MBA in Finance, the MBA in Economics is one of the oldest specialized degrees. The two are similar in that both deal with numbers and money. The difference is the MBA in Economics prepares graduates to evaluate outside conditions that can impact a business, such as inflation, unemployment, and national or international monetary policy.
Just as with the MBA in Finance, an MBA in Economics can often bring a big salary bump. Payscale.com puts it at 46 percent over the course of the career.
MBA in Marketing
An MBA in Marketing prepares graduates to develop strategies and ideas for keeping their company’s brand at the forefront. In a day when those strategies can change as quickly as that latest Vine goes viral, it’s more crucial than ever that marketing managers stay current.
Graduates who have earned an MBA with a marketing specialization can make six-figure salaries as marketing managers and directors, according to Monster.com.
MBA in Environmental Management
This relatively new specialization is catching up quickly in terms of earnings potential. Graduates with an MBA in Environmental Management learn to help companies face environmental and energy challenges while also protecting the business financially and addressing next-generation issues as well.
Schools.com estimates 89 percent salary growth with this type of MBA, as well as a wealth of job opportunities in the public and private sectors.
Even if the MBA you’re considering isn’t on this list, there’s still good news. According to Forbes, interviews with more than 500 MBA alumni indicate that most of them experienced immediate salary boosts after earning the degree as well as increases continuing on through the fifth year post-graduation.
It’s hard to go wrong with any MBA specialization or with a general MBA. Master’s students looking to optimize the investment in their educations, though, should look to fields such as finance, economics, marketing or environmental management, to increase their chances of bigger payoffs.
Written by Ashford University staff
Retrieved from Forbes.com, “MBA Pay” http://www.forbes.com/sites/ronaldyeaple/2014/03/17/mba-alumni-profile-2/