In order to operate profitably, businesses must employ a multidisciplinary team of professionals to contribute their own expertise to each department of the organization. While entry-level roles are well-suited for individuals with limited academic experience, the specialized roles in businesses demand a more extensive understanding of business practices. Therefore, prospective master of business administration (MBA) students should examine their options for career advancement by educating themselves about the following MBA degree job opportunities.
Accountants are responsible for overseeing the financial operations of their employers in order to ensure that a business has its finances organized optimally. Using their experience and knowledge of business finance, accountants prepare reports and assess them to determine how a firm’s financial practices can be changed to lower costs and improve profits. They also evaluate financial records to ensure that all financial operations are in compliance with any applicable laws and regulations. An example of this duty is calculating taxes and arranging to have them paid. In this sense, having talented accounting personnel is inherently valuable—their expertise is critical to preventing damage to a firm’s financial stability.
To become an accountant, a professional must have at least a bachelor’s degree in business, but the types of accounting positions MBA degree graduates qualify for are more diverse. This is due in part to the fact that getting the certified public accountant (CPA) certification requires 150 hours of college credits, which is approximately 30 credits more than an average bachelor’s degree. Having this certification gives accounting professionals a higher level of credibility in the field, and a master of business administration can distinguish them even further. According to the U.S. Bureau of Labor Statistics, the median salary for accountants in 2016 was $68,150, and the number of jobs available in this occupation is expected to grow by 10 percent through 2026.
Budget analysts help their employers develop and manage budgets for each of their departments. To ensure that a budget is adhered to, analysts write complete reports that accurately detail all incoming and outgoing cash flows while also accounting for an organization’s future financial needs. Furthermore, budget analysts review proposals that request company funding. Before the firm can fund a new project, the budget analyst must determine whether the costs and benefits of the proposed project will be worthwhile and whether funding is available. For large projects, the analyst may need to explore other methods of funding the venture, such as loans from financial institutions. Once the analyst has gathered as much data as possible, he or she presents the findings to the firm’s administrators to help them decide the best course of action.
Numerical and analytical skills are at the core of an effective budget analyst’s expertise. A master of business administration program features enough accounting, finance, and statistics coursework to prepare a business professional with the necessary fundamentals to excel in these areas. By completing an MBA degree, professionals may be better qualified to enter into budget analyst positions and potentially earn the median annual salary of $73,840.
Financial managers create an organization’s long-term financial strategy and supervise non-managerial finance professionals, such as accountants and budget analysts, to ensure that financial goals are achieved. Apart from meeting goals, the manager also certifies that all financial records are accurate and that any legal obligations are met. Another large responsibility is monitoring the business’s activity and analyzing market trends in order to discover opportunities to expand the business. For instance, if reports show significant success coming from a particular region, the financial manager may investigate whether expanding operations in that region would be a fiscally responsible decision.
Financial manager is not an entry-level role. Therefore, being hired to this position requires a minimum of five years of experience in a related business or financial occupation. Individuals who are interested in this occupation would likely benefit from obtaining their master of business administration as well, because the coursework featured in postgraduate business programs is designed to reinforce a student’s knowledge of financial analysis and business management. The median salary for financial managers is $121,750, and through 2026, the number of available jobs in this occupation is expected to grow by 19 percent.
Compliance officers specialize in ensuring that a firm conforms to all of the laws and regulations that govern it. This includes examining contracts to validate whether they represent the law and determining whether the organization has all of the proper licenses and permits it needs to operate legally. Compliance officers may also perform inspections of the organization’s activities to ensure that illegal or unethical practices are not present in their operations. In order to prevent the spread of any negative behaviors, the compliance officer often designs and implements a set of policies and guidelines.
A compliance officer needs a keen sense of attention to detail and an analytical mind. With a master of business administration degree, a prospective compliance officer can gain a stronger comprehension of how to uncover compliance risks and the best ways to mitigate them. The median annual wage for people who find success in this occupation is $66,540, but having two or more years of experience in business administration is necessary to qualify for this position.
Ongoing mismanagement of finances or failure to comply with legal standards can eventually lead to the collapse of a business. In order to prevent this, businesses hire master of business administration graduates to oversee the legal and financial aspects of their organizations. As their analytical and strategic thinking skills have been sharpened through advanced coursework, these professionals have the business competencies that help protect businesses from costly administrative errors.
Our online MBA program at New Jersey Institute of Technology is designed to prepare motivated, tech-savvy management professionals with the business expertise and technical knowledge vital for success in today’s rapidly evolving global business landscape.