Considering a Career Change? Explore Five Online MBA Career Paths

Are you considering a career change and trying to figure out where to start? A graduate business degree could be the answer you are looking for. An advanced degree can increase your earnings, secure a promotion and help open doors to a brand-new career. 

While many people apply to an MBA degree program to learn new skills, changing careers is the primary driver of pursuing an advanced degree. Of those who earn their master’s in business administration, about half move into a new industry after graduation. Whether you are looking for a new professional challenge or just starting out, earning an MBA may be what you need to realize your career goals. Continue reading to learn about five different career paths that MBA graduates can move into during or after they complete their degrees. 

What Jobs Can You Get with an MBA?

According to a 2022 Graduate Management Admissions Council survey, 74% of graduate business students cite improved job opportunities as the primary motivator for earning their MBA. Earning an MBA is a big commitment: how can prospective students be confident that their decision will support their work goals? 

Every person is unique, of course, but overall results trend positive: According to one survey, 9 out of 10 MBA recipients affirmed that their degree delivered a positive return on investment. They also reported positive feelings about the educational experience, increased employability and earnings. 

That positivity is mirrored on the other side of the hiring aisle, with 92% of recruiters reporting that they plan to hire MBA graduates specifically, as do 95% of staffing firms. MBA graduates are in demand because of their strong communication skills, versatile skill sets and strategic thinking, which make them optimal candidates for many different careers. An MBA credential on your resume or CV can help distinguish you from the crowd and open up many new career opportunities.

Leadership and Management Roles 

MBA graduates seeking to move into decision-making and team management roles can qualify for many roles. Common MBA career path job titles include:

Business Manager 

Business managers typically develop business management goals and objectives focusing on company growth. They supervise and lead the company’s operations and employees and evaluate company performance. The median annual income for business managers is $116,880. 

Operations Manager 

Operations managers ensure that their company’s operations run smoothly and efficiently. They oversee and develop team members and participate in financial procedures, managing margins, costs, budgeting and forecasting at the company. Operations managers earn a median annual income of $129,330. 

Executive Leadership Roles

A top business executive, such as a chief operating officer, handles significant responsibilities, including overseeing recruitment and hiring, financial operations, budget development, production and business strategy. Executive pay ranges by title and industry: manufacturing executives earn over $239,000 a year, health and social assistance executives earn around $190,000, and those in government make about $137,000.

To succeed in a leadership or managerial position, business professionals need strong skills in business practices, financial fundamentals and communications. In the University of Tennessee, Knoxville’s Online Master of Business Administration, classes like Business Communications and Strategic Decision Making provide relevant instruction on hard and soft skills leaders need for the future. According to McKinsey & Company, today’s leaders no longer merely need to be skilled professionals; they must also leverage their soft skills (e.g., communication, inspiration, empathy) to connect with their teams.

Marketing and Brand Management 

A master’s degree in business administration can launch a rewarding career in marketing and brand management. For professionals interested in identifying strategies and techniques to attract customers, a marketing career can be a great fit.

Marketing Manager

Marketing managers develop strategic marketing plans and then oversee their implementation and execution. This can include evaluating research results, spearheading market research efforts or coordinating initiatives across a variety of channels. Marketing managers earn an average median income of $157,620.

Digital Marketing Director 

Digital marketing directors supervise the overall digital marketing strategy of a company. Digital marketing managers manage social media campaigns and content calendars, and measure the effectiveness of various marketing campaigns. Estimated total annual pay for digital marketing directors is approximately $187,000. 

Brand Strategist 

Brand specialists manage a company’s reputation, ensure brand consistency and identify potential areas for brand building. They assist with outreach and promotion efforts, including content management. Brand specialists develop marketing strategies for new product launches and research market trends to align a product with sales opportunities. The estimated annual income for brand strategists is about $96,000.

Marketing Analyst 

Market analysts help companies make data-driven marketing decisions. They study market conditions to aid in the sales of products or services, including consumer demographics, preferences, needs and buying habits. They monitor and forecast marketing and sales trends, and measure the effectiveness of marketing programs and strategies. The median annual income for marketing analysts is $74,680.

UT’s online MBA prepares future marketers and brand professionals for data-driven and creative roles in the marketing field through classes focusing in Marketing Strategy and Customer Insights. Students graduate with the innovative skills needed to create, communicate and deliver value to customers.

Finance and Investment Services 

The finance industry is a traditional and popular career path for many MBA graduates. Many positions offer salaries over $100,000 in this high-demand field.

Corporate Finance Manager 

Financial managers create financial reports, direct investment activities and develop plans for the long-term financial goals of their organization. Financial managers earn an average annual income of $156,100.

Investment Banker

Investment bankers help companies raise money in capital markets by issuing debt or selling equity. They oversee mergers, conduct research and assist in preparing legal and financial documents. Investment banking analysts conduct research and review financial information as well as market trends. According to the Bureau of Labor Statistics, investment bankers in the New York metropolitan area earn an average annual income of just over $190,000.

Financial Analyst 

Financial analysts assist in business decisions regarding spending and profits. They assess the performance of financial investments, evaluate financial data, study economic and business trends, and examine financial statements. Financial analysts earn an average annual income of just under $100,00.

Offerings from UT’s MBA program, including Financial and Managerial Accounting, Financial Management and Financial Statement Analysis, prepare future professionals in this field with a strong command of the principles and techniques needed to flourish.

Entrepreneurship and Startup Ventures

New businesses and start-ups are on the rise. For those with an entrepreneurial spirit, an MBA can build strategy, problem-solving and project management skills, helping them realize their business goals.

Business Owner 

A business owner is responsible for all aspects of the day-to-day operations and strategic planning for the future. Duties typically include planning and tracking business goals; recruiting, hiring and training employees; managing marketing and sales initiatives; and engaging with customers. Average incomes for business owners are difficult to estimate, as the type of business, its stage of development and the age of the company all contribute to the bottom line.

Start-up Founder 

A founder comes up with an idea and transforms it into a new business or start-up. Founders can set up a business on their own or they can do it with others. They do all of the initial work to research and start their company. Average earnings for startup founders vary depending on the viability of the concept, the stage of development and other factors.

Venture Capitalist 

A venture capitalist is a private equity investor who provides funding to companies with high growth potential in exchange for an equity stake. As compensation, venture capital fund managers are paid from the carried interest of their investments as well as management fees. Most firms collect about 20% of the profits from the private equity fund, while the rest goes to their limited partners. General partners may also collect an additional 2% fee.

For innovators and founders, an MBA from the University of Tennessee does more than provide the business knowledge you need to succeed in your endeavors. It provides access to a growing network of business and entrepreneurial alumni from the Haslam College of Business. Within UT’s classroom, enrolled students will connect with faculty, peers, mentors and alumni.

Consulting and Strategy

For business professionals looking for variety and flexibility, a strong career choice is consulting or strategy. Some positions in these fields include:

Management Consultant 

Management consultants work with businesses to identify solutions that can maximize business performance, improve business processes and increase revenue. Offering expertise in areas like business strategy and risk management, management consultants work with senior management and staff to solve challenges. Salaries for MBA graduates entering the consulting field increased by 10% between 2022 and 2023. The median average salary at the eight top consulting firms is currently $182,500 plus bonuses.

Strategy Analyst

Strategy analysts use data to conduct research and analysis on various aspects of the business to identify trends and opportunities, and evaluate risks and challenges. They provide relevant insights that help companies make better decisions, address key challenges and concerns, and identify new ways to grow. The estimated total pay for strategy analysts is just over $117,000. 

Business Development Manager

Business development managers are hired to grow an existing business by finding new and relevant opportunities to expand the business’ reach into new markets. Estimated total yearly pay for business development managers is approximately $183,000.

UT’s MBA offers classes like Strategic Decision Making and the Strategic Management Capstone to prepare future business leaders for what is next in the industry. 

Find Your MBA Career Path with a Degree from UT 

These are a sample of the many opportunities available for those looking to make a career change. An MBA from UT can help with that transition. 

From finance to marketing, operations to entrepreneurship, and much more, this degree is built for a working professional. With an online format that provides flexibility and an on-campus immersion session for face-to-face networking and connecting, UT’s online MBA program gives current and aspiring business professionals the analytical tools and the communications skills necessary to take any business to the next level. 

Earn a Degree Defined by Career Mobility 

An MBA from UT can open doors to higher salaries and new careers or industries. The return on investment for this in-demand degree is high, with many employers seeking business leaders who have agile decision-making skills and are ready to make a lasting impact.

Start on your new career path today with a degree built with the working professional in mind. Reach out to an admissions advisor for more information or start your MBA application.