You know which careers have the highest projected growth rate, and you know the average salary of each of those careers. This is a good starting point for picking which career you would like to focus on while trying to get your MBA. But you need to know much more than that! What, exactly, are each of these jobs? What do they entail? What do you need to know to be able to do them well? You need to know this as well! Luckily, that information readily available to you! Here is a comprehensive guide to the best career options in the MBA field.
Personal financial advisors:
If you decide to work as a personal financial advisor, you will provide advice on any financial investment your client needs help with, such as retirement, taxes, insurance, and savings for college. You will have to meet with clients in person to discuss their financial goals, answer questions about investment options and potential risks, recommend investments to clients or select investments on their behalf, monitor clients’ accounts, and research investment opportunities.
Also called management consultants, they propose ways to improve an organization’s efficiency. By suggesting where to reduce costs and where to focus on gaining revenue, they optimize a business so that it makes the best money possible. Duties for a management analyst include: Gathering and organizing information problems, interviewing personnel, conducting onsite observations,, analyzing data, developing solutions or alternative practices, recommending new systems, procedures, or organizational changes, making recommendations to management, and conferring with managers about ongoing changes.
Auditors and accountants:
They are similar to financial advisors, except they focus more on making sure everything is done legally and properly. They examine financial statements to ensure that they are accurate and comply with laws and regulations, compute taxes owed, prepare tax returns, make sure taxes are done on time, organize and maintain financial records, assess financial operations, and make recommendations to management. In addition to all of this, auditors and accountants have to write reports about all of these things, explaining what they did and why.
Human resource managers:
Human resources managers are the ones who decide, who gets hired and act as the link between the employees and the management staff. Their duties include coordinating the workforce to best use employees’ talents, planning and overseeing employee benefit programs, being a consultant with other managers advising them on human resource issues, such as equal employment opportunity and sexual harassment, coordinating and supervise the work of specialists and support staff, overseeing the recruitment, interview, selection, and hiring processes, and handling staffing issues, such as mediating disputes and directing disciplinary procedures.
Training managers and specialists:
They are the ones who come in to play after the human resources managers have hired employees. They assess employees’ training needs, align training with the organization’s strategic goals, create and manage a training budget, develop and implement training programs, update outdated training programs, oversee the creation of educational materials, select pre-made educational materials from vendors, teach training methods and skills to instructors and supervisors, and evaluate the effectiveness of training programs and instructors.
Financial analysts evaluate investment opportunities. Typically, they will find work in business like banks, pension funds, mutual funds, securities firms, and insurance companies. Their duties include recommending individual investments and collections of investments (called ‘portfolios’), evaluating current and previous financial data, studying economic and business trends, examining a company’s financial statements to determine its value, meeting with company officials to gain better insight into the company’s prospects, assess the strength of the management team, and preparing written reports about all of these things to their bosses.
Computer and information systems managers:
Also called IT managers or IT project managers, they help determine the information technology goals of a business or organization, and are responsible for implementing computer systems to meet those goals. Their duties include analyzing their organization’s computer needs and recommending possible upgrades, directing the installation and maintenance of computer hardware and software, assessing the costs and benefits of new projects, and negotiating with vendors.
They prepare cost estimates, budgets, and work timetables for construction plans. This requires collaboration with architects, engineers, specialists, and the client. They also respond to work delays, emergencies, and other problems, and make sure everything complies with legal requirements, building and safety codes, and other regulations.
Medical and health services managers:
They work to improve efficiency and quality in delivering healthcare services. This includes making sure regulations are being followed, manage the finances of the facility, creating work schedules, preparing and monitoring budgets and spending, and keeping and organizing records of the facility’s services.
Meeting and convention planners:
They meet with clients, plan the scope of the event they are employed for, including time, location, and cost, solicit bids from venues and service providers, inspect venues to ensure that they meet the client’s requirements, coordinate event services, monitor event activities, and review event bills to approve payments.
They typically work with governments or universities, or other institutions. They prepare budget reports and monitor institutional spending. This is a very similar job to that of financial advisors or accountants, only the fact that they work for big institutions means they must work with budgets for many departments and put them all together into one organized plan.