Industries that Hire MBA Graduates
The MBA program, due its versatility in curriculum design and holistic approach to pedagogy, looks promising to all the sectors in an economy. Be it Healthcare/ Finance/ Technology/ Retail & FMCG/ Construction/ Petroleum & Chemicals/ Manufacturing & Production, etc, there is always a need for an MBA grad with an allied background who will make a great addition to their workforce. According to the Graduate Management Admissions Council 90% of the firms surveyed responded in the affirmative for hiring MBA graduates in 2021. The GMAC recruiters survey has shown that the job market is set to rebound after the Covid-19 pandemic. The below table enumerates some of the popular sectors that steadily hire MBA graduates every year.
The Consulting firms are top recruiters of MBA grads. Firms such as McKinsey, Boston Consulting Group, AT Kearney, Bain, The Parthenon Group, etc, are flag bearers of what MBA graduates can do and achieve in a consulting setup. Consulting firms are problem solvers/advisory service providers. This implies they dole out a variety of services such as strategy, planning, financial management, enterprise management services, etc. Depending on the nature of the consulting firm i.e. if they are a generalist consulting enterprise or a specialist consulting firm (IT/ HR/ Operations/ Strategy/ Finance), they will need graduates with diverse skill sets. Almost 50% of incoming consultants in a year at McKinsey have an MBA. This statistic is even higher in Bain & Company, where around 2/3rd of their newly recruited consultants possess an MBA qualification.
Now more than ever, our daily lives have become entrenched with technologically aided equipment in many forms. User friendly software and computer hardware have made virtual working possible even in pandemic times, all thanks to IT enterprises and their innovations. The rise of tech-based businesses and tech-startups have emphasized the need for candidates with managerial acumen along with a technological bent of mind. Most MBA grads hired by big-tech firms fill in Product Management roles within the organization. Marketing/ Sales/ Corporate Finance/ HR are some of the other verticals for which MBA graduates are sought by IT firms. The popular tech companies that are known to hire the best business management graduates include Microsoft, Google, Intel, Facebook, Apple, IBM, Zoom, Twitter etc.
Finance & Allied Services Sector:
This sector is known to hire MBA grads with stellar pay packages. Many graduates covet this industry and this specialization due to this reason. An MBA in Finance is a popular concentration in b-schools across the globe. As per the GMAC around 35% of business school graduates wish for a job in this sector. Most graduates get placed in Banks, PE firms, Asset Management consultancies, Insurance providers, Audit & Taxation services, etc. Unless graduates have a passion for finance, understand the nitty-gritties of working life in the financial industry, and have the required theoretical knowledge and practical exposure to sustain them, many graduates tend to get burnt out and switch careers. Goldman Sachs, JP Morgan & Chase, Barclays, Citigroup, Morgan Stanley, Wells Fargo, PwC, Deloitte, etc, are the common names that target MBA grads with a Finance concentration.
The Covid19 pandemic has brought the healthcare industry to the forefront of the economy. Realizing the imminent need for ramping up management of healthcare firms, MBA grads with a focus on healthcare/ biotechnology/ pharmaceutical management are in greater demand. Economic experts and hedge fund managers have found a 73% increase in value for firms and companies operating in the healthcare and allied services domain for the year 2021. Since healthcare is an industry, MBA graduates with this concentration can find work in any role within this domain such as administrative management, healthcare operations, product management, healthcare analytics, etc. United Health, Roche, Novartis, Pfzier, AstraZeneca, Abbott, Johnson & Johnson, etc.
Fast Moving Consumer Goods (FMCG) & Retail Industry:
FMCG accounts for a lion’s share of any economy, the global FMCG market is projected to touch $15 billion by 2025. FMCG is an umbrella term that covers food/ beverage/ personal care/ home care/ health care products, this in turn covers Supermarkets/ Grocery Stores/ E-Commerce sites/ Clothing brands/ Furnishing brands, etc. Brands/FMCG companies along with their retail partners form a vital chain that link the products to its end users, i.e. the consumers. Organizations in this domain need MBA graduates with different specializations such as Operations/ Production/ SCM & Logistics/ HR/ General Management/ Analytics/ Marketing, etc. This dynamic arena is home to household names and powerhouse companies such as Nestle, Unilever, Procter & Gamble, PepsiCo, Coca-Cola. With opportunities galore with such fast growing firms, MBA graduates flock to this sector.
Designations corresponding to MBA specializations
Almost all b-school students come with a minimum of 2 years of work experience, many may even have 5 or 6 years. Hence for most of the candidates once they get out of b-school with an MBA degree in hand, the world is their oyster. These freshly minted MBA job seekers will mostly get placed in the mid-level or upper rungs of any company hierarchy, better yet some go on to start their own firms. Unless of course there might be certain career switchers who might be expected to start from the base positions/ median designations in order to understand the industry/firm better but will most likely get fast tracked into managerial roles.
Most companies at the base level have roles such as Analysts and Associates, giving way to mid level positions such as Managers, Senior Consultants, Team Heads, etc. The upper ranges of an organizational hierarchy will consist of senior managerial/ supervisory roles. The terminology and designations might differ depending on the firm type and industry. Directors, Principal Consultants, Vice Presidents, Divisional Heads, CEO, CMO, CTO, COO, etc., are some of the common designations in which most candidates with MBA can find themselves in the future.
Depending on your previous degree/ sector experience you can be eligible for supervisory and executive roles. Possible designations include Deputy Manager, General Manager, Associate Consultant, Principal Manager, Director, Chief Executive Officer (CEO)etc
International Business Management/ Global Business Management:
Again your previous experience and education will have a bearing on the job roles/industry you will be eligible for. Probable designations include Management Associate, Global Director, Regional Manager, Country Manager, Zonal Supervisor, VP of International Relations etc.
Strategy/ Strategic Management:
Being a focused specialization you could be selected to manager niche sections of an enterprise. Suitable roles would be Director of Strategy, Directions Manager, Project Manager, Strategy Consultant, VP of Strategy, etc.
Finance & Accounting:
MBA in finance candidates can work in a wide gamut of roles that will open up in the financial domain. Financial Specialist, Accounting Head, Audit & Tax Manager, Senior Financial Analyst, Chief Auditor, Director of Finance, Chief Financial Officer (CFO), Financial Controller, Financial Consultant, Manager – Finance, etc.
This MBA in marketing is popular across the globe. Roles include Marketing Specialist, Marketing Manager, Marketing Director, Growth & Partnerships Director, Product Marketer, Product Manager, Brand Manager, Account Manager, Chief Marketing Officer (CMO), Digital Marketing Specialist, etc.
Production/Operations Management/ Supply Chain Management/Logistics Management:
This MBA specialization is a mainstay of the manufacturing sector. Some sample designations are Operations Analyst, Director of Production, Operations Manager, Director of Purchase, VP of Logistics, Manufacturing Head, Supply Chain Executive, Chief Operating Officer (COO) etc.
Human Resource (HR)/ Organizational Behaviour/ Labour Relations:
Since this concentration is specific, candidates fill in roles very specific to this function but in a wide variety of industries. Job titles include HR Generalist, HR Director, HR Manager, Human Capital Coordinator, Head of Talent Acquisition, Benefits Manager, Compensations Analyst, Chief Human Resources Officer (CHRO), etc.
This concentration is heavily favoured by big tech giants. Possible roles include IT Consultant, IT Manager, Technical Consultant, Project Manager IT, VP of IT, Chief Information Officer (CIO), Chief Technology Officer (CTO), etc.
MBA Job Prospects in the US, Canada, Australia, Germany and the UK.
The job prospects of any b-school graduate depends on their previous academic profile, work experience, b-school ranking, and choice of MBA specialization. Depending on the economic health of any nation and its corresponding key sectors, MBA graduates are generally quite sought after due to the versatility of the program, and well roundedness of the graduating candidate.
North America : USA & Canada
STEM designated MBA specializations involving quantitative subjects, programming and science/technology concepts in their curriculum, are popular throughout the world. STEM degrees acquire new significance in the US due to the STEM OPT visa stipulations that provide an additional 24 months to F1 students. Hence, STEM designated MBA programs in the US attract international students since they get more time to search and work in the US.
As per the U.S. Bureau of Labor Statistics (BLS), the need for STEM jobs will increase by 13% by 2027, that too with higher remuneration than non-STEM designations: The national average for STEM job packages is $87,570, while non-STEM jobs get almost half as much, with an annual average of $45,700, moreover MBAs from elite schools will make heftier salaries. Do have a look at our MBA Salary information. Canada does not have special student visa rules that offer extra leeway to STEM students, but similar to the USA, Canadian job market does favour applicants with technical education. The services sector in Canada is particularly strong and has grown by 12% in the last decade, domains such as finance, IT, accounting & taxation, consulting, etc, have a consistent demand for new talent. Moreover, Small & Medium Enterprises having fewer than 100 employees or less, account for 98% of the Canadian business landscape, hence MBA graduates will get a chance to work at a wide variety of medium sized firms/start-ups too. Banks and Consulting firms in Canada are keen to hire people with technological expertise along with business acumen, since digital transformations, data analytics driven business processes are the new norm of business operation.
Europe: UK & Germany
Finance, Technology, E-Commerce are strong sectors in the UK and Germany. London houses many of the world’s top financial enterprises. Germany is home to cutting-edge engineering firms. The Covid-19 induced pandemic has brought the healthcare industry into the forefront, think AstraZeneca (UK) and BioNtech (German). Skilled b-school candidates, with STEM backgrounds are more likely to secure jobs easily in the above mentioned sectors.
The UK has recently introduced a post-study visa scheme favouring international applicants. MBA graduates can stay back for 2 years to search for jobs and work in the UK. Have a look at our UK visa blog for more information. Amazon UK, headquartered in London, is known to hire top minds from the London Business School and Imperial Business School. Similarly many UK banks such as HSBC, Barclays, RBS are known to hire b-schools grads for their managerial roles.
The German city of Frankfurt is touted as a bustling European center for business and finance. German companies such as Adidas, Bosch, the European Central Bank, and the automotive firms such as Daimler, Volkswagen, etc, are known to select candidates from local b-schools to fill their business executive openings. The automotive industry is the biggest employer in the German economy, accommodating around 7 lakh people. With a very meager unemployment rate of 3%, especially in comparison with other western nations that average 5 to 10%, Germany is known to create quality jobs every year. A study by HHL Leipzig determined that 90% of their full-time MBA graduates were in employment within 3 months of program completion. The very subsidized tuition fees offered by many state run German universities makes Germany a preferred destination for cost conscious students. Also Germany is known for providing multiple visa options for seeking jobs and working in Germany, especially in comparison with other european countries. Please read our blog on German visa stipulations for more information.
Asia Pacifc: Australia
Australia has always remained a popular destination for MBA candidates, many view it favourably due its proximity to Asia and fast moving asian job market such as Hong Kong and Singapore. Moreover, relaxed visa rules enable students to stay back and look for jobs comfortably. Our blog on Australian student and work visas will give you more clarity. Being a naturally endowed country, the Mining, Metals, PetroChemicals, Oil & Gas, followed by Energy are the biggest industries there. Cosmopolitan cities like Melbourne, Sydney, Perth, Adelaide, etc, scout top talents from local business schools for managerial roles in Consulting, Finance, and Technology enterprises. A Quacquarelli Symonds (QS) Study on pay packages rate australian MBA graduates as very well paid, right after graduates from Switzerland. At Melbourne Business School (MBS) 95% of MBA graduates were placed within 3 months of graduation. The Careers Center at MBS emphasizes a recent government study that suggests that 80% of australian jobs are filled through personal networks, hence most business schools focus on soft skill development and aid their graduates in gaining local business experience through program internships and management apprenticeships. Since 1 in 3 jobs in Australia are not advertised rather acquired through referrals, recommendations, and industry networks, australian b-schools concentrate on helping their students grasp industry specific experience through career fairs and b-school networks with the local sectors that actively look to hire promising MBA graduates.
MBA Salary Information for the US, Canada, Australia, Germany, and the UK.
|MBA Salary Ranges as per Specializations (Per Year) Payscale Data||USA (USD)||Canada (CAN $)||Australia (AUD)||Germany (Euro)||UK (GBP)|
|General Management||$53K - $175K INR 38 Lakhs - 127 Lakhs||$49K - $169K INR 29 Lakhs - 101 Lakhs||$50K - $185K INR 28 Lakhs - 104 Lakhs||€36K - €138K INR 31 Lakhs - 122 Lakhs||£30K - £108K INR 30 Lakhs - 111 Lakhs|
|Finance||$54K - $181K INR 39 Lakhs - 131 Lakhs||$42K - $140K INR 25 Lakhs - 84 Lakhs||$52K - $180K INR 29 Lakhs - 101 Lakhs||€31K - €120K INR 27 - 106 Lakhs||£24K - £140K INR 24 Lakhs - 144 Lakhs|
|IT/Technology Management||$68K - $181K INR 49 Lakhs - 131 Lakhs||$40K - $160K INR 24 Lakhs - 96 Lakhs||$60K - $186K INR 33 Lakhs - 105 Lakhs||€56K - €111K INR 49 Lakhs - 98 Lakhs||£32K - £125K INR 33 Lakhs - 129 Lakhs|
|Operations/ Logistics Management||$51K - $179K INR 37 Lakhs - 130 Lakhs||$41K - $155K INR 24 Lakhs - 93 Lakhs||$56K - $196K INR 31 Lakhs - 110 Lakhs||€34K - €115K INR 30 Lakhs - 101 Lakhs||£37K - £112K INR 38 Lakhs - 115 Lakhs|
|Marketing||$49K - $176K INR 35 Lakhs - 128 Lakhs||$42K - $133K INR 25 Lakhs - 80 Lakhs||$53K - $183K INR 29 Lakhs - 103 Lakhs||€28K - €117K INR 24 Lakhs - 103 Lakhs||£24K - £99K INR 25 Lakhs - 102 Lakhs|
|Human Resources||$45K - $139K INR 32 Lakhs - 101 Lakhs||$40K - $124K INR 24 Lakhs - 74 Lakhs||$54K - $186K INR 30 Lakhs - 104 Lakhs||€25K - €129K INR 22 Lakhs - 114 Lakhs||£20K - £82K INR 20 Lakhs - 84 Lakhs|
|Business Data Analysis||$53K - $134K INR 38 Lakhs - 97 Lakhs||$52K - $101K INR 31 Lakhs - 60 Lakhs||$53K - $134K INR 29 Lakhs - 75 Lakhs||€30K - €105K INR 26 Lakhs - 93 Lakhs||£30K - £91K INR 31 Lakhs - 94 Lakhs|
The above table provides salary information on different MBA specializations classified as per the countries- USA, Canada, Australia, Germany, and the UK. The higher salary ranges that exceed 100K across the nations, correspond to upper and top level management, such as CEO, CFO, Directors, Senior Partners, etc. General Management, Finance, and IT/ Technology Management specializations are providing higher pay packages in all the considered nations. The US does seem to be offering slightly higher remunerative pay brackets in comparison with the other countries. This being said, the above table shows the Return of Investment (ROI) than an MBA degree can offer, and why this education is so sought after globally. In the UK, the Finance concentration does provide higher remuneration, though IT, General Management, and Marketing specializations also seem very lucrative. Germany is offering its MBA graduates excellent pay very much on par with the US and the UK. German state b-schools that offer MBA programs with very nominal tuition fee or waive tuition cost will clearly be the most prudent solution for a cost conscious prospective MBA student.