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Top 7 Career Options in Finance in the USA : Must Read

Updated on 30 November, 2022

6.52K+ views
6 min read

The finance sector is a pivotal element of a nation’s economy. Finance professionals are multitalented experts who help identify the best ways of dealing with financial issues or challenges. They help organizations keep up with departmental and overall finances while also handling the core financial operations. Besides being one of the most lucrative career options, the finance industry demands an unprecedented amount of analytical labor. Naturally, finance professionals must be competent analytical thinkers who can identify new possibilities for financial gains.  

As it is one of the world’s leading financial hubs, the US finance market is tricky to permeate through due to the highly competitive industry requirements. However, the right set of skills and educational background can help you step into one of the most dynamic career opportunities in the US. 

Finance majors seeking job opportunities in the US finance sector are welcome to learn more through this detailed guide to acquaint you with the most lucrative career options in finance.

Top finance career options in the US

1. Investment Banking

The job profile includes all things money and the proper participation in the market to make it grow. In simple terms, investment banking deals with advising clients on innovative financial remodeling to raise capital through different functions that include various investment opportunities, bonds, managing IPOs, assisting mergers and acquisitions, etc. The clients may range from being private corporations or the government. 

Investment banking is a prestigious field enjoying an average salary of $65,234 per annum, making it an attractive career opportunity for young finance graduates. Although the post-pandemic market volatility has complicated the market behavior, investment banking continues to thrive under the fluctuating market situation.

2. Financial Analyst

As the name suggests, financial analysts deal with company data to evaluate and deliver the most effective solutions through their strong financial modeling skills. The offered advice comes from a detailed analysis of historical trends and future projections to produce a company’s most well-rounded business decisions. Your financial analyst career may start from handling the junior analyst post that primarily involves collecting and maintaining data. Senior financial analysts further analyze this data to extract meaningful patterns and compile well-informed financial recommendations for clients.

3. Insurance Advisor

Career opportunities as an insurance advisor entail representing insurance companies and selling insurance policies to clients. However, contrary to an insurance agent, a career as an insurance advisor goes far beyond the selling part. With thorough knowledge of the insurance market and rising trends, an insurance advisor is driven to offer sound financial advice for buying the most profitable insurance schemes, investing opportunities, and retirement plans to individuals/companies. Individuals with excellent research skills interested in taking over customer service can go for this job without a second thought.

4. Financial Advisor

Ranking among the top 12 highest paying finance jobs by Indeed, financial advisors enjoy an elevated position amid various other options competing in its league. The career path demands that professionals are equipped with the proper financial training and skills to advise clients over varying financial decisions. Financial advisors help individuals and businesses reach their maximum profitability by winning over their financial goals in a limited time. Planning finances, managing taxes, seeking profitable investment opportunities, and projecting long-term goals for sustained growth are a few responsibilities of a financial advisor. 

Typically, financial advisors have a bachelor’s degree in finance and other relevant fields like economics, business, or accounting.  

5. Tax Lawyers

Fortunately, legal entities can enjoy career opportunities in the finance sector too. With growing finances comes the need to deploy a responsible figure to head the finance-related legal matters. And who better than a tax attorney to head the job?

Tax attorneys handle the legal aspect of finances while researching the acquired client data to make well-informed decisions. From filing an error-free tax return to heading the numerous aspects of mergers and acquisitions, tax lawyers enjoy a vital role in an organization’s financial and legal proceedings. Reports also speak in favor of tax attorneys looking forward to a brighter future through the post-pandemic era.

6. Accountant

Accountants monitor and maintain financial records, help advisors and analysts with the same to create future predictions, and continuously interact with clients to deliver better results. Essentially, accountancy deals with several finance aspects to keep a company’s finances afloat. 

This high-ranking profession amid best business jobs is also said to experience a surge of 4.3% employment growth between the year 2019 to 2029, offering a bright future career option for finance graduates. 

7. Actuary

Actuaries own the right soft and technical skills to solve financial problems. With statistical data and mathematics as weapons, an actuary measures potential risk factors and uncertainty attached to financial deals. An amalgamation of excellent business skills with analytical thinking and relevant soft skills is necessary to win over this career path. 

As the US Bureau of Labor statistics reflects a growth in the career option, faster than any other average financial occupation, an actuary is bound to become one of the leading professions in no time. Owning the right set of skills may lead learners to aim for a successful career in the field. 

Few other career options at a glance

Willing to keep a few more finance-based career options at hand? We’ve got you covered. Here are some more high-ranking career options for finance aspirants in the US. These roles demand at least a basic bachelor’s degree to proceed further in the finance sphere:

  • Loan Officer
  • Budget Analyst
  • Compliance Officer
  • Portfolio Management
  • Corporate Finance
  • Management Analyst

Brush up your Career with an MBA degree

Are you hoping to polish your knowledge further to pursue a successful career in finance? 

A master’s degree in a relevant discipline can help you achieve it better than a run-of-the-mill bachelor’s program. upGrad offers the Master of Business Administration (MBA) for learners worldwide to kickstart their finance journey on an elevated level. In association with the prestigious Liverpool Business School, the course structure includes analytical, marketing, finance, and other invaluable skills to prepare learners for a smooth transition into the corporate world.

With a successful learner base extended over 85+ countries, upGrad has successfully compiled this program with the help of industry professionals and faculty experts. 

The 18-month course is highly detailed and flexible, designed to create industry-ready professionals. Education service offered by upGrad includes developing a peer learning network, live sessions, and 360-degree career guidance for ensured student support. Students or working professionals, all eligible individuals, are welcome to get enrolled in the MBA program. 

Conclusion

Before going for a finance major in masters, evaluate your options wisely. The mentioned disciplines may not resonate with your field of interest, but that shouldn’t stop exploring more. Finance extends a diverse range of career options containing opportunities for everyone. As long as you carry the right skills and are willing to upskill to keep pace with the dynamic industry, you have a promising career ahead of you!

Frequently Asked Questions (FAQs)

1. Are finance jobs in demand?

Financial industry is evolving, and it is widely evident in the issued reports by industry professionals. The Bureau of labor statistics tends to agree with its report on the future of financial occupation projects growth by 10% in the following years, creating around 750,800 new jobs. Therefore, it is a suitable time for finance students to upskill and proceed in their interested areas of specialization.

2. Is studying finance challenges?

Just like any other subject and field, finance constitutes unique learning challenges and opportunities. From expert mathematical skills to deep analytical thinking, many traits are relevant to this career option. Therefore, any learner stepping into the finance sector must be ready to acquire the relevant skills with patience and dedication.

3. Does finance require a lot of math?

Finance primarily revolves around numbers and logic, so it is natural for the field to contain mathematical sections. However, if you develop a basic understanding of the fundamental maths concepts, you should be good to go.



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To apply for upGrad’s courses, all you need to do is fill out an application form, and once you receive an offer letter, you can block your seat by paying a caution amount.
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Keep in mind that this statistic also includes the insurance industry, which is a prominent financial sector. The finance industry in the US has grown faster than the economy overall, and in 2021, it is expected to grow at the rate of 1.7%. Remember, this is a post-pandemic market, and as the situation gets better, this sector might grow faster.  Roles and job opportunities With an MBA in financial management, you can pursue a career as a financial manager. It is a highly sought-after role as it ranked #17 in 100 Best Jobs and #3 in Best Business Jobs rankings of US News.  The average pay of a financial manager in the US is $129,890 per annum. Pay for this role starts from $92,000 and goes up to $181,980.  3. Supply Chain Management Supply chain management refers to the management of the flow of goods and services from their origin to the endpoint. It includes all activities related to the collection of raw materials, manufacturing of the product, and its delivery to the end-user.  Industry scope The pandemic affected the supply chain sector the most, and hence, this field will see a higher demand for professionals all around. In 2019, the global supply chain management industry was valued at $15.85 billion and it is expected to reach $37.41 billion by 2027.  The development of industrial-grade technologies has caused an upsurge in the demand for supply chain management professionals across industries.  Roles and job opportunities With a supply chain management degree, you can pursue a career as a supply chain manager. The average salary of a supply chain manager in the US is $110,662. Pay for this role starts from $97,256 and goes up to $127,814 per annum, according to your skills and expertise.  4. Human Resource Management Human resource management focuses on all activities related to the staff of an organization. This includes attracting new talent, retaining current talent, handling payroll, and training the staff to keep up with the industry’s demands. Human resource management has also evolved due to recent changes such as the rise of the work-from-home culture.  Industry scope In 2019, the global human resource management market size was $16.01 billion, and between 2020 to 2027, it is expected to grow at a CAGR of 11.7%. The introduction of new IT solutions in HR and predictive analysis will contribute a lot to boosting the growth of this sector. The rising popularity of HRM (human resource management) software also plays a big role in this sector’s fast growth.  Roles and job opportunities The pay of a human resource manager in the US is $105,750 per annum. It’s the most popular role for candidates with an MBA in human resource management. Pay for this role ranges from $93,975 to $118,329.  5. Business Strategy Management Business strategy management, also known as strategic management, is the formulation and implementation of an organization’s goals and initiatives. It focuses on creating an outline of the actions a company plans to take to reach its objectives.  Industry scope To measure the size of this industry, we’ll have to look at the size of strategic consulting firms. The global management consulting market was valued at $160 billion in 2019. The pandemic affected this sector heavily in 2020. Thus, the demand for professionals in this field is expected to surge as the pandemic subsides.  Roles and job opportunities An MBA with a business strategy specialization will make you eligible to pursue a career as a business strategy manager. The average pay for this role is $90,000, and it ranges from $64,000 to $141,000 per annum.  6. Analytics Management  Analytics management focuses on using large amounts of data to generate valuable and actionable insights for an organization. Business analytics and big data have become a huge part of modern-day businesses as it aids them in making better-informed plans and decisions.  Industry scope The big data and business analytics sector has a market size of $193.14 billion in 2019 and is projected to grow up to $420.98 billion by 2027. The rise of cloud applications and new data analytics technologies has caused an upsurge in the growth of this sector.  Roles and job opportunities There are many roles in analytics management, of which the most popular is that of the analytics manager. An analytics manager earns an average salary of $113,149 in the US. Pay for this role can go up to $181,037, depending on the organization and experience.  MBA Growth Statistics: What do they tell us? The future scope of management specializations is very bright in the US. As companies in various industries prepare to meet the demands of a post-pandemic world, they require the expertise of qualified management professionals who can handle their various avenues.  From finance to marketing, companies would require the services of industry experts in all sectors. This creates an excellent opportunity for those looking to enter the marketing sector.  It would be best to pick an MBA program that offers specializations in these sectors so you can capitalize on the industry trends early and advance your career more efficiently. At upGrad, we offer an MBA program with the Liverpool Business School with specializations in all six sectors. Do check it out if you’re interested in pursuing an MBA degree! The upGrad Advantage When you choose an upGrad course, you will receive many additional benefits. First, you will receive unparalleled guidance from industry mentors, teaching assistants, and graders. The course features one-on-one feedback on submissions and offers personalized feedback on your assignments, allowing you to improve whenever possible.  Learning directly from industry mentors helps you avoid confusion and resolve doubts much quickly. You will also have a dedicated student success mentor who will help you with all of your non-academic queries.  In the regular live sessions with the experts, you can ask any questions you might have about the concepts you studied and keep the learning process efficient and smooth. The program also features a Q&A forum where you can ask questions to teaching assistants and peers. The personalized feedback on case studies and assignments also streamlines your learning experience.  Not to mention, the program will help you network with fellow peers and open up numerous exciting opportunities before you!
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by Karan Raturi

04 May'21
When is The Right Time for me to get an MBA? [4 Crucial Criteria]

5.5K+

When is The Right Time for me to get an MBA? [4 Crucial Criteria]

Climbing the corporate ladder is the dream of many. However, to make progress in this journey, you need a suite of accomplishments, an MBA degree being one of them.  Having an MBA degree can quickly boost your chances of getting senior roles in large organisations, become an industry leader, or even get into the C-suite. However, thanks to the plethora of MBA courses available today, it is pretty natural to feel overwhelmed by the range of choice. Another question that troubles most MBA aspirants is – when to pursue an MBA course? Granted that completing an MBA program will bring numerous opportunities before you, it’s crucial to time it right.  Today, we’ll help you figure out the right time to pursue an MBA course. Not just that, we’ll also shed light on the various factors you should consider while opting for an MBA degree to get the optimal outcome.  How to determine the right time to pursue an MBA? Although this might seem like an arduous task, determining the right time to do an MBA is quite simple. All you have to do is keep the following factors in mind:  1. Professional experience An MBA course teaches you advanced management and leadership skills in a specific domain. They offer different specialisations and help you get into senior roles in your industry. Due to their advanced nature, many MBA courses require students to have considerable professional experience.  However, the requirement criteria vary according to the institution. For example, our MBA program with Deakin Business School requires you to have a minimum relevant work experience of three years along with a bachelor’s degree with at least 50% marks. Similarly, our MBA course with Liverpool Business School requires you to have at least two years of full-time work experience with a minimum of 50% marks.  What does it mean? It means you must have worked in your industry for a certain number of years before you become eligible to enrol in an MBA course. If you already have a few years of experience, you can apply for an MBA course right away. On the other hand, if you’re a fresher with no experience, it would be best for you to spend a few years in your industry and gain work experience. Having some professional experience will help you in multiple ways. First, it will make you familiar with the ins and outs of the industry. Moreover, it will give you a solid foundation to learn the advanced concepts of business management and administration.  2. Developing soft skills  Many MBA programs require students to have multiple soft skills. As a student, it can be quite challenging to develop and hone these skills. On top of that, it can be even harder to showcase these skills to recruiters and interviewers.  Some of the standard industry soft skills include leadership skills, teamwork skills, communication and interpersonal skills, negotiation skills, time management skills, etc. Keep in mind that MBA programs prepare you for leadership roles in different industries. Hence, they require you to show leadership potential.  You’ll need professional experience to develop and nurture your soft skills. As you’ll work with fellow professionals and solve business problems together, not only will you get to develop these skills, but you’ll also get to showcase them as much as possible.  Top MBA programs prefer candidates having industry-relevant soft skills. This is where a few years of professional experience will come in handy.  Also Read: Growth Statistics of MBA in each of its field 3. Your career aspirations MBA courses require a lot of dedication and commitment. This is because most MBA programs span for two years, covering a wide range of industry-specific subjects and specialisations.  So, before you make such a commitment, it’s essential to figure out why you want an MBA. Is it because you want to get a promotion? Or do you want an MBA so you can switch industries?  There can be many reasons to pursue an MBA, but it’s vital to determine your MBA goals. An MBA degree isn’t a requirement for many career profiles, so figuring out your MBA aspirations can help you realise if your chosen career requires an MBA or not. Suppose you’re a software engineer and want to get ahead in the tech domain. In that case, it might be better to get an AI and ML course rather than an MBA as it’s more industry-specific and prepares you for advanced roles in your sector.  To determine when to do an MBA, you must clarify your career aspirations. You can start with the 5-4-3-2-1 method, where you chart out your goals in a sequence of five years, four months, three weeks, two days, and an hour. Think of your career goals and then figure out if your career goals require an MBA or not.  4. Affordability of MBA courses We talked about the financial and time commitment of MBA courses. Different institutions charge differently for their MBA courses. However, the course pricing is usually high for reputed and established institutes.  Many people hesitate to join MBA programs because they cannot commit to full-time classroom learning while keeping their professional commitments. Similarly, many people think MBA courses are too expensive, so they don’t consider pursuing them even when they are interested. Thanks to online courses, time commitment and affordability are no longer an issue for MBA aspirants. When you choose an online MBA course, you can study from your preferred locations and at your convenience. Generally, you need to commit a few hours every week to continue your online MBA education. Also, online courses are much more affordable than on-campus MBA courses.  How to get started with your MBA journey? Now that you know how to figure out when to do MBA courses, you might wonder, “How do I get started?” In the current pandemic-ridden world, it would be best to join an online MBA course. You will remain safe within the confines of your home while enjoying a top-class learning experience delivered by trained mentors and industry experts.  Moreover, as we discussed before, online MBA courses allow you to work while studying, so you don’t have to interrupt your professional life to start your learning journey. At upGrad, we offer multiple MBA courses, including: Master of Business Administration (MBA) with Liverpool Business School Global MBA with Deakin Business School  All three of these courses are online and allow you to learn comfortably. You can pick any one of them depending on your career aspirations and requirements. Do check them out! Conclusion So, as you can see, deciding on the right time to pursue an MBA course depends on several external factors, including the eligibility criteria of different MBA courses, your professional experience, and your schedule. But most importantly, it depends on your interests and career goals. If you have work experience and the passion for an MBA degree, you shouldn’t delay your plan to pursue an MBA. Figure out your career aspirations and start your journey as early as possible!
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by Karan Raturi

04 May'21
MBA Elevator Pitch: Tips for Writing an MBA Pitch with Examples

6.89K+

MBA Elevator Pitch: Tips for Writing an MBA Pitch with Examples

How do you professionally introduce yourself to someone you’ve just met? When an interviewer asks you to describe yourself, what do you say? The answer lies in an MBA elevator pitch.  If you are on a job hunt, pursuing career advancement opportunities, or simply networking, you will find yourself pitching to potential employers now and then, and that too, in less than a minute! And an effective self-introduction can help you create a memorable first impression and open up the right employment prospects for you.  Your pitch is how you convey to others, who you are, your achievements, interests, and goals in life. The primary aim of such a pitch is to start a conversation and facilitate further professional relationships within the time it takes an elevator to cross a few floors, i.e., less than a minute. Hence, the name “elevator” pitch.  It need not say everything about you, but just enough to let the other party display some interest in hiring you — an MBA elevator pitch is essentially the demonstration of your personal brand.  Be it at any interview or cover letter, an elevator pitch is deemed very useful for business personnel, especially for potential candidates of an educational program. In the words of the brand-builder at Walt Disney, Curtis Johnson, “Your personal brand is what you represent, what you stand for, what people think of you when they see your name. What qualities, strengths, and values does your personal brand summon in the minds of others – particularly those in a position to evaluate your candidacy for the MBA program of your dreams?” Now comes the important question – how can you develop a stellar MBA elevator pitch?  We’ll tell you how! Tips for Writing an MBA Elevator Pitch Understandably, it’s no child’s play to get your pitch working at one go. It should take you several days and quite a few hits-and-miss to refine and perfect a personal pitch. However, there are a few pointers you should include in your MBA elevator pitch to maximize your chances of success:   1. Who you are Before approaching someone with a pitch, a proper introduction to who you are is an absolute necessity. Introducing yourself using your full name can be how you begin as you lend out your hand to shake. Greetings and smiles are key to ensuring the effectiveness of an introduction speech that catches the attention of the listener. Remember that your pitch needs to be less than a minute, so you can’t go on explaining every little detail about yourself. Only the most relevant details that are likely to interest your listener are enough. 2. What you do Next, is a brief insight into your background that builds upon who you are – it paves the way for your principal motive. Mention only the most pertinent details like your education qualification, professional experience, and relevant strengths that set you apart from the crowd. There is a lot you could say at this point. But once again, you must resist the temptation to say more than what is necessary – only stick to the key points.  Start with scribbling down all you can say about yourself. Once you have all of it jotted down, go ahead and scrap sections that aren’t relevant or necessary for the particular situation. 3. What you want This segment of the pitch focuses on what you’re pitching for — whether it is an education program, an internship, at a job interview, or simply for contact information. You must be very clear about what you can offer an organization through your skill sets, the quality of work you stand to bring, and how it is in your listener’s interest to consider you.  Suppose you’re pitching for an education program, you should focus on setting yourself apart from the crowd — anything that shows that you are a more suitable candidate. If it is for a job opportunity, then reflect on why you are the best fit for the job — what it is that you can offer that will benefit their company.  Even though it is your pitch, it should cater to the needs of your audience. He/she will never be interested in hiring you or working with you if they do not acknowledge your need in their institute or company. Also Read: Growth statistics of MBA in each of its field 4. Conclude  The final step is as most important as any other step in delivering a successful pitch. This is where you actually take things into your hand and set the course of the conversation. Always end your pitch with what you want to do next. If it is at an interview, conclude with confirming that you’ve answered a question completely; or if you are looking for a mentorship opportunity, clearly address it. Being straightforward shows that you are confident and fit to handle complex business situations.  Everything you have said up until that point rests on your conclusion. So, it’s a good idea to give the conversation some operational item rather than letting it hang off a cliff. But you must also remember that you’ve just met this person, so rather than asking the moon, keep it simple and to the point. Here is an example elevator pitch: “Hello! My name is Jane. It’s very nice to meet you! I am a business analytics professional with over ten years of experience in devising data-driven solutions for complicated business problems. I recently completed a global master’s certificate course in business analytics and have had success in strategically evaluating data analysis at the executive level. I understand you do similar work. I would love to know if there are any business analytics opportunities in your team.” Some more tips to help you ace that MBA elevator pitch 1. Be consistent – Since you’re trying to sell yourself as a brand, you should display consistency. Think of it as a story where all the plot points are connected, and one point leads to the other. So, your pitch should be supported by your background and achievements. Based on this, you can formulate what you want. 2. Customize – It is advantageous to keep a basic pitch ready to be used anytime and anywhere, even though there’s no guarantee that the same old wine will work every time. You have to customize your pitch to the needs of your audience, along with your objective – what you are hoping to take away from it. A resolute intention will bring out the best results. Remember that everyone values authenticity and uniqueness. These two are the most powerful weapons in your hand. 3. Maintain a balance between conversational and professional approach – You must practice your pitch until it comes naturally. You do not want it to be too professional so that it sounds rehearsed, but at the same time, you should also avoid an entirely conversational approach. Be creative and reframe your pitch in the particular context and situation, but most of all, deliver a professional presence. It is important what you say, but how you say it also matters. This is what actually draws the listener’s interest, thus enabling them to process what you’re saying. Final Thoughts An MBA elevator pitch is about making an impression, a positive one. Be careful at choosing what you say. A successful pitch is short, crisp, and leaves one curious to know more about your abilities and accomplishments. If you are a business owner, entrepreneur, or a working professional with up to 5 years of full-time work experience, you should consider acquiring a global Master of Business Administration (MBA) degree from a top university like Liverpool Business School, UK to advance in your career. An elevator pitch that highlights qualifications such as an MBA or MSc is more likely to catch the attention of your listen.  An MBA can help you pitch leadership skills, digital business innovation abilities, risk management strategies, marketing strategies, project management abilities, etc., to potential employers. Since the course is 100% online, you can pursue the degree alongside business duties. What’s more, it will also teach you how to do an MBA elevator pitch effectively since communication is an important skill to learn as an MBA student. We hope this provides you with the necessary context for creating a successful MBA elevator pitch!
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by Karan Raturi

04 May'21
How Does Completing an MBA Program Help Your Career?

5.35K+

How Does Completing an MBA Program Help Your Career?

MBA or Master of Business Administration is a highly sought-after degree among professionals and students who wish to advance their careers. However, there are more pertinent questions that need to be sorted before you opt for an MBA course: Will an MBA align with your career goals? Will an MBA degree transform your career?  What can you expect from getting an MBA?  If you feel that your career aspirations will materialise after obtaining an MBA education and if it will help you bag the job role you’ve been eyeing for so long, it is the right choice for you. After all, recruiters often prefer MBA graduates over their non-MBA counterparts, thanks to their extensive industry knowledge and versatile business management skills. An MBA can help you in multiple ways, particularly when you get one from a reputed institute. Not only will an MBA program introduce you to multiple specialisations in your chosen field, but it will also help in your overall personal and professional development.  A few sentences wouldn’t do justice to explain how MBA helps your career. So, let’s deep dive into the matter to get a more comprehensive view of why you should get an MBA for your career.  How Does MBA Help Advance Your Career? Earning an MBA degree will help you to: 1. Specialise in your field The curriculum of MBA programs generally covers various advanced concepts and subjects that help you learn more about the industry you choose. Most MBA programs offered by reputed institutes offer numerous specialisations to encourage students to acquire highly specialised skills and advance their careers accordingly.  Having specialised knowledge of a field can help you in multiple ways. First, it will help you reinforce your position as a subject matter expert and make you a preferred candidate for job roles in that field. Specialised professionals earn more than generalists and are usually highly valued in their organisation.  For instance, our Master of Business Administration program with Liverpool Business School offers six specialisations for you to choose from. These are:  Marketing Finance Operations and Supply Chain Management Human Resources Business Strategy and Leadership Analytics So, you get a diversified choice. While you’ll gain general industry skills and knowledge, you can also choose to master a niche subject/field.  2. Become eligible for senior roles With an MBA, you can start applying for senior roles in different companies. You’d know various aspects of management, organisation, and leadership that would help you perform your duties in those roles with ease. Many MBA programs require you to have a few years of work experience as it helps you to understand real-world business challenges and management concepts better. For example, our  MBA from Liverpool Business School requires you to have a bachelor’s degree with a minimum of 50% marks and at least three years of full-time relevant work experience.  With several years of professional experience under your belt, you wouldn’t have difficulty applying for various senior roles in different organisations. MBA programs also consist of numerous assignments that help you showcase your talent and expertise.  With an MBA degree, you’ll be eligible for leadership roles in management consulting, operations, business development, marketing, strategy, HR management, and finance. And if you can support the degree with a few years of industry experience, you can even get into the C-suite, which is a dream for many young aspirants and professionals alike. 3. Earn better pay Professionals with an MBA earn significantly more than those who don’t have an MBA. According to the National Association of Colleges and Employers, the average starting salary of MBA grads in the class of 2021 will be $87,966. It is 11.3% more than the average starting salary among 2020 grads. NACE projects that the pay for MBA graduates in 2021 will be $29,000 more than the projects for people who receive a bachelor’s degree in business this year. The standard income for management roles is usually higher than non-management jobs. Similarly, the Graduate Management Admission Council’s corporate recruiters survey found that the pay for 2020 MBA recipients would range from $105,000 to $115,000.  You should keep in mind that the current statistics are of a pandemic-ridden world where both employers and employees face uncertainty. Hence, the pay for MBA graduates can increase substantially more in the coming years as the demand for management and finance professionals will rise.  4. Get networking opportunities Networking is vital for anyone who wants to climb the corporate ladder. Networking makes you noticeable in your industry and helps you advance your career. It also enables you to get more opportunities to meet the right client or the right person in a superior position.  Students who enrol in an MBA program get plenty of networking opportunities. During the course, you can connect with mentors, industry leaders, and peers from across the world.  Not just that, many MBA programs also allow learners to access an exclusive group of professionals to help hone their networking skills.  By interacting and engaging with students and professionals from different backgrounds, you can also stay on top of the latest industry trends and capitalise on them. Networking will also help boost your self-confidence and open up new avenues before you. 5. Help you stand out  It is a well-established fact that candidates with an MBA stand out from the crowd. Recruiters prefer MBA professionals as they have specialised knowledge of their field and are better equipped to handle business challenges. This means you can get ahead of your peers and bag high-paying roles pretty easily. Moreover, most MBA programs offer placement support to help you kickstart your career. upGrad’s MBA programs give you access to the Student Success Corner, where you will get dedicated career counselling and personalised resume feedback. You will also receive interview preparation support, where you will get one-on-one mock interviews with industry mentors to help with your preparation. Such preparation and qualifications ensure that you can easily bag your dream job and have an excellent career. Don’t forget that you will also work on multiple projects. They will enhance your resume further, making you a definite choice for potential recruiters. 6. Embark on entrepreneurial ventures Getting an MBA degree is one of the best pathways to becoming an entrepreneur. This is because you will have in-depth business knowledge – how it functions, how you can efficiently run a business, and how to tackle business challenges. An MBA teaches you vital concepts of business management. In the Global MBA program with Deakin Business School, you will learn: Business Growth Strategies Strategic Thinking and Planning Abilities Design Thinking Integrated Business Strategy Formulation International Business Change Management Financing Strategies When you’d have such knowledge of business, it becomes easier for you to start a company and build it into a successful venture. Since you’ll have a deep understanding of the nitty-gritty of running a business, you’ll be better equipped to manage your team, create actionable business plans, and communicate with stakeholders. Conclusion The above points clearly illustrated how MBA helps your career. And if you choose an online MBA program, you can study from the comfort of your home while maintaining your professional commitments. So, you need not uproot your life to chase your upskilling aspirations.  All the MBA programs we mentioned in this article are online MBA courses delivered by the top mentors and industry experts through videos, live sessions, and one-on-one student-mentor interactions.  Now that you know how beneficial an MBA degree can be for your career, don’t wait up – enrol in a global MBA program today!
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by Karan Raturi

04 May'21
Top 7 Decision-Making Skills Every MBA Student Must Know

5.88K+

Top 7 Decision-Making Skills Every MBA Student Must Know

Decision making is a vital part of management. The decisions you make will have a significant impact on you, your profession, and your organisation. That’s why it’s important to know what decision-making skills you should possess and how you can develop them.  As an MBA student, you have the advantage of time. You can develop your MBA skills early and practice them through application and effort. However, to do that, you must first know which skills you need to acquire.  That’s why we have created the following list of the top decision-making skills every MBA student must know.  Crucial Decision-Making Skills You Must Develop Having the right skills will help you climb the industry ladder and earn high-end salary packages. Here are the top decision-making skills you should develop as an MBA student: 1. Problem-solving  Among the most critical MBA skills is problem-solving. Problem-solving skills help you tackle both large and small issues in your company. You should be able to factor in multiple viewpoints when facing a problem and consider the required variables to make a well-informed decision.  As a professional, you’d need to make decisions while separating emotions from your discussions with other people as they would influence your outcome adversely. With strong problem-solving skills, you should be able to formulate decisions efficiently and effectively. You’d know how to research the issue and analyse the situation appropriately.   2. Time Management Time management is one of the most important decision-making skills because every decision has a specific deadline. You must have the ability to think on your feet and make decisions quickly.  While quick-thinking has its advantages, time management enhances that skill further by helping you plan and structure things more efficiently.  With proper time management, you can allocate sufficient time to different decision-making stages and complete the task efficiently. You can enhance your time management skills by applying them in your daily life. Prepare a schedule, test it out and optimise it according to your requirements. You can also plan out your different tasks and try to determine how much time they take. Such activities can greatly improve your time management skill.  3. Emotional Intelligence Emotional intelligence refers to your ability to stay aware of your emotions and their expression. When you’re aware of your emotions, you can make decisions more objectively and logically.  Apart from identifying your own emotions, emotional intelligence helps you recognise and understand the emotions of other people. As a result, it helps you build relationships with your team and achieve goals accordingly. To improve your emotional intelligence, you should focus on staying aware and pay attention to your interactions with others. Observing how people use and react to different emotions can help you enhance your own emotional intelligence.  You can also focus on observing your behaviour and how your body reacts to different emotions. For example, you might tend to avoid eye contact when you’re sad or feeling uncomfortable in a conversation. Being aware of such bodily cues will allow you to improvise your body language in a professional setting.   4. Teamwork Collaboration is key in decision making. No matter what role you pursue in management and leadership, you’ll have to collaborate with other professionals to solve issues and make plans.  For example, you might have to work with the HR manager to determine the best way to retain talent and enhance your team’s productivity. However, teamwork skills depend heavily on multiple other skills, including reasoning, emotional intelligence, and leadership.  In the example, we mentioned above, you’ll use your reasoning skills to figure out the optimal solution to enhance client retention. Afterwards, you can compare the possible KPIs (key performance indicators) that measure your team’s productivity.  Your teamwork skills depend largely on the results you get and the people that get affected by your team’s decisions.  5. Intuition Many times in your daily professional routine, you’ll have to rely on your instincts to make decisions. Intuition refers to your ability to trust your instincts and take action accordingly.  Unlike most of the decision-making skills we have discussed in this article, your intuition depends on your experience. The more knowledge you’ll gain as a professional, the stronger and more reliable your intuition will be.  As an MBA student, you can develop a strong intuition by working on projects and applying what you’ve learnt in real-world scenarios. You learn lessons from every experience you have, and these lessons help you enhance your intuition.  You should be able to associate your instinct with the actions you’ll take to see if your decision is practical and logical.  Also Read: MBA Elevator Pitch 6. Reasoning Your reasoning ability is among the most important MBA skills. It ensures that you can make smart decisions with the highest chances of delivering positive outcomes. With solid reasoning skills, you’d review all the pros and cons of the decision you’re considering making. Strong reasoning skills will keep you grounded in reality, allowing you to make rational decisions.  You must consider all the relevant points during the decision-making process and also consider the viewpoint of those involved in the process. You should keep your reasoning aligned with the people you work with and focus on achieving the goals of your team or organisation.  7. Leadership Leadership refers to the act of organising multiple employees in your organisation. A good leader would establish a consensus about a specific decision. They would work with people and evaluate the situation and the team. They focus on motivating their team and interact with them to achieve the goal through making a better-informed decision.  As a good leader, you should first focus on building a mutually cordial and professional relationship with your subordinates. It would help you understand them while also allowing them to be more comfortable around you to freely speak their minds.  You should stay personable as a leader so your team members can work cohesively with you and make contributions to the decision-making process. This will bring to the table different perspectives on a specific matter, enabling you to look at the issue at hand from all possible angles.  How an MBA degree helps you acquire the right decision-making skills? Although developing these decision-making skills can be a strenuous task, an MBA degree can be the best pathway to attaining them. Since MBA courses focus on both domain knowledge and overall personality development of candidates, it is an excellent choice for those aspiring to gain leadership, management, and business administration.  By picking the right MBA course, you can learn these skills and get the necessary guidance to hone them. At upGrad, we offer two fantastic global MBA courses – Global MBA with Deakin Business School (Australia) and MBA from Liverpool Business School (UK). Both are among the top B-schools in the world.  The MBA course offered by DBS covers numerous subjects and skills, including Design Thinking, Business Growth Strategies, Strategic Thinking, Change Management, Integrated Business Strategy Formulation, etc. On the other hand, the MBA course by LBS includes Marketing Management, Fundamentals of Leadership, Accounting & Finance, Decision Sciences, Business Economics, Business Strategy, etc.  Conclusion  So, there you go – these were the top seven decision-making skills that will help you advance your career to the next level! However, remember that merely identifying the skills that will help enhance your decision-making abilities is not sufficient. You’ll have to constantly hone them by understanding their present-day applications and measuring your progress.  Some of these skills are easier to understand while some others take a bit of effort. So, keep exploring and experimenting with your skills in real-world scenarios, and you’ll see what a big difference it can make!
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by Karan Raturi

04 May'21