12 MBA careers to consider in 2024
The professional landscape has transformed over the last few years, bringing substantial changes to the world of work. The COVID-19 pandemic and subsequent events have disrupted the workplace irrevocably, bringing new expectations of how work is organised and conducted.
For employees with an MBA, career opportunities are plentiful. Employers are increasingly looking for leaders with advanced skills to help them navigate the new workplace, including the ability to manage remote teams, adaptability during crises and understanding of diverse workforces.
MBAs can offer a definite edge for employees: better pay, more flexibility and confidence in their skill set. These qualities combined make them suitable for various in-demand positions.
Whether transitioning to a career in another avenue of business or trying to excel where you are, studying for an MBA is a great way to propel yourself forward. With our 100% online MBA, you can build the skills to elevate your career and grow your business.
Current industries and skills
There is a wide array of career opportunities for MBA graduates. However, in 2024 and beyond, some industries will become more popular and some skills will be more in demand.
5 industries for MBA graduates
An MBA graduate in 2024 will have diverse industries to choose from, reflecting the evolving business landscape.
Here are some potential industries you might work in as an MBA graduate.
Finance
In finance, roles in investment banking, private equity and corporate finance remain highly sought after.
Consulting
Consulting firms, both large and boutique, also value the strategic insights and leadership skills that MBA graduates bring.
Technology
The technology sector, including giants like Google and emerging startups, offers roles in product management, business development and operations. The rapid growth of fintech and health tech presents exciting prospects, merging financial services and healthcare with technology.
Sustainability and renewable energy
The sustainability and renewable energy industries are increasingly attractive, driven by the global push towards environmental responsibility. MBA graduates can find roles in corporate sustainability, clean energy project management, and environmental, social and governance (ESG) consulting.
Healthcare
Healthcare, especially in the wake of the COVID-19 pandemic, offers numerous opportunities in hospital administration, pharmaceutical management and health services consulting. Additionally, the rise of biotech and telemedicine creates new niches for professionals with MBAs.
MBA graduates’ in-demand skills
The good news for MBA graduates is that the skills the course teaches put them at the top of the list in many industries. It’s not just their experience in specific sectors that sets them apart, but having in-demand skills that are versatile enough to be applied across all sectors.
In 2024, some of the top skills employers seek are the ability to communicate well and think creatively and critically, skills that MBA courses emphasise. When you combine these with practical skills like learning how to write a business case, preparing a budget and using various research methods, you’ll have everything you need to succeed.
Graduating with an MBA will make you a versatile candidate suited to many different areas of specialisation, including C-suite opportunities. An MBA helps prepare you for roles in the C-suite by helping you develop both the skills and the network to ascend to the most senior positions. It can help you climb the ranks within your current profession or switch industries altogether.
As to where you’ll go next, the choice is yours.
12 MBA graduate job opportunities in 2024
If you’re considering moving into a new role, you’re not alone. The confidence an MBA affords you means you can look for bigger and better things, knowing they’ll be within your reach.
So, what are the job opportunities after an MBA? Depending on your prior experience and the industry you work in, we’ve found 12 possibilities that might pique your interest.
1. Director of business development
A director of business development’s key responsibilities are to bring in new business, maintain new and existing client relationships, and oversee other business developments and sales staff within an organisation.
The median director of business development salary in 2024 is approximately $170,000, according to Talent.com.
2. Senior management consultant
A senior management consultant works directly with a company’s senior managers. They solve issues, provide financial and business analysis, and examine strategies to improve the organisation.
Seek says the median senior management consultant salary in Australia as of June 2024 is around $95,000.
3. Marketing communications director
In this role, you’ll oversee an organisation or department’s marketing and communications efforts, as well as the management team. Your duties include designing and implementing marketing strategies, developing brand strategies, creating internal and external budgets, and maintaining relationships with internal and external stakeholders.
Payscale reports that the median marketing communications director salary as of January 2023 was approximately $136,000.
4. Accounting manager
An accounting manager oversees the accounting department of a company or organisation and manages tasks such as billing, financial reporting, payroll and budgets. Payscale reports that the median salary for this type of manager in Australia as of May 2024 was approximately $96,000.
5. HR manager
A human resources (HR) manager is responsible for an organisation’s HR policies and activities. HR manager roles vary between organisations, but they’re often responsible for developing systems and processes that help businesses run efficiently and employees succeed.
Most HR professionals will have an undergraduate business degree with a specialisation in HR. However, for a management career, an MBA will set you apart from the crowd and give you useful leadership expertise. The median HR manager salary as of June 2024 was approximately $98,000, according to Payscale.
6. Strategic planning manager
A strategic planning manager is responsible for assessing and improving a company’s business strategies to meet its goals. They achieve this by researching and analysing other organisations and industry trends, creating new business strategies and evaluating results.
Talent.com reports that the median strategic planning manager salary as of 2024 was approximately $141,000.
7. Financial manager
A financial manager is responsible for the financial health of an organisation or a company and the staff in the department. Their day-to-day tasks include budgeting, analysing financial reports, ensuring regulatory compliance and identifying financial risks and opportunities.
Most of these roles will require an industry qualification, such as Chartered Accountant (CA) or Certified Practising Accountant (CPA). However, having an MBA in addition to these will demonstrate your broader business acumen and an MBA with a specialisation in finance will certainly make job candidates stand out.
According to Seek, the average financial manager salary as of July 2024 is between $120,000 and $140,000.
8. Project manager
Project managers are responsible for planning and executing large-scale projects and work across all industries, from information technology (IT) to infrastructure. Project management roles often benefit from having an industry qualification or an undergraduate degree in a related field, like engineering or business.
However, gaining an MBA can help your CV shine. On an average day, project managers use skills related to scheduling, HR and strategic planning, all of which you can hone through an MBA. According to Payscale, the median project manager salary as of June 2024 was $107,000.
9. Systems manager
A systems manager, also known as an IT systems manager, oversees an organisation’s computer and information systems. This includes installing software, planning budgets, managing staff in the IT department, and assessing security and technology needs.
Payscale reports that the median IT systems manager salary as of March 2024 was approximately $86,500.
10. Health services manager
A health services manager is vital in managing services like hospitals, aged care homes and community health facilities. They cover all aspects of operations, including patient care, case management and staff management.
With the healthcare industry experiencing a boom, students with an undergraduate degree in health or nursing could study for an MBA to move into a health service manager role. According to Talent.com, these professionals made a median salary of about $126,000 in 2024.
11. Entrepreneur
An entrepreneur is an individual who initiates, manages and grows a business venture. Entrepreneurs identify market opportunities and create products or services to meet these needs. They’re involved in every aspect of the business, from conceptualisation and business planning to funding, marketing and day-to-day operations management.
Entrepreneurs need a strong mix of skills, including strategic thinking, financial acumen and leadership. They often face significant risks but also have the potential for substantial rewards.
Salaries for entrepreneurs can vary greatly depending on the success of the business and the industry. According to Indeed, the median entrepreneur salary in Australia as of June 2024 was around $73,700.
12. Supply chain manager
A supply chain manager is responsible for overseeing and managing a company’s supply chain operations. This includes the entire process: procurement of raw materials, production, inventory management and delivery of the final product to customers.
Supply chain managers ensure that products are produced and distributed efficiently, cost-effectively and on time. Their role involves coordinating with suppliers, manufacturers, retailers and consumers to streamline processes and improve productivity.
They use data and analytics to forecast demand, plan inventory levels and manage logistics. Effective supply chain management is crucial for minimising costs and meeting customer expectations, so the strong foundation in business that an MBA offers is extremely helpful.
The median supply chain manager salary as of July 2024 is between $125,000 and $145,000, according to Seek.
How does an MBA help your career?
There are many careers an MBA can prepare graduates to pursue. This isn’t the only benefit, however. Here are several other advantages to reshaping your career with a postgraduate qualification.
1. Employee appeal
MBAs can help you build a wide array of skills that you can tailor to your industry. The skills you’ll acquire in this degree will make you a more attractive candidate for recruitment.
2. Freedom to move
The skills learned with an MBA allow you to change jobs easily, thanks to their versatility. You can also choose an area of specialisation to study for a more specific skill set within an MBA.
3. Better chance at promotion
Many MBA graduates can move up the ranks in their existing sectors thanks to their degrees. Having an MBA under your belt also gives you a powerful bargaining tool for future prospects.
4. Higher salary
If your goal is to earn more, an MBA will help. According to Payscale, BBA holders earn an average annual salary of $75,000, while MBA holders earn an average annual salary of $105,000.
Open a world of MBA career opportunities
An MBA can help you build a versatile range of leadership and managerial skills that can be applied in various industries, guaranteeing that you’re prepared for current demands and the future of work. Even if you change industries, there are many MBA careers and pathways to choose from.
So, are you ready to begin your MBA journey? The VU Block Model for postgraduate courses makes it easier to study according to your schedule and complete your MBA in just two years. You also have the opportunity to choose one of two specialisations.
Speak to our student enrolment advisors for information on intake dates, units and eligibility and see where our MBA can take you.
