4 Top Earning Jobs that Yield Six Figure Incomes with an MBA

MBA graduates can look forward to a future that has plentiful alternatives, if for some reason the professional decides to swap to a new career later on in life.

Students accumulate a widespread knowledge base during the course of their Master's of Business Administration (MBA) program, which includes topics of courses like marketing, finance, accounting, management and business law.

They can also expect to devote two more years of study once their undergraduate degree is completed to acquire the MBA degree.

MBA degrees more sought after

According to the Graduate Management Admission Council (GMAC), the founder of the GMAT exam, research results of the 2011 GMAC Corporate Recruiters Survey have shown that 67% of employers were planning to hire MBA degree holders in 2011. This increased from 62% in 2010, due largely to the fact that employers were interested in utilizing the expertise of an MBA graduate to help with focusing on expanding their business.

While past statistics have demonstrated that the consulting and banking industries hire the highest percentage of MBA graduates, health care and manufacturing industries are starting to increase their requirements and recruit more MBA degree holders.

Salary Range for MBA Graduates

The typical salary range for the MBA graduate will vary, depending on the industry, location, size and type of business that is hiring. After spending anywhere between $30,000 and upwards of $100,000 on the degree, graduates could expect to be offered an average salary of $91,433 plus benefits and bonuses in 2011. This average salary amount increased from $89,141 in 2010 and $86,299 in 2009, the GMAC survey noted, demonstrating a steady rise in pay for MBA degree holders.

According to HowStuffWorks, the median salary for a career in consulting with an MBA degree was $105,000 in 2011, while an MBA graduate who entered into the nonprofit or government sector yielded an average annual salary of $70,000. Furthermore, individuals with an MBA who were hired into the energy and utilities sector made an average annual salary of $97,770 and healthcare MBA holders brought home annual earnings around $95,973 in 2011. Increases in pay and career growth opportunities are also dependant on the industry, with the greatest potential in the consulting, accounting, finance and health care industries.

Top 4 Earning Jobs

Six-figure salaries are quite often the goal of people who spend six years working toward a degree. With that said, here are the top four six-figure jobs with an MBA, in order of the highest paid salary:

Chief Executive - BLS reports that the annual median wage of chief executives in May of 2010 was $173,350. Chief executives in the health care services sector are expected to see the most job openings through the year 2018, while other chief executive job prospects are anticipated to be highly competitive. A higher median annual salary of $195,000 was paid to chief executives in four states: California, Connecticut, Delaware and New Mexico according to the report.
Manager in Science Industry - Natural science managers who find jobs in pharmaceuticals, aerospace research or manufacturing can look forward to the next highest annual median salary. The U.S Bureau of Labor Statistics reported that in May of 2010, these types of managers were earning a median salary of $129,320. They also confirmed that computer science or information systems management jobs are expected to see an increase in growth of 17% by the year 2018. The annual salary for these professionals was $123,280 in May of 2010.
Financial Manager - In May of 2010, the BLS reported that financial managers made an annual salary of $116,970. These professionals can find jobs as treasurers, credit managers or branch managers, with New York being the top paying state for financial manager, at a salary of $155,600 per year, according to the report. Growth of new job prospects is expected to increase at a rate of 8% between the years 2008 and 2018.
Public Relations or Marketing Manager - Public relations and marketing specialists can also earn a six-figure salary at the management level. In May of 2010, public relations managers were documented by the BLS as making a median salary of $104,390 and marketing managers were noted as making an average of $122, 720. Under the six figure mark, promotions and advertising managers earned a mean salary of $98,720 in the report. A major or minor in marketing or advertising can increase the value of the MBA in this niche industry.

Obviously, the more experience and amount of years in the industry that an MBA graduate acquires to compliment their degree, the more salary they can expect to receive. Probably the most unique thing about the MBA degree is that it provides its holders with a variety of different career opportunities, due to its versatility. If a career field does not have many new job prospects in a particular city, the MBA graduate can consider seeking a job in a completely different career field, while still maintaining the possibility of a six figure salary.