An MBA was seen several decades ago as a ticket to management. The value of it has been diluted by the number of people who earned an MBA after earning their bachelor’s degree, stepping out into the working world with both degrees. However, there are still areas where the MBA remains a valuable credential. Here are three red-hot careers for MBA graduates.
Professional Medical Manager
A few decades ago, the head of the surgery department was likely to be a surgeon too old to work in the operating theater but not yet ready to retire. The experience was assumed to translate into management skills, though we know that isn’t true. Likewise, the head of the nursing department was probably a senior nurse.
Fast forward through decades of increasing bureaucratization of medicine. It is driven, in part, by the rise of third-party payers like insurance companies and the regulations you must obey in order to accept Medicaid and Medicare payments. Then there are the regulations put in place in response to various issues, whether patient privacy rules per HIPAA or complex rules on patient consent. Fail to follow any of the various complex procedures necessary to stay in compliance and you could risk millions of dollars in reimbursement from the state or lawsuits by customers.
The literal cost of minor mistakes repeated over time or oversight of key changes necessary to stay in compliance are forcing healthcare networks to seek trained medical managers. This is why you can now earn a healthcare MBA, an MBA specific to the healthcare industry. You may attend a brick and mortar school or earn George Washington University’s online MBA to receive this credential.
IT Professional Manager
Did the recent Equifax breach occur because they put a music major in charge of IT? The security flaw that led to the breach was discovered weeks before the breach itself happened. Whether the company’s IT lead didn’t understand the severity of the flaw and chose to ignore it or couldn’t manage a team to fix it soon enough, we don’t know. What we do know is that this will only further increase demand for specialized IT managers as a preventative measure. If the professionals in IT project management are leading IT departments, issues like this are less likely to occur.
Financial MBA Positions
We’ve always paid accountants and investment managers well because we cannot afford to make mistakes with our money. The world of finance has evolved to include crowd-funding, derivatives, and a host of financial regulations that didn’t even exist prior to the 2007 economic crunch. We can joke now about how the crisis was the result of general business and Ivy League MBAs building financial models that assumed housing prices couldn’t go down. However, the fact remains that businesses need to hire financial experts to stay within a truckload of financial regulations, whether investing money, lending money, or transferring it internationally. Whether preparing financial disclosures for shareholders or annual tax returns for the company, a finance department head with an MBA in finance is invaluable to have on your side.
As we can see, the future is still very bright for MBAs and the growing number of MBA specializations allows graduates to take advantage of smaller niches with less competition and greater job prospects.