An online MBA from an accredited school, like Aston University, can open several exciting career paths. The broad scope of practice allows graduates to work in a variety of business functions, including project management, human resources, finances, business development, and operations. Each of these opportunities offers excellent salaries and career growth opportunities.
The overall MBA career outlook remains positive, with exciting opportunities and high salaries. On average, careers for MBA graduates in Canada offer salaries of C$82,000 per year. However, factors such as location, years of experience, and job function can impact how much an MBA graduate earns. The following five MBA career paths and opportunities make excellent options for new graduates.
1. Project Manager
These management professionals develop plans, set budgets, oversee workers, and ensure teams meet deadlines for projects within a company. Projects that they manage may include things like launching new products or implementing new technology. MBAs give candidates the business acumen they need to succeed in these roles.
This is one of the career opportunities with an MBA that prove the value of the degree. On average, project managers in the country earn C$73,057 per year as base pay. In addition to base pay, these professionals make about C$13,878 per year in bonuses, profit sharing, and commissions. This brings the total average earnings to C$86,935 annually.
Project managers can earn above-average wages if they work in certain industries, gain plenty of experience, or hold in-demand skills. For example, computer project managers make between C$28.00 and C$74.36 per hour with a median wage of C$49.45 per hour. Furthermore, project managers with ten to 19 years of experience earn an average base pay of C$86,000, and Microsoft project skills can raise their pay by seven percent.
While some project managers increase their wages by staying in the profession for decades, others move into higher positions. With several successful years of project management, candidates can find positions as operations directors, for example. The high starting salaries and potential for growth make project management an excellent career for Online MBA graduates.
2. Human Resources Manager
These managers oversee policies and practices related to hiring, training, pay, and benefits for employees as needed. They ensure that human resources professionals within a company follow all relevant laws, implement effective employment programs, and recruit the best talent available. While some employers hire human resources managers with bachelor’s degrees, larger companies often prefer those with MBAs.
On average, human resources managers earn C$42.56 per hour. However, factors like experience and location help them make up to C$69.11 hourly. Furthermore, PayScale reports that these professionals make an average of $12,635 per year in commissions, bonuses, and profit-sharing. The highest-paying areas for this position are Alberta, Ontario, and Manitoba. Candidates who demonstrate skills in leadership and labor relations can earn about seven percent more than their peers.
While companies need human resource managers in every area of Canada, the demand for these professionals remains particularly strong in New Brunswick, Quebec, and the Yukon Territory. Professionals across the country can grow into higher roles after several years as human resources managers. The most common promotion is to human resources director, though some professionals in larger businesses become senior human resources managers first.
3. Financial Controller
These professionals, also known as ‘comptroller’s, manage financial branches of companies. Depending on the structure of the business, financial controllers may oversee the accounting, auditing, investment, and budgeting departments. This is one of the careers for MBA graduates that is best for students who choose the finance concentration in school.
On average, financial controllers earn a base pay of C$79,194 annually with incentives totaling C$17,967 per year. Demonstrated skills in senior financial management, budgeting, and financial analysis can help these professionals earn up to seven percent more than their peers. Candidates with at least ten years of experience make about C$5,000 more per year than average, but the benefits of staying in this position drop off after 19 years.
As such, many financial comptrollers earn promotions to finance positions that are higher on the corporate ladder. The most common positions after financial controller are chief financial officer, corporate comptroller, and finance director. These positions offer exciting opportunities to make real change within companies and high salaries to match this responsibility. For example, finance directors earn C$116,366 per year on average with an additional C$28,350 annually in bonuses and profit-sharing.
4. Business Development Manager
These professionals take ideas for businesses and turn them into fully-fledged companies. The broad scope of work involved in business development makes this one of the best MBA career opportunities. Business development managers use many of the skills they hone during school, including strategic business planning, sales, financial management, and business analysis.
A significant portion of what a business development manager makes depends on incentive pay, such as bonuses and profit-sharing. On average, these professionals earn C$68,020 per year in base pay. However, they also make about C$29,094 annually in incentive pay, which makes a total of C$97,114 per year on average.
Companies often hire business development managers soon after candidates earn their MBAs. From there, these professionals enjoy ample opportunities for professional growth. Additional career opportunities with an MBA on this path include senior business development manager, business development director, and vice president of business development.
These MBA career opportunities pay well. For example, vice presidents of business development earn an average base pay of C$126,985 with C$62,480 in incentive pay. With such exciting growth possibilities, this is one of the best career opportunities with an Online MBA.
5. Operations Manager
Operations managers oversee the production, transportation, and storage of goods. Their responsibilities may include setting shipping budgets, managing warehouse employees, and resolving customer complaints. While some employers hire operations managers with bachelor’s degrees, MBAs make candidates more competitive for positions at larger organizations.
On average, operations managers make C$68,324 per year in base pay and C$15,289 in incentive pay. This base pay rate comes out to C$22.41 per hour. Some industries pay above-average wages for operations managers. For example, operations managers in the telecommunications industry make a median wage of C$40.66 per hour, and those in manufacturing earn about C$38,46 per hour.
Operations managers in all industries can earn above-average wages depending on their locations, skills, and experience. For example, professionals in Alberta make 17 percent more than average, and those with project management skills earn four percent more than their peers.
Thanks to the new skills that students gain, the value of an MBA is excellent. Graduates enjoy a wide variety of career paths, exciting growth opportunities, and excellent pay. If you want to experience the benefits of earning an Online MBA for yourself, visit Aston University Online or email them at email@example.com. You can complete your coursework from anywhere with an internet connection and be on your way to an exciting career.