Growth statistics of MBA in each of its field [Industry Scope, Salary, Roles & Opportunities]

According to the Bureau of Labor Statistics, employment in management occupations is expected to grow 5% from 2019 to 2029. This is faster than the average for all other roles and will generate approximately 505,000 jobs in the US alone. 

The scope of management professions is very bright in the US, but that’s not all. These professions have a reputation of being highly rewarding and strenuous. Management roles are integrated deep into the multiple aspects of an enterprise, including finance, human resources, and marketing. 

Most of the high-paying management roles require you to have an MBA. Hence, today we’ll cover the MBA growth statistics of different areas and find out why you should pursue a career in this sector. 

MBA Growth Statistics According to Specialization

Most MBA programs have the following six specializations:

• Marketing management
• Finance management
• Operations and supply chain management
• HR
• Business strategy & leadership
• Analytics

Following are the MBA growth statistics of every one of these specializations: 

1. Marketing Management

As the name suggests, marketing management focuses on handling and overseeing the marketing activities of a business. In marketing management, you will research the industry trends, analyze competition, and drive the advertising efforts of your organization.

Industry scope

The most prominent organizations in marketing management are advertising agencies, whose market size in the US in 2021 is valued at $54.6 billion. The market size of the advertising industry has grown faster than Technical Services, Professional Services, and Scientific Services, and in 2021, this sector is expected to grow by 4.3%. 

Roles and job opportunities

Most MBA graduates with marketing management specialization would apply for the role of marketing manager, whose average salary in the US is $136,850. Pay in this field ranges from $97,710 to $185,320, depending on your experience, skills, and location. 

2. Financial Management

Financial management is probably the broadest among all the MBA specializations we have discussed in this article. As a financial management professional, you’d focus on preparing your organization’s budget, overseeing the activities in its financial department, and ensuring that your organization achieves its financial goals. 

Industry scope

The finance sector in the US has a $5.2 trillion market size in 2021. 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!