Master of Business Administration (MBA) is one of the most sought-after courses in India after Engineering and Medical. Finance, Accounting, Marketing, Human Resources, Information Technology, Media & Communication, and International Business & Management are the major areas that are studied under MBA.
There are many colleges/institutes that offer the MBA program in India. But MBA from an elite and esteemed institute in India broadens up the future prospects for the students in terms of finding a job abroad.
MBA degree definitely offers various opportunities for everyone. Depending on the specialization one opts for, jobs post MBA pay handsomely in India.
If the MBA graduates are getting good remuneration from Indian companies, a job outside India will definitely pay more and that too at a higher currency value.
But finding a job abroad is not as easy as it sounds even for candidates who have graduated from top business schools like IIM (Indian Institute of Management) and ISB (Indian School of Business).
Some of the advantages of securing a job abroad are a good understanding of the subject, vast knowledge and a good problem-solving ability. There are a lot of companies that recruit graduates directly from top business schools like IIMs and ISBs.
However, in some countries, it could be necessary to have at least 2 years of experience after which one becomes eligible to apply to the companies abroad.
Moreover, there are consultancies in the country that have tie-ups with various countries and the companies abroad and with their expertise, they help to make the process of applying abroad for a job simpler for the candidates in this volatile job market.
As for any other degree holders, the highest-paying jobs for MBAs go to those who chose their major subjects wisely.
MBA majors and the professional fields they opt for after graduation have a greater impact on salary and company than the reputation or brand of the business management school from where they earned their degrees. Best jobs for MBA abroad as per their specializations is discussed here:
Strategy earns the revenue for any business.
If someone is a good strategist she/he would be able to optimize all the resources the company has and then utilize them for achieving the new target the company has set for itself.
So if you have a thirst to solve the problems and think ahead of time, you can opt for this field. The best strategist becomes the CEO of the company.
In the foreign cities like New York, Chicago, San Francisco, Washington, D.C. and Seattle, MBA graduates with a specialization in Strategy earned the most among those holding a degree in business management, according to the PayScale.
Having a degree in strategy can earn you jobs like Management consultant, senior product manager, senior strategy manager, strategy consultant, chief operating officer, senior marketing manager and business consultant.
Salaries for different jobs are based on different factors such as the post in the company, experience, gender and the company. Payments from some top employers are like Pricewaterhouse Coopers – $136,000-$185,000; Booz, Allen, and Hamilton – $123,000; Google – $120,000; Amazon – $107,000-$152,000; Intel – $76,000-$124,000. The payment increases as the experience increases.
General and strategic management
This field of work includes the analysis across a variety of factors, organizational structure, and market evolution and others.
The general purpose of the general and strategic management is to combine the energy of an organization’s functional areas into one focused effort to achieve superior performance.
Only the managers (like CEOs or strategic planners) who see the whole picture of the company and its surrounding environments can make the decisions that bring the competitive advantage to the company.
The second business majors/fields with the highest-paying jobs are MBAs with specialization in General and Strategic Management.
The difference in the gender distribution in this field is less.
The top cities like Chicago, San Francisco, New York, Boston, and Seattle offer jobs in this field for the posts like Chief executive officer, management consultant, senior vice president (operations), senior marketing manager, senior business analyst, vice president / general manager and product management director.
The top employers for these jobs who pay good amount are such as Visa – $145,000; Amazon – $130,000; Slalom Consulting – $121,000; Booz, Allen, and Hamilton – $101,000.
The median early career and mid-career pay for the jobs in this specialization are $85,000 and $146,000, respectively.
The twenty-first century is called the age of millennial. They just want to start their own thing, make their own art and create something that will leave their legacy around the world.
And thus entrepreneurship is one of the favorite options for them. More and more students are opting for this specialization to learn the basic of the craft which makes a business tick.
Entrepreneurship is the third best MBA specialization for high salaries.
Their average early career and mid-career salaries are $70,000 and $130,000, respectively. Some employers paying good remuneration in the cities like San Francisco, Boston, Los Angeles, New York, Chicago in companies like Aluminum Company of America – $160,000; Amazon – $129,000; Control4 – $117,000; MassMutual Financial Group – $102,000; PNC Financial Services Group – $79,000.
The top jobs in this field are the senior product manager, marketing director, product manager (software), business development director, business development manager, chief financial officer and director of operations.
This is one of the traditional fields to be opted by candidates to pursue their career. It has the varied scope and the opportunity is much diverse as it is comparatively a difficult specialization than the others.
The salary varies as per the institute you choose to do MBA from, the country and the company. The Corporate finance majors earn an average early career pay of $78,000 and mid-career pay of $138,000.
Some of the top employers and payments are given by them are like Leidos – $86,000; JP Morgan Chase – $85,000; Ropes & Gray – $72,000; Applied Systems – $63,000-$69,000; Long Island University – $49,000 in the cities of New York, Boston, Houston, Chicago, and Dallas.
They offer posts like financial analyst, finance manager, senior financial analyst, chief financial officer, financial controller, vice president (finance) and finance director.
Finance and economics
Business management graduates having a focus on Finance and Economics took home an early career average pay of $67,000 and a mid-career average pay of $137,000.
Finance managers have to have high-end analytical skills and have to work at the back-end of the company.
The MBA graduates get the job posts like financial analyst, portfolio manager, finance manager, director of operations, president, senior business analyst and project manager (IT).
The top employers are Citibank – $170,000; Morgan Stanley – $128,000; Atkore International – $95,000.
The world is quickly evolving into a different dimension and thus what was relevant before, now has very meager or little relevance.
The generous MBA salary packages enjoyed by recent graduates are among the most celebrated of these, as are the prospects of further growth in this department.
Of course, there are large variables in the global market, the consequence of which is that MBA salary levels are considerably higher in certain leading economies than they are in others.
With an MBA in hand, the world is indeed your oyster but landing a suitable job overseas takes strategizing, planning and foresight. One of the valuable tips is to use a three-pronged approach and prepare a long list of target companies you would like to apply to in different countries.
These three ‘prongs’ would be companies in the US, companies in other countries and in your home country. Also, although you may have a very specific job profile in mind always remain open to other opportunities that are available.