A guide to jobs and salaries for MBA graduates
Undertaking a Master of Business Administration can transform your career trajectory, propelling you forward with more responsibility and higher earning potential. Australian MBA graduates can see their salary increase between 58% and 72% within three years of completing the MBA course. Obtaining an MBA can also be a requirement for a range of senior leadership positions as employers seek out individuals with a proven understanding of leadership and strategic thinking. Where not required, applicants who do hold an MBA have a competitive advantage as they can demonstrate a well-rounded educational background and willingness to continuously upskill.
While every job has its unique challenges and responsibilities, there is a broad range of transferrable skills that lend themselves to most senior management positions. These skills are typically taught through MBA programs which allow professionals who are experts in their respective field to hone their management, leadership, and strategic expertise.
Several key executive positions typically preference MBA graduates. Not only just a highly reputable qualification in business management, MBAs equip business leaders with the confidence and ability to manage modern-day businesses challenges.
These are some of the executive positions which preference MBA holders.
Senior Business Development Manager
Average annual income in Australia: $116,026
The role of a Senior Business Development Manager is to maintain existing client relationships and identify areas for potential growth within the business. The Business Development Manager should be a problem-solver who is continuously looking for ways to improve efficiencies and boost productivity and sales. They should also possess strong communication and negotiation skills, as they are the primary driver behind crucial business decisions. Senior Business Development Managers typically come from a background in sales, marketing or client relationships and usually hold a Master of Business Administration (MBA).
Chief Marketing Officer (CMO)
Average annual income in Australia: $178,758
The Chief Marketing Officer (CMO) is responsible for the overall marketing direction of a business. A CMO has a holistic view of a business’ marketing efforts, overseeing a company’s entire marketing strategy, from planning and execution to performance measurement. CMO’s generally require extensive marketing experience, managerial experience, and a postgraduate qualification such as an MBA.
Senior Information Technology (IT) Manager
Average annual income in Australia: $132,503
Instrumental in any business that utilises technology, the Senior Information Technology Manager leads the IT team. An excellent job for MBA graduates who are experienced in the IT field, a Senior IT Manager is responsible for the application and implementation of all software and hardware used within a business. This role is becoming increasingly more relevant as widespread technological advancements are changing the way we work and do business. As well as computer and technical skills, Senior (IT) Managers also require strong team management skills as they lead and manage a business’ IT unit.
Average annual income in Australia: $143,021
A Sales Director oversees the sales department and is responsible for setting and executing growth sales strategies. Sales Directors provide a strategic roadmap for how to achieve set sales goals and support their teams to reach these targets. Sales Directors should be well versed in product and service offerings and have a deep understanding of consumer trends and a business’ USPs. Sales Directors must also have strong communication skills as they both maintain key stakeholder relationships and motivate their sales team to hit performance goals.
Senior Human Resources (HR) Manager
Average annual income in Australia: $121,357
The Senior Human Resources Manager is responsible for new hires, employee retention and engagement strategies, and company policies and procedures. They are extremely process driven and always keeping up to date with relevant regulatory requirements and laws. This role demands both professionalism and strategic thinking and is typically held by individuals who have both an MBA and working history in HR or business administration.
Chief Financial Officer (CFO)
Average annual income in Australia: $155,466
The Chief Financial Officer oversees all financials within a business, including revenue and cash flow. Both finance and accounting departments report into the CFO, allowing them to achieve a holistic view of a business’s financial position. The day-to-day of a CFO can vary but largely encompasses purchasing, pricing, investments, tax management, accounting, and debt management. This role is best suited to those who are meticulously organised and strategically minded.
Chief Operations Officer (COO)
Average annual income in Australia: $153,351
The Chief Operations Officer (COO) is typically viewed as the second-highest-ranking official within a business and is responsible for implementing strategies set by the CEO and Board of Directors. Demanding an MBA degree, the COO oversees the day-to-day needs of the business, ensuring that staff are equipped to work efficiently, and the business is on track to meet its strategic goals. Being organised, guiding hiring, and developing budgets for organisational needs are crucial elements to the role. The Chief Operations Officer is usually process-driven and possesses great people management skills.
Chief Executive Officer (CEO)
Average annual income in Australia: $158,470
A Chief Executive Officer (CEO) is the head of the business; they oversee all departments and handle decision-making across the company. The responsibilities of a CEO can vary depending on the organisation and industry in which they operate within. However, they largely shoulder the responsibility of a businesses’ successes and failures. CEOs need to possess excellent communication and people management skills. Chief Executive Officers typically require an MBA degree to demonstrate their ability to handle high-level decision-making.
Step into senior roles with confidence
Senior leadership and management positions require capable and qualified leaders who lead by example, making thoughtful and purpose-driven business decisions. Understanding what is expected of professionals within these positions will allow you to plan your professional development and career progression accordingly. An underlying feature among all the above positions is the recommended undertaking of a Master of Business Administration. An MBA is designed to equip leaders with the holistic toolkit required to make high-level decisions and lead their business to sustained performance.
Griffith University’s online Master of Business Administration is designed for the next generation of business leaders. With courses like ‘Leadership: Responsibility and Change’ and ‘Managerial Problem Solving’, our purpose-driven online MBA teaches graduates to drive revenue through sustainable business practices, regardless of industry. It also prepares leaders with the soft skills needed to empower and lead their teams to success, cultivating a positive workplace culture.
The 100% online course is taught so you can continue working while undertaking study. This online MBA ensures flexibility with six intakes per year so you can start on your schedule. For more information about studying Griffith's online Master of Business Administration, call us on 1300 737 945 or book a call with an Advisor today.