What Can You Do With an MBA in Maine
Are you interested in pursuing a career in business, finance, or management in Maine that requires more than an undergraduate degree? If these fields align with your personal and professional goals, as well as your interests, a return to your studies for a Master of Business Administration (MBA) from a Maine business school may be the perfect fit for you. Not only do MBA graduates tend to qualify for a wide variety of job types, but they can often find work in almost any business-related discipline. Common employment opportunities with companies include careers in accounting, human resources, health administration, and information technology. While every position offers a different salary and benefits package, many individuals with an MBA work in high leadership positions that pay more. Alternatively, this degree can also allow for the development of skills that prepare graduates to start and manage their own private business.
If you are already working full-time in Maine, going back to school for an MBA may seem daunting. Fortunately, there are options available. Many colleges and universities offer on-campus solutions for students who can attend school full-time, as well as online alternatives for applicants who have other important work or family responsibilities and require an accelerated course of study or to attend part-time. There are also hybrid programs, which combine in-class learning and online content available through the school website. Online and hybrid MBA programs in Maine offer flexible scheduling for students who are unable to attend classes during the day. Additionally, you can complete assigned coursework easily from the convenience of your own home or work office with internet access and IT support from the school.
Why Consider an Online MBA?
There are many reasons for both students and working professionals to consider enrolling in an MBA program in Maine. The main goal of most people interested in an MBA is to advance their careers. Many want to apply for leadership roles, change their careers and shift into new areas, or start their own businesses. Whether you are breaking into the business world for the first time or are hoping to be promoted into an upper-management or administrative position, this higher education degree can help.
Additionally, many business employers in Maine will give preference to individuals with MBAs. While graduate degrees are not required for every position, having one will absolutely give you an edge over other candidates who do not. Hiring committees often associate an MBA with greater dedication to the field and familiarity with advanced business management concepts.
An MBA is also likely to result in quicker promotions, more frequent raises, and higher overall pay. This is because graduates are more marketable. With a better-developed understanding of basic business, finance, and organizational management techniques, they are able to use what they earn across many disciplines.
While earning an MBA can afford you many benefits, it is important to realize that this degree does not guarantee job success. A graduate-level education will make you more marketable, but potential employers are not required to hire, promote, or pay you more. Success in business, finance, and management careers is highly dependent on your work ethic and dedication. An MBA will provide you with courses to teach you the necessary skills and knowledge, but you are responsible for using them to advance your career.
Percentage of Students Enrolled By Distance Education
Typical MBA Concentrations
While all MBAs are designed to provide students with a deeper understanding of topics related to business, finance, and management, some programs frame coursework around a particular area of study. These are called concentrations. MBA programs with a concentration will have the same core coursework but offer students the opportunity to take classes in specialized sub-fields as well. These can include entrepreneurship and innovation, international business, strategic management, risk management, and more.
Some of the most popular concentrations offered by colleges and universities in Maine include:
An MBA with this concentration offers professionals an opportunity to expand upon their understanding of core business concepts as they relate to accounting.
Common coursework includes:
- Management Accounting
- Current Issues in Accounting
- Taxation for Business and Investment Planning
- Advanced Individual / Business Taxation
- Financial Accounting
An MBA with this concentration provides engineers with the knowledge and skills necessary to advance their career to the next level, open a consulting business, or start a similar company.
Common coursework includes:
- Introduction to Robotics
- Micro Electromechanical Systems
- Energy and Power Systems
- Microelectronic Fabrication
- Digital Image Processing
An MBA with this concentration is intended to teach professionals how to create efficient business processes and accurately report on these processes by leveraging business data, which may be gathered from the community or the business’ site.
Common coursework includes:
- Data Management and Analytics
- Information Visualization
- Predictive Analytics
Health Management and Policy
An MBA with this concentration provides students with a broad understanding of healthcare in the United States, as well as financing structure, healthcare policy and social context (in terms of public policy and media), and potential opportunities and challenges for those in the field.
Common coursework includes:
- American Healthcare System
- Quality Improvement
- Social and Behavioral Foundations of Public Health
- Health Law and Ethics
- Public Health Policy
An MBA with this concentration teaches professionals the value of financial, environmental, and social performance factors as they relate to long term investment returns.
Common coursework includes:
- Sustainable Communities
- Transportation Planning and Policy
- Launching Sustainable Ventures
- Socially Responsible Business and Marketing
- Environmental Law
Accreditation in Maine
Accreditation is an important aspect to consider when selecting an MBA program. All colleges and universities can choose to undergo an accreditation process to validate their degree offerings. Choosing an accredited program means that the institution has provided proof that their MBA degree and the associated coursework adhere to certain guidelines. These guidelines are established by accreditation organizations. Each of these various organizations requires different things from the school in order for them to earn their credentials.
Prominent international accreditation agencies include:
- Association to Advance Collegiate Schools of Business (AACSB)
- The Association of MBAs (AMBA)
- European Quality Improvement System (EQUIS)
- The Distance Education and Training Council (DETC)
The AACSB is considered to be the most highly regarded accreditation organization. If you are interested in an online MBA program, however, it’s important to realize that this agency rarely accredits them. Instead, you can also look for a program that has been accredited by the DETC.
Colleges and universities can also choose to become accredited by regional organizations. Those who intend to seek employment in and around Maine can consider institutions with accredited MBAs through the New England Association of Schools and Colleges Commission on Institutions of Higher Education. Be sure not to skip the step of checking on a school’s certifications. Without this, your credits will not transfer and you may have trouble finding a position after you graduate.
Career and Job Outlook for MBA Graduates
The economy in Maine is quite stable. In fact, according to Maine’s Center for Workforce Research and Information, the state currently employs 25,799 individuals working in financial operations and business occupations. That number is expected to grow slightly to 26,014 before 2026.
Top Employers in the State by Number of Employees
|Company||Industry||Headquarters City||Number of Employees|
|Maine Health||General Medical||Statewide||9,500|
|Eastern Maine Medical Center||General Medical||Statewide||4,500|
|TD Bank of America||Commercial Banking||Statewide||3,500|
|Eastern Maine Healthcare Systems||Office Administration||Brewer||1,000|
|Wex LLC||Financial Transaction Processing and Clearing||South Portland||1,000|
Careers and Salaries for MBA Graduates in Maine
According to the Bureau of Labor and Statistics, the mean, hourly wage for business and financial operations occupations in Maine was $34.40 in 2020. The mean yearly salary was $71,560 in that same year.
It’s important to note, however, that the average pay provided by jobs within the business and financial operations fields varies greatly. For example, the annual mean wage of human resources specialists working in Maine in 2020 was $64,060, whereas the annual mean wage of financial analysts was $71,570.
Having an MBA does tend to improve salary potential. According to the Bureau of Labor and Statistics, professionals working in business, finance, and sales jobs with a graduate degree earned more money than those without one in 2019. Some occupations were found to offer as much as a 90% increase to advanced degree graduates.
Average Degree Salary Ranges Potential
- Earnings with Associates - $53,250
- Earnings with Bachelors - $58,599
- Earnings with MBA - $81,000
Careers for Maine MBA Grads
Because the knowledge and skills obtained through an MBA program are easily transferable, there are countless career opportunities available for graduates in Maine. MBA holders should be able to find jobs in almost any industry, but work is often associated with business management and finance.
Some of the top MBA careers in Maine include:
- Financial Manager
Financial managers are in charge of maintaining the overall financial health of a company or organization. They usually prepare financial reports, monitor financial details, direct investment activities, analyze market trends, and plan for long-term financial goals.
- Financial Analyst
Financial analysts provide financial guidance to company or organization leaders in charge of making investment decisions. They often recommend investments, evaluate financial data, study economic and business trends, examine financial statements, and assess investment performance.
- Human Resources Manager
Human resource managers are responsible for planning, directing, and coordinating a company or organization’s administrative functions. They frequently oversee employee recruitment, conduct interviews, strategically plan for hiring protocols, and manage employee benefit programs.
- Medical and Health Services Managers
Medical and health services managers work to oversee and enhance medical care facilities. They are responsible for developing departmental goals, ensuring legal compliance, managing finances, creating work schedules, recruiting staff members, and maintaining accurate records.
- Sales Manager
Sales managers are in charge of a company or organization’s sales team. They primarily set sales goals, resolve customer issues, monitor sales trends, project sales and profitability, analyze data, design training programs for staff members, prepare budgets, and determine discount rates.
- Computer and Information Systems Manager
Computer and information systems managers oversee a company or organization’s information technology projects. They usually make sure that projects stay on budget and are completed in a timely manner, as well as assist with security upgrades.
Best MBA Programs in Maine
There are a few colleges and universities in Maine that offer on-campus and online MBA programs. Remember to keep institution accreditation in mind as you select a school that meets your specific needs. We have created a ranking list of the best MBA programs in Maine to help you find a college that is a good fit for you. We use a formula to help us rank the top colleges offering a master of business administration using: retention rate, graduation rate, cost of tuition, graduates salary, student to faculty ratio, hybrid and online MBA options and concentration options.
Some of the top MBA programs in Maine include:
|Saint Joseph's College of Maine||Location
|University of Maine||Location
|University of Southern Maine||Location
How to Choose & FAQ's
If you believe enrolling in an MBA program in Maine is the right decision for your career, it is imperative that you find a program that suits your lifestyle, calendar, goals, and budget.
Whether you are interested in an online program or want the full campus experience, keep the following tips in mind:
- Identify Your Personal Must-Haves
The majority of MBA programs, online and otherwise, consist of between 30 and 60 credit hours of coursework. In most cases, they are designed to be completed within two years. That being said, no two programs are ever exactly alike. Therefore, the first step in finding an MBA program in Maine is to identify your personal preferences. Take time to determine what is important to you and what is not. Factors to consider include location, cost, format, program offerings, student-to-faculty ratio, extracurricular activities, accreditation status, and graduation rate. Knowing which aspects you value most will better prepare you to sort through the potential options as you move forward with your search.
- Research Your Options
Once you have taken time to identify the factors that are most important to you, it is time to begin researching the various MBA program options available to you. You can begin by looking for business schools and programs online. Compile a list of several potential colleges and universities that seem appealing. Afterward, take time to carefully compare your list of institutions to your list of must-haves. Doing this will help you to rank your options. Keep in mind that most schools charge an application fee, so it’s important to narrow down your list as much as possible before applying. This is also a good time to consider how likely it is that you will be admitted.
- Determine Application Requirements
Before you can apply to any college or university, you will need to determine the application requirements. Most institutions have this information easily accessible on their websites. While every school is different, most require official transcripts, standardized test scores, letters of recommendation, a resume, a personal statement, and a portfolio. Graduate school candidates should also demonstrate great passion for their intended field, interests that align with program offerings, relevant experience, a history of academic success, and clearly defined professional goals. Keep in mind that many MBA programs have specific standards beyond those defined by the institution. Ensure that you have thoroughly researched all of the relevant requirements before submitting your application.
- Ask Questions
It is completely normal to have questions as you look for an MBA program in Maine. In fact, having and asking questions is an important part of identifying the college or university that is right for you. You should actively seek information about the placement rates after graduation, the speed at which most graduates find work afterward, and what the average starting salary is. Not only should you feel comfortable asking questions of admission and financial aid staff members at the school, but you should also reach out to other professionals, current students, and alumni. These individuals will be able to provide valuable insight based on their personal experiences.
- Schedule a Campus Tour
While researching an MBA program online, talking to alumni, and interacting with campus staff members will give you a plethora of important information, it is vital that you visit the college or university in person before making your final decision. Many institutions offer recruiting events that you can participate in throughout the year. Merely scheduling a campus tour, however, will give you an opportunity to meet current faculty members and students. In some cases, you may even be given the chance to observe a portion of a class. Similarly, individuals looking for an online MBA should request a demonstration of the technology that will be used throughout the program.