What Can You Do With an MBA in Rhode Island
A master’s in business administration (MBA) has long been viewed as the gold standard for the business world. Regardless of your chosen field, getting your MBA shows others that you have determination, drive, and the desire to succeed. Whether you have already spent time in the workforce or are planning to get a business MBA prior to striking out on your own, there are several things to consider in deciding whether or not to go for it.
Take some time to find out how getting your MBA will impact your professional career. While there is no question it is something to be proud of, the practicality of attaining this achievement, both in terms of your quality of life and your earning potential must be considered.
You need to measure the potential ROI (return on investment) it offers, against the sacrifices that will be required while you juggle life obligations and master your MBA studies. Remember to think about the long-term benefits of having the MBA, because once you have it, it can never be taken away. It is a lifetime academic achievement.
You have several options to choose from in today’s college market. If you decide to go full-bore and get it done as quickly as possible, you might search for a full-time learning program on campus, much like the way you earned your undergraduate degree. For many adults however, family, work, and other responsibilities make this impossible. If this describes you, consider either a part-time, on-campus, evening or weekend program or an online MBA program. In weighing your options, consider class time, commuting, parking, and studying for on-campus options, and the need to be self-disciplined for the online alternatives. However, if you apply for online courses, you should know that they offer the same content and info at the same high level that you would get on-site at most universities.
Why Consider an Online MBA?
The Princeton Review recently gave a stamp of approval to the School of Business Administration at Bryant University in Rhode Island, and there are many other excellent MBA programs available as well. In addition to the high-quality education possible here, you will enjoy many of the state’s main notable destinations and features, including Scarborough Beach, with beautiful sand and gentle waves. During the colder months, you might take a trip to the Providence Performing Arts Center where you will find year-round plays, concerts, and other creative productions. Do you like to hike? The Cliff Walk is a popular attraction. At the top you will enjoy panoramic views of water and land, but you also are treated to breathtaking views on the way to the top.
If you want to complete your graduate program in short order, Rhode Island admission options include online and combination programs with classes offered online and on campus. These programs are known to produce leaders with their excellent academics and flexible choices.
If You Get it, The Money Will Come
While your MBA may have varying degrees of financial clout, depending on your field, there is no doubt that an MBA adds value to your worth as an employee. According to the Bureau of Labor Statistics, an MBA garners higher pay and more opportunity almost across the board.
Credit: Bureau of Labor Statistics
|Occupation||Employment with bachelor’s degree||Percent with bachelor’s degree||Employment with master’s degree||Percent with master’s degree||Median annual wage for bachelor’s degree||Median annual wage for master’s degree||Wage premium amount||Wage premium precent|
|Securities, commodities, and finacial services sales agents||113,110||54%||32,865||16%||$90,000||$170,000||$80,000||89%|
|Transportation, storage, and distribution managers||41,935||23||15,415||9||62,000||90,000||28,000||45|
|Market reserach analysts and marketing specialists||114,105||54||49,705||23||65,000||90,000||25,000||38|
|Marketing and managers||380,429||51||125,900||17||80,000||110,000||30,000||38|
|Property, real cstate, and community association managers||92,579||27||23,380||7||56,000||76,000||20,000||36|
There is a Growing Need for MBA Graduates Nationwide
The world of business is demanding. Whatever field you are working in, the need for well-educated, business savvy executives is not going away any time soon. The future for market research analysts looks bright. With more than 750,000 jobs in the US currently, and a projected 200,000 more openings anticipated across the country between now and the year 2024, growth doesn’t seem to be slowing down.
Rhode Island educators are aware of the need for strong MBA programs as thousands of organizations seek the most qualified professionals to hire. To this end, programs are designed to provide a well-rounded selection of classes. This gives MBA business school alumni a solid grasp of communication, business management, productivity, analytical, and marketing that can be applied to virtually all occupations in the business world.
Typical MBA Concentrations
While MBA programs overall provide a solid education in different verticals in the business world, most programs have concentrations in sub-fields so that you can fine-tune your skills in your chosen career. Varying concentrations are available across the US, but some of them include international business, strategic planning, human resource management, public policy, organizational development, law and legal studies, and more. I can take slightly longer to finish a specialization on top of your MBA, up to 2-3 years if you attend part-time, but that doesn’t mean you should skip it; it might be just what you need to advance. There are a variety of areas of focus in the business school’s MBA programs in Rhode Island, as you can see below.
- Business Analytics
Offering this as a specialty makes sense because the ability to analyze a business can be used in all careers. A focus on business analytics teaches you to examine and absorb data in your field, then sift through it to determine its strengths and weaknesses. Armed with this knowledge, you will be able to convey the information to company managers and executives. Together your team will then design effective forecasts for production, sales, and company growth. In addition, you can examine data to design improved benchmark goals for the future.
- Operations Manager
With your MBA in hand, this position gives you responsibility to oversee entire projects and events, either on a specific site or from the office. Areas that will come under your supervision include vendors, inventory, production, sales, and logistics. In some companies you might also oversee shipping, delivery, and returns.
- Supply Chain Manager
This specialty, if a stand-alone position, is charged with making sure production runs smoothly. If there is a problem in the chain, it is your job to get it fixed quickly. This means being on top of the analytical data, having knowledge of vendors who can deliver on short notice, and other skills that keep the production line from coming to a halt due to lack of needed supplies.
- Marketing Manager
The success or failure of a business often depends on the strength of its marketing department. With an MBA you could lead the charge as the company’s marketing manager. In this role you will be expected to oversee other marketing employees/managers as well as provide guidance for social media and website company efforts. The ability to communicate with others, both outside and inside your company, will be valuable.
Accreditation in Rhode Island
The top 5% of all MBA programs worldwide are eligible to become accredited by the Association to Advance Collegiate Schools of Business (AACSB). To achieve this prestigious recognition, each school develops a curriculum that meets the standards of the accrediting organization. The school’s faculty, research departments, programs, each course, and student success are all closely scrutinized to determine whether they meet the AACSB standard of approval. If so, the school gets the accreditation. You know if you get your MBA from an AACSB accredited school you are getting one of the best business educations possible. Several schools in Rhode Island have the AACSB accreditation. The regional accrediting body for Rhode Island is the New England Association of Schools and Colleges (NEASC).
Career and Job Outlook for MBA Graduates
If, after graduating from a Rhode Island MBA program, you decide to work within the state, you will be in luck. The unemployment rate is similar to the nationwide rate, which hovered just above 4% in September 2018.
The economic future looks bright, including for MBA careers.
The average salary for MBA’s was about $88,000 in 2020 according to BLS. The Bureau of Labor Statistics projects a slow yet steady increase in need for jobs in finance, management, and executive positions until at least 2026. This all points to a promising future for those with MBA’s who are willing to work at building their career.
Average Degree Salary Ranges Potential
- Earnings with Associates - $53,765
- Earnings with Bachelors - $69,377
- Earnings with MBA - $72,214
- Earnings with MBA in Accounting - $73,044
Careers for Rhode Island MBA Grads
As a financial manager, you will be responsible for keeping management alerted to the financial health of the organization. You will do this by gathering and analyzing financial data, overseeing month-end closings and annual closings, and developing strategies to maximize cash by taking advantages of vendor discounts for prompt payments and using other tools to meet company goals. In addition, you will be expected to put together financial reports, present them to management, and in some cases oversee the company's financial investments. You will work with department managers to ascertain their predicted financial future and develop financial goals for the company overall based on those pre-dictions.
In addition, you will:
- Supervise accounting department employees
- Seek cost saving ideas and implement them company-wide
Depending on which industry you are working in, you will also have field specific duties such as:
- Government - expert understanding of government specific laws regard-ing finance
- Healthcare – expert knowledge of how healthcare finance operates, including grant writing and donations
Examples of different financial management positions include:
- Cash managers
- Insurance Management
- Risk Management
Chief Technology Officer
A career as a CTO can be quite lucrative with $86,707 - $275,707 as an average salary, according to Payscale.com.
You would work in the field of technology (IT) and some of your duties would include:
- Setting performance goals for the company's IT health overall
- Review and report on various products used in the company network system
- Manage IT employees
- Oversee the choice and implementation of hardware, software, and databases
- Keep company software licenses up to date
- Monitor and report on security measures and online security breaches
If marketing draws your interest, you can use your MBA to become a marketing manager. Duties are varied but all aimed at promoting the company’s products, service, and image. You will oversee all marketing activities, including supervising marketing employees and developing a strategy for marketing that promote the company's objectives, values, and mission statement. You will also oversee the marketing budget and the development of marketing campaigns.
Investment Bank Manager
In general, an investment bank manager is responsible for issuing debt (loans) and selling equity (bonds and property that has been acquired such as foreclosed property). Specific to banking you will also advise clients about mergers and assist in completing them. In addition, you will advise bank clients about various investment opportunities.
Computer and Information Systems (CIS) Manager
Securing this position will put you in charge of company pricing and finances. Revenue management, as well as financial leadership, will be expected of you. A common task for this position is to gather financial information, present it to management, and help devise strategies to maintain and improve the company's financial health.
You will also be presenting predictions based on your analysis of all available financial data and comparisons to publicly available information about competitors.
Senior Financial Analyst
An MBA in the field of finance can point you toward a senior financial analyst career. This position requires you to investigate all spending within the company, from big spending such as expensive equipment to smaller things like office supplies. Armed with this data, you will prepare reports detailing where spending can be reduced and profits maximized.
You will also be responsible for:
- Month end reports
- Management presentations
- Summary reports about current spending
- Financial predictions for the future
Best MBA Programs in Rhode Island
How to Choose & FAQ's
To get the full experience of your MBA program, you need to know more than the tuition and location of the school. This is a place you will remember forever; you want it to be a good fit.
The culture of the school will determine your overall feelings about your MBA program experience. Does the culture fit your beliefs? Are you looking to immerse yourself into a totally different school culture than you have been used to in the past? What might you learn and contribute if you attend this school? These are all questions you need to ask as you explore school options.
- Why do you want your MBA? Understand that achieving your MBA will take time, concentration, and money. To successfully get through the program you will need to stay focused and keep your eye on the goal. Determining why you want your MBA and keeping that in mind will help you persevere.
- Choose a school with concentrations in your current or desired career. While all MBA programs will provide similar overall skills, you don’t want to finish only to wish you knew more about your chosen field. Select a school that will incorporate skill sets to strengthen your career.
- Attend a properly accredited school. Not only will you be assured that your MBA will be accepted in the workforce, you will know that you received an education that has been examined and deemed to meet the rigorous standards required for an MBA.
- Examine your ROI (return on investment). While an MBA is a prestigious accomplishment, if you are already making as much or more than an MBA will fetch, you need to decide whether it is worth the money for you to go for it.
Consider family needs. If you are married, have children, or other family obligations, they need to be considered in your choice of schools. If not, then the pressures that might follow trying to juggle it all could cause hardship for you. Do you need to be at a school located in an area with lots of hotels, so family can visit? Are you going to have enough time to study and still get all of your work done for your job? These are questions you need to answer before you choose an MBA program.
Once you answer these questions, you are ready to embark on your path to a better career and higher-paying positions. Go find your program today!