The Bureau of Labor Statistics (BLS) projects that the overall employment of marketing professionals in the United States will increase 7% through 2029, a higher-than-average hiring rate for all occupations. BLS also projects that almost 38,000 more marketing professionals will be in the workforce by 2029, increasing the industry’s ranks to 333,700 from 314,900 in 2019.
The marketing profession’s projected expansion is good news, not just for new college graduates who will be seeking entry-level positions. Product producers, consumer retailers, and agencies will recruit experienced marketing professionals to nurture the influx of new hires. Employers will seek managers, directors, vice presidents, and chief marketing officers who have both marketing and business knowledge and skills, who can inspire and lead teams and organizations, and who have a vision for expanding market share.
So, whether you’re just beginning your marketing career or you’re mid-career, an advanced business degree in marketing can allow you to break into the industry, advance into a senior leadership role, or gain a serious bump in income. Consider upscaling your skills and credentials by earning a Master of Business Administration (MBA) in Marketing.
What Is an MBA in Marketing?
An MBA degree program teaches core technical, managerial and leadership knowledge and skills for the business world. An MBA program with a concentration, such as marketing, equips students with key niche skills for particular areas of interest.
Barry University’s online MBA in Marketing program offers courses focused on theories and subjects such as:
- International business
- Managerial finance and accounting
- Leadership and advanced management concepts
- Social, legal, and ethical aspects of business
Marketing courses include the study topics such as:
- Psychological, sociological, and anthropological theory related to the buying decision process
- Managerial decision-making for screening foreign markets and developing product, price, promotion, and distribution strategies
- Development of marketing plans in a dynamic environment
- Marketing and leadership strategies needed to remain competitive in the global economy
The curriculum’s emphasis on strategy development includes a key marketing strategy course, which helps students gain decision-making skills such as planning, market opportunity analysis, and integrating marketing strategy with corporate strategy.
Take MBA Skills to the Bank
If earning an MBA to earn more income is your goal, specializing in marketing is a wise path. With an advanced degree, you could potentially increase your pay by as much as 8% annually. According to March 2021 data from PayScale, the average salary for marketing managers is $66,117.
Employers are increasingly looking for marketing manager applicants with strategic marketing skills, and Barry University’s MBA in Marketing online program equips students with those in-demand aptitudes. According to March 2021 PayScale, the average annual salary for marketing managers with strategic marketing skills is $71,149.
Clearly, there is value in enrolling in an MBA program that focuses on strategic marketing skills, as the pay difference could be $5,032 annually. Consider how your salary could increase by earning an MBA in marketing and developing strategic marketing and other sought-after skills.
Holding an MBA degree can increase your chances of a pay bump as well. According to March 2021 data from PayScale, the national average annual salary for professionals with an MBA in marketing is $93,210. That is $27,093 more a year than the national average for marketing managers.
So, if you’re looking to boost your marketing career opportunities and earnings, consider the possibilities provided by an advanced business degree in marketing.
Learn more about Barry University’s online Master of Business Administration in Marketing program.
Sources:
PayScale:
Average Marketing Manager Salary
Average Marketing Manager with Strategic Marketing Skills Salary
Average Marketing Manager Salary in Orlando, Florida
Master of Business Administration (MBA), Marketing Degree
Setup: The Marketing Career Path: From Entry-Level to Chief Marketing Officer
US Bureau of Labor Statistics: Advertising, Promotions, and Marketing Managers