2020 Best Online MBA Programs in
Massachusetts is known for being a higher education hub and has the reputation of being the smartest state in America. Many of the state’s largest employers are in the education and healthcare industries. The Bay State is also home to large financial firms, tech firms, and newly emerging FinTech firms. Many jobs in these industries demand qualified employees holding an MBA. To determine our ranking of the best online MBA programs in Massachusetts, we analyzed the percentage of alumni working in executive-level jobs.
MBA Jobs in
Massachusetts is a desirable destination for newly graduated MBAs because of its broad industry base, educated population, and culture of innovation. A dozen Fortune 500 companies make their home in Massachusetts, including General Electric, Liberty Mutual, TJX, Raytheon, Biogen, and State Street Corp. These companies offer MBA jobs that represent the rich heritage of the state’s diverse industries, including consumer durables, insurance, apparel, defense contracting, biotech, financial services, and others.
The 10 largest employers in Massachusetts, however, are drawn almost entirely from the healthcare and education industries: Partners Healthcare, University of Massachusetts, Stop & Shop, Harvard University, Steward Health Care System, Massachusetts Institute of Technology, UMass Memorial Healthcare, Massachusetts General Hospital, Brigham & Women’s Hospital, and Boston University. The state — particularly Boston — also has a heavy concentration of financial services firms spanning banking, investment advisory and management, brokerage, insurance, and mortgages. When it comes to the fastest-growing companies, however, the leaders are primarily in the STEM fields, including tech services, biotechnology, electronics, cyber security, and fintech, according to research firm GrowJo.
The average annual MBA salary in Massachusetts is about $90,420, the highest in the country after New York. That is eight percent higher than the national average of approximately $83,000, according to data from ZipRecruiter. Many of the highest-paying positions in Massachusetts are tied to occupations that depend on an influx of qualified MBAs, such as chief executives, financial managers, sales managers, marketing managers, advertising and promotion managers, and personal financial advisors, according to current data from Zippia.
The overall employment outlook for Massachusetts has been improving in recent years, especially jobs for MBA graduates. The Executive Office of Labor and Workforce Development reports that the national jobless rate in Massachusetts was 2.9% in July 2019, significantly lower than the national unemployment rate of 3.7%.
The Massachusetts Office of Labor and Workforce Development provides detailed employment projections for MBA career paths in the 10-year period from 2014 through 2024. Some of the fastest-growing job categories with MBA jobs include accountants, auditors, market research professionals, and general managers — many of which require qualified MBAs. Employers will be looking especially for individuals who have mastered not only hard skills, such as finance and accounting, but also valuable soft skills, such as team-building, digital expertise, and complex problem-solving skills. Growing companies across all these industries means there will be jobs for MBA graduates to manage and scale their businesses, determine and refine strategies, recruit and train employees, oversee financials, and market and sell their products.
- America’s Top States for Business in 2019. [online] Available at: https://www.cnbc.com/2019/07/10/americas-top-states-for-business-2019.html [Accessed 11 Oct. 2019].
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- Kolmar, C. (2019). These Are the 100 Highest-Paying Jobs in Massachusetts in 2019. https://www.zippia.com/advice/highest-paying-jobs-in-massachusetts/ [Accessed 19 August 2019].
- Norton, M. (2019). Massachusetts Unemployment Rate Dips Below 3%. https://www.wbur.org/bostonomix/2019/08/16/mass-jobs-employment-workforce-july [Accessed 19 August 2019].
- Khlad, A., Enwemeka, Z., and Fujiwara, D. (2017). What the Data Tell Us About the Future of Work in Mass. https://www.wbur.org/bostonomix/2017/10/30/future-jobs-data-massachusetts [Accessed 19 August 2019].