Most people choose their career based on their personal passions and interest. This is particularly true for those who hold an advanced degree such as a Master in Business Administration (MBA), with or without a specialization. The reason for this is that a significant investment, both in terms of time and money, is needed to achieve an MBA degree.
However, once graduated, another factor that comes into play in terms of choosing a career is salary. Many people finish their MBA with a certain amount of student debt, which they want to pay back as soon as possible. Furthermore, they want to be compensated for their investment of time and money. Additionally, since the recent economic crash, people are actively looking for jobs that provide both job security and high salaries, so that there is an opportunity to build up a nest egg if something does go wrong.
If you have completed an MBA in operations management, there are numerous career opportunities available to you. These span all the different sectors: private, public, not for profit and voluntary. Again, most graduates will look for a job in a sector that they are most interested in and the salary that is associated with that is of secondary concern. However, if you do want to find the best paying job if you hold an MBA with a specialization in Operations Management, the options are slightly more specific.
Essentially, with this degree, you will concern yourself with understanding the underlying concepts of the operation and production functions of the company you work with. In most cases, one of two areas of work will be open to you. Firstly, there is studying service operations. Secondly, there is the study of production or manufacturing operations. This may include such areas of studying the control and planning activities needed to run an operation; activities relating to design, which form how a certain operation functions; and/or finding methods to improve the overall function of operations.
According to Payscale.com, the average salary for someone with this degree specialization is between $71,700 and $115,000 per year. Let’s take a look at the 8 best paying MBA in Operations Management careers.
1. Operations Or Supply Chain Manager
According to Indeed.com, the average salary for a supply chain manager is $82,000. However, the range of exact positions for someone in this field is very wide, as are the salaries. At the top end of the scale are the food safety quality managers, who can earn as much as $128,000 per year. At the bottom of the scale are the logistics managers, who have an average salary of $63,000.
2. Operations Research Analyst
According to the U.S. News & World Report, the highest paid operations research analysts earn as much as $130,210 per year. The best places to work in this field are San Diego, San Jose and New York City.
3. Production Planner Or Logistics Engineer
Salary.com reports that the average salary for a production scheduler is $68,076. The top 10% earn over $86,455. Most production planners or logistics engineers work in logistics, warehousing or transportation. They are responsible for the day to day operations of all the production procedures, from monitoring inventory to managing schedules. It was also noted that the average salary is for someone without any formal education. This means that those with an MBA are most likely to be in the top 10% earners.
4. Inventory Control, Distribution Or Purchasing Manager
According to the U.S. Bureau of Labor Statistics, the average salary for a purchasing manager is $60,550 per year. However, this is based on all purchasing managers, which includes those who only hold a high school diploma. Those who hold an MBA can expect to earn around $30,000 per year more, therefore increasing the salary to around $90,000 per year. Purchasing managers buy the products that an organization uses in various parts of its operations. Their job is to evaluate suppliers, review the quality of products and negotiate contracts. They can be employed in any industry, from agriculture to local governments and from education to sustainable energy.
5. Quality Assurance Manager
Indeed.com has reported that the average salary for a quality assurance manager is $87,000. Additionally, they have reported that a significant rise in job openings has been occurring over the past few years. Salaries vary significantly depending on the exact job someone holds. The highest paid quality assurance managers are Oracle Financials ERP Managers, who earn $134,000 per year. At the bottom of the scale ae quality control leads, who earn $65,000 per year.
6. Industrial Engineer
According to Sokanu, salaries for industrial engineers range from $51,950 to $119,460, with the average being $83,390. Salaries have been steadily rising in this sector since 2010 and it looks as if they will continue to do so for some time. The highest paying states for these professionals are California, Alaska, Texas and Oregon, with Alaska topping the list.
7. Materials, Warehouse Or Plant Manager
In a recent report by Indeed.com, the average annual salary for plant managers is $82,000. Again, however, there are many specific jobs for plant managers, which makes actual salaries vary tremendously. The highest earners are plant general managers, who earn $117,000 per year. The bottom earners are plant superintendents, who earn $82,000 per year.
8. Master Scheduler
The salary of a master scheduler, according to Payscale.com, is between $44,757 and $100,337. These professionals integrate and coordinate work schedules and packages. They also plan for any unforeseen events, ensuring contingency strategies are in place for eventualities. Finally, they are responsible for the delivery schedules of the various items that a business produces.