Welcome to another post in our “After the MBA” series, in which we chronicle a variety of post-MBA career opportunities to give you a sense of which might be the best fit for you. Whether you’re looking to make a career change or want to stay in your present field, this information will help guide you in your b-school decision-making process, as well as direct your studies once in school.

Job/Industry:

Government

What It Is:

Government jobs available for MBAs vary widely. Many government agencies – from the Department of Labor to NASA to the US Postal Service to the Department of the Treasury – have job opportunities for business school graduates. While working for the government post-MBA might seem unconventional to some, the sheer range of jobs available makes it a logical choice for a variety of candidates. According to the Partnership for Public Service, fields currently hiring for positions include Contracting, General Business and Industry, Loan Specialist, and Realty.

Salary Range:

Salaries for government jobs are lower than many of the private-sector jobs available to MBAs; however, there are some advantages to working for the government, perhaps most significantly stability and quality of life (hours are almost always less grueling than those in popular post-MBA jobs like consulting or investment banking).

The median base salary for Class of 2009 Harvard Business School grads entering government jobs was $90,000; the number was the same for graduates from Carnegie Mellon’s Tepper School of Business. According to slightly older data (a survey conducted in April 2006 by the Graduate Management Admission Council), the average base salary for MBA grads in the government/nonprofit sector is $63,565.

Is a Government Job for You?

Because government jobs span such a wide range of fields, it is important to look closely at the individual agency and field in which you are interested in working. If making money is your #1 goal post-MBA, then a government job likely isn’t the best field for you. However, if you are interested in maintaining a work-life balance, and in finding a stable job with excellent benefits that allows you to influence government research and policy, a government job could be a great fit.

Be aware, too, that stereotypes of government work don’t always hold true. As Kerry Willigan, career consultant at the George Mason University School of Management, put it in this article, “I think MBAs have negative perceptions about government jobs, that it’s a type of drone mentality… But it’s more dynamic than that. You get a lot of responsibility and the opportunity to have some sort of impact.”

How to Break In

If you know going into b-school that government work is for you, look for schools that offer certificates or concentrations in Public Management. This way, you’ll have plenty of opportunities to take relevant classwork and network with like-minded peers and mentors.

Government agencies recruit at many business schools; be sure to attend any networking events and info sessions that are offered. There are also fellowship opportunities available for b-school students: check out the Presidential Management Fellows, which “matches outstanding graduate students with exciting Federal opportunities” and the Department of Labor MBA Internship and Fellowship Program, which gives MBA students the opportunity to serve as interns and/or two year fellows in various governmental agencies.

The stimulus plan has provided many government agencies the opportunity to open the doors to new hires–according to a survey by the MBA Career Services Council, recruiting from government industries is up by as much as 35% at many schools.

This is another post in our “After the MBA” series, in which we chronicle a variety of post-MBA career opportunities to give you a sense of which might be the best fit for you. Whether you’re looking to make a career change or want to stay in your present field, this information will help guide you in your b-school decision-making process, as well as direct your studies once in school.

Job/Industry:

Accounting

What It Is:

Accountants oversee the financial strategy of companies, organizations, or institutions to ensure that their financial records are well-kept, that they pay their taxes on time, and that they are fiscally robust. Many – though not all – accounting jobs require candidates to be CPAs (Certified Public Accountants). An MBA is not required to become a CPA – in most cases, only a four-year degree and in some cases, a certain amount of work experience, are needed; however, for senior positions, an MBA or M.Acc. (Masters of Accounting) is often required or strongly encouraged.

There are a variety of possible career paths within the accounting field. Public Auditors review the financials of a client company in order to ensure that there has been no financial misreporting or mismanagement, while internal auditors are hired by large companies to do the same thing on an internal level. Tax accountants and tax consultants work to prepare tax returns and/or advise companies on the tax implications of potential actions. Management accountants work in-house for companies to track the company’s finances in a variety of ways; responsibilities vary. Some management accountants might work as budget analysts or as controllers to plan the allocation of funds in the company.

Salary Range:

Accounting salaries for MBAs vary depending on a variety of factors, including job function, level of seniority, whether the work is in the public or private sector, and the size and location of the firm, among others. USC Marshall reported a median starting salary of $95,000 for 2010 MBA grads working in finance or accounting. This figure does not include bonuses and may be inflated by the salaries of graduates working in other finance-related fields. Kelley (Indiana University-Bloomington) reported a median base salary of $87,200 for 2010 grads working in finance and accounting.

Is Accounting Right For You?

As financial regulations become more stringent, more and more accountants are needed. Accounting requires knowledge of many rules and regulations, so if you’re interested in an accounting career, be sure that you are organized and good at following guidelines! Accounting jobs can be demanding, especially during “busy season” (a.k.a. tax season). In addition, accountants likely will not see much variation in their daily work routine; if you are a highly creative, idea-driven person, accounting might not be the place for you.

If you are interested in going to business school to improve your earning power or standing as an accountant, or want to change careers, getting an MBA in finance or accounting could help you gain a foothold in the industry or get a more senior position at a firm. Often, you will want to sit for the CPA test as well. (It is also possible to go back for a Master’s Degree in Accounting; however, depending on your interests, an MBA could open more doors and will likely ensure a higher salary.)

Accounting firms look for a variety of qualities in prospective hires, including analytical ability, attention to detail, computer literacy and tech skills, ability to work independently and in teams, and ability to multitask. Computer software is increasingly changing the landscape of accounting; many firms look for accountants with superior technology skills who are able to use and manipulate available software to meet their workplace’s needs.

Best Business Schools for Accounting:

According to U.S. News and World Report’s 2010 rankings, the best business schools for accounting include McCombs (University of Texas-Austin), Wharton (University of Pennsylvania), Booth (University of Chicago), University of Illinois–Urbana-Champaign, Ross (University of Michigan–Ann Arbor), Marshall (University of Southern California), Stanford, Stern (New York University), Marriott (Brigham Young University), Kelley (Indiana University-Bloomington), and Kenan-Flager (University of North Carolina-Chapel Hill).

This is another post in our “After the MBA” series, in which we chronicle a variety of post-MBA career opportunities to give you a sense of which might be the best fit for you. Whether you’re looking to make a career change or want to stay in your present field, this information will help guide you in your b-school decision-making process, as well as direct your studies once in school.

Job/Industry:

Real Estate

What It Is:

At the most basic level, the real estate industry has to do with property. Buying property, leasing it, managing it, appraising it, financing it… if it involves property, the real estate industry is undoubtedly involved. MBAs often work in real estate finance; those interested in real estate development are more likely to get a Master’s of Science in Real Estate or another specialized real estate degree.

There are numerous career paths for MBAs interested in real estate finance. Real estate Asset and Portfolio Managers, for example, are responsible for maximizing the performance and value of a company’s portfolio of real estate assets.

Salary Range:

According to one source, average salaries for MBAs from top 20 schools entering real estate start around $70,000. However, this number will be higher if you had significant industry experience prior to completing your MBA. This number might also be higher if you are graduating from a top business school. Columbia Business School, for example, reports a median base salary of $104,907 with median additional compensation of $37,500.

Best Business Schools for Real Estate:

There are a wide variety of business schools that offer real estate concentrations. UNC-Flagler is unique among top-ranked MBA programs in that its real estate program is grounded in the context of real estate development, allowing graduates to understand the “big picture” of real estate in addition to knowing how to structure a project’s financials. Top b-schools that are strong in real estate include Columbia, Haas, and Wharton. Ultimately, success in real estate depends largely on connections and networking; be sure to put these skills to work when looking to gain a foothold in the industry.

Is Real Estate a Good Fit?

Breaking into the real estate industry is, like many post-MBA careers, largely dependent on networking and connections. If you’re not a people person, real estate may not be the place for you. Real estate is also a fast-paced, continuously changing field; you should be willing to be constantly on-the-go and to keep up to date with current trends in the real estate market and changes in laws and regulations that might affect your business. While an MBA is not critical for success in real estate, it can help give you a leg-up in the industry.