No wonder more and more people are applying to business school. The job market for MBAs just keeps getting better, with choices widening and salaries climbing.

Most of 2007’s job-seeking MBAs received offers even before completing their degree, reports the Graduate Management Admission Council. In fact, they ended up with an average of two or more job offers, according to a GMAC survey of 5,641 graduating students from 158 business schools.

“The evidence is clear that the MBA continues to appeal to employers,” says GMAC President and CEO Dave Wilson. “For the fifth year in a row, a growing number of MBA graduates have at least one job offer before graduation.”

New MBAs are showing strong financial confidence. Full-time MBA students anticipated, on average, a 54 percent increase in compensation over their pre-MBA salaries, the GMAC survey found. Part-time students expected a 43 percent increase, and executive MBA students anticipated a 33 percent average rise in their paychecks.

“A typical MBA graduate today brings maturity, intellect, experience, determination and a willingness to invest in his or her own intellectual capital,” says Wilson. In a survey of corporate recruiters, GMAC found that employers planned to hire more people with business and other graduate degrees this year, while trimming the number of positions aimed at recent undergrads.

With news like that, why doesn’t every new college grad eventually go for an MBA? Because an MBA is not for everyone.

Would an MBA would be right for you?

“Something about it needs to be driving you other than just the money and employment opportunities,” says John Fernandes, president and CEO of AACSB International, the association to advance collegiate schools of business. If inspiration sends you down a different path, you’ll find a huge range of professional education options, from graduate programs in health care to information technology.
An MBA education can follow a professional track, focusing on skills such as finance or accounting, or focus on general management.

In a managerial career, says Fernandes, “you are responsible for increasingly large numbers of people. That’s not for everyone.” The best way to learn if it’s right for you is to get some managerial experience. “Be responsible for a project or a person or both,” suggests Fernandes. Even if you don’t get that in a paid job, you can get valuable experience through volunteer work.

To find what you like, try to get into positions that give you a broad view of your organization. Fernandes himself, for example, first went into internal auditing as a way of observing all aspects of a company’s operations.

While MBA opportunities are growing across the board, demand is particularly strong in the following areas:

• Consulting and investment banking. These traditional MBA career paths continue to offer attractive, lucrative opportunities. With compensation often starting in the six-figure range, working in consulting or investment banking can be a good way to pay off education loans and launch a career.
• Banking and finance. Opportunities are strong in corporate finance and commercial banks, says GMAC’s Wilson. Finance opportunities stand out in the public sector in the Washington, D.C. area. For example, says Wilson, “The Public Corporation Oversight Accounting Board and the Securities and Exchange Commission are hiring MBAs.”
• Government and non-profit sectors. Millenials who find it important to give back to society can appreciate the “psychic income” of government and non-profit careers. Even if government salaries aren’t tops, the overall package can be competitive, and hours are reasonable.
• Information Technology. Last year, Google was the number one target employer for MBAs, notes Matt Symonds, director of the World MBA Tour. Grads also continue to explore smaller start-ups with the hope of emerging with the next wave of high-tech success stories. Meanwhile, employers everywhere are seeking IT specialists with strong managerial skills.

Promising MBA career areas also range from marketing to human resources, accounting, operations management, entrepreneurship and more.

Charting Your Course

Are you a career switcher or a career accelerator? Your answer will help determine what type of business or professional program you choose.

Career switchers may pursue a full time or part time MBA. Choose a program based on how well it fits your interests and whether it draws the sorts of employers that interest you. Also consider location. Is the school roughly in a part of the country - or the world - where you want to work? Many grads find the best contacts not far from their school. For help finding the right match, check out www.mba.com, sponsored by the Graduate Management Admissions Council.

You are a career accelerator if you already love what you’re doing but want to move up in your organization. Your employer may even be willing to help with tuition. You may choose to pursue an MBA in a part-time local program, or, if you already have adequate seniority, in an executive MBA program. EMBA programs often move at a faster pace than part-time studies, requiring a more concentrated time commitment. You remain with the same group of peers throughout. “In an EMBA program, the most important thing is sharing experiences with fellow classmates,” says GMAC’s Wilson.

To choose a part-time or EMBA program that will accelerate your career, ask your employer what sorts of skills would be useful. Do you need more strength in brand management, for example? Or in finance? To find schools that would meet your needs, check out www.mba.com.            

And if you already have a professional specialty, such as engineering or chemistry, nothing may give you a better edge than adding an MBA to the mix.