After a series of scandals and high-profile blunders being exposed in the financial sector in recent years, many an MBA graduate will no doubt be looking elsewhere for employment. In addition to the reputational damage suffered by the sector, tightened regulation and scrutiny in addition to the lingering effects of the financial crisis have resulted in lessened opportunities for qualified candidates.

Indeed, the financial sector can no longer afford to hoover up pools of talented MBA graduates from top universities. Several companies that were popular destinations for MBAs in the past have been left bankrupt – such as Lehman Brothers – or absorbed by other companies, like Merrill Lynch and Bear Stearns.

So what other MBA careers are there out there? Well there are plenty of examples, but to pick a few examples, an MBA might consider government jobs, nonprofit jobs or green jobs. Alternative career routescan bring with them a greater variety of work, and allow graduates to implement their skills in new sectors that provide challenging and exciting roles of their own.
Government jobs

Have you always wanted to say you work for the CIA after watching too many Bourne films? Well, now you can! Okay, so you may want to omit telling your friends that you are in fact a financial analyst and not a spy; but still pretty cool, no?

A wide range of government jobs are open to MBA graduates. The American government advertises some jobs purely for MBA graduates and often seeks experienced managers for its agencies – including the treasury department, the national tax collecting agency (maybe don’t tell your friends about that job role) and the commerce department.

Networking skills will come into play when applying for MBA careers in government. The age old adage of ‘it’s not what you know, it’s who you know’ truly comes in to play in the hallowed corridors of power. This does not have to be a negative factor for MBA students – networking is an integral part of any MBA course.
Nonprofit jobs

The objective of nonprofit jobs is to achieve specific goals rather than make as much money as possible. However, nonprofits still need to be run as businesses – which is why the sector is crying out for those with those with business acumen. Many modules on an MBA course can prepare you specifically for nonprofit jobs: including philanthropy, ethics, global development and social entrepreneurship.

MBA graduates taking on nonprofit jobs have regular, demanding targets to achieve. The nonprofits and charity organizations that would typically attract MBA graduates are big organizations that require expertise in complex governance, management and financial issues.

But perhaps finding the most high-profile competitive MBA career isn’t your main motivation? The nonprofit sector offers you an opportunity to find a cause to work for that you genuinely care about – it all depends on what drives you in life. Seeing the positive difference your skills can make on other people’s lives is a very rewarding element of nonprofit work.

If you can’t find a cause to work for that is particularly close to your heart, then why not launch your own nonprofit? That’s precisely what John Wood, a graduate from Kellogg School of Management, set out to do when he decided he’d had enough of corporate life working for Microsoft.

He launched a startup called Room to Read, a San Francisco-based nonprofit devoted to building libraries and schools in underdeveloped countries such as Cambodia, India, Nepal, Vietnam and Laos.

Mr. Wood says he was inspired to launch his nonprofit after embarking on a life-changing trip to Nepal: “These people were living on a dollar a day — I was amazed at the lack of resources,” says Wood. “Their schools were just collections of dead branches, sheet metal and dirt floors. What they called ‘libraries’ might have a total of 25 books for more than 200 kids. And the books were cast-offs from trekkers – stuff children would never read. It was not just that they were living in poverty, but also that there was poverty of opportunity.”
Green jobs

If you enroll onto an MBA program with a focus on green jobs and sustainability then the graduation job market can become instantly more accessible to you. Green MBAs are still very much a specialist option of study for MBAs, but the green jobs potential is vast.

These MBAs are different to traditional MBAs in their focus on sustainability and business ethics. It is argued that the reason for the rise in sustainable MBAs and green jobs has come as a result of the financial crisis – drama in the financial sector over recent years has nurtured more socially responsible businesspeople.

Additionally, rapid global investment into clean energy and sustainability will mean that green jobs will be a thriving and developing business sphere for decades to come as business focuses on the ‘triple bottom line’: people, planet and profit.

There are also green job opportunities in marketing or supply chain management – this is because companies will be moving faster to reduce their carbon footprint, reduce packaging and to let the world know they’re doing it. Opportunities for graduates with sustainable MBAs will continue to expand and grow in very diverse areas.

Using an MBA to Prepare for New Startup Business Ventures
When asked if studying an MBA has assisted his existing business, Oliver prefers to focus on how the program is helping him with his new business ventures (Oliver handed over some responsibilities at Elevated Leisure to his managers upon starting his MBA) – after all, there’s only so much of a company you can oversee from 4000 miles away!

“Studying an MBA has actually got me thinking about starting a similar business in Canada. I’m looking into this as part of the practical component of my course. A lot of my colleagues are doing internships whereas I’m working on a business plan - so I’m using a lot of the resources from the course and my lecturers to propel that forward. I’m very much establishing this company from a theoretical standpoint right from the start. To do that I’ve had to include all the components that I’ve learnt from the MBA – including marketing, financial analysis, accounting, statistics and research.”

Oliver’s praise for McGill goes beyond the classroom. He applauds the way in which the course has propelled him into dealing with genuine business situations in his day-today life.

“The academic side to the MBA is a small component of the course. You can go and learn about accounting or statistics from a book or online, but the big value of an MBA is the exposure you get to real industry professionals. From this, you get to work on projects that have industry value. To give you an example, I worked on a creative startup business in Montreal that needed help with the logistics of taking a venture off the ground. We gave them the business plan to present to various government funding projects and investors. It was great to be a part of a procedure that helps businesses grow and be successful. That tangible aspect of the course makes it very interesting.

“Another example of this hands-on experience is through my Applied Investments course. I am with a group that is managing a US$300,000 endowment fund – “Its real-life trading and investment. We deal directly with the custodian and the brokers, and face the same issues that professional traders do. That simply does not exist at other universities, it’s totally unique.”