Check out the best careers with high salaries for JD-MBAs below!
While researching different graduate schools and MBA programs, you might have come across a type of dual degree program called a JD-MBA. For those interested in studying both law and business, this might be a great option for you to get both degrees in half the time. But you might be wondering what kind of JD-MBA jobs are out there.
This article will cover the specifics of a JD-MBA, list the best jobs you can get with this dual degree, including the career outlook and salary for each, and provide tips on how to leverage this degree to secure your dream job.
What Is a JD-MBA?
The JD-MBA is a dual-degree program offered at various law and business graduate colleges. The joint program generally lasts four years and results in a student receiving a Juris Doctor degree (JD) and a Master of Business Administration degree (MBA).
Depending on the school, the JD usually takes three years to complete while the MBA takes two years; thus, taking them together as a dual degree program saves one year. There are also a few schools that offer an accelerated JD-MBA program, which takes three years to complete.
Some benefits of receiving a JD-MBA are not only that it takes less time, but it also gives you a professional edge and a unique skill set across multiple disciplines. Being involved in two different industries means that you have more opportunities and a larger professional network.
JD-MBA graduates also make good candidates for promotions and pay raises in either industry, making the possible career outlook an excellent one. A JD-MBA comes with both benefits and challenges that you should be aware of before committing to the program. The joint program does take longer to receive than the JD or the MBA alone.
While a JD-MBA saves a year of college separately, the additional year spent in the program can add up in extra tuition costs. The coursework within a JD-MBA is also more rigorous, given that you will be studying two different fields at once. If you are willing to face these challenges in order to reap the benefits, then the JD-MBA career path might be right for you.
15 High-Paying JD-MBA Jobs
With such a wide variety of jobs to pursue with your unique skill set, you may need some help figuring out where to start. While you might find a rare opportunity or niche position specifically geared towards someone with a JD-MBA, it is more likely that you will land a job in one of the two industries.
You can apply your expertise from your other degree to help you rise above expectations. For some direction in your job search, here is a list of the best JD-MBA jobs, along with their career outlook and salary, according to Indeed:
1. Auditor
National Average Salary: Approximately $91,866 per year
An auditor monitors and investigates the financial records of a company to make sure it is working efficiently. They also make sure the business supplies the government with all the correct financial information. A JD-MBA degree allows you to understand both the financial aspects and the legal obligations of a company.
2. Financial Analyst
National Average Salary: Approximately $73,812 per year
A financial analyst analyzes investments such as stocks, bonds, and securities to determine their possible economic outcomes. They also work with executive management to recommend specific investments and offer advice on financial decisions. Receiving a JD-MBA allows you to learn about the financial assets and resources that various businesses use.
3. Business Development Manager
National Average Salary: Approximately $75,645 per year
A business development manager helps to increase sales and grow the company's influence through marketing strategies. They understand a company's products and business operations to connect them with new and current customers. A JD-MBA gives you experience communicating with clients and customers in a marketing and business setting.
4. Business Intelligence Analyst
National Average Salary: Approximately $87,886 per year
A business intelligence analyst evaluates data to help companies find ways to improve their business processes. They use software tools to collect and organize data, providing companies with effective business growth strategies. A JD-MBA teaches you about financial and market software needed to analyze business outcomes.
5. Attorney
National Average Salary: Approximately $97,777 per year
Of course, one of the most common JD-MBA jobs graduates pursue is becoming an attorney. An attorney represents the legal interests of their clients in criminal and civil court cases. They specialize in preparing legal documentation and arguments to deliver in court on behalf of their clients.
A JD-MBA prepares attorneys for both the legal and business sides, which will be useful if they decide to open their own firm.
6. Controller
National Average Salary: Approximately $106,123 per year
A controller provides insights and strategies for the financial development team of a company. They create plans to utilize company resources and investments through financial analysis. The JD-MBA gives you the skills needed to analyze the financial state of a company and advise them in financial matters.
7. Director of Finance
National Average Salary: Approximately $103,995 per year
A director of finance oversees the daily financial operations of a company. They are responsible for managing financial staff and reporting the company's financial activities. With a JD-MBA, you will be able to manage the financial matters of a company and oversee the staff you work with due to the management training you received in the program.
8. Risk Manager
National Average Salary: Approximately $105,930 per year
A risk manager protects a company's interests by analyzing the risks and possible outcomes of operating a business. Not only do they analyze operational and financial risks, but they also evaluate legal matters that could affect a company. A JD-MBA teaches you how to analyze company finances and the laws involved in running a business.
9. Actuary
National Average Salary: Approximately $120,164 per year
An actuary analyzes the financial cost of insurance risks. They determine policies and coverage for those insured and the risks involved. Actuaries also help set prices for insurance and estimate the costs of events covered by insurance. A JD-MBA enables you to understand the financial structure of insurance policies, know how best to support a client, and understand the legal rights involved with insurance.
10. Director of Compliance
National Average Salary: Approximately $114,619 per year
A director of compliance translates complex legal matters into effective business protocols. They interpret regulations for specific businesses and make sure that the company and its employees follow these standards. The JD-MBA familiarizes you with laws and legal requirements and teaches you how to communicate them to businesses.
11. General Counsel
National Average Salary: Approximately $148,465 per year
Among the top-paying JD-MBA jobs is the position of general counsel. A general counsel acts as the head legal representative of an organization. They are attorneys who guide businesses by advising them on legal matters and representing them in judicial proceedings.
General counsels are involved in decisions not only for legal issues but also business plans, making a JD-MBA graduate have the perfect skill set to attend to the executive and legal areas of a company.
12. Employment Lawyer
National Average Salary: Approximately $120,956 per year
An employment lawyer represents both employers and employees to ensure that fair workplace standards are practiced. They specialize in helping businesses or employees in workplace-related cases such as wages, benefits, and harassment concerns.
JD-MBA gives you the knowledge of business standards and management practices to represent a client in legal matters properly.
13. Corporate Lawyer
Nation Average Salary: Approximately $127,489 per year
A corporate lawyer works to protect business rights and is involved in various legal processes for a corporate client, such as negotiations, documentation, and representation. They are also engaged in monetary transactions with large companies.
A JD-MBA graduate can ensure contracts are clear and pose no liabilities to their clients by knowing the ins and outs of a business and its operations.
14. Corporate Strategy Manager
National Average Salary: Approximately $131,621 per year
A corporate strategy manager creates plans to improve business growth and optimize operations. They analyze data, identify market trends, and review competitors' business practices to advise their company. A JD-MBA prepares graduates for this job by understanding business practices and compliance standards that must be upheld.
15. Director of Strategy
National Average Salary: Approximately $146,028 per year
A director of strategy works in a leadership role to shape a company's operations, policies, and branding efforts. They utilize data to plan for the long-term direction of a company and form strategic predictions of a company's growth.
They also seek business opportunities that create revenue and brand advancement with knowledge of the legal ramifications of the strategies that can be easily gained through a JD-MBA.
Tips For Finding A JD-MBA Job
Once you have your dual degree, the next step is to find the perfect job! Here are some tips to help you in the process:
Network Strategically
Throughout your degree, it’s crucial that you network so that you can leverage these connections to find a job. Build relationships with mentors, faculty members, peers, and any employers you intern with or work with throughout your degree.
Ensure you also keep in contact with those involved in your clerkships and strive to make a good impression in all of your degree-related and professional endeavors.
Tap Into Your Alumni Network
The beauty of attending a great school is the extensive alumni network you’ll have access to! Oftentimes, schools have job boards specifically for alumni students to access and apply to job listings. Take advantage of this tool, and don’t be afraid to reach out to others in your field for advice.
Stay Informed
The learning doesn’t end once you get your degree. To prove you’re a knowledgeable and valuable candidate, stay abreast of trends and developments in both the legal and business sectors.
Highlight Your Dual Expertise
While you’ll likely end up working in the law or business fields, you should still showcase your unique skill set in both fields on your resume and during job interviews. Clearly articulate how your dual background adds value to potential employers.
FAQs
Still have questions about JD-MBA jobs? Read on to find your answers!
1. Is a JD-MBA Worth It?
Yes, a JD-MBA has many benefits. Not only do you receive two separate degrees, but it also broadens your career options, builds a diverse professional network, and helps you gain transferable skills and experiences that you might not receive in only one program.
2. Is It Better to Get a JD or an MBA?
It depends on the field you are most interested in. If you would like to only practice law, then you would need to get a JD. On the other hand, an MBA program can give you a wide range of skills and flexibility that you can use in various roles and industries, making it a more adaptive choice in the long run.
3. How Much Does a JD-MBA Cost?
The average cost of tuition comes out to over $50,000 per year, according to US News. Due to being a dual program resulting in two degrees, the cost of tuition is relatively higher than either of the programs separately at any school. Thankfully, most JD-MBA careers offer high salaries, which will counterbalance the tuition cost and pay off for you in the long run.
4. What Test Should I Take to Apply for a JD-MBA?
Typically, a GMAT, GRE, or LSAT score is required to apply. Many programs offer a joint application that only requires the GMAT or GRE, and the LSAT is optional. Other programs require you to submit separate applications with GMAT or GRE scores for the business school application and an LSAT score for the law school application.
5. Does It Matter Which Program I Focus on in My First Year?
No, it doesn’t matter which program you focus on in your first year. Sometimes the program will suggest which to take first, but it's ultimately your choice. Some joint programs also blend the two schools, meaning that you will take courses from both schools during a semester.
6. Are There Any Online JD/MBA Programs?
None of the schools listed in this article offer online JD-MBA programs. Acclaimed online JD-MBA programs are less common; none of the top graduate schools provide them.
Conclusion
A JD-MBA is an excellent option for those interested in law and business who also wish to gain a professional edge. Though the length of time and cost of tuition are high in this challenging program, it will pay off in the long run by giving you a bountiful supply of JD-MBA jobs to choose from.
With two degrees and a versatile set of skills, you will be an invaluable member of any company!
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