Is an MBA Career in Florida for You? Think Miami.
If you’re Florida-bound for your MBA program, Miami is the creme de la creme of all cities for MBA jobs in Florida in terms of salary. And, the industries, sectors, and opportunities are nuanced, according to Susanne Schneider-Kivelitz, who is the Associate Director, Graduate Alumni & Hub Career Advisor at Babson College.
“Generally speaking, industries that are popular in Miami are financial services and the hospitality and tourism industry. There is a large concentration of International banks, but also local banks, which includes private wealth & asset management and real estate, and real estate is a sub sector of financial services, and still growing,” said Schneider-Kivelitz.
Miami also leads the way in other sectors, and offers industries that are intricately tied to Miami’s destination as a port city, a growing city, and a hub for Latin America. According to Miamigov.com, a study released by the financial website SmartAsset determined that:
- Miami's population grew by 9.43% from 2014 and 2018
- Household income also grew by 31% in that same period
- Miami ranked fourth among 500 U.S. cities the website studied for growth
“A big industry that many people don't think of but that’s really important is international trade. Miami is the cargo gateway to the Americas because of the port. The Port of Miami is a large container port. And then there is Miami International Airport, which is the top airport for international freight. Those international trading patterns mirror where some of the MBA students are coming from,” said Schneider-Kivelitz. International trade also fuels supply chain, logistics, and warehouse industries. And, it’s important to note that besides being a busy cargo port, the three largest cruise lines—Carnival, Royal Caribbean, and Norwegian Cruise Line—all have headquarters in Miami, and have a major presence in the port.
“The fourth sector that is also strong in Miami is media and telecommunication,” added Schneider-Kivelitz. Latin American radio stations like Telemundo and Sony Music Latino are located in Miami because of South Florida’s strong Latino population and proximity to Latin America.
And, looking to harness the power of the location and talent pool, many companies located in Miami also have a Latin American focus. Over 1,000 multinational companies have offices in Miami according to Miami-Dade Beacon Council, including:
- Restaurant Brands International
- Fresh Del Monte Produce
Another pull to the area is the number of Fortune 500 companies with headquarters in Florida, such as Publix Super Markets, World Fuel Services, AutoNation, Office Depot, Ryder System, Hertz, and Raymond James Financial.
These companies contribute greatly to the vast opportunities in South Florida. Other companies in the state that employ close to 10,000 people or more, and are Fortune 1000 companies, include ADT, Chewy, Spirit Airlines, and Bloomin’ Brands.
Besides many large, successful companies, Miami’s financial industry boasts the 2nd largest financial center on the East Coast, after only New York City. According to Reuters, and Inc.. recent companies to open offices in South Florida include:
- Blackstone Group
- Elliott Management
- Goldman Sachs
And, according to Business Insider, SoftBank, who already manages a $5 billion fund to invest in Latin American startups from Miami, has recently committed to investing another $100M to make Miami a new tech hub. These moves could open up and enhance the tech ecosystem in South Florida, as well as positively impact the venture capitalist industry there.
For those thinking of gaining career advancement, accelerating your career, preparing to take the next steps within your current organization, or looking to change industries, an MBA in Florida might be right for you. And if that’s the case, Miami may be your best bet.