An MBA degree does not necessarily have to be synonymous with a career in finance.

While most MBAs do still choose to go into finance and consulting, the options for business school graduates are not limited to these two fields.  Health care, for example, is attracting a substantial number of MBAs. A recent New York Times article points out:

Health care is the target career for 10 percent of students working on a master of business administration degree at Harvard Business School, making it the third most popular choice, behind financial services and consulting.

This trend is accelerating as the boomer generation ages and needs increased health care. In fact, the Times article notes business schools like Tufts and Duke already have programs focusing on health care management, and Dartmouth’s Tuck School of Business is in the process of creating a new masters of health care delivery science.

But if the health care sector doesn’t strike your fancy, you can follow in the footsteps of MBAs like Tim Elliott, who, as this BusinessWeek article describes, left his job as a vice-president of finance and technology to join MBAs Without Borders. The nonprofit program sends MBAs overseas for six months to work in the developing world, and it’s seen a substantial increase in applicants over the past year.

In fact, if you’re interested in nonprofits, there are now MBA programs that focus specifically on nonprofit management.  Beyond Grey Pinstripes is a great place to start if you’re looking for a business school devoted to sustainability and nonprofit management.

And for a list of the top 100 companies MBAs would like to work at, you can always refer to Fortune Magazine’s list.

The New York Times blog, “Bucks”, recently published two in-depth articles about a recent court ruling that has made MBA tuition tax deductible provided that you can prove that an MBA can enhance your career. There are some subtleties to the ruling; for example, you cannot deduct the cost of your MBA if you use it to switch careers and in some cases, you might have to provide written proof that the specific classes you took to earn your MBA are directly relevant to your established career. It’s worth giving both articles a full and thorough read, as this new ruling has the potential to save you a significant sum of money.

New York Times: When You Can Deduct the Cost of Your M.B.A.

New York Times: More on M.B.A. Tuition Reductions

The New York Times recently published a very widely read article about how some business schools (Stanford among them) are looking to provide more broad-based training concerning how to synthesize and address complex issues as opposed to more functional skills such as finance or accounting (the University of Chicago is presented as representing more of a traditional MBA program).  Yet another reason to home in on what sort of business education you want for yourself, as prominent business schools are beginning to diverge in terms of educational philosophy and curricula.

The New York Times has a very interesting discussion up of whether MBA students should be considered ‘customers’ (i.e. have their input/feedback taken as gospel) as opposed to students.  The debate is based upon a recent Chicago Tribune article about the same topic.

It might be a good idea to decide yourself how you feel about this, and perhaps apply to schools that agree with you!