The annual mean wage for management occupations in Maryland is $112,250, according to the Bureau of Labor Statistics. Maryland ranks 19th on Forbes’ list of the best states for business and careers, and comes in ninth in the quality of life category. The state ranks 24th on Site Selection magazine’s list of the states with the best business climates. Maryland has the fourth highest median income in the nation and extremely low poverty levels. The state also ranks second in the nation for its percentage of professional and technical workers, a significant contributing factor to economic success. Opportunities in Maryland for MBA graduates are diverse, but they are particularly rich in the areas of aerospace, defense and biosciences.
Information technology, telecommunications, aerospace and defense have contributed to recent growth in Maryland’s economy. And with over two million acres of farmland, agriculture continues to be a significant source of revenue. Maryland also has a thriving life sciences industry, including more than 500 “core” bioscience companies (particularly in the Baltimore area), the second highest concentration per capita in the United States. Five Fortune 500 companies are headquartered in Bethesda: Lockheed Martin, Constellation Energy, Marriott International, Coventry Health Care and Host Hotels & Resorts. Maryland’s proximity to Washington D.C. also means that the state’s economy intertwines with that of the nation’s capital, where many of the state’s residents commute to work.