According to a September 21, 2020 article from MBA.com, the average starting salary for an MBA graduate is $115,000. The article states:
[T]he Graduate Management Admission Council’s (GMAC) annual Corporate Recruiters Survey shows that of more than 700 global corporate recruiters, 3 in 4 reported that employees at their organization with a graduate business school education tend to earn more than those without. Recruiters from Fortune Global 500 companies were especially likely to agree (85%), as were recruiters from the health care (90%), products/services (80%), technology (78%), and consulting (77%) industries.
This year’s survey results show that employers plan to offer new MBA hires a median starting salary of US$115,000 this year—notably higher than the median for direct-from-industry hires ($95,000) and bachelor’s degree hires (US$65,000).
The compensation premium is even more apparent for Fortune 100 companies and the big-three industries of hire for MBA graduates—consulting, finance, and technology. For example, at US$145,000, the median salary of MBAs in the consulting industry is twice that of bachelor’s degree holders.
According to a recent Blog post from Northeastern University, entitled The Highest Paying Master’s Degrees of 2021 (northeastern.edu), here are some of the top careers commonly pursued by MBA holders:
IT Manager
Median Salary: $146,360/year
Growth by 2028: 11 percent (faster than average)
According to U.S. News’s ‘Best Paying Jobs of 2020’ report, this is the second highest-paying non-medical role that is attainable with a graduate degree. The main responsibilities of IT managers include planning, coordinating, and directing online or computer-based work for an organization. Although an entry-level role in this field can be obtained with a bachelor’s degree, to reach the full career potential, employees must obtain an MBA, most commonly with a concentration in technology.
Marketing Manager
Median Salary: $135,900/year
Growth by 2028: 8 percent (faster than average)
Although some debate whether or not the best route for a high-level career in marketing is an MBA or a direct master’s in marketing, it is clear that the high salary associated with this role is directly correlated with obtaining an advanced degree. Marketing managers are known for working on the promotion of an organization, its products, and its services.
Sales Manager
Median Salary: $126,640/year
Growth by 2028: 5 percent (average rate)
Most high-level sales managers graduate from an MBA program, most commonly with a concentration in marketing. Individuals in this position usually come from a lower-level sales background and are in charge of overseeing the sales team in their organization, as well as its various sales initiatives and processes. Alongside a high pay rate, another perk of this role is travel, which is often required for employees at higher levels.
Business Operations Manager
Median Salary: $100,930/year
Growth by 2028: 7 percent (faster than average)
Individuals who hold business operations roles help departments within an organization meet their goals. The responsibilities and functions of this role vary and can include work related to human resources (e.g. hiring), finance (e.g. budgeting), and project management. Individuals in these roles should have excellent leadership and communication skills to help facilitate this work.
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