The country in which you work will affect your average MBA salary. Graduate salaries in the United States, where an MBA degree can be highly valued, may reach higher than the average.
GMAC’s Corporate Recruiters Survey data shows that MBA graduates in America receive the highest salaries, at US$115,000. In the US, there is also a large disparity in average salaries between MBA graduates and bachelors.
An average MBA salary in East and Southeast Asia is US$65,000 and an average MBA starting salary in Africa is US$35,000. The average MBA salary in Latin America and the Middle East is US$30,000, and US$25,000 respectively.
Average MBA Salary in the United States
It is worth taking a closer look at the average MBA salary in the United States. The amount of compensation will vary depending on where you live, and what school you attend.
Some of the best-respected colleges in the United States are located here. For example, the average MBA salary at Stanford Graduate School of Management is US$222,000. This is more than US$100,000.
The same applies to top business schools. The average Harvard Business School graduate earns US$210,000 annually, while Wharton MBA graduates make US$211,000.
The location you work will affect your US MBA salary. MBA salaries in the US are generally higher in larger cities, but it will depend on which types of companies you work for.
Seattle, WA has the highest average MBA salary at US$88,834. Boston, MA has a median MBA salary of US$82.485. There are also other major US cities such as Washington DC, Charlotte NC, and Austin TX that offer MBA salaries exceeding US$70,000.
Check out Executive MBA College in Mumbai by reputed Business School.
Average MBA Salary by Industry
Your chosen career and industry will also affect the average MBA salary. MBA graduates have many job options, with varying salaries.
We’ve already explained that the highest salaries in MBA-related industries tend to be higher than those in other industries. MBA graduates can still expect to find high salaries in many other industries.
For many years, consulting has been a popular choice for MBA graduates. Half of potential graduate business students want to pursue consulting after completing their degree.
MBAs have the opportunity to use a variety of skills, including communication, problem-solving and multitasking. The consulting industry also offers high salaries. The average starting salary of MBA consultants was increased by US$10,000 by the Big Three Big Consulting Firms – McKinsey and Bain – in 2022.
As a consultant for a Big Three company, you can expect to earn a salary of US$175,000. The sign-on bonuses for consultants are also very high at US$30,000.
Accepting a job at Accenture Strategy or a smaller boutique consultancy firm will not necessarily mean you take a pay cut. Many boutique consultancies have increased their average salaries in line with Big Three firms.
Consulting salaries have increased 10% in the past year. Even if you aren’t able to find a job at a Big Three consultancy firm, the average MBA salary is still over US$100,000. These salaries are unlikely to decrease as consultants will continue to be in high demand.
MBA finance graduates are attracted to the industry by their high salaries. However, it is not only that. Although it is not as high as consulting, the average MBA finance salary is close to US$139,000.
Finance managers are the highest-paid jobs. You can expect to earn around US$134,000.
Many MBA graduates who specialize in finance look into investment banking jobs. This area could offer a starting salary around US$125,000 but you can earn as much as US$450,000 if you stay on as an investor banker.
A Master of Finance graduate, on the other hand, can expect a starting salary of US$80,000.
Technology is a growing area of interest for MBAs, especially among women. Between 2019 and 2021 the percentage of MBA students who are interested in this industry increased from 34% to 37%. Many MBA students today specialize in technology. This can help increase job opportunities and pay.
An average salary for a MBA in the technology sector is US$130,000. Google and Microsoft, tech giants, are some of the top employers of MBA students. They offer jobs in software project management or business analytics.
You can get the best-paying jobs by staying in the tech sector for several years. For example, a Chief Technology Officer (CTO), in the US, could make a salary of US$100,000. To be more precise, a CTO can earn US$350,000 to $350,000.
Over 10% of MBA students want to work in the energy sector every year. There are many job opportunities and higher wages than other industries. The industry is worth US$120,000.
This higher salary range is a good opportunity for MBAs. This year, the average salary for graduates of MIT Sloan’s MBA program was US$127,000. Payscale also reports that senior managers who have completed an MBA with a specialization in energy can expect to earn a salary of over US$140,000.
Nonprofits and the Government
Traditionally, starting salaries for MBAs in government and nonprofit will be lower than those in non-profits. The average MBA salary for non-profit graduates is US$90,000. While the average government salary is US$88,000.
These areas are far less popular than consulting or finance, however, so many MBA students opt to pursue these careers after graduation. Only 3% of the 2021 Harvard Business School MBA class were able to find jobs in government or nonprofit after graduation.
MBA students have the potential to land high-paying marketing jobs, particularly if they are pursuing MBA specializations. High-paying jobs in digital marketing are often available to marketing graduates, such as in the management or leadership of their own agencies.
A marketing specialization could lead to a salary range of US$103,000. An MBA graduate with a specialization can expect to make an average salary of US$103,000. The average salary for a marketing manager is US$80,000 annually, and can rise to US$177,000 if they are a marketing director.
Posted in Education.