Feel like you aren’t making as much as you should be after graduating business school with your MBA? Keep reading to find out how to get the best MBA salary in USA.
An MBA is an investment into your future. There are so many reasons for pursuing an MBA. Graduates with an MBA have a higher chance of getting a job and a very well paying job at that. In this article, you’ll learn how to get the best MBA salary in USA.
Why get an MBA?
There are many reasons to get an MBA. For some, it’s the next logical step after getting a business-centered bachelor’s degree and working for a couple of years. For others, it could be a much needed career change. The reasons are endless.
In business school, you will have the chance to work on and further build your management skills as you learn the in and outs of how businesses work. Now that you have learned how to manage, you can start your own business, just one more reason to get an MBA.
You will have the chance to learn about and question some big business issues and the global economy. Business school gives you the opportunity to learn how to work in a team full of different personalities. While getting your MBA your professors will have an impact on you as well as the speakers (top business executives) that come to speak. Lastly, you will have the opportunity to learn about public speaking.
If these weren’t reason enough, graduates of an MBA have a better chance of getting a high-level management position, which in turn also means a higher salary. Job recruiters will look for certain qualities as they are looking into possible candidates. Some of these qualities include being able to think about the future of your career, being a quick learner, being a leader, being enthusiastic and that you will fit within the company. All of these are qualities that you will gain through earning an MBA.
Growth of MBA Jobs
The growth of jobs for MBA graduates is tremendous. According to the Corporate Recruiters Survey Report in 2017, 86% of companies planned to hire MBA graduates. That was an increase from 79% in 2016.
Highest Salary by University
Although every business school teaches the same basic principles, there is something to be said for going to the top ranked schools. Those that go to top ranked schools can expect to have a higher salary based on name recognition. Below is a list of the top schools and their average yearly salary for their graduates.
- Stanford University: $173,989
- Harvard University: $167,148
- University of Pennsylvania (Wharton): $166,930
- Columbia University: $162,825
- University of Chicago (Booth): $159,911
Highest Paid Jobs with an MBA
There are many jobs that you can get once you graduate with your MBA, but here are some of the highest paying jobs.
Senior Product Manager: $128,639
The Senior Product Manager brings life to a product. They are the ones making decisions about the product, setting the profit goals, creating and implementing the product planning and product strategy, and supervising the management of the project.
Strategy Manager: $121,464
A Strategy Manager is the one responsible for the planning of strategy and goals, does reviews of the company to find its strengths and weakness and to determine the operational effectiveness, as well as the one that makes recommendations on how to improve business based on current trends.
Director of Business Development: $105,883
The Director of Business Development is the person in the company that is responsible for building up the business. That means they are the one finding ways to increase the revenue, looking for new business opportunities and getting the company’s name out there.
MBA Concentrations and Salaries
At many business schools there is an option to choose a concentration and specialize in a certain area of business. Below are some of the concentrations as well as a few of the possible career options with that concentration and their average yearly salary.
- Management Consultant: $123,000 per year
- Senior product manager: $141,000 per year
- Finance manager: $120,000 per year
- Information technology (IT) director: $147,000 per year
- Vice president of IT: $177,000 per year
- Senior project manager, IT: $130,000 per year
- Senior product manager: $135,000 per year
- Product manager, software: $110,000 per year
- Management consultant: $126,000 per year
- Finance manager: $112,000 per year
- Chief financial officer: $183,000 per year
- Senior financial analyst: $86,300 per year
- Business development director: $156,000 per year
- Director of engineering: $167,000 per year
- Operations manager: $84,000 per year
- Finance director: 120,000 per year
- Senior financial analyst: $85,000 per year
- Finance manager: $120,000 per year
- Vice president, marketing: $183,000 per year
- Marketing director: $121,000 per year
- Marketing manager: 78,900 per year
Cities with the Highest Pay for MBA Graduates
Sometimes where you live determines how much you’ll get paid. Here are some popular cities for MBA graduates and their average yearly salary range.
- New York, New York: $56,332 – $141,722
- Chicago, Illinois: $53,722 – $126,980
- Atlanta, Georgia: $50,920 – $118,139
- Houston, Texas: $52,881 – $120,018
- Boston, Massachusetts: $59,810 – $133,549
Online MBA Graduates
There is an ever growing popularity with online MBA programs. A lot of universities are now offering online MBA programs, and seeing increases with their enrollment, as well as their on-campus programs. Forbes commented on US News Rankings, that the number of schools they ranked increased to about 270 programs from about 180 in 2017. That just further shows how these programs are popping up.
So why the increase in online MBAs? Online learning provides students with a flexibility that isn’t available for in-person courses. Students can continue to work and take care of their family while earning their degree. Online learning also provides students the flexibility to work from anywhere they need to work from.
How do online MBA programs compare to their traditional counterparts? Forbes reported that students at both Indiana University’s Kelley School of Business and University of North Carolina’s Kenan-Flagler Business School have seen an increase in pay or received a promotion upon graduation. It is important to note that each online program will differ slightly in model and price.
For example, at University of the People, our MBA courses are done completely online, and you interact with students from around the world through a discussion forum with your classmates from around the globe. This helps you build your network even though you are not face to face with your classmates. University of the People is also tuition-free and accessible from anywhere in the world with an internet connection.
Employers are just as accepting of online MBAs as their on-campus counterparts. The job prospects do not change if you chose to get an MBA online.
Now you are equipped with the knowledge needed to get the best salary you can with your MBA degree. Whether you are currently enrolled or looking to begin, having your MBA will only help you in your career.