What Is the Average Salary you will have after Completing your MBA!
Want to have an increase in your salary? Want to pursue your dream and have an MBA program but you are still having doubts about the average salary you are going to earn? Don’t worry! We have your back by providing you with accurate detailed information about the highest, lowest and average salaries you are going to earn by having an MBA program.
Salaries (average, highest, and lowest)
Although salaries differ according to many aspects like your location, work experience, and the field of industry, the average MBA salary in 2020 was reported to be $137,890 per year according to U.S. News. However, if you have prior experience working in management but you want to get more improved, which is called EMBA or executive MBA, so your salary will be wider up to $232,000 for professionals reported in 2019. On the other hand, if you are planning to work in a non-profit or public sector, the salary may be lower to $65,000 per year.
Location
Your location or where you live also plays an important role in deciding on your average salary. According to 2019 GMAC corporate recruiters survey, if you are an MBA graduate living in the Northeast of the U.S., you are most probably going to earn $30,000 as a basic starting salary which is higher comparing to if you live in the South. Moreover, salaries will be entirely different when it comes to professionals, as for professional MBA graduates (with prior experience) living in the Midwest and West, earn about $115,000, while professional MBA graduates living in the South earn $95,000 per year.
Field of Industry
Contemporary highly demanded industries in the labor market also determine the range of salaries of the MBA graduates. Among the jobs that have a high rate of paid salaries are mostly in the consultancy, followed by finance, healthcare, and technology. Therefore, it will be much easier for you when you have a specific desired field of industry that you want to work in after completing the MBA program. As for consultancy jobs in 2019, you earn $135,000 per year. If you are more interested in finance, your average basic salary is around $125,000. Regarding healthcare and technology, your earning is about $115,000 per year.
Affordable MBA Programs
If you want to study an MBA but you don’t have enough money for it, you should go for the more affordable options as in the online programs. Study at your home, save effort and time, while investing your time and gradually increasing your salary rates.