MBA always spells salary increase. Whichever company you go to, MBA grads are always offered better paychecks. And when you say better, it means a previous salary is either doubled or tripled. Fair enough. After all, getting an MBA degree is seldom easy. MBA students need to spend a lot on books, everyday expenses and tuition fees. In addition, some students even have to balance working hours with studying hours. In short, much effort and money and money are spent and should be remunerated.
What determine MBA starting salary scale?
While salaries of MBA grads are expected to be high, the amount each graduate gets still varies. There are several factors that determine a graduate’s starting salary and one is the type of specialization a graduate enters. More or less, MBA graduates can get $90,000 per year. If they work under industries like finance, health care, energy utility and consulting, graduates can earn more than $100,000 per year. On the other hand, those working for the government or under industries like high technology, products, services and manufacturing can earn at least $70,000 annually.
Other factors that determine an MBA graduate’s starting salary are his or her
- work experience prior to having an MBA
- cost of living
- academic standing in business school
- previous salaries
What are the other perks of having an MBA degree in terms of compensation?
Of course, MBA graduates also receive other forms of compensation depending on which companies they work for. Some companies provide end-of-the-year bonuses, but others add the bonuses to the base salaries. Some examples of compensations given to MBA graduates are car allowances, medical insurance, and reimbursement of tuition fees.
What types of jobs are there for MBA grads?
A lot of jobs are available for MBA grads. They just need to determine which industry they would like to work in and consider if a job is ideal for their career growth. In addition, MBA graduates can receive higher salaries as they gain more professional experience and work their way up the ranks.
Top MBA jobs are usually offered in the telecommunications, health care, and finance industries. Other lucrative areas for MBA graduates are consulting and marketing. Graduates can apply as consultants, managers, or assistant managers. Finance director, marketing head, and vice president of sales are also examples of high-ranking job positions for MBA graduates.
Photo Credit : SqueakyMarmot
