A Master of Business Administration (MBA) offers students an opportunity to get ahead in the business world. Many prospective students who are thinking about enrolling in an MBA program are uncertain about the benefits of the degree. Reviewing the salary and job prospects associated with this degree can help potential students understand how an MBA can open up doors.
Salary Data For MBAs
The exact salary that a graduate of an MBA program can expect to make depends on the university and the job title. It is common for MBAs to earn over $100,000 per year.
The Bureau of Labor Statistics notes that many people who hold an MBA degree aim to become top executives in large corporations. Top management professionals in large companies earn an average of $101,650 per year. The ultimate goal for these professionals is often to become the chief executive officer (CEO) of a company, and CEOs earn an average salary of $168,140 per year.
Fortune reports that the median salary for all professionals who hold an MBA degree is $110,000. Graduates of well-known business schools may even be afforded the opportunity to earn $300,000 or more, but it is likely that companies will require new hires to have substantial professional experience in addition to an MBA.
The Wall Street Journal reports that hiring prospects are not increasing for MBAs, but this does not mean that people who have an MBA degree cannot find a job. Nearly three-quarters of companies plan to hire an MBA in 2014.
Businessweek predicts that there will be a hiring frenzy that will help MBAs find jobs in the near future. Over 60 percent of students who are enrolled in an MBA program have a job offer before they graduate. Companies that recognize the benefit of having an MBA on staff are hiring more MBAs at slightly higher salaries this year.
MBAs who have a concentration in finance or accounting are less likely to find an opportunity than those who focus on healthcare or technology. These growing fields demand specialists who have an academic background that focuses on business. Unique business models for companies in the technology and healthcare fields require advanced training.
Some prospective students are hoping to advance their career with their current employer. Obtaining an MBA degree can qualify professionals for positions within their company that are out of their reach without the advanced degree. These positions typically offer expanded responsibility, more control and a substantially higher salary.
Universities including the University of Virginia offer guidance for career advancement. Academic advisors are able to evaluate a student’s work experience and professional goals in order to make recommendations related to the student’s academic pursuits. Employers may also be able to weigh in on the subject. Students who are attending an MBA program in order to qualify for a position within their company should consult with their employer to ensure that they are enrolling in relevant classes.
Obtaining an MBA is not a pursuit that is limited to business school graduates. Professionals in any field can consider pursuing an MBA to expand their knowledge of the business aspect of their field. Expertise in a specialized field can be coupled with business knowledge obtained through an MBA program to allow individuals to prepare for a career in top management positions.
MBA graduates often enjoy six-figure salaries and powerful positions in the business world. The first step to becoming a respected business professional with an MBA degree is to enroll in an accredited degree program.