|
The Reward of an MBA
If you're a manager or an aspiring business leader, you probably already know the value of a good education. As you've likely experienced in your undergraduate education, reliable instructors can teach you how to assertively navigate today's increasingly complex business world. They can also provide you with access to important contacts, helping you to compete with other sharp minds and negotiating your position day by day within your growing network.
According to The Wall Street Joural's recent 2006 study (available at www.collegejournal.com), the average base salary for MBA graduates across the board was $92,360. The average signing bonus for the same graduates was $17,603. Those are fairly impressive numbers, considering that a similar survey by the National Association of Colleges and Employers, reported the average starting salary for those holding only a bachelor's degree in business as $40,976 in 2006.
Experience pays
In addition to an excellent education, MBA students should understand the value of work experience as they seek their perfect career opportunity. Graduates with less than three years' experience in their given industry pull in an average base salary of $68,399 with an average starting bonus of $10,736. At least three years worth of experience increases those numbers to $81,710 and $16,256, respectively. And the salary for a graduate with six or more years' work experience is even higher, at $100,887.
Considering that, in general, it takes much longer for an employee to double their earnings, six years does not seem too long to dedicate to your financial future.
Where the money is
Here are some of the most common industries for job placement of recently graduated MBA students, as well as their median salaries:
- Consulting--$86,470
- Energy/utilities--$79,190
- Finance/accounting--$78,319
- Health care/pharmaceutical--$85,429
- Manufacturing--$82,000
- High technology--$87,645
- Products/services--$77,128
- Nonprofit/government--$63,167
Know your worth
The MBA is a hefty financial commitment, so one of the most important things you can do as a graduate is to ensure that the money you've spent is returned to you. Visit Web sites like www.payscale.com and www.collegejournal.com to determine what a person in your area with a comparable education and job title should be earning. If your paycheck is not reflecting what you feel that you deserve, solicit your boss for more money. Be prepared to leave your position if your financial needs are not being met; there are many more successful companies who actively recruit business leaders of your caliber, and they will ensure your adequate compensation.
By Hannah Roberts
|
