With a Master’s Degree in Business Administration (MBA), you could be prepared to earn a generous salary in a leadership or management position.
When we look at salaries, though, it’s important to remember than for many MBA graduates, their base salary is only part of an overall compensation package. That’s because in addition to their annual salary, many MBA grads receive additional pay, like:
- Year-end bonuses
- Sign-on bonuses
- Tuition reimbursement
In 2017, the Graduate Management Admissions Council (GMAC) published the results of a survey of nearly 15,000 graduates of master’s degree programs in business. They found that base salary only averaged out to be about 76 percent of the total pay for the alumni they surveyed – additional compensation substantially increased the total amount they earned!
High Paying MBA Jobs
Job titles that fall under the category of financial managers include controllers, treasurers, cash managers and insurance managers. So, what do all of these positions have in common? To put it simply, they all have a responsibility to maintain and improve the financial health of their organization.
Advising senior executives on financial strategy and analyzing complex financial data are all in a day’s work for financial managers. That’s why they have a great employment outlook, with demand expected to increase 19 percent by 2026.
The highest earning financial managers work in professional, scientific, and technical services, and they earned a median salary of $142,300 in May 2016, according to the Bureau for Labor Statistics (BLS).
Human Resources Managers
You can find human resources (HR) managers working in almost every industry, and anywhere that organizations hire people, there will be a need for HR. That’s because HR managers ensure that the companies they work for follow employment laws, while also developing strategies for recruiting, training and retaining employees.
Wondering about the employment outlook for this career? The demand for HR managers is expected to remain steady in the next decade, according to the BLS, and their median pay is around $106,910 per year.
You might be able to land an entry- or mid-level HR manager position with just a bachelor’s degree, but it’ll take a master’s degree like an MBA to open doors to the highest-ranking jobs.
In-Demand MBA Jobs
Medical and Health Services Managers
You’ll find medical and health services managers filling a variety of roles in healthcare, from managing one area of a large healthcare organization to overseeing all of a facility’s operations.
These managers are also known as healthcare executives and healthcare administrators, and this area of specialization is one of the most in-demand MBAs around. If you want a challenging job where you can use your business skills to help people, this could be a great career for you.
The BLS reports that by 2026, demand for healthcare administrators will rise 20 percent, which is much faster than the average rate of increase for all jobs. With a median annual salary of $96,540, the compensation is also a great incentive to get into this field.
Computer and Information Systems Managers
With the seemingly constant advances in information technology, it’s no surprise that computer and information systems managers are in high demand.
These managers are responsible for the information systems and technology in their organization, and they typically oversee other employees, like software developers, security analysts and tech support.
According to the BLS, computer and information systems managers earn excellent salaries, with the median falling around $135,800 per year. And with a projected employment increase of 12 percent over the next decade, job security looks good for MBA grads who choose this field.
Whatever MBA program or concentration you choose, you have the potential to earn a great salary. Attending a highly-ranked business school will increase your earning power, as will the professional network you build when you’re in school.