There are many advantages of getting an MBA or another graduate degree, including enriched learning, increased professional networking opportunities and greater career advancement potential. But the main reason many people seek a higher degree? Money.
There is no doubt, more often than not, people with MBAs earn higher salaries than people with undergraduate degrees only. Going after a post-graduate degree takes hard work, time and perseverance, but if earning more money is what you’re looking for, it’s probably worth the investment on all fronts.
There is a range of expected income earned by MBA graduates. Salaries vary based on industry, market, required skills and responsibilities and other factors. According to a survey conducted by the Graduate Management Admissions Council, these are the increased percentages in salary per industry people can expect after earning an MBA:
- Products/Services: 59% increase
- Nonprofit/Government: 45% increase
- Technology: 35% increase
- Manufacturing: 34% increase
- Finance/Accounting: 34% increase
- Health Care: 33% increase
- Consulting: 32% increase
- Energy/Utilities: 24% increase
According to MBA.com, the median entry-level salary for MBA graduates this year will nearly double that of their undergraduate counterparts at U.S.-based companies. In a survey of corporate recruiters, they reported they will offer recent MBA graduates a median starting salary of $100,000, compared to a median starting salary of $55,000 for bachelor’s degree earners.
In addition, demand for MBAs and other master’s-degree graduates is up worldwide. If you’re interested in increasing your earning potential as well as accessing in-depth learning about business, management, decision-making and other business administration-focused topics, consider Spring Arbor University's online mba program.