Getting an MBA degree has countless benefits, from cultivating career networks that are invaluable to gaining and deepening new-found knowledge of the business world, leading to promotions and new opportunities.
A major advantage of an MBA program is the substantial salary increase you can expect after graduating. A recent Q.S. World University Rankings: Global MBA Rankings survey concluded that MBA graduates would have a 77 percent salary increase on average.
It’s natural to ask the question “Is pursuing an MBA degree worth it?” because the MBA is a degree that comes with a lot of intense schoolwork. Fortunately, careers for MBA graduates are plentiful as organizations of all types want and need the expertise someone with an MBA brings to the role. Let’s talk a bit about this.
Is pursuing an MBA degree worth it?
Deciding to study for an MBA degree (Master of Business Administration) is a big step for aspiring managers. Should I enroll in a business school abroad for my MBA program? Do the entry requirement and the financial investment make sense? Do you think an MBA degree is worth it in general?
In today’s competitive global business world, we believe it is essential if you are entering it.
Having an MBA opens up a lot of possibilities, so what should you do with one? The benefits of receiving an MBA are enormous, especially if it is from a highly regarded business school.
Obtaining a high MBA salary after graduation, finding a management position, building a strong professional network, and even getting your own business are just a few of the advantages of receiving an MBA abroad.
How much does an MBA degree increase salary?
This topic is addressed by the Graduate Management Admissions Council (GMAC), the body that administers the GMAT for business school admissions.
According to the GMAC’s 2011 Global Management Education Graduate Survey, employees who plan to remain with their current companies expect to earn a salary increase of 39% after earning their MBAs.
Based on the GMAC survey, the following areas of the economy will see an increase in salary after earning an MBA:
- 59% increase in products and services
- 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
Highest-Paid MBA Degrees
MBA programs offer many specializations, allowing students to concentrate their studies in areas that interest them. MBA graduates can choose more than one concentration in some programs.
Most programs offer only a limited number of specializations. There are some programs, for example, that combine their small business and entrepreneurship concentrations. Some programs are focused on a few core specializations rather than offering a dozen options.
Following are some of the most common specializations for MBAs.
MBA Product Management: As technology advances across all walks of life, more businesses develop new products and bring them to market. In order to introduce new products and services on time, product managers help coordinate different departments.
MBA Consulting Jobs: Management consultants assist companies with integrating new processes or solving new problems. A college degree is sufficient for entry-level analyst jobs, but for consultant jobs, one usually needs an MBA.
MBA Finance Jobs: Even though this might be considered one of the classic MBA jobs, it isn’t going away any time soon, and MBA graduates with previous work experience can work toward positions like a chief financial officer.
Below, we will discuss the Highest-Paid MBA Degrees.
How much can you earn with an MBA degree?
The average MBA graduate salary is a compelling reason to consider attending business school – including a better-paying job and greater earning potential throughout your career.
While the price of attending is increasing for some schools, the benefits of the degree throughout your career (and the sacrifice you will have to make to complete the program) often make it worth the expense.
According to several publications and organizations, the average MBA graduate salary (for 2019 graduates) is:
- $134,991, with the highest estimate coming from the MBA industry publication Poets & Quants.
- U.S. News and World Report calculated the average starting salary and bonuses for the 129 top full-time MBA programs that provided information.
- $88,428 according to the jobs and salaries website PayScale, estimating average salaries at about 17 percent lower than U.S. News and World Report.
- $84,580 for MBA graduates, according to the National Association of Colleges and Employers (NACE).
Even with the most conservative estimates, the starting salary for MBA graduates still exceeds that of a business student with a bachelor’s degree by at least $20,000.
15 highest paid/paying careers with an MBA degrees
1. MBA in Business Analytics & Big Data
Due to the increase in the use of Large Databases in many organizations, pursuing an MBA with a focus on Business Analytics and Big Data has become very popular. Companies constantly seek out managers who understand data and who can decipher the information for actionable insights.
An MBA program in Business Analytics can provide students with the knowledge they need to analyze, sort, and utilize this data to create a valuable organizational impact.
Furthermore, this course gives students an immersion into concepts such as predictive econometrics, marketing intelligence, and econometric models. Once you complete this course, you will have numerous job opportunities in fields like finance, marketing, supply chain, and so on.
2. MBA in Financial Management
MBAs in Financial Management assist candidates in understanding key financial business functions like bookkeeping, marketing, data frameworks, and operations management.
A major benefit of this course is that it helps professionals develop leadership and team-building skills to be competent at managing and leading the finance department in their organization.
Students taking the MBA in Finance course will also possess the ability to develop and employ techniques and strategies from multiple business disciplines to comprehend, acknowledge and analyze the different facets of a business environment.
3. MBA in Artificial Intelligence
Artificial Intelligence (A.I.) has grown exponentially in recent years. Furthermore, the growth of this technology does not seem to be slowing down as it continues to evolve.
This makes the A.I. industry exceptionally desirable, and many students want to pursue careers in it.
Students taking the MBA in Artificial intelligence will also possess the ability to manage the complexity of a more artificial intelligence-driven world and explore how A.I. technology can create revenue and generate business opportunities.
4. MBA in Logistics Management
An MBA in Logistics course primarily trains students to become successful managers in industrial supply and chain management. The curriculum in this course is tailored to match the skill set required to deal with goods, inventory, and transportation services.
Hence, if you’re looking to build a career in operations, supply, and the e-commerce industry, pursuing an MBA in Logistics is the best way.
5. MBA in Pharma & Health Care Management (PHCM)
A report released in August by Global Pharmaceuticals Industry Analysis 2023 indicates that the global pharmaceutical industry will be worth USD 1.57 trillion by 2023.
A career in the pharma and healthcare industry is becoming increasingly popular because of the overwhelming growth of the industry.
If you want to stand out from other applicants, an MBA in Pharma & Health Care is a great choice since you can learn about subjects like development, research, pharmaceutical administration, and nursing, among others.
Additionally, students are taught business concepts, advanced pharmaceutical management, and enterprise management, which increases their employability.
6. MBA in E-Commerce
An MBA in e-commerce assists students in developing an advanced knowledge of the critical concepts involved in the online commerce process.
In general, this covers financial and marketing functions. Furthermore, they learn business management skills, including leadership, problem-solving, and decision-making.
A student will also understand the differences between traditionally doing business and doing it online. Thus, they can manage their online business activities strategically while avoiding common industry pitfalls.
It is one of the Highest Paid MBA Degrees.
7. MBA in Marketing Management
Students enrolled in the MBA in Marketing program study advanced marketing concepts, such as product design, pricing, promotion, selling, distribution, advertising, etc.
The four-semester program consists of two semesters of general education courses and two semesters of marketing-related specializations selected by each student.
8. MBA in Entrepreneurship
Young millennials today tend to pursue an MBA in Entrepreneurship more than ever before, as India is the entrepreneurial capital of the world. Students will gain appropriate knowledge, skills, and networks to launch their own business successfully.
Additionally, this program helps students learn how to develop business ideas, make them into products or services, build a commercial venture, and manage the business successfully.
Furthermore, students in this course will learn more technical aspects of being an entrepreneur, such as commercializing a business idea, seeking venture capital funding, and building a global organization.
This is one of the Highest Paid MBA Degrees.
9. MBA in International Business
MBA in International Business is one of the most trending specializations for millennials with a two-year degree in management. This is because many businesses hire professionals with MBAs in International Business degrees to represent their company globally.
This course aims to introduce students to the workings of foreign trade management and introduce them to the best methods and techniques for increasing imports and exports by generating, analyzing, and conducting research.
As a result, an MBA in International Business develops professionals with a solid understanding of how to deal with challenges arising from international business, such as international trade restrictions and dealing with people from other cultures.
10. MBA in Supply Chain Management
Logistic and supply chain companies are attracting a lot of interest even though it’s a fairly new industry.
In order to manage a company in this niche, the complete network for the movement of raw materials from the producer to the consumer is organized as a whole network.
Accordingly, the MBA program in Supply Chain Management equips students with extensive knowledge of the various processes in the management of supply chains, including implementation, control, and planning.
11. MBA in Tourism & Hospitality Management (THM)
With a tourism and hospitality MBA, you can cultivate and enhance the skills necessary to manage the day-to-day operations of the sector through a holistic approach.
There are theoretical and practical aspects to the course, including case studies, projects, and internships.
At first, the course provides a comprehensive overview of various topics, including finance, business operations, human resources, and other subjects related to tourism.
Following the first year, students can choose an area of interest, which entails an extensive study of the subject of their choice.
THM is one of the Highest Paid MBA Degrees.
12. MBA in Communications Management
Due to the continuous evolution of the latest trends and technology, the communication sector is an extremely creative and unpredictable industry. To manage this department in any sector, you must be analytical and innovative.
The MBA program in Communications is designed to enable students to achieve analytical and creative thinking abilities while providing conceptual knowledge.
The courses also provide students with opportunities to develop a familiarity with the socio-psychological contexts of business and communications, which will help them make better decisions.
Courses in this sector integrate classroom instruction with hands-on project work due to the dynamic nature and complexity of the work involved.
13. MBA in Enterprise Management
MBA students in Enterprise Management courses study multinational business operations, international finance, business ethics, and global strategies.
In addition to learning the basics of management and business, students pursuing these courses can learn about global management, international business, and organizational development.
Further, this course includes other subjects like financial accounting, corporate responsibility, statistics, risk management, and operations management.
This is one of the Highest Paid MBA Degrees.
14. MBA in Rural & Agri-Business
Over 140 institutions in India offer an MBA in Agri-Business, which is not surprising since India is one of the top countries when it comes to rural and agri-businesses.
This course provides an in-depth perspective on both the Indian and global food markets.
The contribution of agriculture to the country’s GDP makes pursuing a career in this field an advantageous choice for future Indians. As a student of this course, you will learn about farm planning, soil management, supply chains, and food processing.
15. MBA in Human Resource Management (HRM)
As a result of pursuing an MBA in Human Resource Management, also known as an MBA HR, students will be trained to manage the workforce of organizations.
The values, ideologies, ideals, norms, languages, systems, and methodologies that companies have differ from company to company.
Human Resources is responsible for creating and managing the company culture and recruiting and retaining the best talent.
You accomplish this by focusing the MBA in H.R. course on hiring, labor laws, retention tactics, interviewing, and more.
There is an increased demand for H.R. professionals as almost every field requires them to manage the workforce.
You can obtain an executive position or a senior-level management role by earning this degree.
This is one of the Highest Paid MBA Degrees.
Regardless of your specialization, an MBA course can make a significant difference to your career advancement. However, for maximum benefit, make sure you complete the program at a reputable college with a solid reputation.
FAQ on Highest Paid MBA Degrees
A number of MBA specializations in demand include fields like Marketing, Finance, International Business, Human Resources Operations Management, Information Systems, and Supply Chain Management. This reflects the increasing role of the interdisciplinary paradigm in the industry and corporate sector.
According to the Graduate Management Admission Council’s 2020 Corporate Recruiters Survey, MBA graduates will earn more than their colleagues without one. At $115,000, the median salary of MBA grads is 75% more than that of people with a bachelor’s degree alone, the survey found.
Here are the Top 10 MBA Specializations
MBA Human Resource Management.
MBA International Business.
Banking & Financial Services.
MBA Business Analytics.
MBA Rural Management.
MBA Agri-Business Management.
MBA in Entrepreneurship & Family Business Management.
The United States.
The United Kingdom.
While many MBA programs admit students without work experience, only a few are truly designed for early-career students. Finally, choose a program with a curriculum that provides a general understanding of management and in-depth expertise in one or more areas of interest.