You might be a top executive at a company or have only been working a few years. Regardless, a Master of Business Administration MBA degree is for you. Even though the program can cost you some money, you will find that it is worthwhile. The good news is that average salaries for MBA students are on the rise, according to the Financial Times.
Many students who earn an MBA degree end up switching career fields. One study from the Wall Street Journal showed that about 75 percent switched careers. Many individuals used their MBA degree to propel them toward a new, better-paying career. These individuals went to manufacturing or consulting instead.
A few of the respondents from the survey decided to start their own businesses. However, the majority of respondents got jobs in technology. Regardless of the field they chose, several surveys show that their salaries increased significantly. These graduates found that the price of grad school had more than paid for itself within a few years.
After the financial crisis in 2008, MBA students faced some tougher times. It was harder for them to get jobs. Between 2008 and 2014, the average salary for a graduate with an MBA increased only slightly. In three years after business school, their salaries increased by just four percent. It increased to $127,000 per year. However, the average cost of getting an MBA increased by 44 percent and was $104,000.
The good news is that by 2017, the average salary was up to $142,000 per year. This increased by 12 percent. In 2018, the Financial Times found that salaries of people with an MBA degree are only increasing. About 75 percent of all business schools have seen the salaries of their alumni increasing over the past few years.
In 2017, MBA graduates saw the largest increase in salary in over 12 years. The average salaries increased by $7,000 in just one year. People who had an MBA degree in an industrial or health and social care sector saw the biggest increase. Each of these industries’ salaries increased by about 10 percent.
The study from the Financial Times also measured the salaries compared to before the MBA degree. Usually, a graduate with an MBA doubled their old salary in about three years after graduation. In Chicago, the Booth School of Business saw a salary jump of 252 percent since 2002.
Whether you are looking to make a career change or continue in your current career, an MBA degree can help. If you decide to pursue your MBA degree, then you will most likely see a significant increase in your salary. This is true no matter what type of degree you are hoping to obtain.
An admissions counselor at the University of the West of Scotland can help you select the right type of MBA degree. This will help you meet your career goals while increasing your potential salary.