It takes a fair amount of money to feel financially secure. Who doesn’t like to shop, pay rent, or eat out without being anxious? We often overlook such security when we have it. But it takes the necessary striving to reach that level. Students and professionals looking forward to breaking the bank, leading an organization, or starting a business someday are often attracted to an MBA program.
MBA salaries are some of the highest
A fat paycheck and job security are some of the most important benefits of an MBA degree. An MBA graduate usually ends up earning much more than a person with a regular Master’s, even twice as much in some cases.
After an MBA, some popular career choices are management analyst, business operations manager, market research analyst, HR manager, top executive, etc. Average MBA salaries across the world as per the QS Jobs and Salary report are:
- US – 102,100 USD/year
- Canada – 99,800 USD/year
- Australia – 98,400 USD/year
- Singapore – 82,700 USD/year
- UK – 92,400 USD/year
- Switzerland – 123,500 USD/year
- Germany – 77,200 USD/year
- France – 98,500 USD/year
- Italy – 86,400 USD/year
Professionals and students can cover the entire investment made on their MBA degree in not more than two or three years.
Which MBAs Have the Highest Salaries?
Although all MBAs are lucrative, few industries stand out and tend to pay better than others. MBA graduates earn the most in the following sectors:
- Financial Services
- Consumer Packaged Goods
If your goal is to grab the fattest paycheck, choose an MBA program that would facilitate you with the necessary skill sets to work in one of these industries. But, be aware that just having an MBA degree would not help you bag a higher salary. Supporting features like bonuses, work experience, and how smartly you negotiate with HR will decide where you land up.
Why are MBA Salaries so High?
MBAs are trained to make an impact within a short period. Most global enterprise recruiters are confident that business schools prepare their students well to excel in any role they step into.
An MBA graduate has extensive access to a business network, which enhances their business management capabilities. So, they always have a deep understanding of the minutest change taking place in the macro business environment and to discover creative ways to adapt quickly.
Versatile Skill Set
An MBA is the most effective way to widen your skill set quickly. The program offers a perfect platform for building up your skills, diversifying, and expanding your strength on new grounds. MBA new hires come with a wide breadth of knowledge, making them a perfect match for leadership positions, especially for managing teams across various functional areas.
At business school, students learn to deal with multiple responsibilities and still excel at each of them. Students have a better grasp of what to do and what not to do as, practically, one person can’t do everything.
Strategic Thinking Makes MBA Graduates Attractive to Recruiters
Strategic thinking is what sets apart an MBA graduate from the rest during a hiring session. For every current job opening, enterprise recruiters identify innovation and strategic thinking as the number one skill for a business graduate.
Innovation is not just about taking strategic decisions but also implementing them. MBA graduates creatively solve problems while managing people. Such skills that an MBA program teaches are highly sought after by modern-day employers.
Recruiters see that the demand for innovation and strategic thinking will grow in the next decade. Surveys are strongly indicating that MBA graduates who are investing in strategic thinking abilities will reap massive career benefits in the coming days.
Soft Skills and Communication Skills Sets MBA Hires Apart in the Hiring Process
Most of us conduct communication poorly, but that’s one skill we’ve to deal with every day. No transaction is complete without communication. Business schools play an essential role in developing communications skills. In addition to tech and hard data skills, the digital world requires soft skills like empathy and emotional intelligence. And, the demand for the same is growing by the clock.
Recruiters look for interpersonal skills as the essential quality in their prospects. They identify active listening, coordination, negotiation, perceptiveness, and persuasion as ‘must-have’ abilities in their ideal candidates. A managers’ ability to understand and connect at a human level will become even more necessary in an increasingly digitally focused future.
Time to Invest in an MBA!
Go for an MBA If you aim for a fat salary. The program sets you on an accelerated career path and sets you apart from the herd in the recruiting process. A survey done with Fortune 500 companies has unearthed that business school graduates tend to have the fastest-growth up to the top at every organization.
Whether you wish to switch the industry or want to advance to a managerial position, an MBA program’s diversity and versatility provide you with the necessary support to prepare for the same.