MBA salary: What can you earn?
Getting an MBA degree will boost your salary prospects. MBA students from top-ranked business schools in the United States can expect to earn starting salaries of between US$120k and US$160k on average after graduation, as well as lucrative signing and performance bonuses.
Three years after graduation, MBA salaries can increase by well over 100 percent. Across the top 10 MBA programs ranked by the Financial Times, students increased their salaries by more than 118 percent on average three years after their MBA.
Your average MBA salary prospects naturally vary depending on your industry, role, and the business school you go to. The highest-paying MBA jobs tend to be in finance or consulting. Consulting salaries for MBA graduates can reach US$170k after graduation.
The average MBA salary in the US is around US$107k after graduation, although MBA salary also varies by location. Based on your experience level and industry, you can estimate your post-MBA salary using our interactive tool.
MBA cost: Is an MBA worth it?
How much does an MBA cost? According to the BusinessBecause Cost of MBA Report 2020, the average total cost of studying one of the world’s top-ranked full-time MBA programs is US$168k. This figure includes the cost of tuition, additional fees, living expenses, and healthcare insurance.
The cost of an MBA varies significantly depending on where you study. The average total cost of a top-ranked, full-time MBA program in the US is US$213k, while in Asia it’s US$98k.
Tuition fees for top-ranked full-time MBA programs vary from US$49k to over US$158k, according to BusinessBecause.
There are many more affordable full-time MBA programs too that deliver similar quality of learning and outcomes. Nottingham Business School, priced at $29k for internationals, and Aston Business School, US$36k, offer two of the most affordable MBA programs in the UK.
If you’re living at home and working alongside a Part-time MBA, Online MBA, or Executive MBA program, you won’t pay additional fees related to living costs and you won’t face the opportunity cost from missing out on your salary.
What’s more, business schools offer a variety of MBA scholarships and financial aid to help you fund your tuition, meaning—for full-time MBAs especially—you’ll rarely pay the full cost of tuition for your MBA.
These benefits—plus the post-MBA salary, skills, and network you’ll gain—mean you shouldn’t let the price of an MBA put you off when weighing up your return on investment (MBA ROI). If you can find the best fit MBA program that can deliver on your personal ambitions and career goals, then an MBA is more than worth it.