10:20 AM Job Options With a Masters in Business Administration | ||||
Klaus Vedfelt/ Riser/ Getty Images A Masters in Business Administration, or an MBA as it is more commonly known, is an advanced business degree. The MBA degree is widely believed to be one of the most prestigious and sought after degrees in the world. Earning an MBA can lead to a higher salary, a position in management, and marketability in an ever-evolving job market. Increased Earnings with an MBA Many people enroll in an Masters in Business Administration program with the hope of earning more money after graduation. Although there is no guarantee that you will make more money with an MBA, a higher salary is likely. However, the exact amount you earn is very dependent on the job you do and the business school you graduate from. A recent study of MBA salaries from BusinessWeek found that Harvard Business School graduates earn an average starting salary of $134,000 while graduates of second tier schools, such as Arizona State (Carey) or Illinois-Urbana Champaign, earn an average starting salary of $72,000. Cash compensation for MBAs is significant though regardless of school. The BusinessWeek study stated that median cash compensation over a 20-year period, for all the schools in the study, was $2.5 million. Popular Job Options for MBAs After earning a Masters in Business Administration, most grads find work in the business field. They may accept jobs with large corporations, but just as often take jobs with small or mid-size companies and non-profit organizations. Other career options include consulting positions or entrepreneurship . MBA degrees frequently lead to upper management positions. A new grad may not start out in such a position, but certainly has the opportunity to move up the career ladder faster than non-MBA counterparts.
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