Well, it happened again. Salaries for MBA graduates at top business schools have reached an all-time high. Some graduates even earned nearly double the amount of MBA graduates from other schools. According to Financial Times, Stanford Graduate School of Business MBAs averaged $195,322, while The Wharton School at University of Pennsylvania alumni averaged $181,634. Harvard Business School graduates averaged $178,113, and Columbia Business School and University of Chicago Booth graduates averaged $172,624 and $168,200, respectively.
Fortune reported that in 2014 the average starting salary for MBAs was $95,000. In 2014, the average salary was $184,566 for Stanford GSB graduates, while Wharton graduates averaged $170,142. HBS graduates averaged around the same as they did in 2016, and Columbia Business School and University of Chicago Booth graduates averaged $164,181 and $156,004, respectively. Note that the average MBA earned around $100K in 2015 and $100K+ in 2016.
Not only did salaries rise for graduates of most top MBA programs, graduates who specialized in certain in-demand areas were offered higher salaries than those specializing in other areas. For example, U.S. News & World Report Education reported that the average salary for 2016 graduates of full-time MBA in Consulting programs was $126,919, while those entering the non-profit sector averaged $81,776. This is around the same amount the average MBA graduate earned in 2006.
Other high-paying MBAs were Financial Services ($116,935), Technology ($110,538), Energy ($106,965), and Retail ($101,171).
Besides a rise in salaries, MBA graduates overall enjoyed a more than 80 percent increase in the percentage of companies looking to hire them compared to 74 percent in 2014. Globally, 86 percent of companies planned to hire recent MBA graduates this year, up from 79 percent in 2016. This means that nearly nine in 10 companies planned to hire MBA graduates in 2017.
So it looks like the salary and job outlook for MBAs was better than ever for 2017. Check back with us in 2018 to find out what the new year might bring.
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Boyington, Briana. “U.S. News Data: Salary Prospects, Job Rates for MBA Grads.” U.S. News & World Report Education, U.S. News & World Report L.P., 23 Mar. 2017.
“Global MBA Ranking 2014.” Financial Times, The Financial Times Ltd., 2014.
“Global MBA Ranking 2017.” Financial Times, The Financial Times Ltd., 2017.
Graduate Management Admission Council. “Nearly 9 in 10 Companies Plan to Hire MBA Graduates in 2017.” GlobeNewswire News Room, Global NewsWire, Inc., a Nasdaq Company, 20 June 2017.
Ortmans, Laurent, and Jonathan Moules. “MBA Graduate Salaries Increase by Record Amount.” Financial Times, The Financial Times Ltd., 30 Jan. 2017.
Zillman, Claire. “MBA Graduates Should Expect a $45,000 Jump in Pay.” Fortune, Time Inc., 19 May 2015.