Often mocked as the “standard” Masters degree for people just looking for a job, an MBA can in fact be so much more. Whether you are looking to advance your knowledge of how to run a business, swapping over fields or want to take your promotion prospects to the next level, an MBA can be anything but funny. Furthermore, the monetary gains that can be made from getting an MBA can be quite serious. Here, we examine what an MBA makes in terms of average wages, as well as how to get an MBA if you are so inclined.
Average Salary for an MBA – $52,000
For a starting MBA graduate, one can expect at the low end of the scale around $48,000 with an absolute high end being closer to $95,000 a year. The main difference in these numbers boils down to an important distinction for Masters graduates of all kinds: Concentrations. An MBA in Human resources for example, while it may be your calling, simple does not pay as much on average as an MBA with a concentration of business strategy. Within 10-15 ears, one can expect most salaries to come closer to $85,000 to $100,000 and can make it a great long term investment into your future.
How to become an MBA – Education requirements
Now, let’s get through the obvious first, this is a master’s degree, and thus you do need to graduate high school and gain an accredited bachelor’s degree. Now, unlike some other programs that you are required to have a bachelor’s in a related field, the MBA is the inclusive odd-ball of the bunch.
While some business experience is great, many schools don’t require it, and more often than not schools don’t even look for Business degree graduates as a first choice (though they should not feel excluded). In talking to several professors, it has been made apparent that STEM field majors, as well as English Majors tend to do pretty well inside of this field as analysis of information and the ability to communicate are key points to being a good MBA candidate and later a marketable person. Just as important in many cases is not only your ability to reach out, but your ability to be noticed on paper. Internships, jobs, and of course school selection is of the utmost importance.
In this latter bit, one should consider the following: Locality, Reputation, and Prestige. Now, say you want to work in the Orlando, Florida area and you plan to live there for a while. One could consider an MBA from the University of Central Florida, Rollins College, or go out of state and attend classes there. What would be important in the last case would be that it is a well known nationally recognized school. Columbia, for example, would be a fine choice. Otherwise, sticking to local options may show you have a feel for the local market and informally land you a spot in the “good old boy’s (or girl’s)” club of fellow grads looking out for each other. This can also apply to internships and jobs in that local universities usually have a better system to connect students to local internships and jobs.
In terms of once in school, as mentioned before, concentrations matter. To make the most money, check to see what fields are most in demand. On the whole, these are typically strategist positions that require a bit more analytical talent than Human Resrouces. If you can manage it and are interested in it, by all means do pick this concentration. However, take into account your own talents, comfort level and sense of belonging. If you’re an outgoing person who prefers the field of Human Resources, eventually the money won’t be enough to outweigh the lack of interest.
Once graduated, many assume you can only work for businesses in the “Tie and Suit” or “Fortune 500” variety. The fact of the matter is an MBA can open doors for you in nearly every industry. After all, to make money you need to turn passions into businesses. And who’s better to call on when you need a business made than an MBA?