Did you know that getting an MBA can boost your salary by as much as 90%? 

How much an MBA will affect your salary depends on many different factors and is only one reason you might decide to take the plunge. Beyond a bigger paycheck, an MBA can benefit your professional and personal life.

Are you ready to earn your Master of Business Administration to advance your career and boost your salary? Keep reading to learn more about the value of an MBA degree and how you can use it to achieve your goals.

What to Expect in MBA Starting Salaries

MBA graduates can expect better salaries than bachelor’s degree holders. The difference in salary varies greatly depending on the industry. 

For example, those in real estate management positions with a master’s typically earn 36% more than peers with a bachelor’s degree. However, those in securities, commodities, and financial service sales may earn up to 90% more than those without a master's degree. 

Starting salaries for MBA graduates are highest in the consulting industry, followed by finance, technology, health care, and retail.     

The region where you work can also have a big impact. As you may expect, salaries for management positions are highest in states like California and New York. Washington D.C. and Massachusetts are other areas with higher salaries for management roles. 

Master of Business Administration Salary Growth Over Time

Experience can make a significant difference in your earning potential. You’ve probably experienced this in your career, even if you haven’t completed your MBA yet. 

Data from the Forte Foundation shows that salaries increase incrementally with experience. MBA starting salaries were between $133,511 and $144,956. After 6 to 8 years of experience with an MBA, the average study participant earned between $174,387 and $194,460. 

Salary growth depends on many factors including promotions. The same Forte Foundation survey reported that the average MBA graduate achieved 1 or more promotions. 

What are the Benefits of an MBA Degree?

The benefits of an MBA degree go beyond promotions and a better salary. One major benefit is job security and employment. According to US News, upward of 90% of graduates are employed 3 months after graduation. 

What are some other advantages you can enjoy?

Job flexibility: If you are looking to change careers, an MBA can help you make the switch. For example, if you want to move from finance to technology, you can leverage your expertise from an MBA to step into a new role. 

Leadership roles: A Master of Business Administration prepares you for senior roles in management or even executive positions. You’ll gain insights into business strategy, data analysis, and communication to help you become an effective leader and decision-maker. 

Networking opportunities: In an MBA program, you’ll get the chance to connect with fellow students in a variety of industries. Also, take the time to get to know faculty members and instructors who may have valuable connections to companies and businesses. These connections can help you secure a job or at least excellent letters of recommendation as you advance your career.

Personal development: A survey of MBA graduates showed that this degree can boost your confidence and also help you gain valuable skills. 68% of graduates feel more confident about themselves since getting their MBA. Additionally, 62% of respondents agreed that they are now better at finding new solutions to problems. 

Why the Value of an MBA is Worth the Investment

Overall, an MBA provides many opportunities for career growth and new jobs. Using your previous work and academic experiences, you can use an MBA to accelerate your career. 

Job opportunities for MBA graduates are numerous. Some of the top positions for business degree holders are:

•             Financial managers

•             Management analysts

•             Human resources specialists

•             Accountants and auditors

•             Project managers

•             CEOs

These roles are available in various industries including health care, technology, and retail. You might start with a job as a mid-level manager in an industry in which you already have experience. 

For example, you may work as a marketing manager or HR manager. Then, you might advance to a more senior management role in either the same industry or a new industry. 

Consultancy is another popular and lucrative area for MBA holders. These professionals may perform business audits, help improve efficiency in businesses, streamline operations, and help set goals. They can work in a broad range of industries from finance to health care or even education. 

When I was a teacher at a private school, I saw the value of a business consultant firsthand. The consultant provided an essential business audit and helped with goal setting, changing the trajectory of the school for the better. 

In both the short term and long term, your opportunities increase with an MBA degree. Before you apply, ensure you know how to make the most of this experience. 

Maximizing the ROI of an MBA

Increase your return on investment by planning for your MBA. As with any program, it’s essential to balance the potential outcomes with the effort and investment required. To achieve the ideal results, consider your goals and how the MBA program will help you get there. 

One way to do it is to reverse-engineer your career outcomes by speaking to someone who holds your goal position. Ask for their advice about finding the best MBA program.

Also, consider all your options. Various MBA programs are available including full-time, part-time, and executive MBA programs. While full-time programs are popular, a part-time option means you can continue working while completing your degree. 

Many companies sponsor educational opportunities such as MBA programs. Before you apply to programs, check to see if your employer might be able to help you.

When you’re searching for the right MBA program, ask to speak with current students or graduates. Ask as many questions as you can about the program and their experiences. Also, inquire about the school’s career center and how they help set up graduates for job success. 

Finally, look into whether the MBA program offers internship and hands-on work programs that can provide invaluable experience. 

Get the Most Value From Your MBA

The benefits of an MBA degree include a better salary, improved job opportunities, and personal growth. Are you ready to explore this degree further?

Take the quiz to learn more about business degrees and which positions might be a good fit for you.