For the first time in a long time, it’s business professionals who need the consulting on two major facets of their future success: how to find jobs with top MBA salaries and the degrees needed to get them. After the recession shook companies and forced them to re-evaluate business strategy, many schools took that opportunity to revamp their programs in order to assist professionals in becoming the new face of leadership in business. Now that online mba programs are climbing in approval ratings and traditional degree programs are scrambling to catch up with them, business leaders must figure out what educational background they should seek in order to ensure they can compete for high level, high-salaried positions.
Although the economy is still far from fully recovered, 10 industries dealing with business are managing to bounce back more quickly than others. Sustainable business is one of the biggest of these, as it becomes in the best interest of businesses to find alternatives in order to conserve energy and resources.
Emerging MBA Salary Trends
Emerging trends in local business, healthcare, education and discount retail services were other prospering areas of business that professionals should consider as they seek out top MBA salaries and the degrees needed to get them. History has proven to show that MBA holders traditionally are paid higher than non-degree holders, even with equivalent experience. Recently, the Bureau of Labor Statistics found that the average salary for professionals with MBAs was at least $15,000 more than what a bachelor’s degree holder makes in the same position. Even more staggering, the pay for someone with an advanced degree was double that of a someone who had only a high school degree.
Education Level and Average Salary Earned:
- No High School Degree: $19,405
- High School Degree: $26,894
- Some College: $32,874
- Bachelor’s Degree: $46,805
- Advanced Degree: $61,287
Comparing the Costs and Salary Benefits of MBA Degrees
The best way to weigh the benefits and costs of earning top MBA salaries and the degrees needed to get them is in understanding the long-term effect a degree can have on wages, contrasted with the immediate cost of education. In the next 10 years, analysts are projecting that 23 million jobs will be added to the market, with a third of those jobs specifically in management positions. To become the most appealing candidate for these jobs, an advanced degree can assist professionals in landing the best-paying positions that become available.
Looking at the numbers, MBA degrees average out to an expense of $40,000 a year. Currently, the average college student finishes school with $19,000 in debt. However, the latest provisions the government is making to assist in making education more affordable could mean that right now is the best possible time to pursue an MBA, with increased grants and tax credits newly available.
Top MBA Salaries Differ According to Job Position
Masters Online Degree Programs can certainly give professionals reason to demand higher pay, and some of the most common jobs for MBA holders have salaries that range from $45,000 to more than $100,000. The key objective for those looking for the best paying positions is in choosing the right MBA Career Path.
The trending industries addressed earlier in this article could lead to MBA salary increases in these positions:
- Instructional Coordinator: $59,000
- Sales Representative: $59,000
- Postsecondary Business Teacher: $77,000
- Secondary Education Administrator: $86,000
- Sales Manager: $110,000
Top MBA Salaries for Management Positions
Other management positions can earn top MBA salaries in a wide range of industries. Consider the average salaries these general positions have the capacity to earn:
- Accountant: $65,000
- Administrative Services Manager: $79,000
- Financial Analyst: $84,000
- Benefits Manager: $93,000
- Marketing Manager: $118,000
Highest Paying MBA Salaries by Cities
Location is everything, but it can be difficult to decide where professionals are best situated to pursue their MBA careers. Top MBA salaries vary by location as much as they do by position, so how does one deduce the best cities to conduct job searches?
Resources like Indeed.com allow professionals to search specific job titles and compare earnings in up to 13 cities. As an example, compare the current job postings for a financial analyst in Atlanta, Ga., and Los Angeles, Calif. In Atlanta, the average salary being offered is $73,000, which is higher than the average earnings in Los Angeles, $69,000.
Don’t discount how important location can be in a job search. Current trends in business evidence an escalation in job postings, and an advanced degree can be the best weapon to compete in the burgeoning marketing. When seeking out top MBA salaries and the degrees needed to get them, consider industry, position and location as the best indicators of upwards mobility for careers.