Average MBA Salary for 2024

MBA Salary Based on Specialization

There are a number of MBA specializations out there, but we will focus on some of the most popular ones that people tend to go for.

1. MBA in Finance Salary

MBA graduates in Finance can take up jobs in various sectors such as corporate finance, sales and trading, credit risk management, asset management, treasury, hedge fund management, and lots more. The average MBA salary of a graduate with an MBA in Finance is $101,000 per annum. 

2. MBA Salary in Business Analytics

Thanks to the growing importance of Business Analytics, this MBA specialization has gained immense popularity over the last few years. MBA graduates in Business Analytics can find jobs in various sectors like IT, e-commerce, financial institutions, etc. The average MBA salary of a graduate with an MBA in Business Analytics is $79,000 per annum. 

3. MBA Marketing Salary

Whether you are interested in advertisement, social media, brand management, or any sort of marketing, there are new creative areas and innovative job profiles on the rise. Marketing is required for every sector, but the most lucrative profiles for marketing graduates are advertising agencies, financial services, IT, and FMCG sectors. The average MBA salary of a graduate with an MBA in Marketing is $103,000 per annum. 

4. MBA Salary in Human Resources

The role of HR professionals continues to be of great importance across all industries. Hence, graduates with an MBA in Human Resources can find plenty of employment opportunities in law firms, IT companies, retail companies, media houses, advertising firms, etc. The average MBA salary of a graduate with an MBA in Human Resources is $69,000 per annum. 

5. MBA Salary in International Business

An MBA in International business familiarizes you with the global market trends. This gives you an edge over other specializations and opens up major pathways for you in the country and abroad. The average MBA salary of a graduate with an MBA in International Business is $98,000 per annum. 

6. MBA Salary in Management Consultant

An MBA in Management Consultant is one of the most versatile job profiles out there as it involves working with clients from different sectors - from IT to investment banking and several others. The average MBA salary of a graduate with an MBA in Management Consulting is $99,000 per annum.

MBA Salary Based on Industry

An MBA salary varies not only on the specialization and experience but also on the chosen industry. According to a survey by US News, MBA graduates in the consulting industry have the highest average salaries, and those who work in government tend to have the lowest average salaries. While many MBA graduates tend to work in consulting and financial services, there are a lot of other industries on the rise as well. Here is a more detailed breakdown of MBA salary based on industry:

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MBA Salary Based on Experience

According to GMAC, the median annual base starting salary of fresh MBA graduates is $115,000. This is more than double the average salary for new bachelor’s degree hires. MBA graduates are also eligible for performance bonuses and some may even receive stock options. 

MBA Salary Based on Location

One of the most appealing elements of an MBA degree is that your salary is not just dependent on experience but also on where you’re located in the world. Based on this information, you can move to a country of your liking to earn more. Here is a list of countries offering the highest MBA salary in the world.

MBA Salary Based on Company/Recruiters

An MBA salary is also dependent on the company or recruiter’s revenue and requirements. According to a study by Business Insider, here are the companies that pay the highest salaries to MBA graduates:

1. PwC Strategy - Annual average salary: $256,400
2. Bain & Company - Annual average salary: $252,250
3. AlixPartners - Annual average salary: $250,000
4. Accenture Strategy - Annual average salary: $247,500
5. AT Kearney - Annual average salary: $247,100
6. L.E.K. Consulting - Annual average salary: $245,000
7. BCG (Boston Consulting Group) - Annual average salary: $244,250
8. Deloitte S&O - Annual average salary: $240,000
9. McKinsey & Company - Annual average salary: $239,000
10. KPMG Strategy - Annual average salary: $235,000

Is an MBA the Right Path for You?

For many job seekers out there, the trend of getting an MBA has increased over the last few years. But before you get started with an MBA program, you need to do your homework and be realistic. Besides a competitive salary, you need to look at what industry, specialization or location would best suit you. Also, these MBA salary numbers are not set in stone. The real gauge of your salary is the skills you bring to the table, your mastery over them, and how you can help a company grow using them.

If you are keen on upgrading your career, you can sign up for Simplilearn’s Executive Certificate Program In General Management which is designed to stand at par with some of the best on-campus MBA programs across the world. You will learn core management concepts along with an industry-aligned specialization of your choice from Digital Marketing, Operations, Business Analysis, and Data Analytics. Get started with this course today and advance your career with Simplilearn.