There is a growing salary differential between MBAs and non-MBAs in job markets around the world as employers battle to recruit the best young business school talent. Results of a survey of 489 international MBA employers, featured in the International Recruitment Survey and Salary Report, reveal that, compared to the previous year, MBA salaries have increased more rapidly than salaries for non-MBAs with four years work experience, and this is true across most major industry sectors and geographies.
Report confirms that the MBA represents the highest paid postgraduate qualification worldwide, across all major industry sectors. Table 1 compares average reported salaries at each level of qualification for major industry sectors, taking an average of EU and North American salaries.
MBA SALARY FACTORS
MBA SALARY FACTORS
Of course, average salary information is just a guideline to help you know what to expect. Starting salaries could be much higher or much lower, depending on many different factors that affect salaries. These factors include:
- Your school's reputation
- Post-MBA role
- Geographic location
- Industry you are employed in
- Cost of living
- Pre-MBA experience
- Undergraduate major
- Years of Experience
Experience is a great teacher, and the more time you spend working in a company, the more vital you become to the organization. Because most companies recognize this, starting salaries for MBA program graduates are generally lower than those of their co-workers with more time on the job.
SCHOOL QUALITY REFLECTED IN MBA SALARIES
SCHOOL QUALITY REFLECTED IN MBA SALARIES
A glance at the 2010 Financial Times MBA rankings underlines the importance of choosing the right school – where you graduate from directly affects your career prospects and earning potential. Yet, in terms of maximising the value of an MBA, when you graduate can be just as important. The class of 2009 found the going tough, as many companies were looking to shrink or freeze head counts. FT data, collected from business schools as part of the 2010 rankings process, revealed that for those graduates from the most recent academic year actively looking for a job, one in five had not found employment three months after graduation. That represented a doubling of the proportion reported for the same period in 2008.
There are a number of MBA salary surveys that have been completed where you can find details of average starting salaries for MBA graduates, average MBA salaries for business schools, and how graduating MBA salaries have changed over the years. Two of the most useful for your research are:
BUSINESS WEEK MBA SALARY SURVEYS
BUSINESS WEEK MBA SALARY SURVEYS
On the Business Week web site you can find a host of information on average starting salaries for MBA graduates, by Business school. Please note that you will need to spend some time looking through the site to find the information you'll need.
FINANCIAL TIMES RANKINGS AND MBA SALARY SURVEYS
FINANCIAL TIMES RANKINGS AND MBA SALARY SURVEYS
The FT Rankings and MBA Salary Surveys also provide an at-a-glance table with the current graduating MBA salaries and the increase achieved as a result of completing the MBA. These surveys cover the top MBA programs worldwide
FIRST YEAR MBA SALARY - WORLDWIDE
FIRST YEAR MBA SALARY - WORLDWIDE
According to The National Association of Colleges and Employers, in 2006, average MBA salaries were $90,000. First-year MBA graduates' salaries average between $50,000 and $75,000–with more than 40% earning $75,000 and up.> The Graduate Management Admission Council (GMAC) compiled salaries of first-year MBA graduates in different career fields.
THE AVERAGE BASE SALARIES PLUS ADDITIONAL COMPENSATIONS WERE AS FOLLOWS:
- Health Care – $111,477
- Finance – $103,122
- Consulting – $101,736
- High Tech – $98,621
- Manufacturing – $98,417
- Products/Services – $94,558
- Non-Profit/Government – $73,125
MBA SALARY SCALE IN SINGAPORE
Singapore is one of the most sought after job venues. Each year thousands of graduates pass out from best graduate school in Singapore and many other institutes offering professional course. The main aim for such students is to land up with a lucrative job in their sector. Though the economic recession has hit the job sectors of countries far and wide it has least affected the job scenario in Singapore. The credit goes to the Singapore government and the Universities in Singapore. Taking into consideration the changing job world there are many innovative courses that are offered at these institutes.
As a potential employee, you will have to weigh the benefits of accepting a position with a higher base salary against a position with a lower salary that offers bonuses and other perks. These perks can include annual bonuses, car allowance, tuition reimbursement, relocation costs and more. According to Payscale.com the majority of MBA graduates can expect to earn on average $50,427 in their first year. As your length of time on the job increases, so will your income. Here is a sample of average salaries you can expect as your time on the job increases:
- Under 1 year – $50,427
- 1 to 4 years – $56,090
- 5 to 9 years – $74,053
- 10 to19 years – $94,038
- Over 20 years – $103,600
In recent times Singapore has witnessed that for the senior executive’s position, candidates are mostly selected from internationally accredited universities. MBA in Singapore or an Executive Master of Science is the best career option at the moment that will surely land you up with a great job. Some of the international Universities in Singapore such as INSEAD, Chicago and Baruch College, The City University of New York and Aventis makes sure that major MNCs and agencies conduct networking sessions for their student.
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