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BY Lake Sydney06 October 2022, 13:03
A Stanford cheerleader runs with the flag following the Stanford Cardinal score during the NCAA Pac-12 college football game against the Washington Huskies, as seen in October 2019 at Stanford Stadium in Palo Alto, California. (Photo by David Madison/Getty Images)
There are many reasons to go back to school and get an MBA, but among the top motivators are getting a raise and getting a senior-level position, according to the Graduate Management Admissions Council. Many MBA graduates earn a base salary of nearly three times that of those with only a bachelor’s degree.
The salary increase is largely related to the growing demand for MBA graduates, Maryellen Reilly, deputy dean of the Wharton School of the University of Pennsylvania’s MBA program, previously said. Property. Wharton is ranked as the No. full-time MBA program. 4 in the country by Propertyand 2021 sees the highest-ever average base salary for an MBA graduate at $155,000.
“The job market was attracted to hiring MBAs and knew that to compete they had to be able to pay more,” he said. “Everyone is pursuing a very limited number of MBAs.”
The median salary for 2021 undergraduates is $55,911, according to the National Association of Colleges and Employers. However, PayScale data shows that the median base salary for MBA graduates in the US is $92,000. In comparison, GMAC reports the median base salary for MBA graduates as $115,000. This data does not differentiate between how to earn an MBA, whether in person, online, or a hybrid program.
“Employers clearly place a high value on obtaining MBA and masters of business graduates,” Sangeet Chowfla, president and CEO of GMAC, said in a statement. “We see a very active candidate market in terms of geographic shifts in study destinations, but the value employers and graduates see in advanced business degrees is constant.”
Property top full-time face-to-face MBA programs in the US, and our methodology takes graduate outcomes seriously, which includes an initial base salary (excluding bonuses). Using data collected during our MBA ranking process, Property has compiled the top five MBA programs with the highest average starting salaries, based on 2022 data.
1. Stanford Graduate School of Business
Property full-time MBA ranking: Number 5
Average base salary: $158,400
Cost of education: $76,950 per year
Average undergraduate GPA: 3.78
T2. New York University (Stern)
Property full-time MBA ranking: No.7
Average base salary: $155,000
Cost of education: $82,326 per year
Average undergraduate GPA: 3.59
T2. University of Chicago (Both)
Property full-time MBA ranking: No.2
Average base salary: $155,000
Cost of education: $77,841 per year
Average undergraduate GPA: 3.54
T2. University of Pennsylvania (Wharton)
Property full-time MBA ranking: No.4
Average base salary: $155,000
Average undergraduate GPA: 3.6
5. Harvard Business School
Property full-time MBA ranking: Number 1
Average base salary: $150,500
Average undergraduate GPA: 3.69
See how the school you’re considering fared in Fortune’s ranking of the best master’s degree programs in data science (in person and online), nursing, computer science, cybersecurity, psychology, public health, and business analytics, as well as doctorate in education programs MBA programs ( part-time, executive, full-time, and online).
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