How Much Can I Earn with an MBA Degree?
An MBA can be an economic springboard; depending on the field and the hiring offers you receive in your area, it can raise your base annual income by a significant amount. Many surveys support the conclusion that, in today’s international corporate economy and industries within the United States specifically, graduation from a business school can set applicants apart for recruiters and put them in position for the best professional salaries, benefits, and upward career mobility.
However, before signing up for graduate school, you should know that the cost of an MBA can be substantial. Full-time MBA tuition at top ranking business schools is much higher than the national averages for public and private schools. The rewards of a master’s degree in business administration go beyond income, to the valuable knowledge and professional development and enrichment of high-level education. The student’s decision process should include an assessment of the MBA based on costs and benefits. Applicants should search for information the main costs of an MBA and subtract it from the costs of lost access to opportunities had they not entered an MBA program. When factored together, most students find that they will get back their investment in the MBA and much more.
The below-listed items from a 2019 U.S. Bureau of Labor Statistics salary survey demonstrate the average annual earnings of degree holders across all categories.
- High School Diploma- $38,792 – Unemployment rate- 3.7%
- Associate Degree- $46,124 – Unemployment rate- 2.7%
- Bachelor’s Degree- $64,896 – Unemployment rate- 2.2%
- Master’s Degree- $77,844 – Unemployment rate- 2%
- Professional Degree- $96,772 – Unemployment rate- 1.6%
- Doctor Degree- $97,916 – Unemployment rate- 1.1%