According to the Graduate Management Admission Council, students looking into getting an MBA may have a bright future ahead of them.
According to the Council of Graduate Management Admission’s recent surveys, students considering getting an MBA may have a bright future ahead of them if they do. Their surveys show that 41 percent of employers in the US are hiring college graduates for positions that used to be held by high school graduates, and master degree candidates for positions that used to be held by college graduates.
With regards to those with MBAs, they found that 93 percent have said they got personal rewards by getting the degree, 91 percent described it as professionally rewarding, and 76 percent as financially rewarding.
They also reported the base salaries for alumni students. The entry-level base salary is just under $64,000 and just under $273,000 for C-suite levels.
Comments on the Surveys
GMAC’s management director, Gregg Schoenfeld, said that the median base salary for those with an MBA is much higher than those without one.
“For instance, the median starting salary for a graduate of a master in data analytics program was $85k in 2016, $75k for master in finance, and $70k for a master in management,” he said.
He also adds that MBA graduates could become millionaires in 10 years. He said: “Employers often are willing to pay a premium for graduates of MBA programs to build their leadership pipeline, to support company growth, and for their innovative thinking and business acumen.”
According to the associate dean of University of Maryland’s School of Business, Michael Faulkender: “For people who already have some exposure to the workforce, this is an opportunity to supplement their ability to contribute to the organization through skills that organizations need to run themselves effectively.”
“An MBA is very much targeted at the workforce needs of organizations within management,” Faulkender says. “This degree provides students with the skills that they need to understand customer needs, promote products and services efficiently and generate returns, and manage diverse workforces.”
Faulkender therefore encouraged that people invest in getting an MBA. “Whether things are stagnant or booming, obtaining a skillset that will enable you to make a leadership contribution is always a good idea.”
The right time to pursue an MBA is after you’ve had exposure to the workforce for a few years so I would not recommend it immediately after undergrad school,” he says. “By taking the time to understand how organizations work, you’re in a better position to apply the skills that you learn.”