Fields and Factors That Can Boost Your Salary After Earning an MBA

Earning an MBA can significantly increase your earning potential. According to the 2024 Corporate Recruiters Survey by the Graduate Management Admission Council (GMAC), the average median starting salary for MBA graduates is $120,000, which is roughly 1.75 times more than for graduates who hold a bachelor’s degree alone.¹

While MBA graduates typically earn significantly more than those with a bachelor’s degree, choosing a high-paying industry or role can magnify this effect. This blog will explore the expected salary increase with an MBA and which fields pay the most.

Fields that offer high salaries for MBA graduates

An MBA can help you develop the skills and knowledge you need to excel in a variety of leadership roles in many industries. However, some industries and roles are more lucrative than others. You may want to specialize in one of the following areas if you're interested in the highest-paying opportunities:

Finance and investment banking

The finance industry is one of the top-paying fields you can enter with an MBA. These jobs require strong analytical skills, particularly in math, economics, and statistics. You’ll also need soft skills such as communication and interpersonal skills. High-paying roles include portfolio manager, finance manager, investment banker, and risk control manager.²

Consulting

There’s a significant demand for problem-solving skills and strategic expertise in the consulting industry. Top firms such as McKinsey & Company actively recruit MBA graduates for high-paying, rewarding jobs working with firms in an advisory capacity. In a consulting role, you could work with C-suite executives to develop strategic initiatives that solve problems and drive business success.³

Technology

The technology sector continues to offer well-paying opportunities for motivated MBA graduates. There are lucrative jobs in product management, data analytics, and leadership. These roles are likely to increase as artificial intelligence applications continue to proliferate. An MBA program can give you the technical and analytical skills you need for these roles as well as the business, strategic thinking, and leadership skills required.⁴

Healthcare management

There’s a growing demand for executives in healthcare organizations. An MBA with a focus on healthcare management can prepare you for roles such as hospital administrator, corporate development manager, pharmaceutical project manager, or hospital CFO.⁵

Entrepreneurship

Sometimes the best job is the one you create yourself. Whether you’re interested in starting your own company or stepping into a role at an innovative business in the startup phase, you can learn the needed skills through an MBA program.⁶

Factors that influence MBA salary growth

The field you go into isn’t the only factor that influences your salary after you graduate with an MBA. Your work experience is also a significant consideration. If you continue working at your current job during your MBA program, you may get a promotion and an associated pay increase when you graduate. You may also earn more after your MBA if you have relevant work experience as opposed to getting your MBA immediately after your undergraduate degree.⁷

Some markets also pay more than others. Washington is one of the highest-paying regions for MBA grads, with an average annual salary of $187,300, while Florida is among the lowest-paying, with an average annual salary of $123,582.⁸

One of the biggest benefits of attending an MBA program is the connections you’ll make during your studies. Seek out career and industry events, such as job fairs, conferences, and internship programs, to build and expand your professional network.⁷ During and after your program, you can leverage your network to find desirable roles.

How to maximize your post-MBA salary

If you’re allocating the time and other resources needed to complete an MBA, you want to get the most out of it. Regardless of where you complete your MBA and where you plan to live, there are steps you can take to maximize your salary potential.⁹

Start by choosing the right MBA specialization based on market trends. Some industries simply pay more than others. Choosing a higher-paying industry, such as finance, consulting, or tech, can lead to a greater salary increase compared to other lower-paying options.⁹

You can also increase your starting pay potential by gaining relevant internships and building a strong social network. Attending a program that allows you to make valuable connections can help in this area as well.⁹

Most companies have a salary range for positions. Preparing for the interview process by highlighting your leadership and problem-solving skills during your job search can help you reach the top end of the salary range. You can also use your negotiation skills to increase your starting salary and ensure better benefits. Do your research ahead of time so you’ll be prepared to emphasize the value you’ll bring to the role.⁹

Examples of MBA salary increases by field

One of the top-paying roles in finance is venture capitalist, which can pay as much as $252,301 annually.² While that salary is at the very high end, estimates for other lucrative roles include the following:¹⁰

• Business analytics manager: $99,571
• Vice president of IT: $168,047
• Finance director: $97,224
• Senior product manager: $130,344
• Chief financial officer: $128,137
• Senior operations manager: $116,633
• Vice president of marketing: $143,438
• Director of manufacturing: $126,754

Challenges and considerations

While salary is often a key consideration in career decision-making, there are a number of other factors that can impact satisfaction and the personal suitability of a specific role or career path. For example, how well a given role or career path aligns with your interests and lifestyle preferences can significantly influence your satisfaction. Costs associated with pursuing a specific credential or degree for a role or career path can also be impactful and warrant upfront consideration.¹¹ Taking time to thoughtfully evaluate what is most important to you can help ensure your long-term career satisfaction.

Use your business expertise to start a lucrative career

If you’re ready to advance your current career or start a new one, an online MBA from the University of Kansas can equip you with the knowledge you need to succeed in today’s business environment. Our rigorous curriculum is taught by industry experts and will provide you with a strong foundation of analytical and creative problem-solving skills. Through the program, you’ll also build a strong professional network that can provide lifelong career support. To learn more, review our admissions process and reach out to one of our admissions outreach advisors today.