Salary Guide: What to Expect with an MBA

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Over a lifetime, professionals who obtain a Master of Business Administration earn more than their colleagues who hold bachelor’s degrees. The average annual salary for a professional with a BA in Business Administration is $61,000, while the average MBA holder makes $86,000.

Professionals with an MBA not only earn higher salaries, but they also see more opportunities for career advancement. Many senior leadership roles require an MBA, and these positions often command a higher salary. The average salary for a chief financial officer is $148,000, for example.

Earning an Online Master of Business Administration from Northeastern University’s D’Amore-McKim School of Business is an excellent first step in boosting your earning potential.

By building upon your previous education and business experience, you can potentially increase your income with the skills and strategies taught in an MBA program.

Professionals with an MBA have more opportunities to increase their lifetime earnings.

Is getting an MBA worth it?

Getting your MBA requires a big commitment of time and money, which is why it’s important to understand what an MBA program can offer. Compared with bachelor’s degree programs, which tend to be structured around teacher-led lectures, MBA programs are much more interactive.

Professionals who want to move along their chosen career path toward management roles can gain many useful skills in an MBA program. Building on your professional experiences, an MBA helps you:

  • Effectively communicate ideas in writing and speech
  • Build competent teams and collaborate toward shared goals
  • Expand your knowledge of strategies applicable to a wide variety of business scenarios

The 100% online MBA from Northeastern University provides holistic resources intended to strengthen your foundational business knowledge. Additionally, you’ll have the opportunity to concentrate your studies in fields with high numbers of jobs available to MBA graduates, including:

  • Finance
  • Healthcare Management
  • High Technology Management
  • Innovation Entrepreneurship
  • International Management
  • Marketing
  • Supply Chain Management
  • Sustainability

If you are willing to put in the time and effort, an MBA can help you land a high-paying job in these and similar fields.

How does your value as an employee increase with an MBA?

An MBA gives you the tools, resources, and expert guidance to build upon your own creativity, initiative, and effort. You’ll gain deeper insights into business fundamentals, develop soft skills that can improve your negotiation abilities, and learn how to be an influential leader.

Corporate recruiters often look for MBA holders when filling senior positions. Whether your passion lies in human resources, finance, marketing, or operations, MBA coursework is designed to help you understand how to add value to an organization as an essential team member.

Making decisions that lead to profitable outcomes is just one piece of the equation. An MBA program can also help you understand—and drive—global impact, an essential skill in today’s economy.

Is earning an MBA difficult?

The Online MBA program at Northeastern University requires an undergraduate degree from an accredited institution. Further school admissions requirements include:

  • A GPA of 3.0 or higher on a scale of 4.0
  • Current employment and five years of professional experience
  • Professional letters of recommendation

You can find a full overview of MBA admissions requirements here.

The program is intended for employed professionals. Many students complete the 50-credit-hour curriculum in as few as two years while continuing to work. The online aspect of the program allows you to cut down on commuting time, so you can focus on connecting academic theory to real-world practice.

Earning your MBA will require you to develop new ways of thinking, which can take you outside of your comfort zone. By collaborating with mentors or fellow students, you can overcome these challenges and become a stronger business professional.

How much more can you make with an MBA?

Earning your MBA can help to raise your base salary because you’ll be better equipped to add value to organizations. With the skills and experiences you pick up throughout the program, you’ll be more capable of finding creative solutions to complex business challenges.

In many cases, MBA graduates are able to move to more senior positions within their company. For example, the average marketing coordinator with a bachelor’s degree earns $41,000, while the average marketing manager with an MBA earns $78,000, according to PayScale. Of course, these figures also take into account years of work experience and individual track records.

Depending on your professional experience, an MBA can help you reach positions that were previously out of reach. For instance, job titles such as human resources director, chief financial officer, director of operations, and accounting manager often require an MBA degree.

According to the U.S. Bureau of Labor Statistics, workers with a master’s degree often earn more than their counterparts who hold bachelor degrees. Examples of average salaries include:

Financial services sales agents

  • Bachelor’s degree: $90,000
  • Master’s degree: $170,000

Financial managers

  • Bachelor’s degree: $78,000
  • Master’s degree: $110,000

Marketing and sales managers

  • Bachelor’s degree: $80,000
  • Master’s degree: $110,000

What is the average salary for an MBA graduate?

MBA holders go on to serve in a wide variety of corporate and non-corporate positions, so it’s difficult to pin down an average salary for all graduates. Likewise, your years of experience will play a role in how much you can earn. Top CEOs with decades of experience can earn millions in compensation, for example.

According to PayScale, positions that commonly require an MBA include:

  • Chief financial officer: $148,000
  • Marketing director: $111,000
  • Human resources director: $89,000
  • Senior financial analyst: $82,000
  • Marketing manager: $78,000

 

Check out the full curriculum to learn more about how the 100% Online MBA from Northeastern University can help you reach the next stage of your career and grow your salary.

 

Recommended Readings

Why Is MBA Work Experience So Important Before Applying?

Learning About the Innovation and Entrepreneurship Concentration

Northeastern University Online MBA Program

 

Sources

PayScale – BA in Business Administration Report

PayScale – Master of Business Administration Report

Bureau of Labor Statistics – Wage Premiums for Master’s Degree