MBA Salary in USA in 2024 [All Specializations]

Many professionals and students look for career options that can help them get better pay and earn top salaries in their industry. According to the statistics, one of the best ways to get a high-paying job is by getting an MBA.

The following points will shed more light on how an MBA can help you earn a six-figure salary and why that is so: 

What is the average MBA salary in the US?

The average salary for an MBA graduate in the US is $90,073 per year on average. Note that this number consists of all the various roles you can get with an MBA, including senior ones as well as the new ones. 

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The primary factors that affect your pay as an MBA graduate are your experience, skills, employer, location, and role. Popular employers for MBA graduates in the US are:

• Amazon.com Inc (pay for MBA graduates ranges from $69,000-$154,000 per year
• JP Morgan Chase and Co. (pay for MBA graduates ranges from $59,000-$196,000 per year)
• Northrop Grumman Corporation (pay for MBA graduates ranges from $66,000-$150,000 per year)
• Lockheed Martin Corp (pay for MBA graduates ranges from $62,000-$147,000 per year)
• The Boeing Company (pay for MBA graduates ranges from $64,000-$167,000 per year) 

As you can see, different companies offer different salaries for this qualification. That’s primarily because of their sizes and the various roles they hire MBA graduates for.

Your MBA specialization would play a huge role in determining your pay as well. Here are some of the most popular MBA specializations with their average salaries: 

• MBA in human resources (average salary is $69,171 per year)
• MBA in finance (average salary is $100,231) 
• MBA in business operations (average salary is $100,603)
• MBA in information technology (average salary is $111,652)
• MBA in logistics (average salary is $92,086 per year)
• MBA in marketing (average salary is $93,548 per year)

You should pick a specialization that matches your career aspirations and requirements. For example, if you are interested in technology and pursuing a career in the tech sector, getting an MBA in information technology would be best for you. On the other hand, if you are interested in working with people, then an MBA in human resources would be more suitable for you. 

This data also suggests that MBA graduates attract high salaries in all industries. Many of the MBA specializations, such as MBA in HR and MBA in business operations, cover fundamental business sections that are present in every organization regardless of their industry. This is a huge advantage of an MBA degree and makes it significantly easier for you to switch careers and bag higher-paying roles. 

Also Read: Growth statistics of MBA in each of its field

Why is the Average MBA Salary so High?

Many reasons make the average MBA salary so high. Summing up in one paragraph is quite challenging. Hence we’ll let the following points do the talking: 

1. Rising Demand

According to the Bureau of Labor Statistics, jobs for management professionals will increase 5% from 2019 to 2029. This is significantly faster than the average for all roles and will create up to 505,000 new jobs. 

The demand for MBA graduates is increasing so rapidly because organizations are looking to expand further, and new companies are entering the market at the same time. When a company expands its operations, it requires experts who can tackle business problems effectively. 

That’s where management professionals come in. They ensure that all the operations undergo smoothly and the business grows at the desired pace. Moreover, in the post-pandemic world, organizations all across the globe would look for MBA professionals to boost their growth so they can get ahead of their competitors and prepare for the new challenges caused by the virus. 

For example, the demand for supply chain management experts increased significantly during lockdowns. During this period, companies required experts who can tackle the challenges of countries in lockdown, the spread of COVID-19 and ensure that they affect their revenue the minimum. 

2. Versatile skills

MBA graduates are experts in business management, organization, and the necessary skills required to run an organization. This makes them highly versatile as they can work in any industry and drive its growth accordingly. 

Recruiters understand this fact very well. That’s why they prefer MBA graduates in most cases. Having a versatile skill set makes it easier for you to oversee various aspects of a team or department.

Moreover, institutions constantly test your skills and abilities during an MBA program through assignments and projects. Their goal is to create business experts by making them highly skilled professionals. 

That’s why getting an MBA is a smart decision for freshers. It helps them expand their skill set and stand out from their peers. It also allows them to advance their career faster and become eligible for senior roles, which brings us to our next point-

3. Leadership Abilities

MBA programs are designed to develop leadership skills in students. As an MBA graduate, you’d have various leadership skills such as problem-solving, strategic thinking, critical thinking, communication, teamwork, and much more. 

Organizations are always on the lookout for professionals who have good leadership abilities. For example, in a recent survey, 91% of respondents said that their managers didn’t have good communication skills. 

During an MBA program, you’ll learn how to communicate your ideas properly with your team, how to motivate and inspire others, how to recognize your team’s achievements, and other fundamentals of being a great leader. 

With the necessary leadership abilities, you can easily pursue senior roles in your preferred industries, such as senior human resources manager, finance director, chief technology officer, etc. 

How to Earn the Top MBA Salary in the US

The pay range for MBA graduates is quite vast. While many factors determine how much you will earn as an MBA professional, your expertise is the most influential. 

The skills you possess play a massive role in determining how much you can earn as an MBA graduate. That’s why it’s best to pick an MBA program that teaches you the latest in-demand skills. Companies prefer candidates with the latest skills as they are prepared to counter the market’s new challenges. 

Moreover, it would be best to pick an online MBA program in the current pandemic-ridden world. The pandemic has disrupted the education sector substantially, and in-person learning has become quite risky. 

It would be best to go with an online program as it would enable you to study safely from anywhere. 

At upGrad, we offer two online MBA programs: 

MBA (Global) with Deakin Business School

Deakin Business School is among the top 1% of business schools globally. This course allows you to graduate from a B-school with dual accreditation – AACSB and EQUIS. The program offers you 10+ Harvard case studies and a 6-week capstone project. 

Learn more about the course: MBA (Global) with Deakin Business School. 

Master of Business Administration with Liverpool Business School 

Liverpool Business School is a leading B-school based in the United Kingdom. The program offers you 40+ live sessions, 20+ industry projects, and six different specializations. 

Learn more about the course: Master of Business Administration with Liverpool Business School. 

upGrad has over 40,000 learners in more than 85 countries. With both of these programs, you get personalized resume feedback, peer-to-peer networking opportunities, interview preparation, career counselling, and quick doubt resolution. 

Conclusion

MBA professionals earn handsomely; there’s no denying that. Their knowledge of business, administration, organization, leadership and management helps them thrive in any climate and industry. That’s why the demand for skilled management professionals is soaring. 

What do you think about getting an MBA? Which specialization would you like to get? Let us know by dropping a comment down below.