Back before business school, did you wonder how much more money you’d make with an MBA? Well, that’s probably a stupid question, because you obviously did, and then decided to get an MBA.
How much more money should you be making though? Does an MBA provide a higher return in some industries versus others? At TransparentCareer, we dug into our data on some of the top industries. This is what we found out.
Pre-MBA Median Salary/Compensation: $85,000/$98,150
First Job post MBA Median Salary/Compensation: $140,000/$184,500
Hours Worked/Week: 59 Hours
Popular Companies: McKinsey & Co, Boston Consulting Group, Bain, Deloitte, ZS
With the highest salary bump on the list, consultants with an MBA reported earning $55,000 more a year in salary compared to their MBA-less (is that a word? It is now) counterparts. If you want to work in consulting, chances are McKinsey, BCG, and Bain are near the top of your list. That’s fine, but there are also many other consulting firms you may not be as familiar with, but should be (see Consulting Firms MBAs Should Put On Their Radar Screen).
Pre-MBA Median Salary/Compensation: $73,250/$77,775
First Job post MBA Median Salary/Compensation: $105,000/$140,000
Hours Worked/Week: 48 Hours
Popular Companies: Procter & Gamble, Pepsico, General Mills
As an industry, consumer products hires a high volume of MBAs every year, only trailing behind consulting and investment banking in terms of numbers. Consumer products also has incredibly satisfied MBAs on average, with their median satisfaction score ~20% higher than the all-MBA average. Part of this likely comes from better work-life balance, with MBAs in the industry typically working just 48 hours a week, much lower than more strenuous fields such as consulting or investment banking. Check out our list of the best consumer product firms here.
Pre-MBA Median Salary/Compensation: $85,000/$120,000
First Job post MBA Median Salary/Compensation: $125,000/$220,000
Popular Companies: Goldman Sachs, CitiGroup, Morgan Stanley, JP Morgan Chase
Pulling the highest amount of hours worked a week at 77, investment banking boasts both the highest total compensation on this list at $220k, and also the highest post-MBA bump, with MBAs earning $100k more than those without the degree. Expect high competition for top positions though – Goldman Sachs only hired 9,700 of 313,000 applicants in 2015. Take a look at our list for the best investment banks for MBAs here.