“I don’t do it for the money.”

That’s what some people say. Their job is their passion and their identity – a means to connect and pursue greatness. Sometimes, it is just a way to run from their problems. Eventually, reality sets in. What you do determines who you know and how you’re perceived. Over time, what you make governs what you can do – and when and where you can do it.

For MBAs, money matters. In many cases, business school means exiting their career track, forfeiting two years of pay, and adding six figures in debt. Those sacrifices may indicate commitment, but MBAs still expect a return – a big one…and fast.

RANKING AND PAY NOT ALWAYS ALIGNED

What’s on the other side of the diploma? That depends on where MBAs attend business school and what they decide to do. Start with the where. Want the biggest bang for your buck? Among the Class of 2022, Harvard Business School and Stanford Graduate School of Business graduates raked in the most. They earned $198,180 and $198,032 respectively in base and bonus during their first year. While higher U.S. News rankings often correspond to higher pay, there are plenty of exceptions. At 10th-ranked New York University’s Stern School, MBAs earned $196,143 – the 3rd-best average among American full-time MBA programs. While Cornell University’s Johnson Graduate School ranked 15th, their first-year graduates still earned more than counterparts at Northwestern Kellogg School, MIT School, Michigan Ross, and Yale SOM – all top 10 schools.

The same principle applies to the high end. Exhibit A: the University of North Carolina’s Kenan Flagler School. Here, one graduate negotiated a $250,000 starting package – better than any offer accepted by NYU Stern grads. By the same token, a University of Texas McCombs grad nabbed a package better than all those received by counterparts at 10 schools ranked above their alma mater.

Not surprisingly, occupations follow the same pattern. Want to work in General Management? Stanford GSB grads pull in the highest starting packages at $171,033. The third-highest pay? Those checks were being cashed by graduates of USC’s Marshall School ($156,125). While Northwestern Kellogg is considered the premier MBA program for Marketing, their graduates rank 18th among Top 20 in starting pay in the field. Hearing that Finance is dead? Well, Stanford GSB hires averaged $210,000 to start – and one Harvard grad negotiated a million-dollar starting package! If you’re looking for immediate payout, consider entering consulting. At 29 of the Top 50 American programs, consulting hires start out at $150,000 or more. That nearly doubles the $150K averages in Finance (16 schools) and eclipses Marketing, Operations, and General Management – which combined have 9 schools where the average MBA tops the $150K mark.

A SCHOOL-BY-SCHOOL AND JOB-BY-JOB BREAKDOWN

Each year, business schools slice-and-dice their graduate pay numbers, be it by region, occupation, or industry. Such numbers can tip off applicants to a range of useful insights. For one, the data can reveal which schools emphasize particular fields. In Human Resources, for example, just seven programs reported data – which means 43 schools didn’t place 3 or more students into the field. The numbers also show the return that MBAs can expect after graduation. Most of all, they provide a barometer for how much employers are willing to pay MBAs from certain schools who focused in certain areas. That can come in handy for negotiating a few extra bucks with more flexible employers outside consulting.

What are the average pay rates in Consulting, Finance, Technology Marketing, and more? How high can base pay get in these fields? How have these numbers changed over the past year? Click on the links below to see high, average, and low pay by occupation, industry and school.