Students pursuing an MBA often hope to land a job with a six-figure salary after graduation. And that’s warranted; in 2022, the average starting salary for MBA graduates was $120,000, more than 57% higher than the $69,320 average for people who only have a bachelor’s degree, according to Graduate Management Admission Council data. And graduates from top-ranked MBA programs can earn even more, with starting pay packages of $200,000 and up in 2022.
What’s more, an MBA can help grads land roles which earn tens of thousands of dollars in bonuses, including both signing bonuses and annual performance bonuses. That’s why it’s a good idea to factor in the total compensation package when considering employment options.
Advertisement
STEM-designated. Tar Heel ROI. No compromises.
UNC Kenan-Flagler’s top-ranked online MBA is a top choice for experienced professionals with strong undergraduate performance. You can earn your degree at your own pace—in 18 to 36 months—without sacrificing academic quality and rigor. Access lifelong career benefits and join a global community of over 44,000 alumni with an AACSB-accredited online MBA from UNC-Chapel Hill. Online MBA Fellowships Available. GMAT waivers available. Learn more today.
“What’s not so obvious is a lot of companies where the salary might be a bit lower, but you’re eligible for stock options,” Stephen Pidgeon, executive director of career services at the Tuck School of Business at Dartmouth, tells Fortune. That would put you into “a very attractive area of income, in excess of $200,000 in your first year” after earning your MBA, he adds.
Opportunities to earn substantially more than the average MBA salary post-graduation exist—especially for grads from top programs. Here are six of the highest–paying industries for MBA graduates.
1. Consulting jobs
Consulting roles consistently offer high six-figure salaries. And despite some cooling in their hiring practices—including the delay of start for some new recruits—MBA grads who manage to land jobs at top firms like McKinsey, BCG, and Bain tend to earn base salaries close to $200,000.
MBA grads can see their salaries jump relatively quickly in the industry, as well. While the average base pay for first-year grads out of an MBA program is $190,000, that jumps to a range of $220,000 to $240,000 in the second to third year of employment, according to Management Consulted. More advanced roles—like a senior consultant project leader, a junior partner, and a senior partner—can see base salaries ranging from $275,000 to as high as $700,000.
This data is also backed by the 2023 outcomes reports at each of the M7 business schools. Each institute reported graduates going into consulting experiencing base salaries of $190,000 or higher. Harvard, Stanford, and Chicago Booth graduates saw slightly higher numbers—at $192,000.
Finally, it’s important to note that these consultant salary figures don’t include signing bonus or performance bonus options. When those are factored in, take-home pay may be up to $30,000 higher, on average, thanks to the signing bonus. That’s in addition to a potential performance bonus, which can capture up to another $30,000.
| School | Median base salary: consulting |
|---|---|
| Harvard Business School | $192,000 |
| Stanford Graduate School of Business | $192,000 |
| University of Pennsylvania (Wharton) | $190,000 |
| Median base salary of Harvard, Stanford, and Wharton MBA graduates in consulting | |
|---|---|
| Harvard Business School | |
| $192,000 | |
| Stanford Graduate School of Business | |
| $192,000 | |
| University of Pennsylvania (Wharton) | |
| $190,000 | |
2. Finance jobs
The finance industry has long been a popular career path for MBA grads. And working as a hedge fund manager, financial analyst, or investment banker are some of the most lucrative occupations in finance, with starting salaries in excess of $100,000.
Six-figure salaries are quite common for MBA grads who go into roles in financial services. Graduates from NYU Stern and Dartmouth Tuck reported median salaries closer to the $200,000 mark, while some Harvard MBA grads made nearly $400,000 in their first year out of school, when combining base salary and bonus income.
Venture capital, private equity, and asset management are also among the top-earning occupations in the finance industry, and MBA grads increase their potential to earn well over six-figures when securing one of these roles.
| School | Median base salary: finance |
|---|---|
| Harvard Business School | $175,000 |
| Stanford Graduate School of Business | $200,000 |
| University of Pennsylvania (Wharton) | $175,000 |
| Median base salary of Harvard, Stanford, and Wharton MBA graduates in finance | |
|---|---|
| Harvard Business School | |
| $175,000 | |
| Stanford Graduate School of Business | |
| $200,000 | |
| University of Pennsylvania (Wharton) | |
| $175,000 | |
3. Tech jobs
Even with the recent wave of tech layoffs, there are many tech occupations that are still in high demand. And some of the most popular tech jobs for MBA grads include roles in AI, data science, strategy and innovation, product management, and business development.
MBA grads who accepted roles at tech companies reported a median base salary of over $150,000 at many top-ranked business schools, including all of the M7. At Stanford—the school known for its connections to Silicon Valley, graduates earn median annual salaries of just over $177,000. This doesn’t include a median signing bonus of $25,000 as well as expected performance bonus of over $22,000.
This is significantly greater than the average salary of all tech workers—which remains around $111,000, according to Dice.
| School | Median base salary: tech |
|---|---|
| Harvard Business School | $158,050 |
| Stanford Graduate School of Business | $177,500 |
| University of Pennsylvania (Wharton) | $162,750 |
| Median base salary of Harvard, Stanford, and Wharton MBA graduates in tech | |
|---|---|
| Harvard Business School | |
| $158,050 | |
| Stanford Graduate School of Business | |
| $177,500 | |
| University of Pennsylvania (Wharton) | |
| $162,750 | |
4. Consumer packaged goods jobs
Another career path with solid salary potential is working in leadership roles for consumer packaged goods companies—and this continues to be another traditional pipeline for MBA graduates, Brian Ruggiero, associate dean of career services at NYU Stern, tells Fortune.
Stern graduates who went into this field earned an average salary just above $125,000 and average signing bonus of $30,000, according to Stern’s employment report. Graduates from MIT Sloan School of Management who went into retail consumer packaged goods earn a median salary of $146,250. However, neither numbers beat out Stanford graduates in the field, who experienced base median salaries of $175,000 (though, only 3% of the school’s class of 2023 went into consumer products).
| School | Median base salary: consumer products |
|---|---|
| Harvard Business School | $140,000 |
| Stanford Graduate School of Business | $175,000 |
| University of Pennsylvania (Wharton) | $128,000 |
| Median base salary of Harvard, Stanford, and Wharton MBA graduates in consumer products | |
|---|---|
| Harvard Business School | |
| $140,000 | |
| Stanford Graduate School of Business | |
| $175,000 | |
| University of Pennsylvania (Wharton) | |
| $128,000 | |
5. Entertainment, media, sports jobs
Entertainment, media, and sports jobs are also likely avenues to earn six figures for Stern MBA alumni, according to Ruggiero. Recent Stern grads who pursued entertainment and media roles were hired by companies like NBCUniversal, Hulu, and Playstation, while sports-minded MBA students landed roles with the National Basketball Association (NBA) and the National Football League (NFL).
The average salary of Stern MBA graduates who entered these roles was $140,000.
Graduates of universities located minutes from Hollywood—commonly referred to as the entertainment capital of the world, also fared well when entering entertainment and media roles. The schools also have many more alumni going into the field (at most M7 schools, only 1-2% of students end up landing jobs in entertainment and media) At the University of California–Los Angeles (Anderson), and the University of Southern California (Marshall), both earned an average base salaries of around $130,000.
| School | Median base salary: media, entertainment & sports |
|---|---|
| Harvard Business School | $152,500 |
| Stanford Graduate School of Business | N/A |
| University of Pennsylvania (Wharton) | $157,500 |
| Median base salary of Harvard, Stanford, and Wharton MBA graduates in media, entertainment & sports | |
|---|---|
| Harvard Business School | |
| $152,500 | |
| Stanford Graduate School of Business | |
| N/A | |
| University of Pennsylvania (Wharton) | |
| $157,500 | |
6. Health care jobs
The final industry that reliably pays many MBA grads six-figure salaries is healthcare. In 2023, Tuck Business School graduates who went into health care, pharmaceuticals, and biotech earned base salaries between $105,000 and $155,000.
Tuck MBA graduates are “not going to be scientists inventing that new drug, but they could be on the marketing side, helping get the word out to patients,” says Pidgeon.
University of Michigan–Ann Arbor (Ross) graduates took home a median base salary of more than $135,000 in 2022 when entering health care roles, and Stanford Graduate School of Business grads who went into the healthcare industry enjoyed a mean base salary exceeding $198,000 last year.
At Duke’s Fuqua school, where 6% of graduates went into the healthcare space, the median salary was $135,000.
It is notably that most of these numbers are slightly down from 2022.
| School | Median base salary: healthcare |
|---|---|
| Harvard Business School | $165,000 |
| Stanford Graduate School of Business | $170,00 |
| University of Pennsylvania (Wharton) | $157,500 |
| Median base salary of Harvard, Stanford, and Wharton MBA graduates in healthcare | |
|---|---|
| Harvard Business School | |
| $165,000 | |
| Stanford Graduate School of Business | |
| $170,00 | |
| University of Pennsylvania (Wharton) | |
| $157,500 | |
Can MBA grads still expect six-figure salaries in 2024 and 2025?
Even amid concerns about a potential recession and a recent wave of layoffs, MBA grads are likely to see higher salaries than previous years. At most top programs, MBA alumni without question earn median salaries in the six-figures—most above $150,000—plus substantial bonuses. While there are always concerns about all MBA graduates landing the high-paying job of their dreams, there are almost always opportunities waiting for the most motivated candidates. So, if you put in the time during and after your program, landing a job with a lucrative salary can be in your future.
Still, some people may worry that the solid, six-figure career opportunities for MBA grads could be at-risk—and to that Pidgeon has the following advice for current MBA students soon to enter the job market: “If we’re heading into a time of turbulence, then maybe you just need to get a sensible job, get a good salary, and ride out the uncertainty of the next couple of years.”
Frequently asked questions
What is the highest paying job with an MBA?
Becoming a senior partner at a top consulting firm is one of the highest-paying jobs for those with an MBA. If you are able to land the gig (likely 10 years or more post-MBA), your base salary could be $500,000–$700,000—plus eligible for large bonuses, according to Management Consulted.
How much can an MBA increase your salary?
Depending on your pre-MBA field, obtaining the graduate business degree can increase your base salary to over $150,000, but nothing is a guarantee. It all depends on your previous experience as well as the industry you hope to grow in as a professional. Enrolling in an MBA program is a costly endeavor and can lead you to having to take out student loans, so weigh the return on investment for your particular career path.
Which industry is the best for an MBA graduate?
In terms of salary, consulting and finance jobs lead to the highest paying salary—oftentimes over $200,000—for MBA graduates, especially those from top programs. However, it is a very competitive space and getting a job is not guaranteed. It is crucial that you spend the appropriate amount of time studying, networking, and catering your job application materials in order to stick out as a unique candidate.
Sources
MBA outcomes data
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
